CALGARY - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce the renewal of the Corporation's existing $400 million revolving credit facility, following completion of its annual review by the syndicate of lenders. Upon closing of the previously announced sale of a 12.5% interest in the Glacier Gas Plant for $100 million in July 2020 (see Advantage news release dated April 13, 2020), Advantage and the lending syndicate have agreed to adjust the revolving [Read more]
Headlines
U.S. natgas futures rise on slowing output despite falling exports and demand
U.S. natural gas futures rose by more than 3% on Tuesday as output slows despite a continued decline in demand and exports from milder weather and coronavirus lockdowns. On its second to last day as the front-month, gas futures for June delivery on the New York Mercantile Exchange rose 6 cents, or 3.5%, to $1.791 per million British thermal units (mmBtu) at 8:27 a.m. EDT (1227 GMT). The July contract, which will soon be the front-month, was up 5.4 cents to $1.935 per mmBtu. Looking [Read more]
Gathering limits make a ‘great time to be building a pipeline:’ Alberta minister
EDMONTON - Alberta's energy minister says it's a good time to build a pipeline because public health restrictions limit protests against them. Sonya Savage made the comment Friday in a podcast hosted by the Canadian Association of Oilwell Drilling Contractors. Asked about the Trans Mountain Expansion pipeline, she said "now is a great time to be building a pipeline" because COVID-19 rules restrict large gatherings. While the interviewer laughs, Savage does not. Savage's spokesman [Read more]
Canada’s TC Energy completes Coastal GasLink pipeline stake sale
Pipeline operator TC Energy Corp said on Monday it had completed the sale of a 65% stake in its Coastal GasLink pipeline, which will move gas from northeast British Columbia to the Pacific Coast. Private equity firm KKR & Co Inc said in December that it and Alberta Investment Management Corp would jointly buy the 65% Coastal GasLink stake. The company said the partnership also includes a credit agreement with a syndicate of banks to fund the majority of the construction costs. The [Read more]
Clearview resources Ltd. reports first quarter 2020 results
CALGARY - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its financial and operational results for the three months ended March 31, 2020. FINANCIAL and OPERATIONAL RESULTS Production for the three months ended March 31, 2020 was down 9% to 2,299 barrels of oil equivalent per day ("boe/d") versus the comparative period of 2019. The decrease in production was primarily due to lower oil production of 24% as the two oil wells drilled in 2018 continued to [Read more]
Royalty interest divestiture: Maple Leaf 2013 & 2015 oil & gas income LPs
Maple Leaf 2013 Oil & Gas Income LP (“Maple Leaf 2013”) and Maple Leaf 2015 Oil & Gas Income LP (“Maple Leaf 2015”), (collectively “Maple Leaf” or the “Company”) has engaged Sayer Energy Advisors to assist it with the sale of the royalty interests held by the Company. The Company holds royalty interests in properties located in the Drumheller, Twining, Rumsey, Harmattan-Elkton, Provost, Mikwan, Ricinus, Strachan, Ferrier, Ferrybank, Homeglen-Rimbey, Crystal, Willesden Green, Brazeau, [Read more]
Oil rises as U.S.-China tensions take toll
Oil prices rose on Monday on concerns over rising tensions between the United States and China over Beijing's plans to impose security laws on Hong Kong and the possibility of sanctions from Washington. Oil prices have risen sharply in recent weeks as an easing of coronavirus restrictions has led to increased demand, but the tensions between the United States and China are beginning to weigh on sentiment. U.S. oil was up by 13 cents, or 0.4%, at $33.69 a barrel. Brent was up 26 cents, [Read more]
Cardinal Energy Ltd. announces extension of credit facility redetermination date and debenture holder meeting
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) has received approval to extend the revolving period under the Company's $325 million reserves-based credit facility (the "Credit Facility") and intends to call a meeting of the holders of its 5.50% extendible convertible unsecured subordinated debentures due December 31, 2020 (the "Debentures") to amend the Debentures with the addition of an exchange right. Credit Facility The Company's $325 million Credit [Read more]
TC Energy completes partial monetization and project financing transactions for Coastal GasLink
CALGARY - News Release — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announced today that it has completed the sale of a 65 per cent equity interest in the Coastal GasLink Pipeline Project (Coastal GasLink or the Project). In addition, the Coastal GasLink Pipeline Limited Partnership has executed a credit agreement with a syndicate of banks extending non-recourse project-level financing to fund the majority of the construction costs for the Project which, with the closing [Read more]
Hillcrest re-starts oil production early
May 25, 2020 - Vancouver, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (TSXV:HRH) (OTC:HLRTF) is pleased to announce production from the Saskatchewan based West Hazel assets re-commenced on May 19th, 2 weeks earlier than originally anticipated. The Company originally intended to re-start production in June, subject to economic oil pricing. The realized price for West Hazel oil is now at profitable levels and the Company has taken the opportunity to sell oil inventory stored on [Read more]