CALGARY - OBSIDIAN ENERGY LTD. (TSX: OBE, OTCQB: OBEL) ("Obsidian Energy", the "Company", "we", "us" or "our") has taken further proactive action to shut-in currently uneconomic production with a focus on preserving its balance sheet and improving financial flexibility. Additionally, the Company releases the date of its first quarter 2020 results. Production Shut-In Program & Operational Update Obsidian Energy's operations are very flexible and allow the Company to [Read more]
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InPlay Oil Corp. provides corporate update
CALGARY Alberta - InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) provides an operations and corporate update in response to the COVID-19 pandemic. The COVID–19 pandemic has led to an unprecedented decrease in oil prices as a result of world oil demand destruction. Accordingly, InPlay has acted prudently in March and April in order to stabilize our financial position and to preserve the value of our crude oil reserves for an eventual price recovery. As previously [Read more]
Bellatrix announces sale transaction in connection with its strategic process
CALGARY, Alberta - Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) announces a sale transaction (the “Transaction”) pursuant to which Return Energy Inc. (to be renamed Spartan Delta Corp.), through its wholly-owned subsidiary, Winslow Resources Inc. (the “Purchaser”), will acquire substantially all of the assets of Bellatrix for cash consideration of $87.4 million plus the assumption of certain liabilities at closing. The Transaction remains subject to the approval of the Court of [Read more]
Return Energy Inc. (to be renamed Spartan Delta Corp.) announces strategic asset acquisition in west-central Alberta, $100 million credit facility and $20 million equity financing
CALGARY, Alberta - Return Energy Inc. d.b.a. Spartan Delta Corp. (“Spartan” or the “Company”) (RTN: TSXV) is pleased to announce that it has entered into an asset purchase agreement (the “APA”) with Bellatrix Exploration Ltd. (“Bellatrix”) to acquire substantially all of Bellatrix’s assets (the “Assets”) for cash consideration of $87.4 million plus the assumption of certain liabilities estimated to be approximately $14.8 million, for a total purchase price of $102.2 million (the “Acquisition”). [Read more]
Transglobe Energy Corporation receives Nasdaq letter regarding non-compliance with minimum bid price requirement
CALGARY, Alberta - TransGlobe Energy Corporation (“TransGlobe” or the “Company”) (AIM & TSX: “TGL” & NASDAQ: “TGA”) was notified on April 20, 2020 by the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) that the closing bid price of the Company’s common stock for the last 30 consecutive business days from March 6, 2020 to April 17, 2020 did not meet the minimum bid price of $1.00 per share as set forth in Nasdaq Listing Rule 5450(a)(1) required for continued [Read more]
Canada will backstop bank loans for crisis-hit oil companies
Canada's export credit agency on Wednesday said it would backstop loans to hard hit oil and gas producers, in the latest move by Ottawa to free up credit for the struggling energy industry. Banks are reviewing borrowing limits in the sector and could head off bankruptcies of small and mid-sized energy firms pummeled by the collapse in oil prices. Canadian banks have eased some lending standards but are expected to chop credit lines as they recalculate energy companies' borrowing bases to [Read more]
Kinder Morgan increases dividend five percent and announces results for first quarter of 2020
HOUSTON - Kinder Morgan, Inc.’s (NYSE: KMI) board of directors today approved a cash dividend of $0.2625 per share for the first quarter ($1.05 annualized), payable on May 15, 2020, to common stockholders of record as of the close of business on May 4, 2020. This dividend represents a 5 percent increase over the fourth quarter 2019. KMI is reporting first quarter net loss attributable to KMI of $306 million, compared to net income attributable to KMI of $556 million in the first quarter of [Read more]
Sierra Club loses legal fight against environmental exemptions for frack dams
VANCOUVER - An environmental group has lost its legal challenge to regulatory exemptions given to a pair of dams in northern British Columbia. The dams were built by Progress Energy to store water for its natural gas fracking operations. The Supreme Court of British Columbia heard that the company inadvertently built the dams too high, which brought into force environmental regulations the dams couldn't meet. The province then granted the company an exemption from those [Read more]
Keyera Reducing its Capital Program and Suspending its Dividend Reinvestment Plan
CALGARY - Keyera Corp. (TSX:KEY) ("Keyera") announced today that it is preserving its financial flexibility by reducing its 2020 capital program following a decision to defer construction of the KAPS pipeline system for approximately one year. Keyera is also suspending its Premium DividendTM and Dividend Reinvestment Plan ("DRIP"). These actions are in response to challenging industry conditions related to the unfolding COVID-19 crisis and the significant decrease in global oil prices. One [Read more]
Whether OPEC+ formally agrees, deeper oil cuts now look inevitable
Whether or not OPEC+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the coronavirus crisis may force them to cut more. With crude consumption collapsing, the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, is due to implement a deal to cut supply by a record 9.7 million barrels per day (bpd) from May 1. But that unprecedented deal to withdraw about 10% of global [Read more]