CALGARY, Alberta - Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) is pleased to announce that it has secured an extension to its existing non-revolving term loan facility from Alberta Investment Management Corporation (“AIMCo”), on behalf of certain of AIMCo’s clients, for an amended principal amount of $50.1 million (the “Second Amended and Restated Loan Agreement” or the “Term Loan Facility”). The terms of the Term Loan Facility are materially unchanged from the previous Amended [Read more]
Headlines
Unpaid oilpatch property taxes triple in two years, say rural municipalities
EDMONTON - Alberta's rural towns say property taxes that have gone unpaid by the province's struggling oilpatch have tripled in two years. A survey released by the Rural Municipalities of Alberta says industry owes a total of $245 million. The association's president, Paul Sutherland, says the provincial government should close loopholes that make it tough for communities to collect property taxes from energy companies. He also says the province's energy regulator should look more [Read more]
Oil sands procurement from Indigenous suppliers increases to $2.4 billion
CALGARY, AB - A survey by the Canadian Association of Petroleum Producers (CAPP) of oil sands producers shows the increasing role of Indigenous suppliers to the industry. In 2019, about $2.4 billion was spent on procurement from Indigenous businesses; 16 per cent higher than in 2018 and 53% higher than in 2017. The number of Indigenous suppliers has also grown from 263 in 2017 to 275 in 2019, with cumulative procurement spending in the three-year period totalling about $5.9 billion. The oil [Read more]
Shell to sell Alberta shale oil assets to Crescent Point in $900 million deal
CALGARY - Crescent Point Energy Corp. says it has struck a deal to buy Alberta oil and gas producing assets from the Canadian arm of Royal Dutch Shell for $900 million. The Calgary-based producer says it will pay $700 million in cash and issue 50 million shares in return for the Duvernay light oil shale assets in the western part of the province. Shell, which sold most of its oilsands assets in Alberta to Calgary-based Canadian Natural Resources Ltd. in 2017, says the deal announced after [Read more]
Caltech Surveys – Grande Prairie market expansion & COO appointed
Caltech Surveys is excited to announce the return of Mike Jung, MBA, to our team. Mike has re-joined Caltech in a newly created position as Chief Operating Officer, assuming leadership of our business operations. Mike led our early pipeline development work in 2014 and has remained connected to the company as a pipeline operations consultant. We would also like to welcome Jason Attwood, ALS, to the organization as Branch Manager of our new Grande Prairie branch office. Jason has lived and [Read more]
Salt Bush Energy Ltd. sale and investment solicitation procedure
Salt Bush Energy Ltd. (the “Company”), in connection with its Notice of Intention to Make a Proposal (the “NOI Proceedings”) commenced on January 13, 2021 pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3, has commenced a sale and investment solicitation procedure (“SISP”). Pursuant to a Court order issued on February 12, 2021, Deloitte Restructuring Inc. (“Deloitte”) in its capacity as proposal trustee has been authorized to carry out a “stalking horse” [Read more]
TC Energy reports record earnings again in 2020
CALGARY, Alberta - TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced net income attributable to common shares for fourth-quarter 2020 of $1.1 billion or $1.20 per share compared to net income of $1.1 billion or $1.18 per share for the same period in 2019. For the year ended December 31, 2020, net income attributable to common shares was $4.5 billion or $4.74 per share compared to net income of $4.0 billion or $4.28 per share for 2019. Comparable earnings for [Read more]
Seven Generations Energy releases fourth quarter 2020 results
CALGARY, Alberta - Seven Generations Energy Ltd. (TSX: VII) FOURTH QUARTER & FULL-YEAR 2020 HIGHLIGHTS Quarterly sales volumes averaged 190.1 Mboe/d (43% natural gas, 35% condensate, 22% other NGLs), delivering full-year volumes of 183.9 Mboe/d (43% natural gas, 35% condensate, 22% other NGLs) in-line with the company’s revised full-year 2020 budget. Fourth quarter funds flow of $275 million and capital investments of $126 million resulted in free cash flow of $149 million, [Read more]
TC Energy expects ‘substantive’ charge related to Keystone XL permit revocation
CALGARY - TC Energy Corp. says it expects to take a "substantive" charge when it reports its first-quarter results for 2021 due to the decision by U.S. President Biden to revoke the presidential permit for its Keystone XL pipeline. The company says it couldn't yet say what the size of the charge will be, which it expects to be predominantly non-cash, but that it was assessing its options. It also noted that the viability of certain projects currently associated with the Keystone XL [Read more]
Obsidian Energy announces 2020 reserves results
Calgary, Alberta - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce its independent reserves evaluation for the year ended December 31, 2020, prepared by Sproule Associates Limited ("Sproule"). "We're extremely pleased with our reserves results in 2020," said Stephen Loukas, Obsidian Energy's Interim President and CEO. "It was a challenging year with extreme oil price volatility impacting all aspects of our business. [Read more]