CALGARY - Insolvent junior oilsands producer Connacher Oil and Gas Ltd. says a buyout bid by East River Oil and Gas Ltd. has been selected in a court-supervised sales process. Documents show East River would pay $113.5 million to buy Connacher if the deal is approved by the courts and company creditors later this year. The transaction would allow Connacher to exit Companies' Creditors Arrangement Act protection after more than two years. The sales process was launched in March after [Read more]
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Junex Announces Shareholder Approval of Arrangement
QUÉBEC CITY, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Junex Inc. (“Junex”) (TSXV:JNX) is pleased to announce that its shareholders have voted to approve its proposed business combination with Cuda Energy Inc. (“Cuda”) by way of plan of arrangement (the “Arrangement”) at a special meeting of Junex’s shareholders (the “Meeting”) held earlier today. A total of 51,829,100 shares, representing 58.5% of Junex’s total outstanding shares, were voted at the Meeting. Of the votes cast, 51,258,569 (representing [Read more]
Iron Bridge Responds to Velvet Energy’s Continued Misleading Attacks, Recommends That Shareholders REJECT Velvet’s Undervalued, Hostile Offer
Velvet’s Predatory Cash Offer Significantly Undervalues Iron Bridge’s Assets and Deprives its Shareholders of Substantial Upside Potential White Knight and Strategic Alternatives Process Continues to Advance CALGARY, Alberta – July 31, 2018 – Iron Bridge Resources Inc. (“Iron Bridge”, “IBR” or the “Company”) (TSX: IBR) today responded to a desperate campaign of misinformation recently presented by Velvet Energy Ltd (“Velvet Energy” or “Velvet”), intended to mislead Iron Bridge shareholders [Read more]
Junex Inc. Determines That Most Recent Utica Offer Does Not Constitute Superior Proposal
QUEBEC CITY, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Junex Inc. (“Junex”) (TSXV:JNX) announces that it has determined that the unsolicited offer announced on July 31, 2018 from Utica Resources Inc. (“Utica”) to acquire all of the outstanding common shares of Junex or, alternatively, 50% of such shares not already controlled by an affiliate of Utica (the “Utica Offer”) does not constitute a “Superior Proposal” under the arrangement agreement dated June 8, 2018 (the “Arrangement Agreement”) between [Read more]
Connacher Oil and Gas Limited Announces Entering Into of CCAA Acquisition and Plan Sponsorship Agreement and Purchase and Sale Agreement with East River Oil and Gas Ltd.
CALGARY, Aug. 2, 2018 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") is pleased to announce that East River Oil and Gas Ltd. (the "Plan Sponsor") has been selected as the "Successful Bidder" pursuant to the sale and investment solicitation process (the "SISP") conducted in Connacher's proceeding under the Companies' Creditors Arrangement Act (the "CCAA"). On May 17, 2016, Connacher previously announced that it had obtained creditor protection under the CCAA pursuant to [Read more]
Obsidian Energy Announces Second Quarter 2018 Financial and Operational Results
CALGARY, Aug. 2, 2018 /CNW/ - OBSIDIAN ENERGY LTD. (TSX/NYSE – OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce its financial and operational results for the three and six months ended June 30, 2018. All figures are in Canadian dollars unless otherwise stated. David French, President and CEO commented, "The second quarter of 2018 was a relatively quiet one for development, as we took advantage of seasonal breakup to prepare for our second half [Read more]
TransCanada Reports Strong Second Quarter 2018 Financial Results
High Quality, Diversified Asset Portfolio Expected to Drive Record Performance in 2018 CALGARY, Alberta, Aug. 02, 2018 (GLOBE NEWSWIRE) -- TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) today announced net income attributable to common shares for second quarter 2018 of $785 million or $0.88 per share compared to net income of $881 million or $1.01 per share for the same period in 2017. Comparable earnings for second quarter 2018 were $768 million or $0.86 per share [Read more]
Seven Generations delivers funds from operations of $434 million, $1.19 per share, in second quarter of 2018
CALGARY, Alberta, Aug. 02, 2018 (GLOBE NEWSWIRE) -- (TSX: VII) SECOND QUARTER HIGHLIGHTS Funds from operations of $434 million or $1.19 per share, up 62 percent and 63 percent respectively compared to the same periods in 2017. Cash provided by operating activities of $425.2 million, up 119 percent from the same period in 2017. 7G’s realized pricing increased 26 percent compared to the first quarter of 2018. Increasing condensate production, coupled with higher commodity prices, drove [Read more]
Canadian Natural Resources Limited Announces 2018 Second Quarter Results
CALGARY, Alberta, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Commenting on second quarter 2018 results, Steve Laut, Executive Vice-Chairman of Canadian Natural stated, "The Company's balanced strategy was once again evident in the quarter as our robust long life low decline asset base provided record quarterly funds flow of approximately $2.7 billion. The allocation of funds flow was balanced among our four pillars to maximize value for our shareholders through strengthening the balance sheet, returns [Read more]
Manitok Energy Inc. Receivership Sale
Alvarez & Marsal Canada Inc. (“A&M”), in its capacity as Court appointed Receiver and Manager of Manitok Energy Inc. and Raimount Energy Corp. (collectively “Manitok”), will be launching a broadly marketed sales process for the assets of Manitok and has retained Peters & Co. Limited (“Peters & Co.”) as its exclusive marketing agent to assist in this process. The information memorandum and confidentiality agreement will be launching shortly. Data room access will be made [Read more]