This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY - AIM & TSX: “TGL” & NASDAQ: “TGA” TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces a Q4 operations update. All dollar values are expressed in US dollars unless otherwise stated. UPDATES Production averaged ~15.3 [Read more]
Headlines
Shareholders and Secured Debt Holders Approve Cona’s Acquisition of Pengrowth; Decision Received for Litigation Matter
CALGARY - Pengrowth Energy Corporation (“Pengrowth” or the “Company”) (TSX:PGF, OTCX:PGHEF) today announced the approval of its previously announced acquisition by Cona Resources Ltd. (the “Purchaser”), a portfolio company of Waterous Energy Fund, by way of a plan of arrangement (the “Arrangement”) under the Business Corporations Act (Alberta), at its special meetings of shareholders and secured debt holders held earlier today. At the special meeting of the Company's shareholders, a total of [Read more]
Alberta Appeal Court reserves ruling in federal carbon tax challenge
EDMONTON - The Alberta Court of Appeal has reserved its decision in the provincial government's challenge of the federal carbon tax. After three days of submissions, the court said it would issue a ruling as soon as it's able but not this week. Lawyers representing the federal government argued the climate crisis is the "greatest existential threat of our time." They said the Constitution gives Ottawa the authority to establish standards on greenhouse gas emissions because climate is a [Read more]
Jupiter Receives Additional Extension to Credit Facility
CALGARY - Jupiter Resources Ltd. and its affiliates (collectively, "Jupiter" or the "Company") have received an additional extension to the maturity date, associated with the Company's existing senior secured reserve-based revolving credit facility (the "RBL Facility"), until January 15, 2020. The commitments under the RBL Facility will be limited to a maximum of $265 million for the additional extension period, during which the Company will continue to negotiate a longer-term credit [Read more]
Gibson Energy Announces One Million Barrel Expansion at Hardisty Terminal
All financial figures are in Canadian dollars unless noted otherwise CALGARY - Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today it has sanctioned the construction of one million barrels of new tankage at its Hardisty Terminal. “The sanction of two new tanks at the Top of the Hill will further increase our high-quality, long-term infrastructure revenues and drive continued distributable cash flow per share growth,” said Steve Spaulding, President and Chief Executive [Read more]
Oil pipeline operator urges Canada court to dismiss indigenous court action
Trans Mountain Corp, the operator of Canada's state-owned oil pipeline, asked a court on Wednesday to dismiss a legal application by four indigenous groups to overturn government approval for expansion. A three-day Federal Court of Appeal hearing began in Vancouver on Monday to hear the groups' concerns that the government did not adequately consult them, the latest obstacle to tripling capacity on the Alberta-to-British Columbia pipeline, which the Canadian oil industry says is badly [Read more]
Tourmaline Confirms 2020 Guidance and Achieves 2019 Exit Targets
CALGARY - Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline" or the "Company") is pleased to announce 2020 average production guidance of 315,000 – 320,000 boepd on 2020 EP capital spending of $925.0 million. The Company anticipates 2020 free cash flow(1) of $345.0 million utilizing strip commodity pricing. The 2020 free cash flow will be employed for share buybacks, possible dividend increases, and continuing debt reduction. Tourmaline is targeting a 2020 exit net debt(2)-to-cash flow ratio of 1.2 [Read more]
Oil falls as U.S. inventories rise but demand hopes stem bigger drop
Oil prices fell on Wednesday after U.S. industry data showed a surprise build up in crude inventories but losses were kept in check by expectations for an uptick in demand next year on the back of progress in resolving the U.S.-China trade row. West Texas Intermediate (WTI) fell 10 cents, or 0.13%, to $60.44 per barrel. Brent dropped 14 cents, or 0.20%, to $65.70 a barrel. Prices had risen more than 1% in the previous session after the announcement last week of the so-called Phase One [Read more]
Gear Energy Ltd. Provides 2020 Budget Guidance
CALGARY, Dec. 18, 2019 /CNW/ - Gear Energy Ltd. ("Gear") (TSX: GXE) is pleased to announce that Gear's Board of Directors have approved a $50 million capital budget for 2020 targeting further growth in funds from operations ("FFO") per debt adjusted share through a strategic balance between production stability, continued improvement of the strong balance sheet and additional purchases of Gear's common shares under the Normal Course Issuer Bid ("NCIB"). The Gear team will maintain focus [Read more]
Column: Not dead yet: goodbye to 2019 and the fairy tale about a quick energy transition
Grain of sand in an hourglass It came down to him or me Canada’s greatest band The Headstones - “Long Way to Neverland” As the year draws to a close, it’s natural to look back at the one just past and ruminate on how it went. If you were thinking of doing that, let me save you some time: Bad idea. If you’re reading this, you’re interested in energy, and if you’re interested in energy it has been an exasperating and dumbfounding year. There were, in effect, two central [Read more]