LONDON, June 21, 2016 /PRNewswire/ -- Private equity (PE) firms are readying to deploy capital into the global oil and gas sector with 25% planning acquisitions before the end of the year and 43% by the first half of 2017, according an EY global survey of 100 PE firms active in the sector. With US$971.4b of PE dry powder from June 2016 still to be deployed, EY's survey, Capitalizing on opportunities: Private equity investment in oil and gas, reveals that PE firms are now preparing to increase [Read more]
Headlines
Birchcliff Energy Ltd. Announces Strategic Montney/Doig Acquisition of High Quality Oil and Liquids-Rich Natural Gas and $530 Million Bought Deal Financing
CALGARY, ALBERTA--(Marketwired - June 21, 2016) - Birchcliff Energy Ltd. ("Birchcliff" or the "Corporation") (TSX:BIR) is pleased to announce that it has entered into an asset sale agreement (the "Acquisition Agreement") with Encana Corporation (the "Vendor") to purchase 100% of the Vendor's interests in the Gordondale area (the "Assets") which is within Birchcliff's primary focus area of Pouce Coupe/Gordondale, for cash consideration of $625 million, subject to closing adjustments (the [Read more]
Tamarack Valley Energy Ltd. Announces Strategic Acquisitions, $72 Million Bought Deal Financing and Increased 2016 Guidance
CALGARY, ALBERTA--(Marketwired - June 20, 2016) - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX:TVE) is pleased to announce that it has entered into binding agreements to undertake two strategic asset acquisitions, the total aggregate cash consideration for which will be $85 million (the "Acquisitions"), subject to certain closing adjustments. The first acquisition is a strategic consolidation of assets located in Tamarack's core operating areas of Redwater and Wilson Creek [Read more]
1 killed, 3 hurt in oil well explosion in North Dakota
BISMARCK, N.D. - One worker was killed and two others were seriously injured in an explosion and fire at an oil well in western North Dakota, authorities said. The McKenzie County Sheriff's Department said 52-year-old Johnny Stassinos of Rock Springs, Wyoming, died Saturday afternoon from injuries suffered that morning at a well site operated by XTO Energy Inc. near Watford City. The department's statement issued Monday said Daniel Montes, 28, of Fruita, Colorado, and Richard [Read more]
Vancouver the latest to ask for court review of NEB’s Trans Mountain approval
VANCOUVER - The City of Vancouver is the latest to launch a court challenge aiming to quash the National Energy Board's recommendation that the federal government approve the $6.8-billion Trans Mountain pipeline expansion.The Squamish Nation, the Living Oceans Society and the Raincoast Conservation Foundation filed their own applications for judicial review in the Federal Court of Appeal last week.The city said in its court application that the energy board's recommendation to approve the [Read more]
Athabasca Oil Corporation Announces a $129 Million Contingent Bitumen Royalty and Repayment of US$221 Million Term Loan
CALGARY, ALBERTA--(Marketwired - June 20, 2016) - Athabasca Oil Corporation (TSX:ATH) ("Athabasca" or the "Company") is pleased to announce that it has granted a Contingent Bitumen Royalty to Burgess Energy Holdings L.L.C. ("Burgess") on its Thermal assets (the "Royalty") for total consideration of $129 million. Concurrently, the Company has repaid its US$221 million first lien term loan ("TLB") which is the first step towards aligning the Company's capital structure with its go forward [Read more]
Environmental groups launch court challenge of Trans Mountain recommendation
VANCOUVER - A pair of environmental groups are asking the courts to quash a recommendation that the federal government allow the controversial Trans Mountain pipeline expansion project to go ahead.Lawyers for the Living Oceans Society and the Raincoast Conservation Foundation have filed an application for judicial review of the National Energy Board's recommendation in Vancouver's Federal Court of Appeal, arguing that it is unlawful.Documents filed in court Friday allege the NEB did not take [Read more]
Tuscany Announces Extension of Bank Waiver and Strategic Review Update
CALGARY, ALBERTA--(Marketwired - June 17, 2016) - Further to its press release of April 29, 2016 in which Tuscany Energy Ltd. (TSX VENTURE:TUS) ("Tuscany" or the "Company") announced that it was in breach and had a received a temporary waiver of certain covenants under its demand credit facility, Tuscany has obtained a further waiver of the breaches to June 24, 2016 to allow it to continue to explore alternatives to remedy the breaches. As previously announced, Tuscany has undergone and [Read more]
Chevron looks to unload more Western Canada assets to bolster cash reserves
CALGARY - Chevron Canada Ltd. is testing the waters for a possible sale of its non-core refining and marketing assets in Western Canada.A company spokesman said Friday that Chevron has asked for expressions of interest on the company's 57,000-barrel-a-day Burnaby, B.C., refinery as well as its marketing assets, but that no final decision has been made to sell.The request for interest does not cover Chevron's lubricants business, its stake in the Kitimat LNG project, or upstream producing assets, [Read more]
Bellatrix announces second half 2016 capital budget
TSX, NYSE: BXE CALGARY, June 17, 2016 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE: BXE) is pleased to announce a focused second half 2016 capital budget targeting profitable development of the Company's Spirit River liquids rich natural gas play and investment in strategic infrastructure projects. The board of directors has approved a second half net capital budget of up to $40 million, with funding limited to available cash flow. The second half capital [Read more]