FOR: PETROMAROC CORPORATION PLCTSX VENTURE SYMBOL: PMADate issue: April 19, 2017Time in: 2:00 AM eAttention:
TORONTO, ONTARIO–(Marketwired – April 19, 2017) – PetroMaroc Corporation plc
(TSX VENTURE:PMA), an independent oil and gas company focused on …
CALGARY — Fast-growing Parkland Fuel Corp. (TSX:PKI) has struck a $1.5-billion deal to buy Chevron Canada’s downstream fuel business, including 129 retail gas stations in the Vancouver area and the Chevron refinery in Burnaby, B.C.
The Red Deer, Alta.-based company says the new stations will complement its existing 44 Chevron-branded sites in British Columbia and cement its position as one of Canada’s largest fuel retailers with more than 1,800 service stations.
The sale also involves 37 commercial cardlock and three marine fuelling locations, as well as three terminals in B.C. and a wholesale business that includes aviation fuel sales to the Vancouver International Airport.
“I believe we’ve found an opportunity that is an ideal next step for Parkland on its growth trajectory,” said CEO Bob Espey on a conference call.
“I’m certainly excited for the road ahead for Parkland.”
He said the acquisition will support Parkland’s existing operations in B.C., leading to between $35 million and $50 million in annual operating cost savings within three years.
The purchase of the refinery gives Parkland access to the Trans Mountain oil pipeline from Alberta as well as a marine dock on Burrard Inlet that will open new opportunities in fuel imports and exports, Espey said.
Parkland plans to issue 24 million shares to raise $660 million to help finance the Chevron purchase, which is expected to close at the end of the year.
In August, Parkland announced it would pay about US$750 million to acquire the Canadian retail fuel assets of Texas-based CST Brands.
Last March, Parkland bought Esso stations in Saskatchewan and Manitoba as part of a deal by Imperial Oil to sell its remaining 497 Esso retail stations in Canada to five fuel distributors for $2.8 billion.
Follow @HealingSlowly on Twitter.
Dan Healing, The Canadian Press
Note to readers: This is a corrected story. A previous version incorrectly stated that the deal will close in the second quarter of 2017.
A strong majority of First Nations in Canada are open minded to pipeline and petroleum development. The “no-everything” message from well funded protest groups is not representative of the majority. Here are a couple quotes from this MUST READ article about Northern Gateway. “Most aboriginal communities in northern British Columbia impacted by the Northern Gateway pipeline supported … Read more
FOR: CORDY OILFIELD SERVICES INC.TSX VENTURE SYMBOL: CKKDate issue: April 18, 2017Time in: 7:15 PM eAttention:
CALGARY, ALBERTA–(Marketwired – April 18, 2017) –
CORDY OILFIELD SERVICES INC. (the “Corporation” or “Cordy”) (TSX VENTURE:CKK)
released tod…
WASHINGTON — A resilient China, rising commodity prices and sturdy financial markets are offering a sunnier outlook for the global economy and helping dispel the gloom that has lingered since the Great Recession ended.
That’s the picture sketched Tuesday by the International Monetary Fund, which predicts that the world economy will grow 3.5 per cent this year, up from 3.1 per cent in 2016. The IMF’s latest outlook for 2017 is a slight upgrade from the 3.4 per cent global growth it had forecast in January.
The IMF expects the U.S. economy to grow 2.3 per cent, up from 1.6 per cent in 2016; the 19-country eurozone to expand 1.7 per cent, the same as last year; Japan to grow 1.2 per cent, up from 1 per cent; and China to expand 6.6 per cent, down from 6.7 per cent in 2016.
“Momentum in the global economy has been building since the middle of last year,” the IMF’s chief economist, Maurice Obstfeld, told reporters. But, he added, “We cannot be sure we are out of the woods.”
The monetary fund’s latest outlook for the economy comes in advance of spring meetings in Washington this week of the IMF, the World Bank and the Group of 20 major economies. The meetings come against the backdrop of a gradually strengthening international picture, especially in many emerging economies, despite resistance to free trade and political unrest in some countries.
For years after the 2008 financial crisis and the Great Recession ended, the global economy remained trapped in what the IMF’s managing director, Christine Lagarde, termed “the New Mediocre.” Banks were weak and reluctant to lend, and deeply indebted governments made growth-killing budget cuts.
The once-super-charged Chinese economy began a long slowdown, driving down global commodity prices and hurting countries from Australia to Zambia that fed raw materials to the world’s second-biggest economy. Plummeting oil prices forced energy companies to slash production.
Now, Lagarde and others say, the outlook is brightening. China’s economy has steadied, thanks to government spending and an easy-money credit boom. Beijing said Monday that its economy grew at a 6.9 per cent annual pace from January to March, the fastest in more than a year. Thanks in part to relief over China’s prospects, global commodity prices have stabilized after plummeting from mid-2014 to early 2016.
Oil prices have surged nearly 40 per cent in the past year, partly because oil-producing countries agreed to curb production.
Financial markets have marched upward. Investors expect the Chinese government to continue supporting economic growth. They also expect President Donald Trump to deliver tax cuts and infrastructure spending that could help boost U.S. economic growth.
The IMF does warn of downside risks to its optimistic forecast. They include “the threat of deepening geopolitical tensions,” the possibility that rising U.S. interest rates will squeeze economic growth and rattle financial markets and the threat that protectionist measures will damage global trade.
Trump campaigned on an “America First” trade policy, vowing to brand China a currency manipulator and to renegotiate — or tear up — the North American Free Trade Agreement with Canada and Mexico. But Bob Baur, chief global economist at Principal Global Investors, noted that Trump has retreated from those threats: His administration declined last week to accuse China of undervaluing its currency. And so far, it has signalled unexpectedly modest goals for rewriting NAFTA.
So the risk that protectionist U.S. policies and trade disputes could disrupt global commerce has “diminished,” Baur said.
Wealthy economies also face deeper problems, in particular chronically weak growth in productivity — the output produced per hour of work — and aging workforces.
Paul Wiseman, The Associated Press
FOR: PARKLAND FUEL CORPORATION
TSX SYMBOL: PKI
Date issue: April 18, 2017
Time in: 4:26 PM e
Attention:
Transformational Acquisition Strengthens a Premier and Diversified Fuels
Marketing Company and Enhances Canada-wide Network
CALGARY, ALBERTA–(Marketwired – April 18, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
(All financial figures are approximate and in Canadian dollars unless otherwise
noted)
Parkland Fuel Corporation (“Parkland”) (TSX:PKI) announced today that it has
entered into an agreement with Chevron Canada Limited (“CCL”) to acquire all of
the shares of Chevron Canada R&M ULC, which operates its Canadian integrated
downstream fuel business (the “Acquisition”).
The Acquisition places important British Columbia infrastructure under
experienced Canadian ownership. The business acquired as part of the
Acquisition (collectively, the “Acquired Business”) consists of: i) 129
Chevron-branded retail service stations principally located in Metro Vancouver,
which complement Parkland’s existing 44 Chevron-branded sites in British
Columbia (the “Retail Business”), ii) 37 commercial cardlock and three marine
fueling locations (the “Commercial Business”), iii) a complimentary refinery in
Burnaby, terminals located in Burnaby, Hatch Point, and Port Hardy, British
Columbia, and a wholesale business which includes aviation fuel sales to the
Vancouver International Airport (collectively, the “Supply and Wholesale
Business”).
Subject to satisfaction of customary closing conditions, Parkland will pay
approximately $1,460 million (US$1,100 million), plus an estimated $186 million
in working capital for the Acquired Business.
“This accretive acquisition further strengthens our supply-focused business
model and adds significant scale with the premier Chevron retail brand and
network in British Columbia,” said Bob Espey, President and Chief Executive
Officer of Parkland. “Parkland is acquiring a highly integrated business which
adds significant supply infrastructure and logistics capability to support
Parkland’s existing operations. The refinery in Burnaby is an important asset
to Metro Vancouver and British Columbia and we will continue to operate it with
the capable and experienced professionals who manage the refinery today. We
look forward to welcoming the Chevron team to our company, and to deepening our
relationships in British Columbia.”
Acquisition Highlights
Strategic Rationale for the Acquisition
/T/
— Acquires British Columbia’s premier fuel marketing business and will be
the exclusive distributor of Chevron-branded fuels;
— Adds more than 2.5 billion litres of annual volume and $230 million in
estimated Normalized EBITDA excluding expected synergies;
— Acquires key supply infrastructure (three terminals and a high value
refinery with pipeline access) to significantly enhance Parkland’s
supply advantage;
— Secures Parkland’s position as Canada’s largest fuel retailer by site
count supplying over 1,800 service stations;
— Develops Parkland’s marine logistics capability in a strategically
attractive Vancouver-area waterfront location; and
— The Acquisition, along with the previously announced asset purchase
agreement with Alimentation Couche-Tard Inc. to acquire the majority of
the Canadian business and assets of CST Brands, Inc. (the “CST
Acquisition”) which is expected to close in the second quarter of 2017,
provide Parkland with significant opportunity for synergies.
/T/
Retail and Commercial Businesses
/T/
— Acquires 129 Chevron branded retail service stations, adding 950 million
litres in incremental annual retail fuel volume and strengthening its
position as the largest fuel retailer by site count and the second
largest convenience store operator in Canada pro forma the CST and CCL
acquisitions;
— Adds high quality company-owned retail footprint in Metro Vancouver that
complements Parkland’s existing 44 Chevron-branded retail sites in
British Columbia; and
— Acquires 37 commercial cardlock sites in British Columbia and Alberta,
and three marine fueling stations in Vancouver, adding 370 million
litres in new Commercial volume and complementing the Ultramar branded
cardlock network in Eastern Canada once the CST Acquisition closes.
/T/
Supply and Wholesale Business
/T/
— Acquires a 55 thousand barrel per day (3.7 billion litres per year)
refinery in Burnaby that is highly integrated with the retail,
commercial, and wholesale businesses, as 85% of the refinery’s
production is sold through the acquired marketing assets;
— Acquires three terminal assets in Burnaby, Hatch Point and Port Hardy;
— Acquires a wholesale aviation business serving Vancouver International
Airport (“YVR”);
— Ideally located refinery to serve the British Columbia market as the
largest of only two refineries in the province, and the only one in the
Vancouver supply area;
— Provides exclusive source of Supreme Plus 94 octane gasoline sold
throughout British Columbia; and
— Benefits from a track record of highly reliable operations under CCL’s
ownership.
/T/
Synergies and Accretion
/T/
— Total identified annual run-rate synergies of $35-$50 million, resulting
in total estimated Normalized EBITDA of $265-$280 million including
synergies;
— 30%+ accretion to 2016 distributable cash flow per share (pro-forma the
CST Acquisition) on a run-rate, normalized basis; and
— Pro forma Net Debt to EBITDA of approximately 3.5x with a strong
deleveraging profile; Parkland expects to reduce its leverage ratio to
well within its previous guidance by 2019.
/T/
Other Transaction Details
/T/
— Parkland will invest in the retail operations and apply its expertise as
a leading fuel marketer and convenience store operator to enhance the
customer experience;
— Parkland intends to retain the key management personnel who possess the
refining knowledge and expertise acquired as part of Chevron Canada’s 85
year experience operating the refinery in Burnaby; and
— Parkland commits to continuing Chevron Canada’s active role in community
initiatives.
/T/
Acquisition Financing
The Acquisition and related fees and expenses will be financed with a fully
underwritten financing package including:
/T/
— Approximately $660 million from a bought deal private placement of
common shares in Parkland (“Shares”);
— $268 million drawn on revolving credit facility and $500 million from a
bridge facility, both of which have been fully underwritten by The
Toronto-Dominion Bank and National Bank of Canada as Co-lead Arrangers
and Joint Bookrunners; and
— $40 million of non-debt sources, the majority of which is expected to be
cash flows from operations.
/T/
Parkland expects to replace the bridge facility with alternative longer term
debt prior to the closing of the Acquisition. Furthermore, Parkland intends to
enter into a working capital financing agreement with Merrill Lynch Commodities
to finance the hydrocarbon inventory and receivables, which are estimated to be
$258 million at the close of the Acquisition.
“The scale of the pro-forma business combined with the strong cash flow from
operations and operational synergies expected from the Acquired Business will
further strengthen Parkland’s balance sheet and capital structure,” said Mike
McMillan, Chief Financial Officer. “The transaction financing structure we have
put in place enables Parkland’s pro forma leverage ratio to be approximately
3.5x and is expected to be reduced further in 2019.”
In order to finance a portion of the Acquisition, Parkland has entered into an
agreement with a syndicate of underwriters (the “Underwriters”) bookrun by TD
Securities Inc. and National Bank Financial Inc., to sell approximately 24
million Shares on a bought deal private placement basis. The Shares will be
sold at a price of $27.70 per Share (the “Offering Price”) for gross proceeds
to Parkland of approximately $660 million (the “Offering”).
The Shares will be offered by way of private placement exemptions to accredited
investors in all provinces of Canada, and in the United States on a private
placement basis pursuant to exemptions from the registration requirements of
the United States Securities Act of 1933, as amended. The Shares will be
subject to a four month hold period, under applicable securities laws in
Canada. Closing of the Offering is expected to occur on or about May 9, 2017,
subject to Toronto Stock Exchange and other necessary regulatory approvals.
The Acquisition is subject to the receipt of customary third-party consents and
regulatory approvals, including approval from the Competition Bureau of Canada.
Closing of the Acquisition is expected to be in the Q4 2017.
Update on CST Acquisition
Parkland expects to close the CST transaction in Q2 2017.
Investor Event and Conference Call Information
Parkland Fuel Corporation will host a webcast and conference call on 2:45 p.m.
MT (4:45 p.m. ET) on April 18, 2017 to discuss the Acquisition. Parkland’s
Senior Leadership Team will be available to take questions from securities
analysts, and investors following their formal comments.
Please log into the webcast slide presentation 10 minutes prior to start time
at:
http://edge.media-server.com/m/p/9jdf3htp
To access the conference call by telephone, dial toll-free: 1 844-889-7784
(Conference ID: 10377960). Please connect approximately 10 minutes before the
beginning of the call. The webcast will be available for replay one hour after
the conference call ends. It will remain available at the link above for one
year and will be posted to www.parkland.ca.
A link to the live webcast and investor presentation will be available on the
Investors section of Parkland’s website. http://www.parkland.ca/investors/.
If you are unable to participate in the call, a replay will be available by
dialing 1 855-859-2056 (Conference ID: 10377960) (Canada and USA toll-free).
For international callers, please dial 1 404-537-3406 (Conference ID:
10377960). A transcript of the broadcast will be posted on the website once it
becomes available.
Advisors
BofA Merrill Lynch, TD Securities Inc. and National Bank Financial Inc. are
serving as financial advisors to Parkland. McCarthy Tetrault LLP is serving as
Parkland’s legal advisor for the Acquisition and Bennett Jones LLP is serving
as Parkland’s legal advisor in respect of the Offering and competition matters
relating to the Acquisition.
Forward-Looking Statements
Certain information included herein is forward-looking. Many of these forward
looking statements can be identified by words such as “believe”, “expects”,
“expected”, “will”, “intends”, “projects”, “projected”, “anticipates”,
“estimates”, “continues”, “objective” or similar words and include, but are not
limited to, statements regarding Parkland’s expectation of its future financial
position, business and growth strategies and objectives, sources of growth,
capital expenditures, financial results, future financing and the terms
thereof, future acquisitions and the efficiencies to be derived therefrom,
Parkland’s leverage pro forma the Acquisition, Normalized EBITDA (as defined
herein) of the business acquired in the Acquisition, future projections of
Normalized EBITDA, the contribution to EBITDA and/or Adjusted EBITDA and/or
Normalized EBITDA from the Acquisition, the pro forma site counts, volumes, and
gross margins expected to be derived from the Acquisition and, where applicable
the CST Acquisition, and sources of financing for the Acquisition. Unless
otherwise stated or the context dictates otherwise, the financial outlook and
forward looking metrics contained in this press release are based on the
following assumptions, as applicable, including but not limited to: (i)
Parkland securing sufficient supply of crude oil, including sufficient access
to linespace on the Trans Mountain pipeline; (ii) refining and marketing
margins in Metro Vancouver, Vancouver Island, and the BC Interior remaining
consistent with historic norms; (iii) conducting a planned shutdown and
maintenance of the refinery located in Burnaby, B.C. (“Burnaby Refinery”) in Q1
2018 (“2018 Turnaround”); (iv) maintaining the assets within the forecasted
budget for capital expenditures, particularly those relating to the Burnaby
Refinery; (v) operating the Burnaby Refinery with no unplanned extended outage;
and (vi) operating the Burnaby Refinery at a utilization rate within historic
norms including in respect of fluctuations of refining gross margins, and
planned maintenance downtime and associated expenses.
Parkland believes the expectations reflected in such forward-looking statements
are reasonable but no assurance can be given that these expectations will prove
to be correct and such forward looking statements should not be unduly relied
upon. The forward-looking statements contained herein are based upon certain
assumptions and factors including, without limitation: historical trends,
current and future economic and financial conditions, and expected future
developments. Parkland believes such assumptions and factors are reasonably
accurate at the time of preparing this press release. However, forward-looking
statements are not guarantees of future performance and involve a number of
risks and uncertainties some of which are described in Parkland’s annual
information form and other continuous disclosure documents. Such
forward-looking statements necessarily involve known and unknown risks and
uncertainties and other factors, which may cause Parkland’s actual performance
and financial results in future periods to differ materially from any
projections of future performance or results expressed or implied by such
forward looking statements.
Such factors include, but are not limited to, risks associated with: the
failure to achieve the anticipated benefits of acquisitions, including the
Acquisition and/or the CST Acquisition; the operations of the Burnaby Refinery
assets including compliance with all necessary regulations; competitive action
by other companies; refining and marketing margins; the ability to
cost-effectively secure sufficient supply of crude oil and other raw materials,
including sufficient access to linespace on the Trans Mountain pipeline; the
ability of suppliers to meet commitments; the ability to conduct the 2018
Turnaround as planned in Q1 2018; the ability of management to maintain the
Acquired Business within the forecasted budget for capital expenditures,
particularly those relating to the Burnaby Refinery; the ability to maintain
productive relationships with the labour unions (Unifor and Teamsters) that
represent the majority of the employees at the Burnaby Refinery; failure to
obtain necessary regulatory or other third party consents and approvals
required to complete the Acquisition and/or the CST Acquisition; failure to
complete the Acquisition and/or the CST Acquisition, failure to complete the
Offering, ability to secure alternative sources of funding to the bridge
facility on terms acceptable to Parkland, failure to meet financial,
operational and strategic objectives and plans; general economic, market and
business conditions; industry capacity; failure to realized anticipated
synergies from the CST Acquisition and or the Acquisition, the operations of
Parkland’s assets, competitive action by other companies; the ability of
suppliers to meet commitments; actions by governmental authorities and other
regulators including increases in taxes; changes and developments in
environmental and other regulations; and other factors, many of which are
beyond the control of Parkland.
There is a specific risk that Parkland may be unable to complete the
Acquisition in the manner described in this press release or at all. If
Parkland is unable to complete the Acquisition, there could be a material
adverse impact on Parkland and on the value of its securities. Readers are
directed to, and are encouraged to read, Parkland’s management discussion and
analysis for the year ended December 31, 2016 (the “MD&A”), including the
disclosure contained under the heading “Risk Factors” therein. The MD&A is
available by accessing Parkland’s profile on SEDAR at www.sedar.com and such
information is incorporated by reference herein.
Non-GAAP Financial Measures
This press release refers to certain financial measures that are not determined
in accordance with International Financial Reporting Standards (“IFRS”).
Adjusted EBITDA, Normalized EBITDA, Adjusted Gross Profit, Distributable Cash
Flow, Distributable cash flow per share, Payout Ratio, Earnings Per Share,
Normalized EBITDA, Senior Funded Debt and Total Funded Debt to Credit Facility
EBITDA are not measures recognized under IFRS and do not have standardized
meanings prescribed by IFRS. Other issuers may calculate these non-GAAP
measures differently. Management considers these to be important supplemental
measures of Parkland’s performance and believes these measures are frequently
used by securities analysts, investors and other interested parties in the
evaluation of companies in its industries. See “Non-GAAP financial measures,
reconciliations and advisories” section of the MD&A. Normalized EBITDA is
management’s estimate of the annualized five-year average EBITDA of the
Acquired Business post-2018 Turnaround, based on the annualized average
historical EBITDA of the Acquired Business from 2012-2016 and is subject to the
material factors and assumptions noted above as well as management’s
assumptions regarding: i) crude oil costs and refined product pricing for the
future period (refined product pricing is driven by refined product supply and
demand in Metro Vancouver); and ii) expenses in connection with routine
turnarounds which temporarily increase operating expenses and decreases
throughput and revenue. Normalized EBITDA in respect of the Acquired Business
has been determined in a manner consistent with the manner in which Parkland
determines EBITDA for reporting purposes over the periods referred to.
Investors are encouraged to evaluate each adjustment and the reasons Parkland
considers it appropriate for supplemental analysis. Readers are cautioned,
however, that these measures should not be construed as an alternative to net
income determined in accordance with IFRS as an indication of Parkland’s
performance.
The financial measures that are not determined in accordance with IFRS in this
press release are expressly qualified by this cautionary statement.
Additionally, the estimated annual Adjusted EBITDA contribution from the
Acquired Business and/or the business acquired in the CST Acquisition is based
on the financial statements of CCL and CST respectively, which were prepared in
accordance with United States (U.S.) generally accepted accounting principles
(U.S. GAAP) and converted to Canadian dollars at averaged historical exchange
rates on a quarterly basis. Additionally, readers are directed to, and
encouraged to read, the 2017 Adjusted EBITDA Guidance Range section of
Parkland’s press release dated March 2, 2017 and material factors and
assumptions contained therein. Parkland believes such Parkland believes its
estimation of annual Adjusted EBITDA, Adjusted Gross Profit, and Distributable
Cash Flow per share based on such information is reasonable and but no
assurance can be given that these expectations will prove to be correct and
such figures should not be unduly relied upon. Any forward-looking statements
are made as of the date hereof and Parkland does not undertake any obligation,
except as required under applicable law, to publicly update or revise such
statements to reflect new information, subsequent or otherwise. The
forward-looking statements contained in this press release are expressly
qualified by this cautionary statement.
About Parkland Fuel Corporation
Parkland Fuel Corporation is one of North America’s largest marketers of fuel
and petroleum products. We deliver gasoline, diesel, propane, lubricants,
heating oil and other high-quality petroleum products to motorists, businesses,
households and wholesale customers in Canada and in the United States. Our
mission is to be the partner of choice for our customers and suppliers, and we
do this by building lasting relationships through outstanding service,
reliability, safety and professionalism.
We are unique in our ability to provide customers with dependable access to
fuel and petroleum products, utilizing a portfolio of supply relationships,
storage infrastructure, and third-party rail and highway carriers to rapidly
respond to supply disruptions in order to protect our customers.
To sign up for Parkland news alerts, please go to https://goo.gl/mNY2zj or
visit www.parkland.ca.
– END RELEASE – 18/04/2017
For further information:
Investor Inquiries – French and English
Parkland Fuel Corporation
Ben Brooks
Vice President Treasury & Investor Relations
403-567-2534
Ben.Brooks@parkland.ca
OR
Media Inquiries – French and English
Parkland Fuel Corporation
Annie Cuerrier
Director, Corporate Communications
403-567-2579
Annie.Cuerrier@parkland.ca
COMPANY:
FOR: PARKLAND FUEL CORPORATION
TSX SYMBOL: PKI
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170418CC0090
Press Release from Marketwired 1-866-736-3779
All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.
FOR: SAVANNA ENERGY SERVICES CORP.TSX SYMBOL: SVYDate issue: April 18, 2017Time in: 1:55 PM eAttention:
CALGARY, ALBERTA–(Marketwired – April 18, 2017) – Savanna Energy Services
Corp. (“Savanna”) (TSX:SVY) announces it has received a demand (the “Noti…
FOR: ALECTRA INC.
Date issue: April 18, 2017Time in: 9:58 AM eAttention:
Report shows value of ‘POWER.HOUSE’ Expansion to customers and the grid
HAMILTON, ON –(Marketwired – April 18, 2017) – Alectra Inc., with the
support of the Independent Electric…
FOR: FORENT ENERGY LTD.
TSX VENTURE SYMBOL: FEN
Date issue: April 18, 2017
Time in: 9:30 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – April 18, 2017) – Forent Energy Ltd. (TSX
VENTURE:FEN) (“Forent” or the “Company”) announces that, at close of business
April 13, 2017, it received demand repayment from its lender of all amounts
owing thereunder, being approximately $6.8 million, by 5:00 PM April 23, 2017
at which time the lender may enforce its security and appoint a Receiver to
manage the Company’s affairs. Notwithstanding the foregoing, the Company is
continuing to pursue strategic alternatives within the timeline of the notice
period.
Reader Advisory and Note Regarding Forward Looking Information
Certain statements contained within this press release, and in certain
documents incorporated by reference into this document constitute forward
looking statements. These statements relate to future events or future
performance. All statements, other than statements of historical fact, may be
forward looking statements. Forward looking statements are often, but not
always, identified by the use of words such as “seek”, “anticipate”, “budget”,
“plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”,
“predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”,
“believe” and similar expressions. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual results or events
to differ materially from those anticipated in such forward looking statements.
In particular, this press release contains the following forward looking
statements pertaining to, without limitation, the following: whether the lender
will enforce security and appoint a Receiver; whether the Company will be
successful in its strategic alternatives efforts.
Readers are cautioned that the foregoing lists of factors are not exhaustive.
The forward looking statements contained in this press release and the
documents incorporated by reference herein are expressly qualified by this
cautionary statement. The forward looking statements contained in this press
release speak only as of the date thereof and FEN does not assume any
obligation to publicly update or revise them to reflect new events or
circumstances, except as may be required pursuant to applicable securities laws.
For more information on the Company, Investors should review the Company’s
registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of
any offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful. The
securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or applicable exemption from the registration
requirements of the U.S. Securities Act and applicable state securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
– END RELEASE – 18/04/2017
For further information:
Forent Energy Ltd.
Curtis Hartzler
President & CEO
(403) 262-9444 #204
info@forentenergy.com
www.forentenergy.com
COMPANY:
FOR: FORENT ENERGY LTD.
TSX VENTURE SYMBOL: FEN
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170418CC0050
Press Release from Marketwired 1-866-736-3779
All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.
FOR: SOURCE ENERGY SERVICES LTD.TSX SYMBOL: SHLEDate issue: April 18, 2017Time in: 9:12 AM eAttention:
CALGARY, ALBERTA–(Marketwired – April 18, 2017) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES
Sou…
BULL ARM, N.L. — It was made with more concrete than the Empire State Building — and it moves.
Dignitaries cut ceremonial mooring chains on the massive Hebron oil platform Tuesday, marking the wind-up of construction for a $14-billion project that employed more than 7,500 people at its height.
Geoff Parker, senior project manager, said a slip form for the gravity-based structure tanks, which sit mostly under water, used more concrete than the famed New York City skyscraper. The base is 130 metres in diameter, required 132,000 cubic metres of concrete and has 52 well slots.
Combined with the topsides, where about 220 people will live and work, the structure towers 230 metres high and weighs 750,000 tonnes. It will be towed next month from Bull Arm on Trinity Bay to its destination in the Jeanne D’Arc Basin about 350 kilometres southeast of St. John’s.
The platform was designed to handle up to 150,000 barrels of crude a day. There’s a sprawling helipad. And a fibre optic cable will transmit data to a control room in St. John’s that replicates the one on board.
“We’re on track to be setting down the platform in May, then we’ll be drilling in the summer and producing oil by the end of the year,” Parker told reporters.
“This is a large, complex project,” he added, noting that various components were built around the province and the world using cutting-edge technology.
The Hebron oilfield is estimated to contain more than 700 million barrels of oil.
Total expenses almost tripled and oil prices have dropped since the project was first announced 10 years ago at an estimated cost of $5 billion.
The governing Liberals say it will generate more than $10 billion in royalties and benefits over the next 20 years — less than half the estimated $23 billion once hailed by the former Tory government.
Paul Dwyer, the offshore installation manager, said workers logged 40 million hours without a lost-time injury.
He called that an “amazing” achievement on a project that will reap dividends over the next two decades.
“The industry is still growing,” he said in an interview.
Hebron project partners led by ExxonMobil Canada include Chevron Canada, Suncor Energy, Statoil Canada and provincial Crown corporation Nalcor Energy with a 4.9 per cent equity stake.
The province acquired the stake after a battle over revenue sharing between former premier Danny Williams and ExxonMobil.
Hebron will be the fourth producing site off Newfoundland and will offset waning output at Hibernia, Terra Nova and White Rose.
Provincial NDP Leader Earle McCurdy acknowledged it’s a proud milestone for those who pulled off an impressive engineering feat. Still, he said money spent on Hebron was siphoned from other priorities and, with lower oil prices, won’t be quite the anticipated cash cow.
“I think we could have done better on the economic returns from it,” he said in an interview.
“It was based on a high level of optimism about where oil prices would be,” McCurdy said of the deal struck by the former Progressive Conservative government under Williams. It pays minimal royalties in earlier years, until development costs are recovered, in exchange for higher rates later on.
McCurdy also thinks the province needs a clear strategy to prepare for the shift toward cleaner, renewable energy. At least some of the Hebron earnings should be used “to develop technology to minimize the environmental impact and to … minimize our carbon footprint generally,” he added.
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Sue Bailey, The Canadian Press
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COMMENTARY: Alberta’s World-Class Regulator and Regulatory System – Brian Jean, Minister of Energy and Minerals for Alberta