Velvet Energy is offering Iron Bridge shareholders $0.75 in cash per common share, representing an immediate 58% premium to the $0.475 closing price of Iron Bridge common shares on May 11, 2018, the last trading day prior to the submission of Velvet’s offer letter to the Iron Bridge board of directors Iron Bridge’s recent results underscore ongoing destruction of shareholder value, confirming that the status quo is a risky and inferior alternative to Velvet’s all-cash premium Offer The [Read more]
Headlines
Independent Proxy Advisory Firm Glass Lewis & Co. Recommends Junex Shareholders Vote for Plan of Arrangement
QUEBEC CITY, July 30, 2018 (GLOBE NEWSWIRE) -- Junex Inc. (“Junex”) (TSXV:JNX) announces that a second leading proxy advisory firm, Glass Lewis & Co. (“GL”), has recommended that Junex’s shareholders vote in favour of the special resolution to approve the plan of arrangement (the “Arrangement”) under which Junex would complete a business combination with Cuda Energy Inc. The special resolution will be considered at the special meeting of Junex shareholders to be held on August 2, 2018 at [Read more]
Cequence Energy Announces Refinancing of its $60 Million Notes, Planned Rights Offering, Operational Update, Outlook and Executive Team Update
CALGARY, July 27, 2018 /CNW/ - Cequence Energy Ltd. (TSX: CQE) ("Cequence" or the "Company"), is very pleased to announce a series of transactions that will refinance the Company's balance sheet, and thereby provide greater flexibility and liquidity to execute the ongoing business plan of the Company. Firstly, Cequence has entered into a refinancing agreement with CPPIB Credit Investments Inc. ("CII") providing for a $60 million second lien senior secured term loan facility due October 3, [Read more]
Trans Mountain pipeline work to resume in August: Kinder Morgan Canada boss
EDMONTON - The head of Kinder Morgan Canada says work is to resume next month to prepare a route for the Trans Mountain pipeline expansion. Ian Anderson says the company will secure, survey and prepare the right-of-way in coming months, and First Nations will monitor the work to look for traditional artifacts and medicines. "We anticipate laying physical pipe in a prepared, surveyed, environmentally protected right-of-way early next year," Anderson said Friday. A completion date for the [Read more]
Canada Weekly Rig Count Up 12 to 223
Western Canada’s fleet of drilling rigs went up from 211 to 223 according to data collected by Baker Hughes for the week of July 27th. From one week ago, Alberta rig counts increased from 144 to 150. Saskatchewan's rig count increased from 46 to 52. Oil drilling went from 142 to 154; natural gas rigs remained at 69. View a full breakdown of western Canada’s rig activity. [Read more]
Phillips 66 ‘maxed out’ on Canadian heavy crude oil -CEO
Phillips 66 is running all the heavy Canadian crude oil the independent refiner can handle at its U.S. refineries and will not seek additional supply from a new pipeline, Chief Executive Greg Garland said on Friday. "We're bringing over 500,000 barrels a day of Canadian crude in today," Garland said during a conference call with Wall Street analysts. "So we're the largest importer of Canadian crude. We're probably running at about 80 percent of it or so, I would guess. So we're kind of maxed [Read more]
U.S. drillers add oil rigs for first week in three
U.S. energy companies this week added oil rigs for the first time in the past three weeks as drillers follow though on plans to spend more on exploration and production in anticipation of higher crude prices in 2018 than recent years. That move higher came despite recent declines in U.S. crude prices , which are on track to fall for a fourth week in a row this week on worries trade tensions between the U.S., China and Europe could hurt oil demand. Drillers added three oil rigs in the week [Read more]
Alberta man faces fraud charges over fracking product
RED DEER, Alta. - A central Alberta man faces fraud charges over an oilfield product that was supposed to have resulted in big profits. RCMP say investors instead lost $2.6 million. "It was one of the larger fraud files we've had in the area," Const. William Lewadniuk of the Red Deer Financial Crimes Unit said Friday. Lewadniuk said the man was selling a product he said would make fracking operations at oilwells cheaper and more environmentally friendly. He said, for example, he could [Read more]
Offshore oil worker who tested positive for drug use ordered reinstated: court
ST. JOHN'S, N.L. - Newfoundland and Labrador's highest court has upheld a decision to reinstate an offshore oil worker who was fired after he tested positive for taking an unauthorized form of tranquilizer. Drug tests were ordered in January 2015 for eight Hibernia platform employees after a series of mistakes were spotted in manifests used to track luggage loaded on the helicopters that carry workers to and from the platform. All parties involved in the case, including the Communications, [Read more]
Junex Inc. Determines That Most Recent Utica Offer Does Not Constitute Superior Proposal
QUEBEC CITY, July 27, 2018 (GLOBE NEWSWIRE) -- Junex Inc. (“Junex”) (TSXV:JNX) announces that it has determined that the unsolicited offer announced on July 23, 2018 from Utica Resources Inc. (“Utica”) to acquire all of the outstanding common shares of Junex (the “Utica Offer”) does not constitute a “Superior Proposal” under the arrangement agreement dated June 8, 2018 (the “Arrangement Agreement”) between Junex and Cuda Energy Inc. (“Cuda”). That determination follows a comprehensive review of [Read more]