CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") today acknowledges amendments to the unsolicited offer from Obsidian Energy Ltd. ("Obsidian") to purchase all of the issued and outstanding common shares of Bonterra (the "Hostile Bid") and continues to recommend that Bonterra Shareholders take no action, and REJECT the Hostile Bid by NOT TENDERING their shares. Obsidian's Hostile Bid has proven to be unsuccessful, with Bonterra shareholders [Read more]
Headlines
Canada criticized for clean fuel rules that hit poorest households hardest
Canada's New Democratic Party (NDP) opposition party criticized on Tuesday freshly-unveiled clean fuel standards, after a government impact analysis said higher fuel costs will hit lower- and middle-income households hardest. The Clean Fuel Standard, a key part of Ottawa's climate plan, was released in draft form last week and aims to reduce the carbon content of liquid fuels, such as those used in transportation and to heat homes. Prime Minister Justin Trudeau's Liberals say it will cut [Read more]
Canadian crude-by-rail exports fall slightly in October to 92,800 barrels per day
CALGARY - Canadian exports of crude oil by rail fell only slightly in October from September, a rare period of stability in a year that's included a record high month as well as one that saw an eight-year low. The Canada Energy Regulator says rail shipments of oil in October amounted to 92,800 barrels per day, down from 94,440 bpd shipped in September, but off by two-thirds from 270,000 bpd in October 2019. Only 39,000 bpd were shipped in July, an eight-year low that was less than a tenth [Read more]
Oil drops as new coronavirus strain triggers demand recovery fears
Oil prices dropped further on Tuesday, adding to steep losses from the previous session, as a new strain of the novel coronavirus in the United Kingdom triggered concerns over fuel demand recovery. The fast-spreading new coronavirus strain has shut down much of Britain, and has prompted several countries to close their borders to British travellers and freight. U.S. West Texas Intermediate (WTI) crude futures fell 77 cents, or 1.67%, to $47.08 a barrel. Brent crude futures were down 72 [Read more]
Gibson Energy announces closing of $250 million hybrid note offering
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta - Gibson Energy Inc. announced today that it has closed the previously announced offering of $250 million of 5.25% fixed-to-fixed rate subordinated notes due December 22, 2080 (the “Offering”). Gibson intends to use the net proceeds from the Offering to fund the previously announced redemption of the 5.25% convertible unsecured debentures due July 15, 2021, to reduce outstanding indebtedness under its [Read more]
Column: All the energy-related holiday cheer that can be mustered: Hats off to Seamus O’Regan
Well, I suppose it would be not a bad idea to close out the year with something that isn’t a cranky rant. It runs counter to everything I stand for, but in the spirit of the season, what the hell. Surely there are a few golden nuggets in the rubble of this year. Summoning forth the principle of goodwill towards people (yes, I’m editing a bible quote, sue me), the high road is to find something positive to focus on. Of course, it’s no fun unless someone is offended. I can’t think of a better way [Read more]
Highwood Oil Company Ltd. announces closing on previously announced disposition of Clearwater assets for $40.8 million in cash and amendment of credit facility
CALGARY, AB - Highwood Oil Company Ltd. ("HOCL", "Highwood" or the "Company") (TSXV: HOCL) announces the closing of its previously announced Clearwater disposition (the "Clearwater Disposition") and revisions to the Company's credit agreement. Closing of Clearwater Disposition Highwood is pleased to announce the successful closing of the Clearwater Disposition to Tamarack Acquisition Corp., a wholly owned subsidiary of Tamarack Valley Energy Ltd., for cash consideration of $40.8 million. [Read more]
Tamarack Valley Energy Ltd. announces closing of previously announced strategic Clearwater Oil acquisitions and $47 million equity financing
CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce the closing of two strategic acquisitions (together, the "Acquisitions") which establish a significant consolidated and operated position in the Clearwater oil play in the Greater Nipisi area, along with interests in the Jarvie area of Alberta, for a total net purchase price of $74.0 million, after deducting the proceeds from the sale of a 2% newly created gross overriding royalty (the "GORR [Read more]
Enbridge to expand storage at Cushing through pending acquisition
Enbridge Inc on Monday said that it will expand its liquids storage capabilities and connections through an acquisition of a facility from Blueknight Energy Partners, L.P. in Cushing, Oklahoma. The purchase of the facility includes 34 storage tanks for a total storage of approximately 6.6 million barrels, which would take the company's overall storage capacity at Cushing to approximately 26 million barrels, the company said. The $132-million-dollar purchase is expected to close in the [Read more]
Observers see rays of hope for 2021 in Canada’s gloomy oil and gas sector
CALGARY - The sombre mood that has gripped the Calgary-based oilpatch for several years is starting to show flickers of hope, with more financially secure companies making moves to grow in 2021. Recent export pipeline news is offsetting the ongoing reality of volatile commodity prices, general investor distaste for the sector and regulatory uncertainty and leading to more mergers and targeted increases in capital spending plans, observers say. "The oilpatch has changed again. I think it's [Read more]