/T/
Copper Unit Cost Reconciliation
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—————————————————————————-
Three months ended March 31,
(CAD$ in millions, except where noted) 20…
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Teck Resources Limited
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
1. BASIS OF PREPARATION
We prepare our annual consolidated financial statements in accordance with
International Financial Reporting Standards (IFRS) a…
CALGARY — A court decision that gave secured creditors priority over environmental cleanup in the case of bankrupt Redwater Energy Corp. has been upheld by the Alberta Court of Appeal.
The lawsuit has been closely watched as a precedent-setting case as bankruptcies continue to afflict the oil and gas industry after more than two years of low commodity prices.
In a 2-1 decision released Monday, the appeal court upheld the ruling in favour of Grant Thornton, Redwater’s trustee in bankruptcy, and its lender, ATB Financial, who wanted to sell off its productive wells to pay creditors and leave the others for the industry-supported Orphan Well Association to remediate.
The Alberta Energy Regulator, however, argued funds from the sale of the productive wells must be used to cover cleanup expenses for the unproductive wells, a position backed by appeal interveners from the Alberta, B.C. and Saskatchewan governments as well as the Canadian Association of Petroleum Producers.
In a statement Monday night, the Alberta Energy Regulator said it is reviewing the decision and determining whether to appeal.
“While we are disappointed in the court’s decision, the AER will continue to take steps to protect the public from the environmental costs associated with suspension, abandonment and reclamation,” spokesman Ryan Bartlett said in the statement.
Brad Herald, chairman of the Orphan Well Association, said there have been other cases since Redwater where a receiver wants to “disclaim” an insolvent company’s liabilities.
He wouldn’t give company names, but said the trend shows the precedent-setting nature of the Redwater decision and suggests further appeal is warranted by the regulator.
“I think the potential of the dissenting opinion here can bolster the justification for resolution to the Supreme Court,” he said.
In their majority decision, two of the appeal court judges found “no errors” in the Alberta Court of Queen’s Bench ruling in May 2016 that provincial regulations are in conflict with the federal Bankruptcy and Insolvency Act and the latter takes precedence.
In a dissenting opinion, however, the third judge argued that the regulations are consistent with the act and said the appeal should be allowed.
A spokesperson for Energy Minister Marg McCuaig-Boyd said the department is analyzing the decision.
“This ruling demonstrates the need to do a thorough review of the oil and gas liability management system that we have inherited,” press secretary Mike McKinnon said in an email. “Our government is beginning this work.”
The regulator had appealed the decision because it said it could encourage more companies to enter receivership and bankruptcy to avoid obligations to clean up oil and gas well sites.
Follow @HealingSlowly on Twitter.
Dan Healing, The Canadian Press
The intersection between oil & gas industry and the digital industry has never been more evident than it is today, and its worth billions of dollars to energy operators in cost savings and business efficiencies. Whether it is communications, mobile apps, big data or automation; companies cannot ignore the new era of digital oilfield. The … Read more
FOR: CANADIAN EQUIPMENT RENTALS CORP.
TSX VENTURE SYMBOL: CFL
Date issue: April 24, 2017
Time in: 7:38 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – April 24, 2017) – Canadian Equipment Rentals
Corp. (“CERC” or the “Company”) (TSX VENTURE:CFL) is pleased to announce that
it has largely completed its restructuring efforts and entered into a Loan and
Security Agreement with Maynbridge Capital Inc. (“Maynbridge”).
The corporate restructuring and refinancing is the culmination of over ten
months of efforts to eliminate significant costs and inefficiencies in the
business and transform the Company from one with multiple business lines, in
different industries, operating under a high corporate overhead cost structure,
to a lean and focused company operating one business line under a low-cost
corporate structure. The Company is now solely focused on the rental of quality
assets to top-tier customers in the Western Canadian Sedimentary Basin. The
Company continues to experience strong demand for its rental assets and is now
well positioned to take advantage of the anticipated improvements in rental
rates in conjunction with the overall strengthening of the oil and gas services
market.
Through the restructuring process the Company has significantly reduced its
total debt through the divestures of non-core subsidiaries, the sale of
under-utilized assets and through the retirement of $2.5 million of debt owing
to a company controlled by Mr. Dean Swanberg in exchange for 10 million common
shares (representing a price of $0.25 per share). This conversion will result
in Mr. Swanberg being the largest individual shareholder of the Company, and
the balance of the debt owing to Mr. Swanberg’s company being reduced to $2.5
million. The directors of CERC will be appointing Mr. Swanberg to the Company’s
Board of Directors where his experience and reputation as a veteran oilfield
executive in Western Canada will be of great value to the Company.
As a final step in the restructuring process, the Company will be seeking
shareholder approval at the June 27, 2017 Annual and Special Meeting to change
the name of the Company from Canadian Equipment Rentals Corp. to Zedcor Energy
Inc., thus aligning the parent company branding with its only operating entity,
Zedcor Energy Services Corp.
The Company is pleased to be able to partner with Maynbridge Capital for the
next year through their asset backed lending solution which is well suited for
an asset based rental business such as CERC. In conjunction with this
financing, the directors of CERC will be appointing Mr. Dean Shillington, CEO
of Maynbridge Capital, to the Company’s Board of Directors. Mr. Shillington’s
business and finance expertise will greatly benefit the Company as it executes
on its new sharply focused business plan.
The principal amount of the Maynbridge loan is $20.4 million and it has a term
of one (1) year (plus a day), with an option to extend for an additional year.
The loan bears interest at 12.75% per annum and will be serviced by six months
of interest only payments followed by six months of blended interest and
principal payments. The proceeds from the loan will be used to repay in full
CERC’s existing syndicated credit facility. The loan has no financial covenant
requirements as it is to be secured through the value of the Company’s rental
assets and a $2.5 million guarantee from Mr. Dean Swanberg.
Under the Loan and Security Agreement, the Company will, subject to TSX Venture
Exchange approvals, issue to Maynbridge 3,651,501 share purchase warrants
entitling the holder to acquire that number of common shares in the Company
representing approximately 6.5% of the fully diluted equity of the Company, at
an exercise price of $0.25 per share. The warrants will expire 90 days after
the maturity date of the loan.
The closing of the Maynbridge financing is scheduled for on, or before, April
28th, 2017 and is subject to approval by the TSX Venture Exchange and to the
satisfaction or waiver of certain conditions precedent typical for equipment
loan transactions.
Ernst & Young Orenda Corporate Finance Inc. acted as the Company’s exclusive
financial advisor with respect to the refinancing.
About Canadian Equipment Rentals Corp.
Canadian Equipment Rentals Corp. is a Canadian public corporation and parent
company to Zedcor Energy Services Corp. (“Zedcor”). Zedcor is engaged in the
rental of surface equipment and accommodations to the Western Canadian Oil and
Gas Industry. The Company trades on the TSX Venture Exchange under the symbol
“CFL”.
About Maynbridge Capital Inc.
Maynbridge Capital Inc. (www.maynbridge.ca) is a boutique lender that
specializes in equipment and property financing to companies across Canada.
With offices in Vancouver, Calgary, Toronto, Ottawa and Montreal, Maynbridge is
an asset-based lender that assists companies through periods of transition in
all economic climates.
Forward-Looking Statements and Information
Certain statements included or incorporated by reference in this press release
constitute forward-looking statements or forward-looking information.
Forward-looking statements or information may contain statements with the words
“anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”,
“budget”, “should”, “project”, “would have realized’, “may have been” or
similar words suggesting future outcomes or expectations. In particular,
forward-looking statements and information contained in this press release,
include, but are not limited to, the closing of the financing and repayment of
CERC’s existing credit facility by April 28, 2017, the closing of the $2.5
million reduction of debt held by Mr. Swanberg and the appointment of two new
directors. Although the Company believes that the expectations implied in such
forward-looking statements or information are reasonable, undue reliance should
not be placed on these forward-looking statements because the Company can give
no assurance that such statements will prove to be correct. Forward-looking
statements or information are based on current expectations, estimates and
projections that involve a number of assumptions about the future and
uncertainties. Although management believes these assumptions are reasonable,
there can be no assurance that they will be proved to be correct, and actual
results will differ materially from those anticipated. For this purpose, any
statements herein that are not statements of historical fact may be deemed to
be forward-looking statements. The forward-looking statements or information
contained in this press release are made as of the date hereof and the Company
assumes no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new contrary information,
future events or any other reason, unless it is required by any applicable
securities laws. The forward-looking statements or information contained in
this press release are expressly qualified by this cautionary statement.
Neither 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 – 24/04/2017
For further information:
Ken Olson
Chief Financial Officer
(403) 930-5434
kolson@cercorp.ca
COMPANY:
FOR: CANADIAN EQUIPMENT RENTALS CORP.
TSX VENTURE SYMBOL: CFL
INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170424CC0113
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.
CALGARY — Federal government scientists say they have devised an accurate way to directly measure air pollutants from oilsands mines and suggest industry estimates for certain harmful emissions have been much too low.
The research, published Monday in the Proceedings of the National Academy of Sciences, focused on volatile organic compounds, or VOCs — carbon-based substances that can be damaging to the environment and human health.
Oilsands companies have indirect ways of calculating their mines’ estimated VOC emissions. Methods include extrapolating from other substances they measure from smokestacks or from emissions associated with a specific activity, said lead author Shao-Meng Li, a senior research scientist at Environment and Climate Change Canada.
Li and his team set out to compare those figures against direct readings they took from the air above the mines.
Their experiment took measurements from a plane flown at various altitudes in a box-like pattern above oilsands mines in northeastern Alberta. That created a virtual wall of sorts around developments as big as 275 square kilometres.
“Most of these instruments are very bulky, so they cannot be mounted on the outside,” said Li.
The interior of the aircraft looks like a cargo plane with a dozen or so seats for the scientists and racks of gadgets along the wall. Li said the air was brought into containers inside the cabin through special tubing and samples were taken back to the lab for analysis.
The amount of overall VOCs measured on the flights wound up being two to 4 1/2 times higher than figures companies reported to Environment Canada’s National Pollutant Release Inventory.
“It’s quite a powerful mechanism to make those kind of measurements,” said Stewart Cober, co-author of the paper and manager in Environment Canada’s Air Quality Research Division.
“It’s a mechanism we wouldn’t have been able to do 15 years ago because the technology didn’t exist.”
The flights were made in the late summer of 2013. The team is planning another go-round in 2018 to see how the method works in different weather conditions.
Cober said the technique has the potential to be applied to other oil and gas projects, such as hydraulic fracturing sites and in situ oilsands developments, in which steam is used to extract bitumen from deep underground.
“What we’ve done is demonstrated that there is a way to make more accurate measurements,” he said.
Cober hopes the research means emissions can be estimated more accurately in the future, perhaps with industry players doing their own airborne readings.
“It is a game changer,” he said. “Certainly we’re very excited about it.”
Chelsie Klassen of the Canadian Association of Petroleum Producers, wasn’t so sure.
“This study took a snapshot measurement and used that information to determine an hourly emissions profile without consideration of seasonal effects,” said Klassen.
“Further research is needed to make an interpretation of annual emissions to increase accuracy and understand this issue. Industry is actively working to more accurately quantify emissions from surface mining activities.”
Lauren Krugel, The Canadian Press
EDMONTON — Inter Pipeline Ltd. said Monday that its Cold Lake pipeline was the source of an oil leak discovered late last week in an industrial area east of Edmonton.
The company said it learned of a potential leak near its Strathcona Terminal at around noon Friday, but it wasn’t until Monday morning that it confirmed the oil came from its line.
The Alberta Energy Regulator said several operators had shut in their lines on the right of way when the leak was discovered because the source was unclear.
Inter Pipeline (TSX:IPL) said the leak was contained on Friday and it continues to work on cleaning up the spill as lead responder to the incident.
The Alberta Energy Regulator, which is overseeing the response, said it still doesn’t know how much oil spilled.
AER spokeswoman Monica Hermary said the crude spilled into an unnamed creek that flows into the North Saskatchewan River, but the leak was contained before it reached the river.
The spill killed one bird, while a beaver and a muskrat were taken in for treatment, said Hermary.
Imperial Oil was first to discover the Inter Pipeline leak Friday, and said Sunday that it was responding to a separate leak at its Cold Lake operation.
The company said it estimates about 900,000 litres of produced water spilled from a storage lagoon at its steam-based oilsands operation in northeast Alberta.
Produced water is a byproduct of oil production, with the water pumped to the surface along with the bitumen before being treated and reused in operations.
The Canadian Press
FOR: LONESTAR WEST INC.
TSX VENTURE SYMBOL: LSI
Date issue: April 24, 2017
Time in: 6:32 PM e
Attention:
SYLVAN LAKE, ALBERTA–(Marketwired – April 24, 2017) – Lonestar West Inc. (TSX
VENTURE:LSI) today announced the financial results for the year ended December
31, 2016.
Key points for the year ended December 31, 2016 include:
/T/
— Revenues decreased by 15.2% to $42,641,196 for the year ended December
31, 2016 from $50,304,204 in the prior year comparable period.
— Gross margin(1) was 15.8% for the year ended December 31, 2016, compared
to 20.2% for the prior year comparable period.
— Normalized EBITDAC(2) was $1,191,588 or 2.8% for the year ended December
31, 2016, compared to $4,400,657 or 8.7% for the prior year comparable
period.
— Normalized EBITDAC(3) per basic share decreased to $0.04 for the year
ended December 31, 2016, compared to $0.15 in the prior year comparable
period.
— A contingent loss of $450,000 US was recorded as the result of an Excise
Tax audit.
— Loss before taxes was $7,104,217 for the year ended December 31, 2016,
compared to a loss before taxes of $6,372,370 in the prior year
comparable period.
— Net loss for the year ended December 31, 2016 was $8,350,844, compared
to a net loss of $6,372,370 in the prior year comparable period.
/T/
The Company reported normalized EBITDAC(2) of $1,191,588 for the year ended
December 31, 2016, which is a decrease from $4,400,657 for the prior year
comparable period. The decrease in normalized EBITDAC is due primarily to a
significant decrease in revenue offset by a marginal decrease in operating
expenses. Other factors directly impacted the revenues were a delay in contract
negotiations with a major account in the United States, and the continued
impact of the wildfires in Fort McMurray, Alberta that occurred in the second
quarter of the year.
Key points for the three months ended December 31, 2016 include:
The Company reported negative normalized EBITDAC(2) of $(1,042,388) for the
three month period ended December 31, 2016, which is a decrease from $11,107
for the prior year equivalent period. The decrease in normalized EBITDAC for
the three month period ended December 31, 2016 is related primarily to a lower
gross margin resulting from a more competitive operating environment. In
addition, there were costs associated with the closure and reorganization of
bases that were not performing.
“Results for the fourth quarter were disappointing. Significant cost cutting
was partially completed but the additional selling, general and administration
expenses and the continued decline of the revenue offset the impact of the cuts
we made,” commented James Horvath, President of Lonestar. “We are focused on
working towards our goal of returning the business to its historical operating
and profit margins. This includes continued cost cutting into Q1 of 2017. The
Company has also reduced the number of bases in the US, and we will continue to
direct our business development activities on expanding in our most profitable
locations.”
About Lonestar West
Based in Sylvan Lake, Alberta, Lonestar West Inc. operates a fleet of 140
Hydrovac, Vacuum and Auxiliary units throughout Western Canada, Ontario,
California, and the South Eastern United States. It is focused on profitably
growing its HVAC services to become a major competitor in the North American
market.
For more information please visit the Lonestar West website at
www.lonestarwest.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This News Release contains certain forward-looking statements and
forward-looking information (collectively referred to herein as
“forward-looking statements”) within the meaning of applicable Canadian
securities laws. All statements other than statements of present or historical
fact are forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as “anticipate”, “achieve”,
“could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”,
“estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar
words, including negatives thereof, suggesting future outcomes. In particular,
this News Release contains forward-looking statements relating to: demand for
the Company’s services and general industry activity level; the Company’s
growth opportunities; and expectations regarding the Company’s revenue,
normalized EBITDAC and equipment utilization. Lonestar believes the
expectations reflected in such forward-looking statements are reasonable as of
the date hereof 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.
Various material factors and assumptions are typically applied in drawing
conclusions. Specific material factors and assumptions include, but are not
limited to:
/T/
— Changes in industry conditions (including the levels of capital
expenditures made by oil and gas producers and explorers)
— Credit risk to which the Company is exposed in the conduct of its
business
— Fluctuations in prevailing commodity prices, currency and interest rates
— The competitive environment to which the business is, or may be, exposed
in all aspects of its business
— The ability of the Company to access equipment and new technologies
— The Company’s ability to maintain relationships with key suppliers
— The ability of the Company to attract and maintain key personnel and
other qualified employees
— Various environmental risks to which the Company is exposed in the
conduct of its operations
— Inherent risks associated with the conduct of the business in which the
Company operates
— Timing and costs associated with the acquisition of capital equipment
— The impact of weather and other seasonal factors that affect business
operations
— Availability of financial resources or third-party financing, and;
— The impact of new laws or changes in administrative practices on the
part of regulatory authorities.
/T/
Readers are cautioned that these factors are difficult to predict. Accordingly
readers are cautioned that the actual results achieved will vary from the
information provided herein and the variations may be material. Readers are
also cautioned that the list of factors above are not exhaustive. Before
placing reliance on any forward-looking statements to make decisions with
respect to an investment in securities in Lonestar, prospective investors and
others should carefully consider the factors identified above and other risks,
uncertainties and potential changes that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements.
Forward-looking statements are not a guarantee of future performance and
involve a number of risks and uncertainties, some of which are described
herein. Such forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause Lonestar’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. These risks and uncertainties include, but are not limited to, the
risks identified in Lonestar’s annual information form and management
discussion and analysis for the year ended December 31, 2016 (the “MD&A”),
which are available for viewing on SEDAR at www.sedar.com. In addition, the
forward-looking statements contained in this News Release are made as of the
date of this News Release. Lonestar does not undertake any obligation to
publicly update or to revise any forward-looking statements except as expressly
required by applicable securities laws. The forward-looking statements
contained in this Press Release are expressly qualified by the cautionary
statements contained herein.
Notes:
/T/
1. Gross margin is calculated as gross profit as a percentage of revenues
2. This News Release contains the term Normalized EBITDAC as presented and
does not have any standardized meaning prescribed by international
financial reporting standards (“IFRS”) and therefore it may not be
comparable with the calculation of similar measures for other entities.
Management uses normalized EBITDAC to analyze the operating performance
of the business. Normalized EBITDAC as presented is not intended to
represent cash provided by operating activities, net earnings or other
measures of financial performance calculated in accordance with IFRS. It
is defined as Earnings before interest, taxes, depreciation,
amortization, and stock based compensation excluding foreign exchange
gains or losses which are primarily related to the US dollar activities
of the Company and can vary significantly depending on exchange rate
fluctuations, which are beyond the control of the Company.
3. Normalized EBITDAC per share is calculated as Normalized EBITDAC divided
by the weighted average shares outstanding for the period.
/T/
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 – 24/04/2017
For further information:
Lonestar West Inc.
James Horvath
President & CEO
403-887-2074
info@lonestarwest.com
www.lonestarwest.com
COMPANY:
FOR: LONESTAR WEST INC.
TSX VENTURE SYMBOL: LSI
INDUSTRY: Professional Services – Other Professional Services
RELEASE ID: 20170424CC0111
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: ESSENTIAL ENERGY SERVICES LTD.TSX SYMBOL: ESNDate issue: April 24, 2017Time in: 6:05 PM eAttention:
CALGARY, ALBERTA–(Marketwired – April 24, 2017) – Essential Energy Services
Ltd. (TSX:ESN) (“Essential”) intends to release its 2017 first quarte…
FOR: WAVEFRONT TECHNOLOGY SOLUTIONS INC.
TSX VENTURE SYMBOL: WEE
OTCQX SYMBOL: WFTSF
Date issue: April 24, 2017
Time in: 5:21 PM e
Attention:
EDMONTON, ALBERTA–(Marketwired – April 24, 2017) – Wavefront Technology
Solutions Inc. (Wavefront or the Company), (TSX VENTURE:WEE)(OTCQX:WFTSF) an
Oil Field Service (“OFS”) provider focused on enhancing hydrocarbon recovery
through the lifecycle of a production asset is pleased to announce that broader
field deployment of Wavefront’s core fluid injection technology, Powerwave,
will be undertaken in the Sultanate of Oman.
A Powerwave-driven waterflood targets stranded or bypassed oil in a reservoir
which is very difficult to produce due to various physical limitations. Based
on positive results from a limited field trial of Powerwave Wavefront’s
distribution partner in Oman was awarded the approximate US $500,000 contract
for expanded Powerwave use. This previously anticipated Powerwave program was
delayed due to lower and volatile oil prices over the past few years. Powerwave
deployment is in the client’s scheduling phase and is anticipated to commence
in the second half of calendar 2017.
“Wavefront is confident it can replicate or better initial field pilot results
which saw oil production decline rates fall by approximately 4% and overall oil
production rates within the field pilot area improve by up to 47%,” said
Wavefront President and CEO Brett Davidson. “We believe that demonstrating
Powerwave efficacy on a broader scale across varied geological settings will
result in general commercialization of Powerwave with this client.”
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
About Wavefront:
Wavefront is a technology based world leader in fluid injection technology for
improved/enhanced oil recovery and groundwater restoration. Wavefront publicly
trades on the TSX Venture Exchange under the symbol WEE and on the OTCQX under
the symbol WFTSF. The Company’s website is www.onthewavefront.com.
Cautionary Disclaimer – Forward Looking Statement
Certain statements contained herein regarding Wavefront and its operations
constitute “forward-looking statements” within the meaning of Canadian
securities laws and the United States Private Securities Litigation Reform Act
of 1995. All statements that are not historical facts, including without
limitation statements regarding future estimates, plans, objectives,
assumptions or expectations or future performance, are “forward-looking
statements”. In some cases, forward-looking statements can be identified by
terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”,
“believe”, “estimate”, “predict”, “potential”, “believe”, “continue” or the
negative of these terms or other comparable terminology. We caution that such
“forward-looking statements” involve known and unknown risks and uncertainties
that could cause actual results and future events to differ materially from
those anticipated in such statements. Such factors include fluctuations in the
acceptance rates of Wavefront’s Powerwave and Primawave Processes, demand for
products and services, fluctuations in the market for oil and gas related
products and services, the ability of Wavefront to attract and maintain key
personnel, technology changes, global political and economic conditions, and
other factors that were described in further detail in Wavefront’s continuous
disclosure filings, available on SEDAR at www.sedar.com. Wavefront expressly
disclaims any obligation to up-date any “forward-looking statements”, other
than as required by law.
(C)2017 Wavefront Technology Solutions Inc. All rights reserved.
From Bit To Last Drop(TM), WaveAxe(TM), Powerwave(TM) and Primawave(TM) are
registered trademarks of Wavefront Technology Solutions Inc., or its
subsidiaries, or affiliates.
NEITHER 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 – 24/04/2017
For further information:
Wavefront Technology Solutions Inc.
D. Brad Paterson
CFO
780-486-2222
investor.info@onthewavefront.com
www.onthewavefront.com
COMPANY:
FOR: WAVEFRONT TECHNOLOGY SOLUTIONS INC.
TSX VENTURE SYMBOL: WEE
OTCQX SYMBOL: WFTSF
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170424CC0101
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: DXI ENERGY INC.
TSX SYMBOL: DXI
OTCQB SYMBOL: DXIEF
Date issue: April 24, 2017
Time in: 5:15 PM e
Attention:
Proposes Financial Restructure to Attract ‘Transformational’ Opportunity
(all figures in Cdn $ unless otherwise indicated)
VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 24, 2017) – DXI Energy Inc.
(TSX:DXI) (OTCQB:DXIEF) (“DXI” or the “Company”), an upstream oil and gas
exploration and production company operating in Colorado’s Piceance Basin and
the Peace River Arch region in British Columbia, tomorrow mails shareholders
details for its AGM and Special Shareholders Meeting to be held June 2, 2017,
already posted on SEDAR.
After extensive deliberation, the independent members of the board of DXI have
approved a series of initiatives to create incremental real value for
stockholders. Subject to shareholder approval, these steps include:
/T/
1. Restructuring equity and debt to provide annual interest savings of
$390K per year:
a. Insiders to equitize $1.3mm of secured debt.
b. Insiders to amend long term obligations by extending the term to 5
years, convertible to shares at $0.077 per share, reshaping the
corporate balance sheet to attract a transformational event.
c. Insiders to cancel 14mm share purchase warrants currently
outstanding.
2. Raising $2.2mm in new equity at $0.06 per share:
a. To eliminate the Company’s working capital deficiency,
b. To support additional exploration at Woodrush, and
c. To provide sufficient working capital to preserve existing assets
and fund costs for a transformational event.
/T/
Upon completion, DXI will emerge well positioned to move forward free of the
financial encumbrances that have limited its endeavours to expand and develop
during the past thirty-month downturn in the commodity markets.
DXI’s current energy portfolio features two highly regarded North American
producing assets. In the Piceance Basin, Colorado, more than US$40mm has been
expended to initiate development of the 2,250 acre Kokopelli Project resulting
in twelve producing wells, including a new 13000′ Mancos gas discovery and the
infrastructure to handle many more. A recent U.S. Geological Survey report
states that the Mancos shale in this Basin contains forty times more natural
gas than previously estimated validating its rank as one of the top two largest
containments of natural gas in the U.S. In NE British Columbia, the 14000+ acre
Woodrush Project, hosts four oil wells and nine gas wells in production since
2009, includes over $13 million in Company-owned production facilities and
pipelines
“As Chairman, the Company’s largest shareholder and its largest debtholder, I
invite all stakeholders to support these strategic initiatives and participate
with us to preserve and enhance our existing investments and create a
productive transformational event,” states Robert L. Hodgkinson, CEO.
WEBSITES WHERE MEETING MATERIALS ARE POSTED: The meeting materials can be
viewed online under the Company’s profile at www.sedar.com (Canada) or at
www.sec.gov (United States). They may also be downloaded from the Company’s
website at www.dxienergy.com/financial-reports.html.
HOW TO OBTAIN PAPER COPIES OF THE MEETING MATERIALS: Beneficial shareholders
may request that a paper copy of the meeting materials be sent to them by
postal delivery at no cost to them. Shareholders may request copies of the
Information Circular at no cost by calling toll-free at 1-866-888-8230.
FORM 20-F FILING: The Company further announces that it has filed its annual
Form 20-F Report (“Form 20-F”) for the year ended December 31, 2016 with the
Securities Exchange Commission on April 21, 2017. The Form 20-F includes the
Company’s annual audited financial statements for the year ended December 31,
2016 as well as the related “Management’s Discussion & Analysis” for the year
then ended. Copies of the Form 20-F can be found on the Company’s website at
“www.dxienergy.com” and on EDGAR. Shareholders wishing to obtain a hard copy of
the complete audited financial statements for the year ended December 31, 2016
free of charge can contact the Company via the email addresses on our website
or by telephone at 604-638-5050.
ABOUT DXI ENERGY INC.:
DXI Energy Inc. is an upstream oil and natural gas exploration and production
company operating projects in Colorado’s Piceance Basin (25,684 net acres) and
the Peace River Arch region in British Columbia (14,444 net acres). DXI Energy
Inc. maintains offices in Calgary and Vancouver, Canada. The company is
publicly traded on the Toronto Stock Exchange (DXI.TO) and the OTCQB (DXIEF).
Statements Regarding Forward-Looking Information: This news release contains
statements about oil and gas production and operating activities that may
constitute “forward-looking statements” or “forward-looking information” within
the meaning of applicable securities legislation as they involve the implied
assessment that the resources described can be profitably produced in the
future, based on certain estimates and assumptions. Forward-looking statements
are based on current expectations, estimates and projections that involve a
number of risks, uncertainties and other factors that could cause actual
results to differ materially from those anticipated by DXI Energy and described
in the forward-looking statements. These risks, uncertainties and other factors
include, but are not limited to, adverse general economic conditions, operating
hazards, drilling risks, inherent uncertainties in interpreting engineering and
geologic data, competition, reduced availability of drilling and other well
services, fluctuations in oil and gas prices and prices for drilling and other
well services, government regulation and foreign political risks, fluctuations
in the exchange rate between Canadian and US dollars and other currencies, as
well as other risks commonly associated with the exploration and development of
oil and gas properties. Additional information on these and other factors,
which could affect DXI Energy Inc.’s operations or financial results, are
included in DXI Energy Inc.’s reports on file with Canadian and United States
securities regulatory authorities. We assume no obligation to update
forward-looking statements should circumstances or management’s estimates or
opinions change unless otherwise required under securities law.
The TSX does not accept responsibility for the adequacy or accuracy of this
news release.
Follow DXI Energy’s latest developments on: Facebook
http://facebook.com/dxienergy and Twitter @dxienergy.
– END RELEASE – 24/04/2017
For further information:
Robert L. Hodgkinson
Chairman & CEO
604-638-5055
investor@dxienergy.com
OR
David Matheson
CFO
604-638-5054
dmatheson@dxienergy.com
OR
Craig Allison
Investor Relations- New York
914-882-0960
callison@dxienergy.com
COMPANY:
FOR: DXI ENERGY INC.
TSX SYMBOL: DXI
OTCQB SYMBOL: DXIEF
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170424CC0100
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: SVY
Date issue: April 24, 2017
Time in: 4:51 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – April 24, 2017) – Savanna Energy Services
Corp. (“Savanna”) (TSX:SVY) announces that, in connection with the acquisition
by Total Energy Services Inc. (“Total”) of more than 50% of the outstanding
common shares of Savanna pursuant to Total’s offer to purchase all of the
common shares of Savanna (the “Change of Control”), Savanna has issued a Notice
of Change of Control and Change of Control Offer (the “Offer”) to repurchase
the outstanding Cdn. $107.085 million aggregate principal amount of 7.00%
senior unsecured notes of Savanna due 2018 (the “Notes”) at a price equal to
101% of the aggregate principal amount of the Notes repurchased, plus accrued
and unpaid interest on such Notes up to, but excluding, the date of purchase.
The Offer is open for acceptance by the holders of the Notes until 4:00 p.m.
(Calgary time) on Thursday, June 22, 2017.
Savanna has entered into an agreement with Phillips, Hager & North Investment
Management (“PH&N”), which holds Cdn. $60 million aggregate principal amount of
Notes, whereby PH&N has agreed that it will not tender its Notes to the Offer.
Should a holder of Notes elect not to tender its Notes to the Offer, such Notes
will remain outstanding as obligations of Savanna and will mature as originally
set out in the indenture governing such Notes.
The Board of Directors of Savanna has not made any recommendations with respect
to whether holders of the Notes should tender their Notes under the Offer. Each
holder must decide whether to tender their Notes under the Offer. Holders are
urged to evaluate carefully all information regarding the Notes at
www.sedar.com and to consult their own investment, legal, tax and other
professional advisors and to make their own decision whether to tender their
Notes.
Savanna is continuing to review its refinancing options, specifically through
engagement with Total with respect to all possible options, and expects that
any such refinancing required for the repurchase of any Notes tendered to the
Offer prior to expiry of the Offer will be available to Savanna.
Savanna also announces it has entered into a temporary waiver agreement (the
“Waiver”) with the lenders of its syndicated credit facilities (the “Credit
Facilities”). Pursuant to the Waiver, such lenders have: (a) acknowledged
certain defaults under the Credit Facilities that have occurred as a result of
the Change of Control and the previously announced demand for payment pursuant
to Savanna’s second lien credit facility; and (b) waived such defaults until
the earliest to occur of: (i) 2 business days immediately preceding the date of
any repayment or redemption of the Notes, (ii) the occurrence of any other
default or event of default under the Credit Facilities or other credit
document, and (iii) May 15, 2017.
About Savanna
Savanna is a leading contract drilling and oilfield services company operating
in North America and Australia providing a broad range of drilling, well
servicing and related services with a focus on fit for purpose technologies and
industry-leading Aboriginal relationships.
Cautionary Statements
This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”,
“project”, “should”, “believe”, “plans”, “intends” and similar expressions are
intended to identify forward-looking information or statements. More
particularly and without limitation, this press release contains
forward-looking statements and information relating to the Offer, the expiry
date of the Offer, the expectations with respect to PH&N not tendering its
Notes to the Offer and the expected financing for the repurchase of any Notes
tendered to the Offer. These forward-looking statements and information are
based on certain key expectations and assumptions made by Savanna. Assumptions
have been made with respect to the ability of Savanna to finance the repurchase
of the Notes tendered to the Offer and that PH&N will not tender its Notes to
the Offer. Although Savanna believes that the expectations and assumptions on
which such forward-looking statements and information are based are reasonable,
undue reliance should not be placed on the forward-looking statements and
information as Savanna cannot give any assurance that they will prove to be
correct. Since forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not
limited to, the failure to obtain the necessary financing for amounts required
to repurchase Notes tendered to the Offer on terms satisfactory to Savanna or
at all.
Readers are cautioned that the foregoing list of risks and uncertainties is not
exhaustive. Other risk factors that could affect Savanna’s operations or
financial results are included in Savanna’s annual information form and may be
accessed through the SEDAR website (www.sedar.com). The forward-looking
statements and information contained in this press release are made as of the
date hereof and Savanna does not undertake any obligation to update publicly or
revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by applicable
securities laws.
– END RELEASE – 24/04/2017
For further information:
Savanna Energy Services Corp.
Daniel Halyk
President and Chief Executive Officer
OR
Savanna Energy Services Corp.
Rick Torriero
Vice-President, Finance
(403) 503-9990
COMPANY:
FOR: SAVANNA ENERGY SERVICES CORP.
TSX SYMBOL: SVY
INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170424CC0095
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: PRAIRIESKY ROYALTY LTD.
TSX SYMBOL: PSK
Date issue: April 24, 2017
Time in: 4:01 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – April 24, 2017) – PrairieSky Royalty Ltd.
(“PrairieSky” or the “Company”) (TSX:PSK) is pleased to announce its first
quarter operating and financial results for the period ended March 31, 2017.
2017 First Quarter Highlights:
/T/
— Average royalty production of 26,812 BOE per day, 49% liquids
— Funds from operations of $67.3 million or $0.28 per share, basic and
diluted
— Revenues of $80.3 million including $73.5 million of royalty revenue
— Leased land for new and existing plays, collecting $3.0 million in lease
issuance bonus consideration
— Completed acquisition of 4% gross overriding royalty on current and
future phases of the Lindbergh SAGD thermal oil project
— Maintained a strong balance sheet with $97.6 million of positive working
capital, including $92.4 million of cash on hand and nil debt as of
March 31, 2017
/T/
PRESIDENT’S MESSAGE
It was an active first quarter for industry and across PrairieSky’s land base
with over 185 wells spud on our lands. Drilling activity was primarily focused
on the Viking light oil play in Western Saskatchewan, the multi-zone Deep Basin
fairway of Alberta and British Columbia and light oil plays across Central
Alberta including the Mannville and Viking plays. Leasing interest remained
high during the quarter with PrairieSky entering into 36 new leasing
arrangements with 33 different producers on our fee lands.
PrairieSky completed its previously announced acquisition of a 4% gross
overriding royalty on current and future phases of Pengrowth Energy
Corporation’s Lindbergh SAGD thermal oil project as well as seismic over
certain lands in British Columbia and Alberta for total cash consideration of
$250 million, before customary closing adjustments. In addition, PrairieSky
completed $4.6 million of complementary acquisitions during the quarter, adding
additional fee title lands and gross overriding royalty interests to its
portfolio, including an overriding royalty on 29,440 acres of land in the
Monias area of Northeast British Columbia which is prospective for future
Montney development. PrairieSky continues to be selective and disciplined in
our evaluation of new royalty opportunities.
PrairieSky’s large undeveloped land position, low cost structure and high
margin royalty production continues to deliver strong funds flow and growth
opportunities with no capital requirements. During the quarter, PrairieSky
declared dividends of $43.2 million. PrairieSky increased its annual dividend
to $0.75 per share per annum effective for the March 2017 dividend which was
paid on April 17, 2017. PrairieSky acquired and cancelled 335,200 common shares
for $10.1 million under its normal course issuer bid (“NCIB”) during the first
quarter of 2017. In addition to paying the dividend and cancelling shares
through the NCIB, PrairieSky continued to add internally generated cash to its
balance sheet. At March 31, 2017, PrairieSky had $97.6 million of positive
working capital and no debt.
PrairieSky will apply to the Toronto Stock Exchange (“TSX”) to renew its NCIB
for an additional one year period. Subject to regulatory approval, PrairieSky
currently intends to allocate up to $44 million over the next 12 months
(approximately $3.7 million per month), net of regular monthly dividend
payments, to repurchase common shares. PrairieSky intends to purchase from time
to time, as it considers advisable, up to 1,600,000 of its currently issued and
outstanding common shares (representing approximately 1% of the public float of
common shares issued and outstanding as of April 24, 2017) over a period of
twelve months. Any common shares that are purchased under the NCIB will be
cancelled upon their purchase by PrairieSky. Management believes a normal
course issuer bid provides an opportunity to use excess cash resources to
reduce PrairieSky’s share count over time, representing an investment in
PrairieSky’s high quality asset base and enhancing value for remaining
shareholders. To date, PrairieSky has purchased and cancelled an aggregate of
1,356,700 common shares at a weighted average price per share of $27.91 under a
normal course issuer bid that commenced on May 2, 2016 and runs to May 1, 2017.
PrairieSky is pleased to be hosting an investor day on May 24, 2017 in Toronto,
Ontario, where members of PrairieSky’s management and technical team will
present details on the Company’s oil and gas plays.
I would like to thank our shareholders for their continued support. Please
contact Pam Kazeil, our Chief Financial Officer, at 587-293-4089 or myself at
587-293-4005 with any questions.
Andrew Phillips
President & CEO
FINANCIAL AND OPERATIONAL INFORMATION
The following table summarizes select operational and financial information of
the Company for the periods noted. All dollar amounts are stated in Canadian
dollars unless otherwise noted.
/T/
FINANCIAL RESULTS
Three months Three months
($ Millions, except per share or as otherwise ended March ended March
noted) 31, 2017 31, 2016
———————————————— ————- ————-
FINANCIAL
Revenues $ 80.3 $ 48.9
Funds from Operations 67.3 41.4
Per Share – basic and diluted (1)(4) 0.28 0.18
Net Earnings and Comprehensive Income 20.8 1.7
Per Share – basic and diluted(1) 0.09 0.01
Dividends declared(2) 43.2 63.3
Per Share 0.1825 0.2767
Acquisitions including non-cash consideration 254.5 2.7
Working Capital at end of period 97.6 202.5
Shares Outstanding 237.0 229.0
Weighted average – basic 236.5 228.6
Weighted average – diluted 236.9 228.8
OPERATIONAL
Production Volumes
Natural Gas (MMcf/d) 81.6 70.7
Crude Oil (bbls/d) 10,214 8,748
NGL (bbls/d) 2,998 2,550
———————————————— ————- ————-
Total (BOE/d)(3) 26,812 23,081
———————————————— ————- ————-
Realized Pricing
Natural Gas ($/Mcf) $ 2.26 $ 1.80
Crude Oil ($/bbl) 52.81 34.16
NGL ($/bbl) 30.94 19.09
———————————————— ————- ————-
Total ($/BOE)(3) $ 30.45 $ 20.56
———————————————— ————- ————-
Operating Netback per BOE(4) $ 27.14 $ 15.66
Funds from Operations per BOE $ 27.89 $ 19.71
Natural Gas Price Benchmarks
AECO ($/Mcf) 2.94 2.11
Oil Price Benchmarks
West Texas Intermediate (WTI) (US$/bbl) 51.79 32.34
Edmonton Light Sweet ($/bbl) 64.29 42.18
—————————————————————————-
—————————————————————————-
(1) Net Earnings and Comprehensive Income and Funds from Operations per
common share are calculated using the weighted average number of common
shares outstanding.
(2) A dividend of $0.0625 per common share was declared on March 9, 2017 and
paid on April 17, 2017 to shareholders of record as at March 31, 2017.
(3) See “Conversions of Natural Gas to BOE”.
(4) A Non-GAAP measure which is defined under the Non-GAAP Measures section
in PrairieSky’s MD&A.
/T/
A full version of PrairieSky’s Management’s Discussion and Analysis (“MD&A”)
and unaudited interim condensed financial statements and notes thereto for the
fiscal period ended March 31, 2017 is available on SEDAR at www.sedar.com and
PrairieSky’s website at www.prairiesky.com.
NORMAL COURSE ISSUER BID
PrairieSky will apply to extend its NCIB for an additional one year period.
Under the renewed NCIB, and subject to prior approval of the TSX, PrairieSky
intends to repurchase up to $44 million of common shares (approximately $3.7
million per month) over a 12 month period. The NCIB has been approved by the
Company’s board of directors; however, it is subject to acceptance by the TSX
and, if accepted, will be made in accordance with the applicable rules and
policies of the TSX and applicable securities laws. Under the NCIB, common
shares may be repurchased in open market transactions on the TSX, and/or other
Canadian exchanges, or by such other means as may be permitted by the TSX and
applicable securities laws. The price that PrairieSky will pay for common
shares in open market transactions will be the market price at the time of
purchase. Common shares acquired under the NCIB will be cancelled.
PrairieSky will file a Notice of Intention to Make a NCIB to purchase and
cancel up to 1,600,000 currently issued and outstanding common shares,
representing approximately 1% of the public float of common shares issued and
outstanding as of April 24, 2017. The NCIB is expected to commence shortly
after regulatory approvals are obtained. Common shares may be repurchased under
the program over a period of up to one year. To date, PrairieSky has purchased
and cancelled an aggregate of 1,356,700 common shares at a weighted average
price per share of $27.91 under a normal course issuer bid that commenced on
May 2, 2016 and runs to May 1, 2017.
PrairieSky will be entering into an automatic purchase plan with its broker in
order to facilitate purchases of its common shares. The automatic purchase plan
allows for purchases by the Company of its common share at any time, including,
without limitation, when the Company would ordinarily not be permitted to make
purchases due to regulatory restriction or self-imposed blackout periods.
Purchases will be made by PrairieSky’s broker based upon the parameters
prescribed by the TSX and the terms of the parties’ written agreement.
PrairieSky believes renewing the NCIB as part of its capital management
strategy is in the best interests of the Company and represents an attractive
opportunity to use cash resources, net of regular dividend payments, to reduce
PrairieSky’s share count over time and thereby enhance the value of the shares
held by remaining shareholders. The Board currently intends to evaluate the
NCIB, and the level of purchases thereunder, on an annual basis in conjunction
with PrairieSky’s annual dividend review. The next regularly scheduled dividend
review will be in February 2018.
While PrairieSky currently intends to only use $44 million to effect NCIB
purchases over the next 12 months, the Company’s board of directors may
consider, from time to time, applying to the TSX to increase the amount of NCIB
purchases. Decisions regarding increases to the NCIB will be based on market
conditions, share price, best use of funds from operations, and other factors
including other options to expand our portfolio of royalty assets.
INVESTOR DAY
PrairieSky will be hosting an investor day on May 24, 2017 in Toronto, Ontario,
where members of PrairieSky’s management and technical team will present
details on the Company’s oil and gas plays. The investor day will be live
webcast starting at 9:00 AM eastern daylight time. Interested parties may
participate in the webcast available through PrairieSky’s investor center at
www.prairiesky.com. A copy of materials will also be available on PrairieSky’s
website at www.prairiesky.com. The webcast will be archived and accessible for
replay after the event.
CONFERENCE CALL DETAILS
A conference call to discuss the results will be held for the investment
community on Tuesday, April 25, 2017 beginning at 6:30 a.m. MDT (8:30 a.m.
EDT). To participate in the conference call, approximately 10 minutes prior to
the conference call, please dial:
(866) 413-7174 (toll free in North America)
(647) 427-2293 (International)
FORWARD-LOOKING STATEMENTS
This press release includes certain statements regarding PrairieSky’s future
plans and operations and contains forward-looking statements that we believe
allow readers to better understand our business and prospects. The use of any
of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”,
“ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends”,
“strategy” and similar expressions are intended to identify forward-looking
information or statements. Forward-looking statements contained in this press
release include our expectations with respect to PrairieSky’s business and
growth strategy, additional land leasing activities, renewal of the NCIB and
application to the TSX in respect of the same, the potential to increase the
size of the NCIB in the future, the dollar amount and number of common shares
which may be purchased under the NCIB, and PrairieSky’s belief that
repurchasing such common shares under the NCIB is a good investment of
PrairieSky’s cash resources.
With respect to forward-looking statements contained in this press release, we
have made several assumptions including those described in detail in our MD&A
and the Annual Information Form for the year ended December 31, 2016. Readers
and investors are cautioned that the assumptions used in the preparation of
such forward-looking information and statements, although considered reasonable
at the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. Our actual
results, performance, or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements. We can give no
assurance that any of the events anticipated will transpire or occur, or if any
of them do, what benefits we will derive from them.
By their nature, forward-looking statements are subject to numerous risks and
uncertainties, some of which are beyond our control, including the impact of
general economic conditions, industry conditions, volatility of commodity
prices, lack of pipeline capacity, currency fluctuations, imprecision of
reserve estimates, royalties, environmental risks, taxation, regulation,
changes in tax or other legislation, competition from other industry
participants, the lack of availability of qualified personnel or management,
stock market volatility, political and geopolitical instability and our ability
to access sufficient capital from internal and external sources. In addition,
PrairieSky is subject to numerous risks and uncertainties in relation to
acquisitions. These risks and uncertainties include risks relating to the
potential for disputes to arise with counterparties, and limited ability to
recover indemnification under certain agreements. The foregoing and other risks
are described in more detail in PrairieSky’s MD&A, and the Annual Information
Form for the year ended December 31, 2016 under the headings “Risk Management”
and “Risk Factors”, respectively, each of which is available at www.sedar.com.
Further, any forward-looking statement is made only as of the date of this
press release, and PrairieSky undertakes no obligation to update or revise any
forward-looking statement or statements to reflect events or circumstances
after the date on which such statement is made or to reflect the occurrence of
unanticipated events, except as required by applicable securities laws. New
factors emerge from time to time, and it is not possible for PrairieSky to
predict all of these factors or to assess in advance the impact of each such
factor on PrairieSky’s business or the extent to which any factor, or
combination of factors, may cause actual results to differ materially from
those contained in any forward-looking statements.
The forward-looking information contained in this document is expressly
qualified by this cautionary statement.
CONVERSIONS OF NATURAL GAS TO BOE
To provide a single unit of production for analytical purposes, natural gas
production and reserves volumes are converted mathematically to equivalent
barrels of oil (BOE). PrairieSky uses the industry-accepted standard conversion
of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl).
The 6:1 BOE ratio is based on an energy equivalency conversion method primarily
applicable at the burner tip. It does not represent a value equivalency at the
wellhead and is not based on either energy content or current prices. While the
BOE ratio is useful for comparative measures and observing trends, it does not
accurately reflect individual product values and might be misleading,
particularly if used in isolation. As well, given that the value ratio, based
on the current price of crude oil to natural gas, is significantly different
from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be
misleading as an indication of value.
NON-GAAP MEASURES
Certain measures in this document and PrairieSky’s MD&A do not have any
standardized meaning as prescribed by International Financial Reporting
Standards (“IFRS”) and, therefore, are considered non-GAAP measures. Non-GAAP
measures are commonly used in the oil and gas industry and by PrairieSky to
provide potential investors with additional information regarding the Company’s
liquidity and its ability to generate funds to conduct its business. Further
information can be found in the Non-GAAP Measures section of PrairieSky’s MD&A.
ABOUT PRAIRIESKY ROYALTY LTD.
PrairieSky is a royalty-focused company, generating royalty revenues as
petroleum and natural gas are produced from its properties. PrairieSky has a
diverse portfolio of properties that have a long history of generating free
cash flow and that represent the largest and most concentrated
independently-owned fee simple mineral title position in Canada. PrairieSky’s
common shares trade on the Toronto Stock Exchange under the symbol PSK.
– END RELEASE – 24/04/2017
For further information:
PrairieSky Royalty Ltd.
Andrew Phillips
President & Chief Executive Officer
587-293-4005
OR
PrairieSky Royalty Ltd.
Pamela Kazeil
Vice President, Finance & Chief Financial Officer
587-293-4089
OR
PrairieSky Royalty Ltd.
Investor Relations
(587) 293-4000
www.prairiesky.com
COMPANY:
FOR: PRAIRIESKY ROYALTY LTD.
TSX SYMBOL: PSK
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170424CC0089
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: NESSCAP ENERGY INC.TSX VENTURE SYMBOL: NCEDate issue: April 24, 2017Time in: 3:43 PM eAttention:
TORONTO, ONTARIO–(Marketwired – April 24, 2017) – Nesscap Energy Inc. (the
“Company” or “Nesscap”) (TSX VENTURE:NCE), announces that at a special mee…
FOR: ALEX BLYUMKIN
Date issue: April 24, 2017Time in: 3:15 PM eAttention:
LOS ANGELES, CALIFORNIA–(Marketwired – April 24, 2017) – Alex Blyumkin (“Mr.
Blyumkin”), Executive Chairman and a director of MCW Energy Group Limited (the
“Corporation”), has f…
GUANGZHOU, China — Alberta Premier Rachel Notley says U.S. President Donald Trump is likely to have some unhappy supporters south of the border if he goes after Canadian energy with trade sanctions.
Notley, who is on a trade mission in China, says she doesn’t know what Trump was talking about last week when he lumped energy in with what he considers are other trade irritants, including softwood lumber and dairy.
“We’re not exactly sure what it is he was referring to,” Notley said in a conference call Monday. “We’re trying to get a sense of that.”
She noted that many of Trump’s backers need and want energy from north of the border, so Canada is likely to have a lot of allies.
“The leadership of the U.S. administration is going to find that they have a lot of their own stakeholders reminding them how much they need Canadian energy,” she said.
“It’s not something as simple as just throwing a border adjustment tax, because in fact there will be huge consequences and cost increases for a number of different players throughout the U.S. should that happen.”
Canada has found itself in the crosshairs as Trump pushes for what he says will be “very big changes” to the North American Free Trade Agreement.
Trump has upped his rhetoric on NAFTA and is calling the deal a disaster that he plans to get rid of once and for all.
Notley said Trump’s talk is another argument for expanding the Trans Mountain pipeline to the B.C. coast so Alberta’s oil can be shipped to other markets overseas.
The Canadian Press
FOR: STATOIL ASAOSLO SYMBOL: STLDate issue: April 24, 2017Time in: 2:58 PM eAttention:
STAVANGER, NORWAY–(Marketwired – April 24, 2017) – Statoil ASA (OSLO:STL)
(“Statoil”) announced today that it beneficially owns 22,805,892 Common Shares
(“Shares”) …
SPE Distinguished lecturers Lee, Freeborn, and Sidle to teach course in Calgary and The Woodlands Calgary, AB, Canada, April 24, 2017 – Each year, companies use typical well production profiles (type wells) to support billion-dollar expenditures to buy and develop oil and gas resources. Unfortunately, these type wells can often have unrepresentative rate-time profiles and recoveries … Read more
April 24, 2017 Presented by POIM Consulting Group Major /Interesting Projects Catapult Environmental Inc. large water injection facility FOX CREEK 07-07-062-18W5 Birchcliff Energy Ltd. Large Oil Satellite POUCE COUPE SOUTH 03-15-078-11W6 Murphy Oil Company Ltd. Large Gas Battery SIMONETTE 01-12-064-25W5 Storm Resources Ltd 6 well license Beatton River BC Teine Energy Ltd 21 Well License … Read more
CALGARY — One of Canada’s largest oil and gas drilling companies is seeing renewed demand for its services but at lower prices.
Calgary-based Precision Drilling (TSX:PD) says it activated 17 rigs in its U.S. fleet, bringing the total to 56.
Precision Drilling also had 91 active rigs in Canada at the end of the quarter, up from 50 at the beginning of the year.
Revenue for the three months ended March 31 was up 14.6 per cent from last year, but Precision Drilling’s net loss also increased due to higher operating expenses and lower pricing for all its North American businesses.
Net loss was $22.6 million or eight cents per share, compared with $19.9 million or seven cents per share a year earlier. Operating loss was $12.9 million, compared with a year-earlier operating profit of $4 million.
Precision Drilling had $345.8 million of revenue, up 14.6 per cent from the first quarter of 2016. Cash provided by operations fell, however, to $33.8 million from $112.2 million.
The Canadian Press
FOR: NEW WEST ENERGY SERVICES INC.TSX VENTURE SYMBOL: NWEDate issue: April 24, 2017Time in: 8:30 AM eAttention:
New West completes strong winter season and expects significantly higher
revenues in the upcoming summer season compared to last year
CALGAR…
FOR: PRIMELINE ENERGY HOLDINGS INC.TSX VENTURE SYMBOL: PEHDate issue: April 24, 2017Time in: 7:56 AM eAttention:
HONG KONG, CHINA–(Marketwired – April 24, 2017) –
Not for distribution to U.S. news wire services, or dissemination in the United
States.
…
FOR: GREENFIELDS PETROLEUM CORPORATION
TSX VENTURE SYMBOL: GNF
Date issue: April 24, 2017
Time in: 7:30 AM e
Attention:
HOUSTON, TEXAS–(Marketwired – April 24, 2017) – Greenfields Petroleum
Corporation (“Greenfields” or the “Company”)(TSX VENTURE:GNF) announces that
Bahar Energy Limited (“BEL”), a wholly owned subsidiary of the Company, has
signed a protocol in respect of the carry of certain costs and related issues
(the “Protocol”), and that Bahar Energy Operating Company Limited (“BEOC”), the
operating company for BEL, has signed an amendment to the gas sales agreement
(the “Amended GSA”) for the sale of non-associated natural gas produced under
the Exploration, Rehabilitation, Development and Production Sharing Agreement
(the “ERDPSA”) with the State Oil Company of Azerbaijan (“SOCAR”) and SOCAR Oil
Affiliate (“SOA”) in Azerbaijan.
The Protocol between BEL and SOCAR addresses the shortfall by SOA in its
funding of its 20% share of project expenditures incurred under the ERDPSA
since April 2014. As of March 31, 2017, this funding shortfall and the Carry 1
amounts owed to BEL pursuant to the ERDPSA totalled approximately $40 million.
As provided in the ERDPSA, these amounts will be repaid to BEL from SOA’s share
of cost recovery. In addition, from April 19, 2017 (being the effective date of
the Protocol), all funds generated by the sale of petroleum produced from the
contract rehabilitation area which are allocated to SOA for profit petroleum
and to SOCAR as compensatory petroleum (the “Protocol Funds”) will now be
placed in a separate fund. The Protocol Funds will be used to fund SOA’s
monthly cash call obligation. In the event the Protocol Funds are insufficient
to cover the payment of SOA’s cash calls, BEL will fund such shortfall. Any
funding by BEL of the deficiencies in SOA’s cash call payments will be added to
the outstanding Carry 1 balance and subsequently reimbursed in accordance with
the terms of the ERDPSA through payment of SOA’s share of cost recovery
revenues to BEL. The Protocol has a three-year term.
On October 1, 2015, the original gas sales agreement (the “Original GSA”) for
the sale of non-associated natural gas from the Bahar Gas Field expired.
Natural gas sales from the Bahar Gas Field continued on a month to month basis
on the original terms set forth in the Original GSA while a revised gas sales
agreement was negotiated with SOCAR. With the continued difficult economic
conditions in Azerbaijan due to low oil prices, SOCAR has placed pressure on
all production sharing agreement holders to lower prices for natural gas sold
to SOCAR for domestic consumption. As a result, on March 3, 2017, BEOC signed
the Amended GSA, which extends the term of the arrangement by 5 years and
establishes a fixed natural gas price of $95/mcm ($2.69/mcf), which is reduced
from the natural gas price of $140/mcm ($3.96/mcf) established by the Original
GSA. In addition, the Amended GSA expands SOCAR’s obligation to purchase
non-associated natural gas. Under the terms of the Original GSA, SOCAR
purchased only non-associated natural gas from Bahar Gas Field. Under the terms
of the Amended GSA, SOCAR will also purchase non-associated natural gas from
all natural gas zones in the Gum Deniz Oil Field and/or any new gas discoveries
in the contract area.
Year-End Reserves
The Company is pleased to announce the Company’s oil, natural gas and natural
gas liquids (“NGL”) reserves as at December 31, 2016, as evaluated by an
independent engineering firm, GLJ Petroleum Consultants Ltd. (“GLJ”) in an
independent report (the “GLJ Report”). The following figures were prepared in
accordance with the standards contained in the Canadian Oil and Gas Evaluation
Handbook (the “COGE Handbook”) and the reserve definitions contained in
National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities
(“NI 51-101”). See “Information Regarding Disclosure on Oil and Gas Reserves”
in this press release.
As at December 31, 2016, the total proved reserves of the Company were
evaluated at 24,409 MBOE net to the Company through its interest in BEL, which
is an increase of 236% over year-end 2015, and the total proved plus probable
reserves were evaluated at 40,016 MBOE net to the Company, an increase of 220%
over year-end 2015. In August 2016, the Company acquired the remaining
two-thirds interest in BEL which holds an 80 percent working interest in the
Bahar ERDPSA. With 100% ownership of BEL, this resulted in net present value of
proved reserves discounted at 10% (“PV10”) of $138.5 million net to the Company
at year-end 2016 (an increase of 193% from year-end 2015), while the PV10 of
the proved plus probable reserves is $318.4 million at year-end 2016 (an
increase of 204% from year-end 2015).
/T/
— The net present value of proved plus probable reserves for BEL’s 100%
interest, discounted at 10%, increased a nominal 1% to $318.4 million at
December 31, 2016 from $314.2 million at year-end 2015 despite a 32
percent decrease in the natural gas commodity price under the Amended
GSA.
— Project value was retained as a result of substantial cost saving
measures that were undertaken by BEOC to reduce the project operating
costs, the costs of executing both oil and gas workovers and the costs
of platform refurbishment which more than offset the impact of commodity
price reductions.
/T/
The Company’s reserves at December 31, 2016 as set forth in the GLJ Report are
summarized below:
/T/
—————————————————————————-
2015 Total
2015 Total 2016 Total Proved +
Greenfields Proved (1P) Proved (1P) Probable (2P)
Net Reserves (1) MBOE MBOE MBOE
—————————————————————————-
Light & Medium Crude Oil and
NGL 2,071 6,275 3,816
—————————————————————————-
Conventional Natural Gas 5,203 18,134 8,683
—————————————————————————-
TOTAL 7,274 24,409 12,499
—————————————————————————-
NPV 10%(in thousands) $47,226 $138,495 $104,741
—————————————————————————-
—————————————————————————-
2015 Total 2016 Total
2016 Total Proved + Proved +
Proved + Probable + Probable +
Greenfields Probable (2P) Possible (3P) Possible(3P)
Net Reserves (1) MBOE MBOE MBOE
—————————————————————————-
Light & Medium Crude Oil and
NGL 11,952 5,343 16,455
—————————————————————————-
Conventional Natural Gas 28,064 11,225 37,203
—————————————————————————-
TOTAL 40,016 16,567 53,658
—————————————————————————-
NPV 10%(in thousands) $318,352 $165,396 $469,431
—————————————————————————-
Note:
(1) Reserves disclosure for year-end 2015 reflects Greenfields’ 33.33% share
interest in BEL, whereas the year-end 2016 reserves data reflects
Greenfields’ interest after giving effect to the acquisition on August
9, 2016 of the remaining two-thirds share interest in BEL.
/T/
GLJ estimates the future development costs (“FDC”) required to convert
undeveloped and non-producing reserves to producing reserves at $249 million.
This includes the drilling of 18 proved and 17 probable undeveloped locations
in the Gum Deniz Oil Field and recompletion of 38 gas wells in the Bahar Gas
Field. The GLJ Report anticipates these wells to be drilled and recompleted
over the next 5 years. The total booked locations represent less than 10
percent of the potential drilling inventory identified in the PSA.
2017 Budget
The Company has submitted a 2017 budget to SOCAR including $21 million of
capital expenditures and $28 million of operating costs for 2017. A significant
portion of the capital and operating costs will be directed toward recompleting
13 wells in the Bahar Gas Field and 20 wells in the Gum Deniz Oil Field. The
capital budget also includes refurbishment of five platforms in the Bahar Gas
Field and two platforms in the Gum Deniz Oil field. The Company plans to
execute on this 2017 program while delivering continued efficiencies and cost
savings, which are expected to be repeatable. With a focus on growing gas
production in the near term, production is forecast to end the year at
approximately 6,444 boe/d compared to 4,185 boe/d in December 2016.
John W. Harkins, President and CEO of Greenfields, stated: “The 2017 BEOC
budget allows the Bahar project to provide adequate positive cash flows to fund
the project’s on-going operating costs and capital programs in the current oil
price environment of approximately $50 per barrel. Although our focus remains
on long term oil production growth from the project, the recent five-year
extension of our gas sales contract through December 2022 provides strong gas
sales in the near term for the project.”
About Greenfields Petroleum Corporation
Greenfields is a junior oil and natural gas corporation focused on the
development and production of proven oil and gas reserves principally in the
Republic of Azerbaijan. The Company plans to expand its oil and gas assets
through further farm-ins and acquisitions of Production Sharing Agreements from
foreign governments containing previously discovered but under-developed
international oil and gas fields, also known as “greenfields”. More information
about the Company may be obtained on the Greenfields website at
www.greenfields-petroleum.com.
Forward-Looking Statements
This press release contains forward-looking statements. More particularly, this
press release may include, but is not limited to, statements concerning: the
Protocol; the repayment of amounts to BEL; SOA’s monthly cash call obligation;
the Amended GSA; payment obligations under the ERDPSA, the Protocol and the
Amended GSA; the 2017 budget; 2017 capital expenditures; development costs;
operating plans; production forecast; and the adequacy of future cash flows and
funding on operations. Statements relating to “reserves” are also deemed to be
forward-looking statements, as they involve the implied assessment, based on
certain estimates and assumptions, that the reserves described exist in the
quantities predicted or estimated and that the reserves can be profitably
produced in the future. In addition, the use of any of the words “can”, “will”,
“estimate”, “long term”, “anticipate”, “believe”, “should”, “forecast”,
“future”, “continue”, “may”, “expect”, and similar expressions are intended to
identify forward-looking statements. The forward-looking statements contained
herein are based on certain key expectations and assumptions made by the
Company, including, but not limited to, expectations and assumptions concerning
the success of optimization and efficiency improvement projects, the
availability of capital, current legislation, receipt of required regulatory
approval, the success of future drilling and development activities, the
performance of existing wells, the performance of new wells, general economic
conditions, availability of required equipment and services, weather conditions
and prevailing commodity prices. Although the Company believes that the
expectations and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will prove to be
correct.
Since forward-looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties most of which are
beyond the control of Greenfields. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results, performance or achievements could
vary materially from those expressed or implied by the forward-looking
information. These risks include, but are not limited to, risks associated with
the oil and gas industry in general (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety, political and environmental
risks), commodity price and exchange rate fluctuations, changes in legislation
affecting the oil and gas industry; uncertainties resulting from potential
delays or changes in plans with respect to exploration or development projects
or capital expenditures; and the ability of BEL to recover the costs owed to
BEL from SOA. Additional risk factors can be found under the heading “Risk
Factors” in Greenfields’ Annual Information Form and similar headings in
Greenfields’ Management’s Discussion & Analysis which may be viewed on
www.sedar.com.
The forward-looking statements contained in this press release are made as of
the date hereof and Greenfields undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by applicable
securities laws. The Company’s forward-looking information is expressly
qualified in its entirety by this cautionary statement.
Information Regarding Disclosure on Oil and Gas Reserves
The reserves data set forth above is based upon an independent reserves
assessment and evaluation prepared by GLJ with an effective date of December
31, 2016 (the “GLJ Report”). The news release summarizes the Company’s crude
oil and natural gas reserves and the net present values before income tax of
future net revenue for the Company’s reserves using forecast prices and costs
based on the GLJ Report. All reserve references in this news release are based
on gross reserves, which are equal to the Company’s total working interest
reserves before the deduction of any royalties and including any royalty
interests of the Company. The GLJ Report has been prepared in accordance with
the standards contained in the COGE Handbook and the reserve definitions
contained in NI 51-101. All evaluations and reviews of future net cash flows
are stated prior to any provisions for interest costs or general and
administrative costs and after the deduction of estimated future capital
expenditures for wells to which reserves have been assigned. It should not be
assumed that the estimates of future net revenues presented in the tables above
represent the fair market value of the reserves. There is no assurance that the
forecast prices and cost assumptions will be attained and variances could be
material. The recovery and reserve estimates of the Company’s crude oil and
natural gas reserves provided herein are estimates only and there is no
guarantee that the estimated reserves will be recovered. Actual crude oil,
natural gas and natural gas liquids reserves may be greater than or less than
the estimates provided herein. All future net revenues are estimated using
forecast prices, arising from the anticipated development and production of the
Company’s reserves, net of the associated royalties, operating costs,
development costs, and abandonment and reclamation costs and are stated prior
to provision for interest and general and administrative expenses. Future net
revenues have been presented on a before tax basis. Estimated values of future
net revenue disclosed herein do not represent fair market value. Future
development costs are calculated as the sum of development capital plus the
change in future development costs for the period. The reserve data provided in
this news release only represents a summary of the disclosure required under NI
51-101. Additional disclosure will be provided in the Company’s Annual
Information Form which will be filed on www.sedar.com prior to May 1, 2017.
Notes to Oil and Gas Disclosures
“Proved reserves” are those reserves that can be estimated with a high degree
of certainty to be recoverable. It is likely that the actual remaining
quantities recovered will exceed the estimated proved reserves.
“Probable reserves” are those additional reserves that are less certain to be
recovered than proved reserves. It is equally likely that the actual remaining
quantities recovered will be greater or less than the sum of the estimated
proved plus probable reserves.
“Possible reserves” means those additional reserves that are less certain to be
recovered than probable reserves. There is a 10% probability that the
quantities actually recovered will equal or exceed the sum of proved plus
probable plus possible reserves.
Barrels Oil Equivalent or “boe” may be misleading, particularly if used in
isolation. All volumes disclosed in this press release use a 6mcf: 1boe, as
such is typically used in oil and gas reporting and is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. The Company uses a 6mcf:
1boe ratio to calculate its share of entitlement sales from the Bahar Project
for its financial reporting and reserves disclosure.
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 – 24/04/2017
For further information:
Greenfields Petroleum Corporation
John W. Harkins
Chief Executive Officer
(832) 234-0836
OR
Greenfields Petroleum Corporation
A. Wayne Curzadd
Chief Financial Officer
(832) 234-0835
OR
www.greenfields-petroleum.com
info@greenfieldspetroleum.com
COMPANY:
FOR: GREENFIELDS PETROLEUM CORPORATION
TSX VENTURE SYMBOL: GNF
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170424CC0019
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: ZARGON OIL & GAS LTD.
TSX SYMBOL: ZAR
TSX SYMBOL: ZAR.DB
Date issue: April 24, 2017
Time in: 7:00 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – April 24, 2017) – K. James Harrison has
advised Zargon (TSX:ZAR)(TSX:ZAR.DB.A) that he does not intend to stand for
reelection for the Zargon Board of Directors at the upcoming Annual and Special
Meeting of Shareholders to be held on May 30, 2017. K. James Harrison has been
a director of Zargon since 1995, and his energy and counsel over the years have
been invaluable. On behalf of the management and Board of Directors of Zargon,
we would like to thank K. James Harrison for his significant contributions, and
we wish him the best in his future endeavours.
Zargon is pleased to announce that Kyle Kitagawa, who currently serves on
Zargon’s Board, has agreed to take on the Chairman of the Board
responsibilities upon Mr. Harrison’s retirement. Kyle Kitagawa brings over 20
years of experience in commodity trading, equity investing, and structured
finance in energy and energy intensive industries. Prior to April 2003, he held
senior executive positions in a global energy trading and capital corporation.
Currently, Mr. Kitagawa is Chairman of the Board of Directors of Canadian
Energy Services & Technology Corp. Prior directorships include Advanced Mobile
Power Systems, LLC, Esprit Exploration Ltd., Ferus Trust, Independent Energy
Ltd., Invasion Energy Inc., Livingston Energy Ltd., Papier Masson Ltee.,
ProspEx Resources Ltd., Wave Energy Ltd. and Coral Hill Energy Ltd. He holds a
Master of Business Administration degree from Queen’s University, a Bachelor of
Commerce from the University of Calgary and is a Chartered Accountant.
FURTHER INFORMATION
Zargon is a Calgary based oil and natural gas company working in the Western
Canadian and Williston sedimentary basins and is focused on oil exploitation
projects (waterfloods and tertiary ASP) that profitably increase oil production
and recovery factors from existing oil reservoirs.
In order to learn more about Zargon, we encourage you to visit Zargon’s website
at www.zargon.ca where you will find a current shareholder presentation,
financial reports and historical news releases.
ADVISORY ON FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. More particularly, this
press release contains statements concerning the results of the Annual and
Special Meeting of Shareholders to be held on May 30, 2017. Although management
believes that the expectations reflected in the forward-looking statements are
reasonable, it cannot guarantee future results, performance or achievement
since such expectations are inherently subject to significant business,
economic, operational, competitive, political and social uncertainties and
contingencies. As a consequence, actual results may differ materially from
those anticipated in the forward looking statements. These forward-looking
statements involve substantial known and unknown risks and uncertainties,
certain of which are beyond Zargon’s control, and many factors could cause
Zargon’s actual results to differ materially from those expressed or implied in
any forward-looking statements made by the Company, including, but not limited
to: the Company and its financial position, liquidity and outlook; and other
risks and uncertainties described from time to time in the reports and filings
made with securities regulatory authorities by the Company. Readers are
cautioned that the foregoing list of important factors is not exhaustive.
Such forward-looking statements are based on certain assumptions made by Zargon
in light of its experience and perception of current conditions and expected
future developments, as well as other factors the Company believes are
appropriate in the circumstances, including, but are not limited to: that
Zargon will have the financial ability to satisfy its obligations; and other
matters.
The forward-looking statements contained in this press release are made as of
the date hereof and Zargon undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by applicable
securities laws.
– END RELEASE – 24/04/2017
For further information:
Zargon Oil & Gas Ltd.
C.H. Hansen
President and Chief Executive Officer
403-264-9992
zargon@zargon.ca
www.zargon.ca
COMPANY:
FOR: ZARGON OIL & GAS LTD.
TSX SYMBOL: ZAR
TSX SYMBOL: ZAR.DB
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170424CC0011
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: PRECISION DRILLING CORPORATIONTSX SYMBOL: PDNYSE SYMBOL: PDSDate issue: April 24, 2017Time in: 6:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – April 24, 2017) – Precision Drilling
Corporation (TSX:PD)(NYSE:PDS) – (Canadian dollars except as i…
Adjusted EBITDA
We believe that adjusted EBITDA (earnings before income taxes, gain on
repurchase of unsecured senior notes, financing charges, foreign exchange and
depreciation and amortization), as reported in the Interim Consolidated
Statement of Lo…
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