Oil prices rose on Thursday, buoyed by a COVID-19 vaccine rollout in Britain and the imminent approval of a vaccine in the United States that could spur a rebound in fuel demand, despite a large build in U.S. crude stocks last week. U.S. West Texas Intermediate (WTI) crude futures rose 86 cents, or 1.88%, to $46.60 a barrel. Brent crude futures climbed 99 cents, or 2.1%, to $50.04 a barrel. "The market is looking past what looks like a difficult winter and peering into the optimistic lens [Read more]
Headlines
Crew Energy Inc. announces 2021 capital budget and two-year plan to increase production to drive margin expansion
CALGARY, AB, Dec. 10, 2020 /CNW/ - Crew Energy Inc. (TSX: CR) ("Crew" or the "Company") is pleased to announce that our Board of Directors (the "Board") has approved a capital expenditure budget for 2021 and an innovative asset development plan for 2021 and 2022, which are expected to expand margins through an efficient calibration of Crew's production to match our infrastructure and transportation commitments. Over the next 24 months, Crew plans to increase annual average daily production by [Read more]
Oil & gas holiday wishlist
With Christmas a few weeks away, Santa and his reindeer are prepping for another worldwide tour of handing out gifts, and Canada’s oil and gas sector is hoping to find some presents underneath the tree this year. This year has been one of the hardest on record for the battered and bruised industry, experiencing a once-in-a-lifetime global pandemic and a historic price collapse that saw thousands of people lose their jobs. So with Christmas around the corner, the oil and gas sector has been [Read more]
AltaGas provides update on strategic plan, introduces 2021 financial guidance and increases dividend by 4%
Strong execution and focus positions AltaGas to achieve 2020 guidance, be well-positioned to demonstrate durable increases in 2021 normalized earnings per share1, and return more capital to shareholders through 4% annual dividend increase CALGARY, AB - AltaGas Ltd. (AltaGas or the Company) (TSX: ALA) today provided an update on its long-term strategic plan, reiterated 2020 guidance, introduced its 2021 outlook, and announced a four percent increase to the Company's common share [Read more]
Cardinal Energy Ltd. announces extension of credit facility
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) announces it has received approval from its syndicate of lenders to extend our credit facilities ("Facilities"). The Facilities were renewed at $225 million and extend the revolving period and maturity date to May 31, 2021 and May 31, 2022, respectively. In this renewal Cardinal has received reserve based lending commitments from two new lenders, Export and Development Canada and Canadian Western Bank, while one [Read more]
Gibson Energy announces $250 million hybrid note offering
CALGARY, Alberta - Gibson Energy Inc. announced today that it will issue $250 million of 5.25% fixed-to-fixed rate subordinated notes due December 22, 2080 (the “Offering”). The Offering is expected to close on or about December 22, 2020, subject to customary closing conditions. Gibson intends to use the net proceeds from the Offering to fund the previously announced redemption of its outstanding 5.25% convertible unsecured debentures due July 15, 2021, to reduce outstanding indebtedness under [Read more]
Whitecap to buy TORC Oil & Gas for $552 million
Canadian oil producer Whitecap Resources Inc said on Tuesday it has agreed to buy rival TORC Oil & Gas Ltd in an all-stock deal valued at about C$552 million. The collapse in fuel demand due to coronavirus-related lockdowns has hammered energy companies in Canada, the fourth-largest global oil producer, triggering a wave of consolidation and cost-cuts in the sector. Cenovus Energy Inc said in October it had agreed to buy Husky Energy Inc for C$3.8 billion ($2.97 billion) in a deal that [Read more]
Freehold Royalties Ltd. announces closing of equity financing
CALGARY, Alberta - Freehold Royalties Ltd. (Freehold) (TSX:FRU) announces that it has completed its previously announced bought deal financing, issuing 9,856,000 subscription receipts (Subscription Receipts) at a price of $4.80 per Subscription Receipt for gross proceeds of approximately $47.3 million, which included the full exercise of the over-allotment option granted to the underwriters. The bought deal offering was completed through a syndicate of underwriters led by RBC Capital Markets and [Read more]
New properties on PNG Exchange from Resourceful Petroleum
Two new properties are now available on PNG Exchange. Property: Grand Prairie – Montney Company: Resourceful Petroleum Canada Limited Five-year Northern P&NG Lease was originally acquired in August 2018. There are 12 net undeveloped sections (3072 net hectares; 7680 net acres) contained within the lease. 100% working interest currently unencumbered except for the applicable Crown royalties Lease is currently in its second season of a 5-year primary term and expires in August [Read more]
XI Technologies: Open asset evaluation for December 2020
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Succeeding in oil and gas development comes down to how well and how quickly you can analyze potential opportunities. Once a month, XI Technologies will apply its evaluation tools to a currently available asset to give readers a sense [Read more]