CALGARY, Alberta, May 17, 2018 (GLOBE NEWSWIRE) -- Razor Energy Corp. (“Razor” or the “Company”) (TSXV:RZE) is pleased to announce its first quarter 2018 financial and operating results. Selected financial and operational information is outlined below and should be read in conjunction with Razor’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis for the quarter ended March 31, 2018 which are available on SEDAR at www.sedar.com and the [Read more]
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Petrus Resources Announces Term Loan Extension and Credit Facility Update
CALGARY, Alberta, May 17, 2018 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Company") (TSX:PRQ) is pleased to announce a one year extension of its second lien term loan maturity date and the completion of the 2018 annual review of its revolving credit facility ("RCF"). SECOND LIEN TERM LOAN Petrus has entered into an agreement with Macquarie Bank Limited (the "Term Loan Lender") to extend the maturity date of the Company’s $35 million second lien term loan from October 8, [Read more]
B.C. heading to court in Alberta to stop fuel restriction law, may seek damages
VICTORIA - Tensions over the Trans Mountain pipeline increased Thursday with British Columbia announcing plans to launch a lawsuit over new Alberta legislation that could restrict fuel exports to the West Coast. B.C. Attorney General David Eby said his province will ask the Court of Queen's Bench in Alberta to declare the legislation unconstitutional on the grounds that one province cannot punish another. The bill, which allows limits on fuel exports to B.C., was passed by Alberta's [Read more]
Canada minister eyes pension funds for Kinder Morgan project
TORONTO/WINNIPEG, Manitoba (Reuters) - Canada’s Finance Minister Bill Morneau on Thursday highlighted the country’s pension funds as possible investors in Kinder Morgan Inc’s (KMI.N) pipeline expansion, but industry sources were skeptical about attracting new investors. Morneau on Wednesday raised the prospect of foreign funding, saying “plenty of investors would be interested” if Kinder Morgan Canada (KML.TO) walked away from the project. “We have very sophisticated Canadian pension funds [Read more]
Alberta premier makes case for turn off taps bill to B.C. business leaders
EDMONTON - Premier Rachel Notley told business leaders from B.C. that legislation which could curtail oil flows to the west coast is about the long-term health of the entire country. Notley says her government doesn't want to impose hardship on B.C. businesses and families, but says Alberta also must safeguard its interests. About 100 business leaders from B.C. flew over the Rockies to join 200 colleagues from the Edmonton and Calgary chambers to hear Notley speak in Edmonton. Val [Read more]
Insurance policy for pipeline is result of ‘exceptional situation,’ says Trudeau
NEW YORK - Prime Minister Justin Trudeau says putting federal cash down as an insurance policy of sorts to get the Trans Mountain pipeline expansion built is the result of an exceptional political situation. Speaking in New York City a day after his government announced it would compensate Kinder Morgan for any delays in construction caused by political problems, Trudeau says he has every confidence the pipeline will proceed. Kinder Morgan halted non-essential spending on the project in [Read more]
Canada optimism over pipeline interest may be misplaced
WINNIPEG, Manitoba (Reuters) - The Canadian government’s optimism that outside investors would be interested in taking over a Kinder Morgan Canada oil pipeline project if the company pulls out might be misplaced, said energy industry sources and analysts. Finance Minister Bill Morneau said on Wednesday that Canada was prepared to cover some losses the firm might suffer if the proposed C$7.4 billion ($5.8 billion) expansion of its Trans Mountain line was delayed and predicted “plenty of [Read more]
North American pipeline operators restructure after tax change
(Reuters) - Pipeline operators Enbridge Inc (ENB.TO), Williams Cos (WMB.N) and Cheniere Energy Inc (LNG.A) said on Thursday they would restructure after a U.S. rule change removed a key tax benefit for publicly traded partnerships controlled by those companies. Williams said it would buy all common units of its master limited partnership (MLP) Williams Partners (WPZ.N) in a deal valued at $10.5 billion. Enbridge said it would buy its independent units including Spectra Energy Partners [Read more]
Rising oil prices herald next phase in cycle: Kemp
LONDON, May 17 (Reuters) - Oil prices are now in the top half of the cycle, with benchmark Brent on Thursday trading above $80 per barrel for the first time since November 2014. In real terms, prices averaged $75 per barrel over the course of the last full cycle, which lasted from December 1998 to January 2016. The recent rise in prices sends a strong signal about the need for more production and slower growth in oil consumption. In the next few months, the narrative will increasingly [Read more]
Enbridge Announces Simplification of Corporate Structure with Proposals to Acquire All of the Outstanding Sponsored Vehicle Equity Securities
Highlights of the proposed restructuring: Enbridge to buy-in sponsored vehicles (EEP/EEQ, SEP and ENF) in exchange for Enbridge common shares Fixed exchange ratios reflect an aggregate value of CAN$11.4 billion, or 272 million Enbridge common shares Post-closing all sponsored vehicle equity securityholders would hold the same publicly traded equity security in a streamlined corporate vehicle Benefits of the proposed restructuring to Enbridge and sponsored vehicle [Read more]