CALGARY, AB, Oct. 30, 2020 – Perpetual Energy Inc. ("Perpetual" or the "Company") announced today that the revolving credit period applicable to the Company's credit facility has been extended to November 30, 2020 and the $20 million borrowing limit maintained. The borrowing limit is scheduled to be redetermined and the revolving credit period extended on or before November 30, 2020. The extension of the revolving credit period provides additional time to finalize negotiations with its lenders [Read more]
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Journey Energy Inc. completes debt restructuring
CALGARY, AB - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") is very pleased to announce the closing of an agreement for the settlement of its syndicated bank borrowings. Journey has secured a $38 million term-debt facility from its major shareholder, Alberta Investment Management Corporation ("AIMCo"), to fund the settlement of its $75 million credit facility with its syndicate of first-lien lenders. In addition to the initial $38 million payment to the banking [Read more]
Toscana Energy and i3 Energy complete arrangement
CALGARY, Alberta - i3 Energy plc (i3 Energy) (AIM: I3E) and Toscana Energy Income Corporation (Toscana or the Company) (TSX: TEI) are pleased to announce that the previously announced transaction (Transaction) pursuant to which i3 Energy will acquire all of the issued and outstanding shares in the capital of Toscana (Toscana Shares) has been successfully completed. In connection with the Transaction, an aggregate of 4,399,215 ordinary shares in the capital of i3 Energy (i3 Shares) were issued [Read more]
Cardinal Energy Ltd. announces extension of revolving credit facility
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal") (TSX: CJ) has received approval to extend the revolving period applicable to the Company's existing reserves-based credit facility to November 30, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to November 30, 2020. About Cardinal Energy Ltd. One of Cardinal's goals is to continually improve [Read more]
Saturn Oil & Gas Inc. announces management change
CALGARY, Alberta - Saturn Oil & Gas Inc. ("Saturn" or the "Company") (TSX.V: SOIL) (FSE: SMK) announces that Mr. Geoff Jones has resigned effective October 31, 2020 to pursue other interests. Mr. Jones had served as Saturn’s CFO and Corporate Secretary since September of 2018. On an interim basis, Ms. Wendy Woolsey has joined Saturn to manage the senior accounting and reporting roles while the Board of Directors actively searches for a permanent successor. “I want to thank Geoff for his [Read more]
U.S. drillers add most oil and gas rigs in a month since May 2018
The U.S. oil and natural gas rig count rose in October for the third straight month and drillers added the most rigs in a month since May 2018 as some returned to the well pad after crude prices steadied. The oil and gas rig count, an early indicator of future output, rose for the ninth straight week, growing by nine to 296 in the week to Oct. 30, energy services firm Baker Hughes Co said in its closely followed report on Friday. That, however, was still 526 rigs, or 64%, below this time [Read more]
Exxon, Chevron to cut US jobs as oil industry struggles
NEW YORK - Exxon Mobil is slashing 1,900 jobs from its U.S. workforce and mulling cuts to its Canadian operations, while Chevron plans to cut a quarter of the employees at its recently acquired Noble Energy as the pandemic saps demand for fuel. Exxon said Thursday the reductions will be both voluntary and involuntary and will largely come from its management offices in Houston. The Irving, Texas oil giant had about 75,000 employees worldwide at the end of 2019. “It’s difficult to overstate [Read more]
Alberta, Saudi firm in talks on petrochemical plant
Alberta's government is in talks with a private Saudi company to open a C$5-billion to C$10-billion ($3.8 billion-$7.6 billion) petrochemical plant in Canada's main oil and gas producing province, the Globe and Mail newspaper reported on Friday. Alberta is offering incentives for developers to build more petrochemical plants to create desperately needed jobs and demand for the province's natural gas. The pandemic has hammered fuel demand, lowering crude prices and forcing energy producers to [Read more]
Coronavirus, consolidation taking toll on energy jobs
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand. Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc . All told, more than 400,000 oil and gas sector jobs have been cut this year, according to Rystad Energy, with about half of those in the United States, where several big exploration [Read more]
Imperial announces third quarter 2020 financial and operating results
CALGARY, Alberta - Imperial Oil Limited (TSX, NYSEAM:IMO): Net earnings of $3 million in the quarter, up significantly from the second quarter Exceeding previously announced capital and expense reduction targets Year-to-date production and manufacturing expenses $813 million below the same period of 2019 Full-year 2020 capital expenditures now expected to be about $900 million Cash flow generated from operating activities of $875 million Cash balance of $817 million at the [Read more]