EDMONTON - Alberta's plan to relaunch its economy is taking a hit right out of the starting gate. The United States-based Fitch rating agency has announced it's reducing Alberta's credit rating to AA- from AA. Fitch cites a concern with sharply higher borrowing done by the province to deal with the economic fallout of the COVID-19 pandemic. Premier Jason Kenney is expected to provide details of Alberta's financial picture in August, but has said this year's budget deficit is expected to [Read more]
Headlines
InPlay Oil Corp. announces annual meeting voting results for election of directors and extension of annual borrowing base redetermination
CALGARY, Alberta - InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) ("InPlay" or the "Corporation") announces the voting results for the election of directors at its annual meeting of shareholders held on June 25, 2020 (the "Meeting"). The following six nominees were elected as directors of InPlay to serve until the next annual meeting of shareholders or until their successors are elected or appointed, with common shares represented at the Meeting voting in favor of individual nominees as [Read more]
Gear Energy Ltd. announces operational update, guidance for 2020 and extension of borrowing base redetermination
CALGARY, AB, June 30, 2020 /CNW/ - Gear Energy Ltd. ("Gear") (TSX: GXE) announces an update on current and future expected operations and an extension to the scheduled date for its semi-annual borrowing base redetermination. Production/Guidance With recent improvement in oil prices supporting positive economic returns, Gear has initiated a gradual production re-start across the majority of the asset base. After initiating shut ins through April, corporate production was restricted by [Read more]
Journey Energy Inc. provides banking update
CALGARY, AB - Journey Energy Inc. (JOY – TSX; JRNGF - OTCQX) ("Journey" or the "Company") announces an extension to the forbearance agreement with its banking syndicate. Journey is pleased to report that it has reached an agreement with its syndicate of lenders to extend the current forbearance agreement until July 31, 2020. Journey has been diligently working with its lenders to reach an amicable solution to the reduction in its borrowing base caused by the impact of the COVID-19 pandemic [Read more]
ROK Resources announces closing of asset acquisition
REGINA, SK / ACCESSWIRE / June 30, 2020 / ROK Resources Inc. ("ROK" or the "Company") (TSXV:ROK) is pleased to announce that it has closed on its previously announced acquisition (the "Acquisition") from a publicly traded company of certain producing oil and gas assets in Southern Saskatchewan along with associated land leases and related assets and facilities (including certain seismic data)(the "Assets"). The Acquisition has an effective date of June 1, 2020. The total purchase price paid for [Read more]
Painted Pony announces extension of bank line review date
CALGARY, Alberta - Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) today confirms the execution of an agreement with the Corporation’s syndicate of lenders to extend Painted Pony’s annual borrowing base redetermination date from June 30, 2020 to July 31, 2020. This extension affords both Painted Pony and the syndicate of lenders additional time to evaluate current market conditions as well as proposed Federal Government programs initiated through Export Development [Read more]
Yangarra announces completion of borrowing base review
CALGARY, AB - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) has completed its annual borrowing base review and the syndicated senior credit facility has been confirmed at $210 million of which the Company was drawn approximately $195 million. The term out date has been extended to May 28, 2021 and the maturity date has been extended to May 28, 2022. The only changes to terms and conditions are to the interest rate grid and the elimination of the Company's Normal Course Issuer [Read more]
U.S. crude oil output falls 669,000 bpd to 12.1 million bpd in April
U.S. crude oil production dropped 669,000 barrels per day to 12.06 million bpd in April, the government said in a monthly report on Tuesday. The decline came as production fell 234,000 bpd in Texas, the largest oil-producing state, and 195,000 bpd in North Dakota. Output fell 16,000 bpd in federal waters in the Gulf of Mexico, the report said. The U.S. Energy Information Administration revised upward its figures for March, saying that production in that month was 12.73 million bpd, down [Read more]
Altura Energy Inc. announces the closing of an asset disposition and provides a corporate update
CALGARY, AB - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) announces a June 30, 2020 asset disposition and provides an update on its credit facility renewal and operations. ASSET DISPOSITION Altura has amended the timing of the second transaction in the December 4, 2019 definitive agreement (the "Amending Agreement") with a private company ("PrivateCo") for the sale of a 5.5% working interest in the Corporation's production, wells, lands and facilities for [Read more]
Alberta cuts business tax, boosts infrastructure spending to reboot economy
EDMONTON - Alberta is cutting business taxes and pumping $10 billion into infrastructure projects to springboard its economy out of the financial crisis caused by the COVID-19 pandemic. Premier Jason Kenney says the investments will be for roads, health care, schools and in other areas, with expected spinoff benefits to other businesses and the service sector. Kenney says there will also be incentives for high-tech companies and other sector-specific initiatives. Kenney cut the [Read more]
