June 30, 2017 (Bloomberg) Oil posted the longest run of gains in six months after U.S. shale explorers paused a record drilling expansion in a sign the boom may be slowing down. Futures added as much as 2.7 percent in New York, advancing for a seventh session. Shale explorers broke the longest stretch of uninterrupted growth … Read more
June 30, 2017 (Bloomberg) Canada’s economy is looking vigorous as the nation celebrates a century and half. Reports on the eve of the national day showed solid economic growth and business confidence that confirm the country has bid farewell to its oil crisis. Statistics Canada released April gross domestic product data on Friday that showed the … Read more
June 30, 2017 (Bloomberg) U.S. crude production fell for the first time this year in April, reining in exuberance over rapidly growing domestic output. April output fell slightly to 9.08 million barrels a day, and was 190,000 barrels lower than the Energy Information Administration’s preliminary weekly estimates. Earlier in June, the agency also lowered its Permian oil … Read more
WASHINGTON — And then there was one.
The five-member commission that oversees natural gas pipelines and other energy projects is down to a single commissioner as one of the panel’s two remaining members steps down on Friday.
The departure of Democrat Colette Honorable from the Federal Energy Regulatory Commission further hobbles the panel’s ability to make decisions on pipeline projects and proposed mergers worth billions of dollars and threatens to undermine President Donald Trump’s promise of U.S. “energy dominance” in the global market.
The energy agency has been without a quorum since February, leaving more than a dozen major projects and utility mergers in limbo.
Trump has named two Republicans and a Democrat to fill the vacancies, but they have not been approved as the Senate left for its July 4 recess.
Matthew Daly, The Associated Press
Calgary, CANADA, June 29, 2017 – ClearBakk Energy Services Ltd. (“ClearBakk”) is pleased to announce they have executed a collaboration agreement with Kemira Chemicals, Inc. (“Kemira”). Under the terms of this agreement ClearBakk will be the exclusive manufacturer of equipment for the wetting and hydration of polymers for use in Chemically Enhanced Oil Recovery (CEOR) … Read more
VICTORIA — British Columbia premier-designate John Horgan has spoken with Prime Minister Justin Trudeau and is planning meetings this summer in Ottawa and Washington, D.C.
Horgan, who will head a minority NDP government, says the meeting with the prime minister will happen before the recall of the legislature, expected shortly after Labour Day.
Horgan says he and Trudeau had a phone conversation today and discussed B.C.’s opioid overdose crisis and the softwood lumber trade dispute with the United States.
He says he’ll head from that meeting down to Washington, where he plans to advocate for the province in the softwood dispute.
He says he and Trudeau stuck to their common interests and the contentious topic of the federally approved Kinder Morgan pipeline project was avoided in their first conversation.
Trudeau and Alberta Premier Rachel Notley, who is also a New Democrat, issued statements congratulating Horgan, whose New Democrats and three Green party members toppled B.C.’s Liberal government in a non-confidence vote on Thursday.
Horgan promised during last month’s election campaign to use every tool available to stop the expansion of the Alberta-to-B.C. pipeline, which had been approved by Christy Clark’s government.
The Canadian Press
June 30, 2017 (Bloomberg) Nigeria’s state-owned oil company said it signed a deal with Schlumberger Ltd. to provide $700 million for the development of two oil fields in the country’s crude-rich south. The Anyala and Madu fields, estimated to have reserves of 193 million barrels of crude and 800 billion standard cubic feet of gas, … Read more
June 30, 2017 (Bloomberg) Euro-area inflation slows, oil’s having a good end to a bad quarter, and the U.S. travel ban comes into effect. Here are some of the things people in markets are talking about today. Inflation Consumer price growth in the euro area slowed to an annual pace of 1.3 percent in June, according to the flash estimate … Read more
June 30, 2017 (Bloomberg) Oil companies have spent three years slashing spending and firing workers to protect profits, only to find their hard work blown away as prices entered another bear market. The MSCI World Energy Sector Index is heading for a second consecutive quarter of declines, mirroring the drop in crude. The 90 companies … Read more
June 30, 2017 (Bloomberg) Oil headed for the longest run of gains in six months as a drop in U.S. crude production and gasoline stockpiles eased concern that OPEC-led supply curbs were proving ineffective. Futures added as much as 1.1 percent in New York, advancing for a seventh session. U.S crude output last week fell … Read more
EDMONTON — Alberta ended its most recent fiscal year with a $10.8 billion deficit and $33.3 billion in debt, but Finance Minister Joe Ceci said Thursday the economic outlook is improving and the NDP government still plans to balance its books in six years.
The province’s year-end financial statement said the Alberta economy shrank by more than seven per cent over 2015 and 2016 as the cratering in oil prices led to tens of thousands of layoffs and sharply cut government revenues.
Ceci said the Fort McMurray wildfire, which knocked major oilsands projects offline for weeks and forced more than 80,000 from their homes for a month or more, compounded an already dire situation.
“The oil price collapse together with the Wood Buffalo wildfire reverberated throughout our economy,” he said.
But matters started to improve around the middle of last year, with indicators like oil and gas drilling activity and manufacturing picking up.
“As we close off a very difficult year, the light on the Prairies is shining a little brighter,” Ceci said.
The Fort McMurray wildfire slowed the economy by 0.6 per cent and reduced royalty and tax revenues by about $300 million. The province spent $710 million on firefighting and support during the disaster, but that was offset by $495 million it received in federal assistance.
The deficit for the 2016-17 fiscal year was in line with the government’s most recent forecasts, but $263 million higher than anticipated in the budget. Total revenues were $1 billion more than expected at $42.4 billion.
Non-renewable resource revenues were $1.7 billion higher than the budget estimate thanks in part to higher-than-expected commodity prices. For instance, West Texas Intermediate crude prices, the key U.S. benchmark, averaged US$47.93 a barrel in 2016-17, nearly $6 higher than the budget estimate.
Prices are currently around US$45 a barrel and the province is banking on a price of US$55 for the 2017-18 fiscal year.
The revenue boost was offset by lower income taxes and a $2-billion hit to government books from the Balancing Pool, an electricity-market agency that is now under the financial control of the Alberta government.
Expenses for 2016-17 were $53.2 billion, a $1.9 billion increase from what was expected in the budget, with part of the jump resulting from how the province accounted for future coal phaseout transition payments.
Thursday’s numbers were assailed by opposition parties.
“This is without question the worst year on the books in Alberta’s history and the NDP government is working twice as hard this year to try and outdo themselves,” said Wildrose Party Leader Brian Jean.
“Their tax hikes were reckless, their legislation scared billions of investment away and their dangerous levels of spending and billions wasted on failed energy experiments will be a stain on this NDP government Albertans won’t soon forget.”
Alberta Party Leader Greg Clark said the financial report shows the NDP are incapable of sticking to a budget.
“The choices they have made are hurting Alberta, setting our province up for substantial cuts in the future regardless of which party is in power. The NDP government has abandoned all responsibility for the finances and future of the province.”
— By Lauren Krugel in Calgary
The Canadian Press
CALGARY — Canadian motorists hitting the road for the country’s 150th Canada Day weekend are expected to find the lowest average gasoline prices in seven years, according to GasBuddy.com.
The retail fuel price tracking company says that drivers will be paying an average of 104.4 cents per litre, 13 cents less than the 10-year average of $1.17 and the lowest Canada Day long weekend price since 2010.
GasBuddy senior petroleum analyst Dan McTeague says the prices are a welcome relief after years of summer price increases.
He says this weekend will “put to rest the myth” that gas prices always go up for the holidays.
Michael Ervin, a fuel market analyst with the Kent Group, says lower gasoline prices mainly result from North American refineries being able to buy oil at lower prices.
He said refinery production has been strong, allowing gasoline inventories to build and preventing an imbalance in supply and demand that might force prices higher.
The Canadian Press
FOR: BLACKPEARL RESOURCES INC.TSX SYMBOL: PXXOMX SYMBOL: PXXSDate issue: June 30, 2017Time in: 11:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 30, 2017) – BlackPearl Resources Inc.
(“BlackPearl” or the “Company”) (TSX:PXX)(OMX:PXXS) is plea…
FOR: ZEDCOR ENERGY INC.TSX VENTURE SYMBOL: ZDCDate issue: June 30, 2017Time in: 7:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 30, 2017) – Zedcor Energy Inc. (the
“Company”) (TSX VENTURE:ZDC) is pleased to announce effective the opening of…
STONY PLAIN, Alta. — RCMP are investigating an explosion and fire caused by an apparent natural gas line breach just west of Edmonton.
Police said no one was hurt by the blast in Stony Plain, which the fire department says appears to have been triggered when a construction crew hit a gas line.
About 300 homes were forced to go without gas for the day, but service was restored by late Thursday evening.
Fire officials said weather conditions helped crews minimize damage.
“The wind was definitely in our favour, keeping the fire going to the east and away from homes,” deputy Fire Chief Bert Lubbers said.
(CTV Edmonton)
The Canadian Press
As the Alberta oil and gas industry begins its slow recovery, the severity of the downturn has left behind it a growing legacy of “orphan” assets in need of abandonment or reclamation with no one to pick up the tab — along with a growing uneasiness among Albertans about the scale of the problem. “Orphans” … Read more
FOR: EAGLE ENERGY INC.TSX SYMBOL: EGLDate issue: June 29, 2017Time in: 9:09 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 29, 2017) – Eagle Energy Inc. (“Eagle”)
(TSX:EGL) today announces that it has proactively worked with its lender, White
Oa…
WASHINGTON — The Trump administration said Thursday it is taking steps to expand oil drilling in the Arctic and Atlantic oceans as President Donald Trump continues to push for U.S. “energy dominance” in the global market.
The Interior Department is rewriting a five-year drilling plan established by the Obama administration, with an eye toward opening areas in the Arctic and Atlantic oceans that now are off-limits to drilling. It’s one of six initiatives that the president unveiled Thursday in hopes of generating more energy exports and jobs.
“The golden era of American energy is now underway,” Trump said in a Thursday speech at the Energy Department. “And I’ll go a step further: The golden era of America is now underway, believe me. And you’re all going to be a part of it in creating this exciting new future.”
U.S. oil production has boomed in recent years, and exports of oil and natural gas are surging, primarily because of improved drilling techniques such as fracking that have opened up production in previously out-of-reach areas. Trump has pledged to ramp up production further, withdrawing from the Paris climate change agreement because of the limitations that it could have placed on the burning of fossil fuels.
While Trump has promised that the initiative will create millions of jobs, the energy sector employs fewer workers than it did a decade ago despite the recent boom. The Labor Department said there are 655,300 jobs in mining coal and extracting oil and natural gas, down from a peak of 1.18 million jobs in 1981.
As the administration celebrated a self-proclaimed “energy week,” Trump said more steps are needed to “unleash” domestic reserves and remove government regulations that could prevent the U.S. from achieving global dominance in energy.
Trump and other officials say they are confident the country can pave the path toward energy dominance by exporting oil, gas and coal to markets around the world, and promoting nuclear energy and even renewables such as wind and solar power.
The president said Thursday that his administration has also approved construction of a new petroleum pipeline to Mexico. He said that Sempra Energy signed an agreement to negotiate the sale of natural gas to South Korea and that the Energy Department is approving two applications to export natural gas from a Louisiana terminal. His administration will also perform a complete review of nuclear energy policy and seek to address barriers to financing coal plants overseas, as well as expanding offshore drilling.
Trump signed an executive order in April to expand oil drilling in the Arctic and Atlantic oceans, reversing restrictions imposed by President Barack Obama. Trump has also pushed to revive U.S. coal production after years of decline. Coal mining rose by 19 per cent in the first five months of the year as the price of natural gas edged up, according to Energy Department data.
A report released in January by the Energy Information Administration said the country is on track to become a net energy exporter by 2026, although the White House said Tuesday that net exports could top imports as soon as 2020.
Interior Secretary Ryan Zinke said increased offshore drilling could provide more than enough revenue to offset an $11.5 billion maintenance backlog in national parks.
“There’s a consequence when you put 94 per cent of our offshore off limits,” Zinke said in a speech this week. “There’s a consequence of not harvesting trees. There’s a consequence of not using some of our public lands for creation of wealth and jobs.”
Matthew Daly And Josh Boak, The Associated Press
TRAVERSE CITY, Mich. — Michigan’s attorney general on Thursday called for shutting down twin oil pipelines beneath the waterway where Lakes Huron and Michigan meet, as the state released a consultant’s report outlining alternative scenarios for the future of oil transport in the ecologically sensitive tourist destination.
Republican Bill Schuette said a “specific and definite timetable” should be established for decommissioning the nearly 5-mile-long (
“The safety and security of our Great Lakes is etched in the DNA of every Michigan resident,” Schuette said, adding that “the final decision on Line 5 needs to include a discussion with those that rely on propane for heating their homes, and depend on the pipeline for employment.”
The segment is part of Enbridge’s sprawling Lakehead pipeline network, which transports oil and liquid natural gas to markets in the U.S. Midwest, East Coast and eastern Canada. Line 5 runs underground from Superior, Wisconsin, across Michigan’s Upper Peninsula to the straits area, where it divides into two 20-inch pipes that rest on the lake floor. It continues south through the state’s Lower Peninsula to Sarnia, Ontario, carrying about 23 million gallons (87 million
Enbridge, based in Calgary, Alberta, says the pipeline delivers crucial supplies of oil for gasoline, propane and other refined products and is closely monitored.
“After more than 60 years in service, Line 5 is in outstanding operating condition because the rigorous maintenance done through the decades,” said John Gauderman, director of operations for the Great Lakes region. “We intend to keep it that way.”
Critics say the underwater section of Line 5, in place since 1953, has been buffeted by strong currents and shows signs of wear. They note that Enbridge offered similar assurances before another of its pipelines ruptured in southern Michigan in 2010, fouling the Kalamazoo River in one of the nation’s largest inland oil spills.
Schuette said in a news release that he “strongly disagrees” with a suggestion in the report by the engineering consulting firm Dynamic Risk Assessment Systems Inc. that Line 5 could operate indefinitely.
Environmental activists said the attorney general, who is expected to run for governor next year and has said previously that Line 5’s “days are certainly numbered,” should prove he means business by ordering a shutdown. Although the federal government regulates oil pipelines, Michigan owns the straits area Great Lakes bottomlands and could revoke an easement it granted to Enbridge when Line 5 was installed, said Liz Kirkwood, executive director of a group called For Love of Water.
“He has the authority to act now and we want him to act now,” said David Holtz, chairman of the Sierra Club’s Michigan chapter.
State agencies considering what to do about Line 5 commissioned two reports from separate consulting firms, one analyzing risks posed by the existing situation and the other focusing on future option. Enbridge covered the more than $3 million cost. Officials announced last week that the state had
The Dynamic Risk Assessment Systems report released Thursday lists six alternatives, including continuing the Line 5 segment’s current operations or shutting it down. Others include building a new pipeline through Wisconsin, Illinois, Indiana and Michigan that wouldn’t cross open Great Lakes waters; moving Line 5’s oil through other existing pipelines; using oil transport methods such as rail cars, trucks or barges; and putting new pipelines in the straits that would run through a trench or tunnel.
The report doesn’t endorse a particular alternative but analyzes each for technical and cost feasibility. It also assesses the condition of the existing pipelines and possible outcomes of oil spills in the area.
Enbridge said it needed more time to study the report before commenting, while environmental groups said it was too friendly toward the company’s position.
A final version will be issued this fall after several public information and comment sessions.
John Flesher, The Associated Press
FOR: RAZOR ENERGY CORP.
TSX VENTURE SYMBOL: RZE
Date issue: June 29, 2017
Time in: 7:38 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 29, 2017) – Razor Energy Corp. (“Razor”
or the “Company”) (TSX VENTURE:RZE) (www.razor-energy.com) is pleased to
announce that it has been approved for graduation to Tier 1 Issuer status from
Tier 2 Issuer status by the TSX Venture Exchange (the “TSXV”).
With the graduation to a Tier 1 listing, the common shares of Razor (“Common
Shares”) previously deposited into escrow pursuant to the rules of the TSXV
will now be governed by the release provisions of Tier 1 Issuer escrow. As
such, an aggregate of 1,330,953 Common Shares will be immediately releasable
from escrow and the aggregate of 6,775,865 Common Shares that will remain in
escrow will be released as follows: 2,258,557 Common Shares will be releasable
from escrow on August 10, 2017; 2,258,612 Common Shares will be releasable from
escrow on February 10, 2018; and the remaining 2,258,696 Common Shares will be
releasable from escrow on August 10, 2018.
ABOUT RAZOR
Razor Energy Corp., is a light oil focused company operating predominantly in
Alberta. Razor’s full-cycle business plan provides an opportunity to reposition
the Company as a disciplined and high-growth junior E&P company. With an
experienced management team and a strong, committed Board, growth is
anticipated to occur through timely strategic acquisitions and operations.
Razor currently trades on TSX Venture Exchange under the ticker “RZE”.
READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking
statements. More particularly, this press release contains statements
concerning, but not limited to, the release of escrowed Common Shares. In
addition, the use of any of the words “anticipate”, “will” 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. 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. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. Please refer to the risk
factors identified in the annual information form and management discussion and
analysis of the Company for the period ended December 31, 2016, on SEDAR at
www.sedar.com.
The forward-looking statements contained in this press release are made as of
the date hereof and the Company 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.
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 news release.
– END RELEASE – 29/06/2017
For further information:
Razor Energy Corp.
Doug Bailey
President and Chief Executive Officer
(403) 262-0242
OR
Kevin Braun
Chief Financial Officer
(403) 262-0242
www.razor-energy.com
COMPANY:
FOR: RAZOR ENERGY CORP.
TSX VENTURE SYMBOL: RZE
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170629CC0079
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: BLACKBIRD ENERGY INC.
TSX VENTURE SYMBOL: BBI
Date issue: June 29, 2017
Time in: 7:28 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 29, 2017) – Blackbird Energy Inc. (TSX
VENTURE:BBI) (“Blackbird” or the “Company”) is pleased to announce its
financial and operational results for the quarter ended April 30, 2017.
Blackbird’s unaudited condensed consolidated interim financial statements and
management’s discussion and analysis for the quarter ended April 30, 2017 are
available on SEDAR at www.sedar.com and are also posted on Blackbird’s website
at www.blackbirdenergyinc.com.
Significant Q3 2017 Highlights
/T/
— Balance Sheet: Closed an upsized and over-subscribed marketed public
offering for total gross proceeds of $84.8 million on March 14, 2017;
— Balance Sheet: Working capital of $71.8 million at April 30, 2017;
— Total Assets: $189.4 million at April 30, 2017;
— Reserves: Reported Pipestone / Elmworth Montney proved plus probable
(“2P”) before tax NPV10% reserves of $455 million (an increase of 1,002%
from July 31, 2016) and risked best estimate contingent resources before
tax NPV10% of $437 million;
— Land: During the three months ended April 30, 2017 Blackbird acquired a
total of 28 gross (12.9 net) sections of additional Montney lands,
increasing its total Pipestone / Elmworth Montney land position to 102.9
net sections at April 30, 2017. At the date of this news release,
Blackbird holds 104.9 net sections of Pipestone / Elmworth Montney
lands;
— Q3 2017 Production: While on production during the quarter, Blackbird
produced 4.9 mmcf/d of natural gas, 708 bbls/d of condensate, and 69
bbls/d of NGLs. During the three months ended April 30, 2017, Blackbird
averaged production of 2.7 mmcf/d of natural gas, 384 bbls/d of
condensate, and 37 bbls/d of NGLs (868 boe/d of total production)
despite significant third party natural gas processing shut-downs and
mechanical issues experienced with the 02/2-20 well during completion
operations which limited its productivity. Blackbird’s 5-26, 2-20, 02/2-
20 and 6-26 wells produced for 59, 60, 32 and 42 days respectively
during Q3 2017, compared to 89 total calendar days in the quarter;
— Q3 2017 Condensate Gas Ratio: 144 bbls/mmcf during the three months
ended April 30, 2017;
— Q3 Liquids Gas Ratio: 158 bbls/mmcf during the three months ended April
30, 2017;
— Q3 Revenue: $3.3 million during the three months ended April 30, 2017;
— Q3 Operating Netback: $14.85/boe during the three months ended April 30,
2017;
— IP 30s, IP60s and IP90s: Blackbird obtained IP30s for its 5-26, 2-20,
02/2-20 and 6-26 wells, IP60s for its 5-26, 2-20 and 6-26 wells, and
IP90s for its 5-26 and 2-20 wells. Blackbird is encouraged by this
initial data. See the “Pipestone / Elmworth Initial Production Results”
section below; and
— 2-20 (Surface 11-9) Eastern Step-Out Production Test (Subsequent to
April 30, 2017): Blackbird recently performed a 111 hour production test
of its 2-20 (surface 11-9) eastern step-out well which was completed
using the Stage System. It is estimated that this well is producing from
a limited portion of its wellbore due to the previously announced
completion issues experienced in this well. During the last 48 hours of
this production test, the 2-20 (surface 11-9) well produced 0.22 mmcf/d
and 379 bbls/d of oil (for a total of approximately 416 boe/d).
/T/
See below for a summary table containing certain Q3, 2017 financial and
operational figures:
/T/
—————————————————————————-
By the Numbers – Q3 2017
—————————————————————————-
(CDN$ thousands, except where otherwise Three months ended April 30
noted)
————————————
2017 2016 % Change
—————————————————————————-
—————————————————————————-
Financial (1)
—————————————————————————-
Petroleum and natural gas revenue 3,312 13 25,377
—————————————————————————-
Funds used in operating activities 1,122 600 87
—————————————————————————-
Net loss 1,500 936 60
—————————————————————————-
Net loss per share – basic and diluted 0.00 0.00 –
($/share)
—————————————————————————-
Total assets 189,398 52,720 259
—————————————————————————-
Working capital 71,823 6,260 1,047
—————————————————————————-
Capital expenditures 16,259 403 3,934
—————————————————————————-
Pipestone / Elmworth reserves (2P 455,018 38,533 1,081
before tax NPV10%)
—————————————————————————-
—————————————————————————-
Operating (1)
—————————————————————————-
Production
—————————————————————————-
Condensate (bbls/d) 384 – 100
—————————————————————————-
NGLs (bbls/d) 37 – 100
—————————————————————————-
Natural gas (mcf/d) 2,663 – 100
—————————————————————————-
Non-core (boe/d) 3 9 (67)
—————————————————————————-
—————————————————————————-
Total (boe/d) 868 9 9,544
—————————————————————————-
Liquids ratio (%) 49 – 100
—————————————————————————-
Condensate gas ratio (bbls/mmcf) 144 – 100
—————————————————————————-
Liquids gas ratio (bbls/mmcf) 158 – 100
—————————————————————————-
—————————————————————————-
Average Montney realized selling prices
—————————————————————————-
Condensate ($/bbl) 62.35 – 100
—————————————————————————-
NGLs ($/bbl) 27.81 – 100
—————————————————————————-
Natural gas ($/mcf) 4.57 – 100
—————————————————————————-
—————————————————————————-
Netbacks ($/boe)
—————————————————————————-
Petroleum and natural gas revenue 42.87 16.05 167
—————————————————————————-
Royalties (2.93) – 100
—————————————————————————-
Operating (10.34) (92.59) (89)
—————————————————————————-
Transportation, processing and other (14.75) – 100
—————————————————————————-
—————————————————————————-
Operating netback 14.85 (76.54) 119
—————————————————————————-
—————————————————————————-
Pipestone / Elmworth Montney sections 102.9 73.0 41
of land (net)
—————————————————————————-
Notes:
(1) See the Company’s Q3 2017 financial statements and management’s
discussion and analysis filed on SEDAR for further discussion and
disclaimers regarding the figures above.
/T/
Pipestone / Elmworth Initial Production Results
Blackbird is encouraged by its initial production results at Pipestone /
Elmworth, with the Company’s wells indicating high condensate / NGL rates and
strong productive capability. Blackbird’s Pipestone / Elmworth Montney initial
production 30 (“IP30”), 60 (“IP60”) and 90 (“IP90”) results are as follows:
IP30 RESULTS (1)
/T/
—————————————————————————-
Montney Raw Sales
Well Interval Gas(2) Gas(3) Condensate(3)
—————————————————————————-
(mmcf/d) (mmcf/d) (bbls/d)
—————————————————————————-
5-26-70-7W6 Upper 1.37 1.31 293
—————————————————————————-
2-20-70-7W6 Middle 2.15 1.85 274
—————————————————————————-
102/2-20-70-7W6(4) Upper 0.58 0.49 69
—————————————————————————-
6-26-70-7W6 Middle 0.74 0.65 181
—————————————————————————-
—————————————————————————-
Total Total CGR
Well NGLs(3) Liquids(3) Sales(3) C5+/Raw
—————————————————————————-
(bbls/d) (bbls/d) (boe/d) (bbls/mmcf)
—————————————————————————-
5-26-70-7W6 19 312 530 214
—————————————————————————-
2-20-70-7W6 21 295 604 127
—————————————————————————-
102/2-20-70-7W6(4) 6 75 157 119
—————————————————————————-
6-26-70-7W6 13 194 302 245
—————————————————————————-
Notes:
(1) First 720 hours of production excluding third party gas processing plant
shut-downs of approximately 33 days and other periods where the wells were
shut-in.
(2) Based on field-estimated production data.
(3) Based on actual sales data.
(4) Based on camera run performed, management estimates that this well was
producing through a limited number of stages due to mechanical issues
experienced in the wellbore during completion operations. Management is
unable to determine the number of producing stages. Management believes that
these results may not be indicative of the well’s production potential.
/T/
IP60 RESULTS (1)
/T/
—————————————————————————-
Montney Raw Sales
Well Interval Gas(2) Gas(3) Condensate(3)
—————————————————————————-
(mmcf/d) (mmcf/d) (bbls/d)
—————————————————————————-
5-26-70-7W6 Upper 1.17 1.09 224
—————————————————————————-
2-20-70-7W6 Middle 2.59 2.31 254
—————————————————————————-
6-26-70-7W6 Middle 0.58 0.50 130
—————————————————————————-
—————————————————————————-
Total Total CGR
Well NGLs(3) Liquids(3) Sales(3) C5+/Raw
—————————————————————————-
(bbls/d) (bbls/d) (boe/d) (bbls/mmcf)
—————————————————————————-
5-26-70-7W6 19 243 425 191
—————————————————————————-
2-20-70-7W6 28 282 667 98
—————————————————————————-
6-26-70-7W6 10 140 223 224
—————————————————————————-
Notes:
(1) First 1,440 hours of production excluding third party gas processing
plant shut-downs of approximately 33 days and other periods where the wells
were shut-in.
(2) Based on field-estimated production data.
(3) Based on actual sales data.
/T/
IP90 RESULTS (1)
/T/
—————————————————————————-
Montney Raw Sales
Well Interval Gas(2) Gas(3) Condensate(3)
—————————————————————————-
(mmcf/d) (mmcf/d) (bbls/d)
—————————————————————————-
5-26-70-7W6 Upper 1.17 1.08 200
—————————————————————————-
2-20-70-7W6 Middle 2.72 2.45 245
—————————————————————————-
—————————————————————————-
Total Total CGR
Well NGLs(3) Liquids(3) Sales(3) C5+/Raw
—————————————————————————-
(bbls/d) (bbls/d) (boe/d) (bbls/mmcf)
—————————————————————————-
5-26-70-7W6 20 220 400 171
—————————————————————————-
2-20-70-7W6 31 276 684 90
—————————————————————————-
Notes:
(1) First 2,160 hours of production excluding third party gas processing
plant shut-downs of approximately 33 days and other periods where the wells
were shut-in.
(2) Based on field-estimated production data.
(3) Based on actual sales data.
/T/
2-20 (SURFACE 11-9) PRODUCTION TEST RESULTS
The Company is also very encouraged by the initial production test results of
its eastern step-out well, the 2-20 (surface 11-9). It is estimated that the
2-20 (surface 11-9) well was producing from a limited portion of its wellbore
as a result of the previously announced challenges experienced during
completion operations. Despite this, the 2-20 (surface 11-9) well produced
approximately 379 bbls/d of oil during the last 48 hours of a 111 hour
production test. The 2-20 (surface 11-9) well will be tied-in subsequent to
being recompleted (the timing of which is to be determined), and the
construction of an eastern pipeline gathering system.
/T/
————————————————–
Average
Montney Flowing
Well Interval Casing Pressure
————————————————–
(kPa)(2)
————————————————–
2-20-70-6W6(1) (4) Middle 3,051
————————————————–
—————————————————————–
Total Combined
Well Raw Gas Oil Production
—————————————————————–
(mmcf/d)(3) (bbls/d)(3) (boe/d)(3)
—————————————————————–
2-20-70-6W6(1) (4) 0.22 379 416
—————————————————————–
Notes:
(1) Based on camera run performed, management estimates that this well was
producing through a limited number of stages due to mechanical issues
experienced in the wellbore during completion operations. Management is
unable to determine the number of producing stages. Management believes that
these results may not be indicative of the well’s production potential. The
2-20 (surface 11-9) well flowed on clean-up for a total of 111 hours.
(2) The 2-20 (surface 11-9) well produced through a 14.3 millimeter choke at
the beginning of the final 48 hour test period and a 25.4 millimeter choke
at the end of the final 48 hour test period. At the end of the 48 hour test
period, the flowing casing pressure was 2,205 kPa.
(3) The 2-20 (surface 11-9) well average rates over the final 48 hours of
the test.
(4) The 2-20 (surface 11-9) well produced an average of approximately 1,290
bbls of water per day over the final 48 hours of the 111 hour production
test.
/T/
Blackbird’s Current Well List & Status
/T/
—————————————————————————-
Operated or Working Montney
Well Non-Operated Interest (%) Interval
—————————————————————————-
6-26-70-7W6 Operated 100 Middle
—————————————————————————-
5-26-70-7W6 Operated 100 Upper
—————————————————————————-
2-20-70-7W6 Operated 100 Middle
—————————————————————————-
102/2-20-70-7W6 Operated 100 Upper
—————————————————————————-
15-21-70-7W6 Operated 100 Upper
—————————————————————————-
2-20-70-6W6 Operated 100 Middle
—————————————————————————-
14-30 -70-7W6 Non-Operated 17.9 Upper
—————————————————————————-
13-04-70-6W6 Non-Operated 37.5 Middle
—————————————————————————-
3-17-70-5W6 Non-Operated 20 Middle
—————————————————————————-
02/6-26-70-7W6 Operated 100 Upper
—————————————————————————-
2-28-70-7W6 Operated 100 Upper
—————————————————————————-
1-20-70-7W6 Operated 100 Upper
—————————————————————————-
—————————————————————————-
Measured Lateral
Depth Length
Well (meters) (meters) Status
—————————————————————————-
6-26-70-7W6 4,734 2,052 Producing
—————————————————————————-
5-26-70-7W6 4,621 1,951 Producing
—————————————————————————-
2-20-70-7W6 4,660 2,008 Producing
—————————————————————————-
102/2-20-70-7W6 4,598 2,049 Recompleted and
awaiting
reconnection(1)
—————————————————————————-
15-21-70-7W6 4,120 1,500 To be Recompleted
in August 2017
—————————————————————————-
2-20-70-6W6 4,885 2,256 To be Recompleted,
Timing TBD
—————————————————————————-
14-30 -70-7W6 5,350 2,861 Drilled &
Completed, to be
Tested Near-Term
—————————————————————————-
13-04-70-6W6 5,615 3,056 Drilled &
Completed, to be
Tested Near-Term
—————————————————————————-
3-17-70-5W6 5,320 2,876 Drilled, to be
Completed Near-Term
—————————————————————————-
02/6-26-70-7W6 Currently being Drilled (14-14 Pad)
—————————————————————————-
2-28-70-7W6 To be Licensed (11-15 Pad)
—————————————————————————-
1-20-70-7W6 Licensed (10-8 Pad)
—————————————————————————-
Note:
(1) Shut-in during April, 2017. Recompleted in June, 2017, will be
reconnected and commence production in near-term.
/T/
Outlook & Remaining Calendar 2017 Capital Program
Blackbird is well positioned with a strong balance sheet, a large, contiguous,
multi-interval land block in a liquids-rich Montney corridor, and production
which is generating cash-flow.
Blackbird currently has three wells producing: (1) the 2-20 Middle Montney
well; (2) the 5-26 Upper Montney well; and (3) the 6-26 Middle Montney well.
The 02/2-20 Upper Montney well was recently recompleted and is expected to
commence production in the near-term.
Blackbird plans to recomplete its 15-21 Upper Montney well (previously called
the 3-28) during August, 2017, at which time it will be tied-in. The 2-20
(surface 11-9) well will be tied-in subsequent to being recompleted (the timing
of which is to be determined), and upon the construction of an eastern pipeline
gathering system.
In addition to the 15-21 and 2-20 (surface 11-9) recompletion operations
discussed above, during the remainder of calendar 2017 Blackbird plans to
finish drilling the 102/6-26 well, complete the 102/6-26 well using the Stage
System, and drill/complete approximately two additional operated wells (the
2-28-70-7W6 and 1-20-70-7W6, both on existing pads). Blackbird will also
participate in the completion operations of the 3-17 non-operated well on
Blackbird’s south-eastern lands.
The operations outlined above are expected to cost approximately $30.0 – $35.0
million, depending on completion design and lateral lengths. Blackbird is in
the final stages of preparing its capital budget for fiscal 2018.
As Blackbird continues to execute on its operations and gather important
production data, it becomes better positioned to finalize gas handling and
take-away agreements, allowing for continued growth as Blackbird executes on
its business plan.
About Blackbird
Blackbird Energy Inc. is a highly innovative oil and gas exploration and
development company focused on the liquids-rich Montney fairway at Elmworth,
near Grande Prairie, Alberta.
For more information please view our Corporate Presentation at
www.blackbirdenergyinc.com.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents
of this press release. 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 press
release.
ADVISORIES REGARDING OIL AND GAS INFORMATION
This news release contains the term barrels of oil equivalent (“Boe”). Natural
gas is converted to a Boe using six thousand cubic feet of gas to one barrel of
oil. Boes may be misleading, particularly if used in isolation. The foregoing
conversion ratios are based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. As well, given than 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 conversion ratio on a 6:1 basis may be
misleading as an indication of value.
INITIAL PRODUCTION RATES
Any references in this document to initial production rates are useful in
confirming the presence of hydrocarbons, however, such rates are not
determinative of the rates at which such wells will continue production and
decline thereafter. Additionally, such rates may also include recovered “load
oil” fluids used in well completion stimulation. Readers are cautioned not to
place reliance on such rates in calculating the aggregate production for
Blackbird.
FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release contains forward-looking statements and forward-looking
information (collectively, “forward-looking statements”) within the meaning of
applicable securities laws. The use of any of the words “will”, “expects”,
“believe”, “plans”, “potential” and similar expressions are intended to
identify forward-looking statements. More particularly and without limitation,
this press release contains forward looking statements, including the
commencement of production from the 02/2-20 well in the relatively near-term,
production potential of wells, Blackbird’s ability to recomplete the 15-21 and
2-20 (surface 11-9) wells and the timing thereof, the construction of an
eastern pipeline gathering system, the drilling of the 02/6-26 well and the
completion using the Stage System and timing thereof, the drilling and
completion of the 2-28-70-7W6 and 1-20-70-7W6 wells and the timing thereof, the
completion of the 3-17 well in the relatively near-term, the expected cost of
operations for the remainder of calendar 2017, the 2018 capital budget, the
finalization of gas handling and take-away agreements and the continued growth
of Blackbird as it executes on its business plan.
By their nature, forward-looking statements are based upon certain assumptions
and are subject to numerous risks and uncertainties, some of which are beyond
Blackbird’s control, including the impact of general economic conditions,
industry conditions, current and future commodity prices, currency and interest
rates, anticipated production rates, borrowing, operating and other costs and
funds from operations, the timing, allocation and amount of capital
expenditures and the results therefrom, anticipated reserves and the
imprecision of reserve estimates, the performance of existing wells, the
success obtained in drilling new wells, the sufficiency of budgeted capital
expenditures in carrying out planned activities, competition from other
industry participants, availability of qualified personnel or services and
drilling and related equipment, stock market volatility, effects of regulation
by governmental agencies including changes in environmental regulations, tax
laws and royalties; the ability to access sufficient capital from internal
sources and bank and equity markets; and including, without limitation, those
risks considered under “Risk Factors” in our Annual Information Form dated
October 21, 2016 and available on SEDAR.
This press release, in particular the information in respect of estimated
revenues and/or production while flowing, may contain future-oriented financial
information or financial outlook within the meaning of applicable securities
laws. Such future-oriented financial information or financial outlook has been
prepared for the purpose of providing information about management’s reasonable
expectations as to the anticipated results of its proposed business activities.
Readers are cautioned that reliance on such information may not be appropriate
for other purposes.
NON-IFRS MEASUREMENTS
Within this new release, references are made to terms commonly used in the oil
and natural gas industry. Management uses “operating netback” to analyze
operating performance. These terms do not have any standardized meaning
prescribed by International Financial Reporting Standards (“IFRS”) and
therefore may not be comparable with the calculation of similar measures for
other entities. These terms are used by management to analyze operating
performance on a comparable basis with prior periods of Blackbird. Operating
netback equals the total of revenues less royalties, transportation, processing
and operating expenses calculated on a Boe basis. For more details on non-IFRS
measures, including a reconciliation to IFRS measures refer to our Management’s
Discussion and Analysis for the quarter ended April 30, 2017.
RESERVES ADVISORIES
The reserves estimates prepared herein have been evaluated by an independent
qualified reserves evaluator in accordance with National Instrument 51-101 –
Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas
Evaluation Handbook (“COGE Handbook”) and are effective as of March 1, 2017 and
January 31, 2016. All reserves information has been presented on a gross basis,
which is the Company’s working interest share before deduction of royalties and
without including any royalty interests of the Company. The reserves have been
categorized accordance with the reserves definitions as set out in the COGE
Handbook. For more information on reserves and contingent resources refer to
the Company’s Management’s Discussion and Analysis for the quarter ended April
30, 2017.
– END RELEASE – 29/06/2017
For further information:
Blackbird Energy Inc.
Garth Braun
Chairman, CEO and President
(403) 500-5550
[email protected]
OR
Blackbird Energy Inc.
Jeff Swainson
Chief Financial Officer
(403) 699-9929
[email protected]
COMPANY:
FOR: BLACKBIRD ENERGY INC.
TSX VENTURE SYMBOL: BBI
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170629CC0078
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 — Michigan has released a report looking at how to deal with the spill risk of Enbridge’s Line 5 pipeline that runs exposed underwater in a strait between Lake Huron and Lake Michigan.
The report Thursday by Dynamic Risk Assessment Systems found that building new pipelines around the Great Lakes would cost between US$2 billion and US$4 billion depending on the route. Barges and trucks were discounted as options because of the logistical constraints of trying to handle the 86 million litres of petroleum products per day currently shipped on the line.
An anchor catching the pipeline was identified as the most likely cause of a spill. The report said replacing the exposed 1953 pipeline with a US$30-million underwater trench or US$150-million tunnel for the more than six-kilometre crossing would either minimize or make negligible the risks to the line.
Shutting down the pipeline would lead to disruptions for Enbridge and the refineries it supplies, with the report estimating Michigan residents would pay $121 million a year more for gasoline and other refined products, while Enbridge would be on the hook for $212 million in abandonment charges.
The report estimates that the cost of a spill would run between US$100 million and US$200 million. Modelling showed a spill on average would affect about 32 kilometres of shoreline.
Enbridge (TSX:ENB) said in a statement that it remains committed to protecting the Great Lakes, but needs time to review and assess the findings before making specific comments.
Michigan said it has not made any decisions on how to proceed with a risk analysis, but is now accepting public comments on the report and will release a final report on alternatives in the fall.
The State’s attorney general called Thursday for a “specific and definite timetable” to decommission the existing pipeline, with the tunnel cited as one replacement option.
“The safety and security of our Great Lakes is etched in the DNA of every Michigan resident, and the final decision on Line 5 needs to include a discussion with those that rely on propane for heating their homes, and depend on the pipeline for employment,” said Schuette.
“One thing is certain: the next steps we take should be for the long term protection of the Great Lakes.”
With files from AP
The Canadian Press
We are hosting the 36th annual Calgary Stampede Art Auction and we would like to extend you an invitation to attend or bid online. We have partnered with Hodgins Art Auctions to be our auctioneer in 2017. Hodgins has been selling Canadian and international art since 1985 and is Alberta’s most established and trusted … Read more
June 29, 2017 (Bloomberg) Canada’s IPO market rebounded following a dismal 2016 as investors look to diversify from financial, energy and materials stocks that dominate domestic indexes. Nine companies raised at least C$100 million ($77 million) each in initial public offerings year to date, with luxury jacket maker Canada Goose Holdings Inc. the best performer, … Read more
June 29, 2017 (Bloomberg) The euro and the pound rise as investors digest central bank commentary, a U.S. travel ban could be introduced today, and developed-market bonds slump. Here are some of the things people in markets are talking about today. Policy hawks The last two weeks of comments from the world’s most important central bankers have … Read more
June 29, 2017 (Bloomberg) OPEC may need to make deeper supply cuts to re-balance the oil market as booming production from Libya and Nigeria threatens to undercut the group’s efforts, according to analysts at Goldman Sachs Group Inc. Unexpected rebounds in those countries, which were exempted from OPEC’s November deal to curb output, could offset inventory … Read more
June 29, 2017 (Bloomberg) The chorus in the oil market calling for deeper production cuts gets louder almost every day. By resisting the clamor, OPEC is breaking with its own history. As crude sank below $50 a barrel — less than half the price of two years ago — market-watchers from Goldman Sachs Group Inc. … Read more
June 29, 2017 (Bloomberg) Oil headed for its longest winning streak in two months after declines in U.S. crude production and gasoline inventories allayed some concerns that world markets remain oversupplied. Futures rose as much as 1.4 percent in New York to the highest in two weeks after advancing 5.2 percent in the previous five … Read more
FOR: SUNSHINE OILSANDS LTD.HKSE SYMBOL: 2012Date issue: June 29, 2017Time in: 12:09 PM eAttention:
CALGARY, ALBERTA and HONG KONG, CHINA–(Marketwired – June 29, 2017) – Sunshine
Oilsands Ltd. (HKSE:2012) –
Hong Kong Exchanges and Clearing Limited and…
FOR: SUNSHINE OILSANDS LTD.HKSE SYMBOL: 2012Date issue: June 29, 2017Time in: 12:08 PM eAttention:
CALGARY, ALBERTA and HONG KONG, CHINA–(Marketwired – June 29, 2017) – The
board of directors (the “Board”) of Sunshine Oilsands Ltd. (HKSE:2012)
compri…
FOR: FINNING INTERNATIONAL INC.TSX SYMBOL: FTTDate issue: June 29, 2017Time in: 8:55 AM eAttention:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 29, 2017) – Finning
International Inc. (TSX:FTT) is pleased to announce the appointment of Hal
Kvisle …
FOR: GROWMAX RESOURCES CORP.TSX VENTURE SYMBOL: GRODate issue: June 29, 2017Time in: 8:50 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 29, 2017) – GrowMax Resources Corp. (the
“Company” or “GrowMax”) (TSX VENTURE:GRO) is pleased to announce th…
FOR: ALTAGAS LTD.TSX SYMBOL: ALADate issue: June 29, 2017Time in: 8:45 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 29, 2017) – AltaGas Ltd. (“AltaGas”)
(TSX:ALA) will release its 2017 second quarter financial results on Thursday,
July 27, 201…
SEOUL, Korea, Republic Of — South Korean companies say they plan to import more American shale gas and build new factories in the U.S. as the two countries’ leaders prepare to hold summit talks in Washington.
The Korea Chamber of Commerce and Industry said Thursday that major South Korean companies announced a slew of proposed investments and other good news for the American economy ahead of President Moon Jae-in’s meetings Friday with President Donald Trump.
Electronics conglomerate Samsung said it plans to spend $380 million on a home appliance factory in South Carolina and LG will put $250 million into a plant in Tennessee. Other companies announced plans to buy American crude oil, gas and aircraft.
The U.S. trade deficit with South Korea has nearly doubled since a bilateral trade agreement took effect in 2012.
The Associated Press
June 27, 2017 (Bloomberg) Three out of four oil and natural gas companies fell victim to at least one cyber attack last year as hacking efforts against the industry become more frequent and sophisticated. That’s the finding from a report released Monday by industry consultant Deloitte LLP. Technology advances, such as Royal Dutch Shell Plc’s recent control … Read more
June 28, 2017 (Bloomberg) The oil shock that hit Canada in 2014 is no longer acting as a drag on the economy, a top Bank of Canada official said Wednesday, repeating recent language from the central bank that has fueled rate-hike speculation. In a speech on how policy makers gather intelligence to augment its analysis, … Read more
FOR: NORTH WEST REFINING INC.
Date issue: June 28, 2017Time in: 7:41 PM eAttention:
EDMONTON, ALBERTA–(Marketwired – June 28, 2017) – North West Refining is
responding to comments in the media regarding the profitability of Phase 1 of
the Sturgeon Re…
CALGARY — The head of the National Energy Board says a proposed overhaul of how the federal regulator consults, operates and is organized will make it better prepared to respond to modern expectations.
Speaking at the sidelines of an industry safety workshop Wednesday, NEB chairman Peter Watson says recommendations last month by a modernization panel could fix some of the limitations of the regulator and help it keep up with the times.
“Some of the things at the root of our challenges are embedded in our enabling legislation, so I actually think that whatever comes out of these reviews, it’s kind of time to refresh for the 21st century,” said Watson.
“We know expectations have changed on us and we need to keep pace with where things are going.”
He says changes to rules on governance, public participation and the role of indigenous peoples will help the NEB respond better to concerns of the public.
The federal regulator’s own plans for more reporting on how it’s performing and driving safety culture in the industry will also help the public keep the NEB accountable, said Watson.
“People should understand how we’re performing and then use that information to assess whether they think we’re good enough or not.”
Watson says he’s not concerned by the suggestions the panel put forth. These include splitting off data production into a separate organization, a one-year federal review of projects to determine if they’re in the public interest before a detailed review by the regulator, and no longer requiring board members to live in Calgary.
The panel made the recommendations after finding that the regulator had fundamentally lost the confidence of many Canadians.
Watson added that while waiting for the government overhaul, the NEB is also taking its own initiative to improve pipeline safety and regulations — including a two-day workshop being held in Calgary to discuss how to improve manufacturing standards for pipeline parts.
“Even while the modernization review is going on, we’re making significant steps on how we drive safety culture into the oil and gas industry, and into the companies we regulate,” he said.
The NEB organized the workshop after the regulator and pipeline companies found flaws in parts being supplied by several global manufacturers.
Since the Canadian regulator has no direct control over the manufacturing process, it has brought together academics, manufacturers, international regulators and others to identify the issues and find solutions, including better standards.
On Wednesday, the Canadian Energy Pipeline Association also released its annual report that showed members leaked 38 barrels, or 6,042 litres, of crude oil in three minor incidents, with no incidents classified as significant for the second year in a row.
Ian Bickis, The Canadian Press
FOR: MATRRIX ENERGY TECHNOLOGIES INC.
TSX VENTURE SYMBOL: MXX
Date issue: June 28, 2017
Time in: 6:02 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 28, 2017) – MATRRIX Energy Technologies
Inc. (“MATRRIX” or the “Corporation”) (TSX VENTURE:MXX) announces that it
granted stock options to its directors, officers and employees to purchase
525,860 common shares with an exercise price of $0.27 per share and an expiry
date 5 years from the date of grant. Of the 525,860 stock options granted, a
total of 368,160 were granted to directors and officers. The options vest as to
one-quarter on each anniversary date of the date of grant of the stock options.
The total number of options outstanding as of the date hereof is 2,829,751.
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 – 28/06/2017
For further information:
MATRRIX Energy Technologies Inc.
Richard Ryan
President & Chief Executive Officer
(403) 984-5062
COMPANY:
FOR: MATRRIX ENERGY TECHNOLOGIES INC.
TSX VENTURE SYMBOL: MXX
INDUSTRY: Professional Services – Legal
RELEASE ID: 20170628CC0076
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: US OIL SANDS INC.
TSX VENTURE SYMBOL: USO
Date issue: June 28, 2017
Time in: 5:56 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 28, 2017) – US Oil Sands Inc. (“US Oil
Sands” or the “Company”) (TSX VENTURE:USO), an innovator of oil extraction
technologies, announces it approved entering into of an amendment to the loan
agreement with ACMO S.a R.L. (“ACMO”), the Company’s largest shareholder, to
provide the previously announced US$5 million senior secured convertible loan
facility to fund remaining PR Spring Project (the “Project”) start-up costs and
to provide working capital for the Company (the “Financing”). It is expected
that the Financing will close, subject to the satisfaction of all terms and
conditions, on June 30, 2017. For further details on the Financing, please see
the Company’s press release dated June 13, 2017.
VOLUNTARY DELISTING
In conjunction with the Financing, the Company has applied to the TSX Venture
Exchange (the “Exchange”) to delist the Company’s common shares (the “Common
Shares”) from trading on the Exchange. The Company obtained approval from a
majority of disinterested shareholders for the delisting of the Common Shares.
The Company expects the Exchange to delist the Common Shares on June 29, 2017
after which time the Common Shares will not be able to be traded on the
Exchange.
Upon delisting from the Exchange, the Company will continue to be a reporting
issuer under Canadian securities laws and will remain subject to Canadian
continuous disclosure requirements.
ABOUT US OIL SANDS INC.
US Oil Sands is engaged in the exploration and development of oil sands
properties and, through its wholly owned United States subsidiary US Oil Sands
(Utah) Inc., has a 100% interest in bitumen leases covering 32,005 acres of
land in Utah’s Uinta Basin. The Company plans to develop its oil sands
properties using its proprietary extraction process which uses a bio-solvent to
extract bitumen from oil sands without the need for tailings ponds. The Company
is in the pre-production stage, anticipating the commencement of bitumen
production and sales once it has completed start-up of the Project.
The foregoing contains forward-looking information relating to the future
performance of the Company including expectations relating to expectations
relating to delisting from the Exchange, the timing of closing of the Financing
and the ability of the Company to satisfy the conditions precedent thereto.
Forward looking information is subject to a number of known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those anticipated in our forward-looking statements. Such risks
and other factors include, among others, the ability of the Company to satisfy
the conditions precedent of the Financing in a timely manner or at all, the
actual results of exploration activities, changes in world commodity markets or
equity markets, the risks of the petroleum industry including, without
limitation, those associated with the environment, delays in obtaining
governmental approvals, permits or financing or in the completion of
development or construction activities, title disputes, change in government
and changes to regulations affecting the oil and gas industry, and other risks
and uncertainties detailed from time to time in the Company’s filings with
Canadian securities regulatory authorities (available at www.SEDAR.com).
Forward-looking statements are made based on various assumptions and on
management’s beliefs, estimates and opinions on the date the statements are
made.
Should one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described in the forward-looking information contained herein. The
Company undertakes no obligation to update forward-looking statements if these
assumptions, beliefs, estimates and opinions or other circumstances should
change, except as required by applicable law.
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 – 28/06/2017
For further information:
US Oil Sands Inc.
Cameron Todd, CEO or Glen Snarr, President & CFO
+1 403 233 9366
[email protected]
www.usoilsandsinc.com
OR
Investor Relations
Jack Copping, Manager, Corporate Development
+1 403 233 9366 ext. 27
[email protected]
COMPANY:
FOR: US OIL SANDS INC.
TSX VENTURE SYMBOL: USO
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170628CC0075
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: QWEST INVESTMENT MANAGEMENT CORP.
AND QWEST ENERGY FLOW-THROUGH 2015 LIMITED PARTNERSHIP
Date issue: June 28, 2017
Time in: 5:53 PM e
Attention:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 28, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA.
Qwest Investment Management Corp. is pleased to announce that on June 28, 2017,
the assets of Qwest Energy Flow-Through 2015 Limited Partnership (the
“Partnership”), rolled on a tax-deferred basis to Qwest Funds Corp.’s Series A
shares of Qwest Energy Canadian Resource Class (the “Mutual Fund”).
Partnership’s Rollover Net Asset Values
The net asset value for the rollover to the Mutual Fund, calculated at the
close of business on June 27, 2017, was $12.22184 per Limited Partnership unit.
Mutual Fund Shares Distribution Date
The Partnership will distribute to its former limited partners the applicable
number of Mutual Fund shares on or about June 30, 2017. The Partnership will
subsequently be dissolved upon completion of the Mutual Fund share
distribution. The Mutual Fund shares will be redeemable after the completion of
distribution, on or about June 30, 2017, and the subsequent settlement of the
Mutual Fund shares into the limited partners’ respective brokerage account. The
rollover is a tax-deferred event and does not trigger capital gains until a
limited partner decides to sell their Mutual Fund shares.
About The Mutual Fund
The Mutual Fund is an open-ended mutual fund corporation with a mandate of
achieving long-term capital appreciation by investing primarily in equity
securities of publicly traded Canadian companies involved in the energy and
natural resources sector. The Mutual Fund targets companies that possess a
combination of an experienced management team, sound financial fundamentals and
strong growth prospects. The Mutual Fund is managed by our Calgary-based
portfolio management team which is led by Mr. Don Short, Senior Vice-President
and Portfolio Manager, for Qwest Investment Fund Management Ltd.
About Qwest Investment Management Corp.
Qwest Investment Management Corp. is an investment management firm which
specializes in identifying, structuring and managing strategic investment
products.
For further information please visit our website at www.qwestfunds.com.
Forward-Looking Statement: Certain statements included in this news release
constitute forward-looking statements which reflect Qwest’s current
expectations regarding future results or events. Words such as “may,” “will,”
“should,” “could,” “anticipate,” “believe,” “expect,” “intend,” “plan,”
“potential,” “continue” and similar expressions have been used to identify
these forward-looking statements. Forward-looking statements involve
significant risks and uncertainties and a number of factors could cause actual
results to materially differ from expectations discussed in the forward-looking
statements including, but not limited to, changes in general economic and
market conditions and other risk factors. Although the forward-looking
statements are based on what Qwest believes to be reasonable assumptions, we
cannot assure that actual results will be consistent with these forward-looking
statements. Investors should not place undue reliance on forward-looking
statements.
These forward-looking statements are made as of the current date and we assume
no obligation to update or revise them to reflect new events or circumstances.
This communication is not to be construed as a public offering to sell, or a
solicitation of an offer to buy securities. Such an offer can only be made by
way of a prospectus or other applicable offering document and should be read
carefully before making any investment. This release is for information
purposes only. Investors should consult their investment advisor for details
and risk factors regarding specific strategies and various investment products.
– END RELEASE – 28/06/2017
For further information:
Qwest Investment Management Corp.
Ms. Cindy Bower
Senior Manager, Business Development & Client Services
1-866-602-1142 (ext. #1)
[email protected]
www.qwestfunds.com
COMPANY:
FOR: QWEST INVESTMENT MANAGEMENT CORP.
AND QWEST ENERGY FLOW-THROUGH 2015 LIMITED PARTNERSHIP
INDUSTRY: Financial Services – Investment Services and Trading
RELEASE ID: 20170628CC0074
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.
BISMARCK, N.D. — North Dakota regulators are suing a North Carolina-based private security firm hired by the developer of the disputed Dakota Access oil pipeline, alleging it operated in the state without a license and has continued doing so since being denied one.
North Dakota’s Private Investigative and Security Board has asked a state judge to stop TigerSwan’s armed workers from continuing to monitor the pipeline system. It also is seeking attorney fees and administrative fines that could total thousands of dollars from the company and President James Reese for operating without a license, a
TigerSwan didn’t answer phone calls or respond to an email seeking comment Wednesday. The Texas-based pipeline developer, Energy Transfer Partners, also didn’t immediately reply to a request for comment.
The pipeline began commercial operations June 1, moving oil from western North Dakota to a distribution point in Illinois where it can be shipped to the Gulf Coast. Four Sioux tribes in the Dakotas are still fighting in federal court in Washington, D.C., hoping to persuade a judge to shut down the line.
The pipeline was finished earlier this year after the Trump administration pushed for its completion. It had been delayed by lawsuits and nearly a year of on-the-ground protests in North Dakota by tribes and environmental groups that fear environmental harm, a claim ETP disputes. The protests resulted in 761 arrests between August and February.
The Private Investigative and Security Board alleges in court documents filed Tuesday that TigerSwan employees with semi-automatic rifles and handguns protected workers and equipment at construction sites, conducted intelligence on protesters, including placing or trying to place undercover agents within the protest groups, and even monitored vehicle traffic on a state highway. The board says TigerSwan is still providing round-the-clock security along the pipeline in the state.
The board maintains it notified TigerSwan in September that the company wasn’t properly licensed. The company denied conducting private security in the state but at the same time applied for a license. The board denied the request in December, citing Reese’s alleged criminal history, which he denied. A month later, the board rejected the application again, saying it was incomplete.
TigerSwan was founded by retired military special forces members. Internal company documents indicate that employees conducted an aggressive, multifaceted operation against pipeline protesters that included maintaining a close working relationship with public law enforcement.
Native American advocates say the report lends credence to their belief that law enforcement
Morton County Sheriff Kyle Kirchmeier, who spearheaded the law enforcement response to the protests, didn’t immediately reply to a request for comment.
___
Follow Blake Nicholson on Twitter at http://twitter.com/NicholsonBlake and follow James MacPherson at http://twitter.com/macphersonja .
James MacPherson And Blake Nicholson, The Associated Press
FOR: ENBRIDGE INC.TSX SYMBOL: ENBNYSE SYMBOL: ENBAND ENBRIDGE ENERGY PARTNERS, L.P.NYSE SYMBOL: EEPDate issue: June 28, 2017Time in: 5:15 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 28, 2017) – Enbridge Inc.
(TSX:ENB)(NYSE:ENB) (Enbridge) and…
FOR: MARQUEE ENERGY LTD.
TSX VENTURE Symbol: MQX
Date issue: June 28, 2017
Time in: 5:05 PM e
Attention:
CALGARY, AB –(Marketwired – June 28, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
Marquee Energy Ltd. (“Marquee” or the “Company”) (TSX VENTURE: MQX) announces
today, that effective immediately, Mr. Dan Toews, Vice President, Finance &
Chief Financial Officer (“CFO”) is no longer with the Company. Marquee would
like to thank Mr. Toews for his efforts and wishes him well in his future
endeavors.
The Company also announces that Mr. Howard Bolinger has been appointed as
interim CFO, subject to TSX Venture Exchange approval and that an executive
search firm has been engaged to find a long term replacement.
ABOUT MARQUEE
Marquee is a Calgary based, junior energy company focused on high rate of
return light oil development and production. Marquee is committed to growing
the company through exploitation of existing opportunities and continued
consolidation within its core area at Michichi. Marquee’s shares trade on the
TSX Venture Exchange under the trading symbol “MQX”. Additional information
about Marquee may be found on its website www.marquee-energy.com and in its
continuous disclosure documents filed with Canadian securities regulators on
the System for Electronic Document Analysis and Retrieval (SEDAR) at
www.sedar.com.
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 – 28/06/2017
For further information:
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Richard Thompson
President & Chief Executive Officer
(403) 817-5561
[email protected]
or visit the Company’s website at www.marquee-energy.com
COMPANY:
FOR: MARQUEE ENERGY LTD.
TSX VENTURE Symbol: MQX
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170628CC017
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: BLACKSTEEL ENERGY INC.TSX VENTURE Symbol: BEYDate issue: June 28, 2017Time in: 5:00 PM eAttention:
CALGARY, AB –(Marketwired – June 28, 2017) –
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE
SERVICES
Blacksteel Energ…
CALGARY — Shares in Penn West Petroleum dropped sharply Wednesday morning after the U.S. Securities and Exchange Commission announced it had filed fraud-related charges against it and three former finance executives.
The Calgary-based oil and gas firm’s stock fell by as much as 10.34 per cent, or 18 cents, to a 52-week low of $1.56, after being halted on the Toronto Stock Exchange pending the announcement.
The shares were down 10 cents at $1.64 in late-afternoon trading.
The news came two days after Penn West (TSX:PWT) changed its name to Obsidian Energy Ltd., vowing to distance itself from its debt-burdened and scandal-tainted past.
CEO David French says Penn West is co-operating with the U.S. securities regulator.
“Our expectations are that there will be a discussion around remedy,” he said.
“We don’t see there being a material effect to the business and we don’t think that there was intention in any way with what Penn West did at the time.”
The SEC alleges the company and the three executives participated in a “multi-year accounting fraud” where hundreds of millions of dollars were moved from operating expense accounts to capital expenditure accounts to improve the appearance of its operating metrics.
None of the allegations against Penn West and the former executives have been proven in court.
The SEC charges involve accounting issues that led to the company reporting in September 2014 that it would restate its financial statements from 2012 to the first quarter of 2014.
Last year, Penn West paid C$53 million to settle resulting class action lawsuits by Canadian and American shareholders.
French said he is “disappointed” that an issue thought to have been resolved in the past has emerged when the company is trying to adopt a new path forward. He added that the issues that led to the accounting scandal have long been resolved by the appointing of new auditors and adoption of new accounting control practices.
The SEC alleges that the accounting errors were orchestrated by former chief financial officer Todd Takeyasu, former vice-president of accounting and reporting Jeffery Curran, and former operations controller Waldemar Grab.
They, along with the company, are charged with violating “anti-fraud, reporting, books and records and internal controls provisions” of U.S. securities laws.
“The SEC seeks permanent injunctions and monetary relief against all the defendants, officer-and-director bars from Takeyasu and Curran, and a clawback of incentive-based compensation awarded to Takeyasu,” it said in a news release.
It said Grab is co-operating with the litigation and has agreed without admission of guilt to a settlement including permanent injunctions and a ban on acting as an officer or director.
Takeyasu’s New York lawyer, Richard Albert, said his client plans to defend himself “vigorously” against the SEC charges as they are “utterly without merit.”
Phone messages left for Takeyasu and Grab were not immediately returned. Attempts to contact Curran were unsuccessful.
The SEC said its investigation found no personal misconduct by two former Penn West CEOs, Murray Nunns and David Roberts, who reimbursed the company for cash bonuses and certain stock awards they received during the period of the alleged violations.
Follow @HealingSlowly on Twitter.
Dan Healing, The Canadian Press
FOR: ALECTRA INC.
Date issue: June 28, 2017
Time in: 3:28 PM e
Attention:
William Osler Health System facility delivers energy savings equal to
taking 367 homes off the grid
BRAMPTON, ON –(Marketwired – June 28, 2017) – Alectra Utilities’
Conservation team is proud to have collaborated with William Osler Health
System in the design of its new facility resulting in energy savings of
3,233,587 kilowatt hours (kWh) per year and electrical demand savings of 856
kilowatts, an amount equal to removing 367 homes from the grid compared to a
conventionally designed facility.
Through the Save on Energy (High Performance New Construction) program, the
facility received an incentive of $523,696 for the project plus an additional
$85,616 for the design requirements needed to achieve these goals.
The building has been designed with improved lighting power density, lighting
controls, and high-efficiency HVAC (heating, ventilation and air conditioning)
equipment, including air handlers with ERV (energy recovery ventilation)
technology. These systems allow the building to perform substantially better
than other comparable facilities in both electricity and gas usage.
Brampton families will be better served through this new 607,913 square foot
integrated health and wellness centre specializing in health care services
equipped with high-tech diagnostics that provides services in day surgery,
urgent care, seniors’ rehabilitation and wellness services, women’s,
children’s and adolescent care as well as mental health programs.
“Alectra is proud to recognize the William Osler Health System’s vision to
create an energy-efficient facility that brings health services to the
community through its new Peel Memorial Centre for Integrated Health and
Wellness,” said Mark Henderson, SVP, Energy Solutions & Services for Alectra
Energy Solutions. “We are pleased to have assisted in this with the incentives
available through the Save on Energy RETROFIT program.”
Efficient use of electricity can help reduce costs and conserve energy. For
more information about Alectra Utilities’ conservation programs and
incentives, please visit alectrautilities.com
About Alectra’s Family of Companies
Alectra’s family of energy companies distributes electricity to nearly one
million customers in Ontario’s Greater Golden Horseshoe Area and provides
innovative energy solutions to these and thousands more across Ontario. The
Alectra family of companies includes Alectra Inc. (Mississauga), Alectra
Utilities Corporation (Hamilton) and Alectra Energy Solutions (Vaughan).
Image Available: http://www.marketwire.com/library/MwGo/2017/6/28/11G142020/Images/William_Osler_Hospital_compressed-36b36f29a226a79b83cfec84bdf10cb4.jpg
– END RELEASE – 28/06/2017
For further information:
Media Contact
Eric Fagen
Email – [email protected]
Media Phone Line – 1-844-372-4400
COMPANY:
FOR: ALECTRA INC.
INDUSTRY: Energy and Utilities – Pipelines, Energy and Utilities – Utilities
RELEASE ID: 20170628CC014
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.
TORONTO — The Canada Pension Plan Investment Board says it will commit up to $1 billion to a partnership with a Texas company which will buy oil and gas producing assets in the United States.
CPPIB, which invests on behalf of the Canada Pension Plan, says its partner, Encino Energy, LLC, has pledged US$25 million to the partnership.
It says the resulting company, dubbed Encino Acquisition Partners, will buy “large, high-quality assets” that have established production in mature basins throughout the lower 48 U.S. states.
New technologies that have opened development of shale oil and gas formations have allowed the U.S. to boost oil production from four million barrels per day in 2008 to more than nine million bpd, while natural gas production has jumped from 64 million cubic feet per day to over 89 million cf/d, according to the U.S. Energy Information Administration.
Avik Dey, head of natural resources for the CPPIB, says it partnered with Encino because of its operational experience and proven track record of acquiring U.S. assets.
The private company was founded in 2011, according to its website, and is concentrated mainly on the Anadarko Basin of Texas and Oklahoma.
The Canadian Press
CALGARY — The co-founder of an Alberta oil and gas company has been sentenced to five years in prison for defrauding Arcan Resources Ltd., which he established with his brother and another man.
Ian Wilson Fisher, 54, pleaded guilty Tuesday to fraud over $5,000, after being charged in August 2015.
According to an agreed statement of facts, Fisher was operations manager at the time and created shell companies in 2008 and then made dozens of false invoices billing close to $5 million.
Defence lawyer Adriano Iovinelli said his client never denied the allegations, but “it was just about determining what an appropriate sentence would be” and reaching a joint plea deal.
Crown prosecutor Steven Johnston said he hopes the penalty sends a message “if you commit fraud and steal from your employer, you’re going to the penitentiary.”
Court was told Fisher splurged on himself, buying a house in the resort community of Peachland, B.C., and blowing money on drugs.
Doug Penner, former CFO of Arcan Resources, said there were a number of victims and the impact on the company was immeasurable.
“I lost almost all of my savings. I lost my job, the company, my career,” he said. “There’s a lot of victims besides myself personally, all the staff were painted with that brush.”
Aspenleaf Energy Ltd. has since purchased the assets of Arcan.
(CTV Calgary)
The Canadian Press
FOR: PETROLIA INC.TSX VENTURE SYMBOL: PEADate issue: June 28, 2017Time in: 1:40 PM eAttention:
QUEBEC, QUEBEC–(Marketwired – June 28, 2017) – Petrolia Inc. (TSX VENTURE:PEA)
(“Petrolia” or the “Company”) is pleased to announce that it has obtained an…
David Yager – Yager Management Ltd. Oilfield Service Management Consulting – Oil & Gas Writer – Energy Policy Analyst June 28, 2017 In the investment business they call it the “dead cat bounce”. Share values hit bottom and appear to rise and recover but soon return to their low levels. … Read more
June 28, 2017 (Bloomberg) Oil fell, snapping the longest run of gains in a month, as U.S. industry data showed crude stockpiles rose. Futures lost as much as 1.3 percent in New York after climbing 4 percent the previous four sessions. U.S. stockpiles expanded by 851,000 barrels last week, the American Petroleum Institute was said to … Read more
June 28, 2017 (Bloomberg) Call it the pipeline pinch, or maybe the Keystone quagmire. While plans by Canadian companies from Suncor Energy Inc. to Canadian Natural Resources Ltd. to boost oil output are racing to fruition, the construction of three pipelines needed to move that product to market, including the infamous Keystone XL, is lagging years … Read more
June 28, 2017 (Bloomberg) The euro jumps with bond yields, a ransomware hack goes global, and the oil rally stumbles. Here are some of the things people in markets are talking about today. Euro rally The euro rose to its highest level in more than a year against the U.S. dollar, trading at $1.1361 by 5:00 a.m. Eastern … Read more
FOR: VITOL ENERGY (BERMUDA) LTD.
Date issue: June 28, 2017Time in: 11:17 AM eAttention:
TORONTO, ONTARIO–(Marketwired – June 28, 2017) – Vitol Energy (Bermuda) Ltd.
(Vitol) announced today that it has purchased an aggregate of 15,658,201 common
share…
FOR: NEW WEST ENERGY SERVICES INC.
TSX VENTURE SYMBOL: NWE
Date issue: June 28, 2017
Time in: 9:15 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 28, 2017) – New West Energy Services Inc.
(TSX VENTURE:NWE), an oil and gas and environmental services company focused on
Western Canada, today announced the appointment of an executive chairman and
lead director, a change in the company’s financial year-end and the granting of
stock options.
APPOINTMENT OF EXECUTIVE CHAIRMAN AND LEAD DIRECTOR
NWE is pleased to announce the appointment of Mr. Erinn B. Broshko as a
director and Executive Chairman of the company. In conjunction with Mr.
Broshko’s appointment, NWE’s current Chairman, William A. Rand, has been
appointed as Lead Director.
Mr. Broshko is the Managing Director of Rand Investments Ltd., a
Vancouver-based private equity firm. Previous to that, Mr. Broshko was the
Chief Executive Officer and then Executive Chairman of a publically-listed
biotechnology company and a corporate and securities lawyer with a prominent
Vancouver-based law firm.
Gerry E. Kerkhoff, President and Chief Executive Officer of NWE commented,
“Erinn brings to New West eighteen years of corporate finance, public markets
and transactions experience. With the oil and gas industry showing signs of
recovery and New West’s improving results, Erinn will be a valuable member of
the team as we seek to complete transactions of strategic importance to create
significant shareholder value.”
Mr. Broshko stated, “I’m honoured to be joining Gerry and the New West team at
this important time. The company has a long and trusted track record in oil and
gas services throughout western Canada and has shown resilience through these
challenging times for the industry. Since its $4.8 million equipment
acquisition in early March, New West has been securing additional work in the
completions and production sectors and expects increased utilization of the
additional equipment.”
Mr. Broshko concluded, “With New West’s increased service capacity, our
leadership will be looking to execute upon transformational transactions that
are accretive and that increase our growth potential.”
CHANGE OF FINANCIAL YEAR-END
NWE announced that its board of directors has resolved to change its financial
year-end from April 30 to December 31 to better conform with industry peers and
to line up the company’s quarterly filings with more traditional quarters.
To facilitate the change, NWE will report a one-time transition year covering
the eight months from May 1 to December 31. 2017. Subsequent to this transition
year, NWE’s first full financial year will be January 1 to December 31, 2018.
For more details regarding the length and ending dates of the financial
periods, including the comparative periods, of the interim and annual financial
statements to be filed for NWE’s transition year and its new financial year,
please refer to the company’s Notice of Change of Year End filed pursuant to
National Instrument 51-102 and available under the company’s SEDAR profile at
www.sedar.com.
GRANT OF STOCK OPTIONS
NWE announced that it granted to certain directors, officers and employees
five-year incentive stock options to purchase an aggregate of 2,125,000 common
shares at an exercise price of $0.13 per share, being the June 27, 2017 closing
price of NWE’s common shares on the TSX Venture Exchange.
Neither the TSXV nor its Regulation Services Provider (as that term is defined
in the policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
Certain statements in this news release may constitute “forward-looking
information” within the meaning of applicable securities laws that involve
known and unknown risks, uncertainties and other factors that may cause actual
results, performance or achievements or industry results to be materially
different from any future results, performance or achievements or industry
results expressed or implied by such forward-looking information and financial
outlook. Forward-looking information is identified by the use of terms and
phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar
terms and phrases, including references to assumptions. Such information may
involve, but is not limited to, comments with respect to strategies,
expectations, planned operations or future actions. Forward-looking information
in this news release includes, without limitation, statements with respect to:
the use of proceeds of its loans; the use of the acquired equipment; planned
changes in NWE’s business and revenues; the competitive environment in which
NWE operates; and the assessment of future plans and operations. Actual events
or results may differ materially. The forward-looking information in this news
release is based on assumptions which includes, but is not limited to: NWE
realizing the expected benefits of its loans and acquired equipment; the
general state of the economy and the oil and gas industry not worsening; NWE
not losing any key personnel; NWE sustaining or increasing their level of
revenues and EBITDA; NWE growing its businesses long term and managing its
growth; NWE complying with existing regulations and not becoming subject to
more stringent regulations; and, NWE’s insurance being sufficient to cover
losses that may occur as a result of its operations. The forward-looking
information in this news release is subject to risks, uncertainties and other
factors that could cause actual results to differ materially from historical
results or results anticipated by the forward-looking information.
The factors which could cause results to differ from current expectations
include, but are not limited to: failure to realize the expected benefits of
its loans and acquired equipment; potential undisclosed liens associated with
the acquired equipment; NWE’s results being dependent upon the general state of
the economy and the oil and gas industry; NWE being dependent on key personnel,
the loss of which could harm its business; NWE may not be able to sustain or
increase their revenues or EBITDA; NWE may be unable to grow its business long
term or to manage any growth; NWE may be unable to integrate the acquired
equipment into its business; competition in NWE’s markets may lead to reduced
revenues and EBITDA; NWE may fail to comply with existing regulations or become
subject to more stringent regulations; NWE’s insurance may be insufficient to
cover losses that may occur as a result of NWE’s operations; the market price
of NWE’s common shares will fluctuate; and, there is a possibility of dilution
of existing holders of NWE’s common shares due to future financings or
acquisitions. Although NWE has attempted to identify factors that would cause
actual actions, events or results to differ materially from those disclosed in
the forward-looking statements in this news release, there may be other factors
that cause actions, events or results not to be as anticipated, estimated or
intended. Also, many of the factors are beyond the control of NWE. Accordingly,
readers should not place undue reliance on the forward-looking information in
this news release. The forward-looking information is made as of the date of
this news release, and NWE does not assume any obligation to publicly update or
revise such forward-looking information to reflect new information, subsequent
or otherwise, except as may be required by applicable law. The forward-looking
information contained herein is expressly qualified in its entirety by this
cautionary statement.
– END RELEASE – 28/06/2017
For further information:
New West Energy Services Inc.
Gerry E. Kerkhoff
President & Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
403.984.9799 (FAX)
[email protected]
www.newwestenergyservices.com
COMPANY:
FOR: NEW WEST ENERGY SERVICES INC.
TSX VENTURE SYMBOL: NWE
INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170628CC0030
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: JUST ENERGY GROUP INC.
TSX SYMBOL: JE
NYSE SYMBOL: JE
Date issue: June 28, 2017
Time in: 8:00 AM e
Attention:
TORONTO, ONTARIO–(Marketwired – June 28, 2017) – Just Energy Group Inc.
(TSX:JE)(NYSE:JE) is pleased to announce that at its annual meeting of
shareholders held yesterday, each of the nine nominees listed in its management
information circular dated May 26, 2017 was elected a director of Just Energy
to serve until the next annual meeting of shareholders of Just Energy or until
their successors are elected or appointed. The results of the shares voted in
respect of the election of each director are set out below.
/T/
—————————————————————————-
Nominee Votes For % For Votes Withheld % Withheld
—————————————————————————-
John A. Brussa 76,865,916 80.38 18,765,727 19.62
—————————————————————————-
R. Scott Gahn 88,312,853 92.35 7,318,790 7.65
—————————————————————————-
H. Clark Hollands 90,073,594 94.19 5,558,049 5.81
—————————————————————————-
James Lewis 94,583,277 98.90 1,048,366 1.10
—————————————————————————-
Rebecca MacDonald 92,385,682 96.61 3,245,961 3.39
—————————————————————————-
Deborah Merril 94,552,529 98.87 1,079,114 1.13
—————————————————————————-
Brett A. Perlman 88,309,872 92.34 7,321,771 7.66
—————————————————————————-
M. Dallas H. Ross 95,194,678 99.54 436,965 0.46
—————————————————————————-
William F. Weld 88,238,965 92.27 7,392,678 7.73
—————————————————————————-
/T/
In addition, all other resolutions tabled at the meeting were approved by Just
Energy’s shareholders, including the appointment of Ernst & Young LLP as
auditors. Detailed voting results for all resolutions will be posted under Just
Energy’s SEDAR profile at www.sedar.com and on the U.S. Securities Exchange
Commission’s website at www.sec.gov.
About Just Energy Group Inc.
Established in 1997, Just Energy is a leading retail energy provider
specializing in electricity and natural gas commodities, energy efficiency
solutions, and renewable energy options. With offices located across the United
States, Canada, and the United Kingdom, Just Energy serves approximately two
million residential and commercial customers providing homes and businesses
with a broad range of energy solutions that deliver comfort, convenience and
control. Just Energy Group Inc. is the parent company of Amigo Energy, Green
Star Energy, Hudson Energy, Just Energy Solar, Tara Energy and TerraPass. Visit
justenergygroup.com to learn more. Also, find us on Facebook and follow us on
Twitter.
Neither the Toronto Stock Exchange nor the New York Stock Exchange has approved
nor disapproved of the information contained herein.
– END RELEASE – 28/06/2017
For further information:
Patrick McCullough
Chief Financial Officer
Just Energy
713-933-0895
[email protected]
OR
Michael Cummings
Investor Relations
Alpha IR
617-982-0475
[email protected]
COMPANY:
FOR: JUST ENERGY GROUP INC.
TSX SYMBOL: JE
NYSE SYMBOL: JE
INDUSTRY: Energy and Utilities – Oil and Gas , Financial Services –
Personal Finance
RELEASE ID: 20170628CC0011
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: SHAMARAN PETROLEUM CORP.TSX VENTURE SYMBOL: SNMOMX SYMBOL: SNMDate issue: June 28, 2017Time in: 6:40 AM eAttention:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 28, 2017) – ShaMaran Petroleum
Corp. (“ShaMaran” or the “Company”) (TSX VENTURE:S…
FOR: FRONT RANGE RESOURCES LTD.TSX VENTURE Symbol: FRKDate issue: June 28, 2017Time in: 12:14 AM eAttention:
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
CALGARY, AB –(Marketwired – June 28, 2017) …
TORONTO — Natural gas rates are going up July 1 for most customers in Ontario.
The Ontario Energy Board approved new rates for Enbridge, Natural Resource Gas Ltd. and Union Gas.
The typical residential customer of Enbridge will see their bills rise by about $36 per year.
The average Natural Resource Gas customer will pay about $25 more per year.
Average Union Gas customers in the South and North East regions will pay about $40 more a year.
Meanwhile, the typical Union Gas customer in the North West region will see their bill decrease slightly, by about $1.71 per year.
The Canadian Press
FOR: EAGLE ENERGY INC.TSX SYMBOL: EGLDate issue: June 27, 2017Time in: 9:03 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 27, 2017) – Eagle Energy Inc. (TSX:EGL)
announced that, at today’s annual general meeting, the shareholders re-elected
Eag…
FOR: CANADIAN EQUIPMENT RENTALS CORP.TSX VENTURE SYMBOL: CFLDate issue: June 27, 2017Time in: 7:15 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 27, 2017) – Canadian Equipment Rentals
Corp. (the “Company”) (TSX VENTURE:CFL) is pleased to announ…
FOR: TOTAL ENERGY SERVICES INC.TSX SYMBOL: TOTDate issue: June 27, 2017Time in: 7:01 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 27, 2017) – Total Energy Services Inc.
(“Total” or the “Company”) (TSX:TOT) announces that the following matters …
FOR: WILTON RESOURCES INC.TSX VENTURE SYMBOL: WILDate issue: June 27, 2017Time in: 6:56 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 27, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAIL…
FOR: CANACOL ENERGY LTD.
TSX SYMBOL: CNE
BVC SYMBOL: CNEC
OTCQX SYMBOL: CNNEF
Date issue: June 27, 2017
Time in: 6:45 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 27, 2017) – Canacol Energy Ltd.
(“Canacol” or the “Corporation”) (TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to
provide the following update for the Toronja 1 exploration well, the
Corporation’s eighth consecutive gas discovery in the Lower Magdalena Basin.
The Corporation also announces the addition of a fourth gas exploration well,
Gaitero 1, to its drilling program for 2017, and provides an update on its gas
flowline project.
Mr. Mark Teare, Senior Vice President of Exploration at Canacol, commented
“Toronja 1 marks another success in the new, high impact, shallow Porquero
sandstone gas play that we tested last year with the Nelson 6 exploration well,
with Toronja 1 successfully testing at a combined rate of 46 MMscfpd. The
Toronja 1 and Nelson 6 discoveries unlock an important new commercial gas play
spread across our 1.2 million net acres on our five exploration contracts
located in the Lower Magdalena Basin. The same seismic processing and
interpretation techniques we have been using in the past to identify gas
pre-drill within the deeper CDO prospects have been successfully applied to the
shallower Porquero gas prospects, allowing us to detect the presence of gas
within the prospect prior to drilling. This technique has yielded a discovery
rate of 89% for our gas exploration drilling program over the past three years,
a remarkable success rate for any oil and gas company within the context of
worldwide conventional gas exploration. We observe four additional Porquero
prospects nearby Toronja 1, each exhibiting the characteristic seismic anomaly
indicative of the presence of gas. Using the results of the Nelson 6 and
Toronja 1 discoveries, our technical teams are busy mapping this new gas
fairway across our blocks to identify additional opportunities for future
drilling beyond the 44 prospects and leads we have identified in the deeper
Cienaga de Oro reservoir. We anticipate that the shallow Porquero play will add
significant new reserves to the Corporation’s already ample reserves base in
the coming years.”
Mr. Ravi Sharma, Chief Operating Officer at Canacol, commented “We are very
pleased to have drilled yet another gas discovery in Colombia, our eighth
consecutive one, and even more pleased to have drilled it in a record six days,
41% below planned budget. The efficiencies we are achieving in our gas drilling
program have resulted in significant capital savings, so much so that we can
add an additional gas exploration well, Gaitero 1, to our drilling program for
2017. With the successful results at the Canahuate 1 and now the Toronja 1
exploration wells this year, which tested at rates of 28 MMscfpd and 46 MMscfpd
respectively, and two more high potential gas exploration wells remaining to
drill this year, Canacol continues to move closer towards realizing our
objective of producing 230 MMscfpd of gas in December 2018. I am also pleased
to report that our gas flowline project is advancing according to schedule, and
Canacol is in the process of closing a US$40 million equity placement in the
SPV. This allows us to achieve our goal of lifting gas production and sales to
130 MMscfpd by December 1, 2017.”
Toronja 1 Gas Discovery
VIM 21 Exploration and Production (“E&P”) Contract
CNE Oil and Gas S.A.S., 100% Operated Working Interest
The Toronja 1 exploration well was spud on May 28, 2017 and reached a total
depth of 7,200 feet measured depth (“ft md”) in six days. The well encountered
gas between 4,875 to 6,256 ft md (4,775 to 5,956 feet true vertical depth) with
average porosity of 20% within the primary Porquero sandstone reservoir target.
Two different zones were completed and flow tested within the Porquero. The
first zone tested was perforated between 4,865 to 4,884 ft md and flowed at a
final stabilized rate of 24.4 million standard cubic feet per day (“MMscfpd”)
of dry gas at a flowing tubing head pressure of 813 pounds per square inch
(“psi”) and 70/64-inch choke with no water over a 44 hour test period. The
second zone tested was perforated between 6,249 to 6,257 ft md and flowed at a
final stabilized rate of 21.9 MMscfpd of dry gas at a flowing tubing head
pressure of 818 psi and 70/64-inch choke with no water over a 37 hour test
period. Work is underway to tie the Toronja 1 well into the Corporation’s gas
processing facility at Jobo approximately 3 kilometers (“kms”) to the south.
Pandereta 1 Gas Exploration Well
VIM 5 Exploration and Production Contract
CNE Oil and Gas S.A.S., 100 % Operated Working Interest
The Pandereta 1 exploration well is located approximately 10 kms to the east of
the Clarinete and Oboe fields on the VIM 5 contract. The Pandereta prospect is
a normal faulted three-way anticline imaged on 3D seismic data. The objective
of the well are proven sandstones of the Cienaga de Oro (“CDO”) reservoir,
productive in the Clarinete and Oboe gas discoveries. The well will be spud in
early October 2017 and is expected to be drilled and tested five weeks after
spud.
Gaitero 1 Gas Exploration Well
VIM 5 Exploration and Production Contract
CNE Oil and Gas S.A.S., 100% Operated Working Interest
Upon completion of the testing of the Pandereta 1 well, the rig will be
mobilized approximately 6 kms to the north to drill the Gaitero 1 exploration
well. The Gaitero prospect is a normal faulted three-way anticline imaged on 3D
seismic data. The objective of the well are proven sandstones of the CDO
reservoir. The well will spud in mid November 2017 and is expected to be
drilled and tested five weeks after spud.
Gas Flowline Project
The Special Purpose Vehicle (“SPV”) is in the process of closing a US$40
million equity placement with a group of private investors which will be used
to fund the construction of the flowline, with closing anticipated in mid to
late July 2017. Meanwhile, the SPV has acquired approximately 60% of the right
of way for the flowline, and has purchased two parcels of land for the
compression stations. Fabrication and sailing of the tubulars and compression
stations is on schedule, with all equipment anticipated to arrive in Colombia
prior to mid August 2017. Construction of the flowline is anticipated to
commence in the last week of August 2017. Pressure testing of the flowline and
compression stations is anticipated to commence in mid November 2017, with the
flowline anticipated to commence deliveries of gas to Cartagena via a
connection to the Promigas S.A. pipeline in Bremen on December 1, 2017.
The Corporation shall provide updates on the exploration drilling program as
information becomes available.
Canacol is an exploration and production company with operations focused in
Colombia, Ecuador, and Mexico. The Corporation’s common stock trades on the
Toronto Stock Exchange, the OTCQX in the United States of America, and the
Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNE.C, respectively.
This press release contains certain forward-looking statements within the
meaning of applicable securities law. Forward-looking statements are frequently
characterized by words such as “plan”, “expect”, “project”, “intend”,
“believe”, “anticipate”, “estimate” and other similar words, or statements that
certain events or conditions “may” or “will” occur, including without
limitation statements relating to estimated production rates from the
Corporation’s properties and intended work programs and associated timelines.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made and are subject to a variety of
risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. The Corporation cannot assure that actual results will be
consistent with these forward looking statements. They are made as of the date
hereof and are subject to change and the Corporation assumes no obligation to
revise or update them to reflect new circumstances, except as required by law.
Prospective investors should not place undue reliance on forward looking
statements. These factors include the inherent risks involved in the
exploration for and development of crude oil and natural gas properties, the
uncertainties involved in interpreting drilling results and other geological
and geophysical data, fluctuating energy prices, the possibility of cost
overruns or unanticipated costs or delays and other uncertainties associated
with the oil and gas industry. Other risk factors could include risks
associated with negotiating with foreign governments as well as country risk
associated with conducting international activities, and other factors, many of
which are beyond the control of the Corporation.
This press release contains non-GAAP measures such as EBITDAX, funds from
operations, working capital, operating netback per barrel and realized
contractual gas sales that do not have any standardized meaning under IFRS and
may not be comparable to similar measures presented by other companies.
Management uses these non-GAAP measures for its own performance measurement and
to provide shareholders and investors with additional measurements of the
Corporation’s performance and financial results.
Realized contractual gas sales is defined as gas produced and sold plus gas
revenues received from nominated take or pay contracts.
Boe conversion – The term “boe” is used in this news release. Boe may be
misleading, particularly if used in isolation. A boe conversion ratio of cubic
feet of natural gas to barrels oil equivalent is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead. In this news release, we have expressed
boe using the Colombian conversion standard of 5.7 Mcf: 1 bbl required by the
Ministry of Mines and Energy of Colombia.
– END RELEASE – 27/06/2017
For further information:
Investor Relations
214-235-4798
[email protected]
canacolenergy.com
COMPANY:
FOR: CANACOL ENERGY LTD.
TSX SYMBOL: CNE
BVC SYMBOL: CNEC
OTCQX SYMBOL: CNNEF
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170627CC0089
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: GREENFIELDS PETROLEUM CORPORATION
TSX VENTURE SYMBOL: GNF
Date issue: June 27, 2017
Time in: 6:16 PM e
Attention:
HOUSTON, TEXAS–(Marketwired – June 27, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.
Greenfields Petroleum Corporation (“Greenfields” or the “Company”) (TSX
VENTURE:GNF) is pleased to announce that it has completed the private placement
previously announced on June 13, 2017 (the “Offering”).
In connection with the Offering, the Company issued 18,258,201 common shares of
the Company (“Common Shares”), at a price of USD$0.1485 per Common Share
(approximately CDN$0.20 per Common Share based on the Bank of Canada daily
exchange rate on May 30, 2017 of $1.00 USD = $1.3468 CDN), for aggregate gross
proceeds of USD$2,711,343 (approximately CDN$3,651,640). The Common Shares
issued under the Offering are subject to a four-month hold period expiring on
October 28, 2017. The Offering is subject to the approval of the TSX Venture
Exchange (the “Exchange”). The Offering was conducted through Mirabaud
Securities LLP as agent for the Company in respect of certain subscribers.
Vitol Energy (Bermuda) Ltd. (“Vitol”) and Ingalls & Snyder LLC (“I&S”) hold
Common Share purchase warrants (“Warrants”), which vest in the event of a
dilutive issuance of securities by the Company. Vitol and I&S have waived their
vesting rights such that the Offering will not cause any of the Warrants to
vest.
John W. Harkins, CEO of Greenfields, stated: “We are pleased with the continued
support of our investors, as it ensures that Greenfields will complete its
static and dynamic modelling for the revised Plan of Development of the two
fields due at the end of summer in 2017. We remain optimistic that these plans
will recognize additional secondary recovery potential in the oil reservoirs.
Additionally, the proceeds of this private placement will allow us to
accelerate the gas well recompletions in the Bahar field and the installation
of electric submersible pumps in existing oil wells in the Gum Deniz oil field.”
The Company also announces that it has agreed to issue an aggregate of
2,291,801 Common Shares to certain employees and consultants of the Company in
satisfaction of compensation payable to such employees and consultants in the
aggregate amount of USD$340,333 (CDN$458,360) (the “Debt Settlement”). The
deemed price per Common Share to be issued pursuant to the Debt Settlement is
USD$0.1485 (CDN$0.20), being the same price as paid by investors in the
Offering. The issuance of the Common Shares pursuant to the Debt Settlement is
subject to the approval of the Exchange.
As a result of the Offering and the Debt Settlement, the Company will have a
total of 179,807,812 Common Shares issued and outstanding.
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.
Cautionary Statements
Certain information included in this news release constitutes forward-looking
information under applicable securities legislation. Forward-looking
information typically contains statements with words such as “will”, “plan”,
“anticipate”, “believe”, “expect”, “intend”, “estimate”, “propose”, or similar
words suggesting future outcomes or statements regarding an outlook. In
particular, this document contains forward-looking information and statements
regarding: (i) the completion of Greenfields’ revised Plan of Development,
including static and dynamic modelling, additional secondary recovery potential
in oil reservoirs, acceleration of well recompletions and installation of pumps
in existing wells; (ii) the use of proceeds of the Offering; (iii) the
completion and timing of the Debt Settlement and the issuance of Common Shares;
and (iv) future capital expenditures and projects. All statements other than
statements of historical fact may be forward-looking information. This
forward-looking information is subject to certain risks and uncertainties and
may be based on assumptions that could cause actual results to differ
materially from those anticipated or implied in the forward-looking
information. The outcome and timing of the Debt Settlement, as well as the
Company’s actual results, performance or achievement could differ materially
from those expressed in, or implied by, such forward-looking information and,
accordingly, no assurances can be given that any of the events anticipated by
the forward-looking information will transpire or occur or, if any of them do,
what benefits that the Company will derive from them. 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. Accordingly, prospective investors should not
place undue reliance on these forward-looking statements. The Company’s
forward-looking information is expressly qualified in its entirety by this
cautionary statement. These forward-looking statements are made as of the date
of this news release and, except as required by law, the Company undertakes no
obligation to publicly update or revise any forward-looking information.
This news release does not constitute an offer to sell or the solicitation of
an offer to buy any securities of Greenfields in the United States. The Common
Shares described in this news release have not been and will not be registered
under the United States Securities Act of 1933, as amended, or the securities
laws of any state and may not be offered, sold or delivered in the United
States absent an exemption from registration.
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 – 27/06/2017
For further information:
Greenfields Petroleum Corporation
John W. Harkins
Chief Executive Officer
(832) 234-0836
OR
Greenfields Petroleum Corporation
Jose Perez-Bello
Chief Financial Officer
(832) 234-0831
[email protected]
www.greenfields-petroleum.com
OR
Yellow Jersey PR (Media Relations)
Charles Goodwin
+44 7747 788 221
OR
Yellow Jersey PR (Media Relations)
Katie Bairsto
+44 7946 424 651
[email protected]
COMPANY:
FOR: GREENFIELDS PETROLEUM CORPORATION
TSX VENTURE SYMBOL: GNF
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170627CC0086
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: NIKO RESOURCES LTD.
TSX Symbol: NKO
Date issue: June 27, 2017
Time in: 6:02 PM e
Attention:
CALGARY, AB –(Marketwired – June 27, 2017) – Niko Resources Ltd. (“Niko” or
the “Company”) (TSX: NKO) provides the following corporate update:
Minimum Contracted Quantities Dispute — India
As previously disclosed, in accordance with previous contracts for natural gas
sales from the Hazira field in India, the Company had committed to deliver
certain minimum quantities. For the period ended December 31, 2007, the
Company was unable to deliver the minimum quantities to certain customers and
the Company’s joint operating partner in the Hazira field delivered the
shortfall volumes from other gas sources. The Company’s joint operating
partner filed arbitration claims for losses incurred as a result of the
delivery of these shortfall volumes.
In June 2017, the arbitration tribunal issued an award in favour of the
Company’s joint operating partner in an amount of approximately $17.8 million
along with the interest thereon at the rate of 10% per annum from 2012 to the
date of award (approximately $9.7 million) plus further interest at 10% per
annum from the date of the award until payment. The Company plans to appeal
the award in the Indian court system under the rules governing Indian
arbitration.
Forward-Looking Information
Certain statements in this press release constitute forward-looking
information. Specifically, this press release contains forward looking
information relating to the Company’s plans to appeal the award of the
arbitration tribunal. Such forward-looking information is based on a number of
risks, uncertainties and assumptions, which may cause actual results or other
expectations to differ materially from those anticipated and which may prove
to be incorrect. The failure by the Company to appeal the award of the
arbitration tribunal or otherwise prevail against the claim of its joint
operating partner in the Hazira field could have a material adverse impact on
the Company. Undue reliance should not be placed on forward-looking
information. Such forward-looking information reflects the Company’s current
beliefs and assumptions and is based on information currently available to the
Company. This forward-looking information is based on certain key expectations
and assumptions, some of which are not within the control of the Company. The
reader is cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation, may
prove to be incorrect. Actual results may vary from the information provided
herein as a result of numerous known and unknown risks and uncertainties and
other factors and such variations may be material. Such risk factors include,
but are not limited to, unforeseen litigation and the risks discussed under
“Risk Factors” in the Company’s Annual Information Form for the year-ended
March 31, 2017 and in the Company’s public disclosure documents, and other
factors, many of which are beyond the Company’s control.
The forward-looking information included in this press release is expressly
qualified in its entirety by this cautionary statement. The forward-looking
information included herein is made as of the date of this press release and
Niko assumes no obligation to update or revise any forward looking information
to reflect new events or circumstances, except as required by law.
– END RELEASE – 27/06/2017
For further information:
Niko Resources Ltd.
Glen Valk
VP Finance & CFO
(403) 262-1020
www.nikoresources.com
COMPANY:
FOR: NIKO RESOURCES LTD.
TSX Symbol: NKO
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170627CC013
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: BRI-CHEM CORP.TSX SYMBOL: BRYDate issue: June 27, 2017Time in: 5:52 PM eAttention:
EDMONTON, ALBERTA–(Marketwired – June 27, 2017) – Bri-Chem Corp. (“Bri-Chem”
or “Company”) (TSX:BRY), a North American industry leader for wholesale
distribution …
Written by Hamish Knox; President of Sandler in Calgary, Canada Creating accountable, sales focused organizations in Calgary When the economy takes a dip, like the recent drop in the price of a barrel of oil, leaders and salespeople alike typically stop doing their behaviors out of fear or frustration. Fear … Read more
FOR: ENBRIDGE GAS DISTRIBUTION INC.
Date issue: June 27, 2017Time in: 4:55 PM eAttention:
TORONTO, ONTARIO–(Marketwired – June 27, 2017) – Enbridge Gas Distribution
Inc. (Enbridge) has received approval from the Ontario Energy Board (OEB) for
new rat…
June 26, 2017 Reuters British Columbia’s New Democrats introduced a non-confidence motion in the Western Canadian province’s government on Monday, setting the stage for the ruling Liberals to be toppled on Thursday after 16 years in power.In a response to the June 22 Throne Speech, the government’s agenda for the legislative session, John Horgan, the leader … Read more
Acquisition signals an evolution in the way companies plan and manage core assets Calgary, AB — 06/27/2017 — 3esi-Enersight, the oil and gas industry’s leading provider of solutions for integrated strategy, planning and reserves today announced it has acquired Energy Navigator. Energy Navigator is the creator of Value Navigator (Val Nav), the industry’s most trusted reserves … Read more
COPENHAGEN — Danish shipping and oil group A.P. Moller-Maersk says its IT systems are down.
The Copenhagen-based group didn’t say what had caused Tuesday’s problems. Danish media say Maersk offices in Britain, Panama and Venezuela were affected.
Maersk said on Twitter: “the safety of our customers’ business and our people is our top priority.”
The Associated Press
Some believe that strong, strategic marketing efforts need only be reserved for a select few industries. The fact is, marketing is invaluable, no matter what your line of business may be. A solid marketing plan sets the foundation for business growth, and boasts countless benefits. Marketing can build brand awareness, increase sales, engage your … Read more
June 26, 2017 (Bloomberg) The U.S. has a unique opportunity to develop a “North American energy strategy” with Canada and Mexico, Energy Secretary Rick Perry said, striking a conciliatory tone with the other members of the North American Free Trade Agreement. While President Donald Trump has blasted Nafta and moved to renegotiate it, Perry referred … Read more
June 27, 2017 (Bloomberg) The International Monetary Fund cut its outlook for the American economy and said the U.S. probably won’t meet President Donald Trump’s target of 3 percent annual growth. The IMF reduced its forecast for U.S. growth this year to 2.1 percent, from 2.3 percent in the fund’s April update to its world … Read more
June 27, 2017 (Bloomberg) Oil advanced for a fourth day in New York, its longest run of gains in a month, on estimates that U.S. crude inventories continued their decline from record levels seen earlier this year. Futures added as much as 1.5 percent after rising 2 percent in the previous three sessions. Inventories probably … Read more
FOR: VANTAGE DRILLING INTERNATIONAL
Date issue: June 27, 2017
Time in: 1:20 PM e
Attention:
HOUSTON, TX–(Marketwired – June 27, 2017) – Vantage Drilling International
(“Vantage” or the “Company”), announced today, that its ultra-deepwater
drillship, the Platinum Explorer, has received a letter of award for a three
year contract from Oil and Natural Gas Company (ONGC). The Platinum Explorer is
planned to mobilize to India in the fourth quarter of 2017. Expected revenues
over the three-year contract term, exclusive of service tax, are approximately
$118 million.
Ihab Toma, the Company’s Chief Executive Officer, commented, “We are delighted
to put this drillship back to work in this challenging environment and we look
forward to safe and successful operations for our customer, ONGC. Vantage and
the Platinum Explorer have previously worked for ONGC for five years and we
look forward to providing the same professional service to this client.”
Vantage Drilling International, a Cayman Islands exempted company, is an
offshore drilling contractor, with a fleet of three ultra-deepwater drillships,
four premium jackup drilling rigs and one standard jack-up drilling rig.
Vantage’s primary business is to contract drilling units, related equipment and
work crews primarily on a dayrate basis to drill oil and natural gas wells
globally for major, national and large independent oil and natural gas
companies. Vantage also provides construction supervision services and
preservation management services for, and will operate and manage, drilling
units owned by others.
The information above includes forward-looking statements within the meaning of
the Securities Act of 1933 and the Securities Exchange Act of 1934. These
forward-looking statements are subject to certain risks, uncertainties and
assumptions identified above or as disclosed from time to time in the Company’s
filings with the Securities and Exchange Commission. As a result of these
factors, actual results may differ materially from those indicated or implied
by such forward-looking statements. Vantage disclaims any intention or
obligation to update publicly or revise such statements, whether as a result of
new information, future events or otherwise.
– END RELEASE – 27/06/2017
For further information:
Public & Investor Relations Contact:
OR
Thomas J. Cimino
Chief Financial Officer
Vantage Drilling International
(281) 404-4700
COMPANY:
FOR: VANTAGE DRILLING INTERNATIONAL
INDUSTRY: Energy and Utilities – Oil and Gas , Energy and Utilities
– Pipelines
RELEASE ID: 20170627CC0057
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.
June 27, 2017 (Bloomberg) —Mergers and acquisitions in Canada are set for the strongest start in a decade as foreigners sell their oil sands investments. There have been about $132 billion of transactions recorded this year, the highest since $156.5 billion in the first half of 2007, according to data compiled by Bloomberg. Local companies … Read more
June 27, 2017 (Bloomberg) It’s a huge day for central bank speakers, Google gets the EU antitrust treatment, and opposition to the U.S. health care bill mounts in the Senate. Here are some of the things people in markets are talking about today. Draghi, Carney and Yellen Investors face a triumvirate of central bank talkers today, with the … Read more
By Maggie Hanna, BSc PGeo – Energy Dialogues Speech, Global Petroleum Show 2017 Good morning everyone and a warm welcome! I’ll begin by stating, un-reservedly, that “Oil is AWESOME!”S How many human work hours are in a single barrel of oil? 4,053! That is 2 years of 40 hour work weeks. In one barrel! At … Read more
FOR: PETROMAROC CORPORATION PLCTSX VENTURE SYMBOL: PMADate issue: June 27, 2017Time in: 12:16 PM eAttention:
TORONTO, ONTARIO–(Marketwired – June 27, 2017) – PetroMaroc Corporation plc
(TSX VENTURE:PMA) (the “Company” or “PetroMaroc”) is pleased to a…
FOR: SOLEGEAR BIOPLASTIC TECHNOLOGIES INC.
TSX VENTURE SYMBOL: SGB
Date issue: June 27, 2017
Time in: 9:00 AM e
Attention:
Surpasses $2 Million Revenue Milestone and Solidifies Supply Chain for Scalable
Growth
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 27, 2017) – Solegear
Bioplastic Technologies Inc. (the “Company” or “Solegear”) (TSX VENTURE:SGB)
today announced its audited financial results for the 12 months ended February
28, 2017.
Solegear reports revenues of $2,066,061 for the fiscal year ended February 28,
2017 compared to revenues of $146,036 for the fiscal year ended February 29,
2016. The Company reports a net and comprehensive loss of $3,290,496 for the
fiscal year ended February 28, 2017 compared to a net and comprehensive loss of
$4,150,857 for the fiscal year ended February 29, 2016.
The Company had cash reserves of $1,033,648 at February 28, 2017 compared to
$678,237 at February 29, 2016 and subsequently received $283,830 in gross new
private placement proceeds as announced on May 5, 2017.
Fiscal 2017 Highlights:
/T/
— Exceeded projected sales growth and delivered fiscal year revenues of $2
million, delivering over 14x growth compared to fiscal year 2016
— Delivered gross profit margins of 31% of sales and reduced losses by 40%
per share
— Awarded US Patent 9,416,255 covering the synthesis of certain bio-based
additives
— Launched good natured(TM) brand of plant-based organizational products
at retailers and online in Canada and the US, accessing the $10+ billion
North American home and business organization market
— Expanded to over 120 plant-based food packaging SKUs across bakery,
ready-made meals, produce and deli categories
— Established a competitive and highly scalable supply chain with LINDAR
Corp & Ex-Tech Plastics
/T/
“We had set forth aggressive growth and operational milestones for fiscal 2017,
and I could not be more proud of our Solegear team and partners. We delivered,”
said Paul Antoniadis CEO of Solegear. “In the last year we’ve strengthened the
team, widened our product assortment, built the customer base with recurring
purchase orders, and put in place a supply chain that supports scalable growth
in our new year.”
The Company’s financial statements and other disclosures are available on SEDAR.
The Company’s corporate profile is located at www.solegear.ca/investors.
About Solegear Bioplastic Technologies Inc.
Solegear Bioplastic Technologies Inc. (TSX VENTURE:SGB) is an innovator in the
field of next generation bioplastics made from annually renewable plant-based
sources. Committed to the principles of Green Chemistry, Solegear is driven by
its mission to create healthier, safer and stronger communities by
fundamentally changing the way plastics are made.
Solegear’s proprietary bioplastic formulations are designed to meet today’s
social and corporate requirements to lower carbon emissions, reduce waste and
remove toxicity typically associated with traditional petroleum-based plastics.
Together with its partners, Solegear custom engineers, produces and distributes
its high-performance bioplastics as resin, sheets and finished goods with some
of the highest percentages of renewable, plant-based materials currently
available in the industry.
For more information: www.solegear.ca
On behalf of the Company:
“Paul Antoniadis” Chief Executive Officer and Director
Contact: 604-566-8466
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibilities for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Information in this news release that is not current or historical factual
information may constitute forward-looking information within the meaning of
securities laws. By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our actual
results, performance or achievements, or other future events, to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include (i) that
recent commercial announcements do not get executed as forecasted, (ii) that
the Company’s sales pipeline does not convert into revenue generating customers
as anticipated, and (iii) that suitable growth opportunities are not identified.
When relying on the Company’s forward-looking statements and information to
make decisions, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. The Company has assumed
that the material factors referred to in the previous paragraph will not cause
such forward-looking statements and information to differ materially from
actual results or events. However, there can be no assurance that such
assumptions will reflect the actual outcome of such items or factors.
Other than as required under securities laws, we do not undertake to update
this information at any particular time.
Forward-looking information contained in this news release is based on our
current estimates, expectations and projections, which we believe are
reasonable as of the current date. The reader should not place undue importance
on forward-looking information and should not rely upon this information as of
any other date. All forward-looking information contained in this news release
is expressly qualified in its entirety by this cautionary statement.
– END RELEASE – 27/06/2017
For further information:
Investor Contact:
Caleb Jeffries
Kin Communications
1-866-684-6730
[email protected]
OR
Media Contact:
Elisha McCallum
FleishmanHillard Vancouver
778-668-0185
[email protected]
OR
Capital Markets Advisor:
Nicole Marchand
1-416-428-3533
[email protected]
COMPANY:
FOR: SOLEGEAR BIOPLASTIC TECHNOLOGIES INC.
TSX VENTURE SYMBOL: SGB
INDUSTRY: Chemicals – Plastics and fibers
RELEASE ID: 20170627CC0035
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: ENBRIDGE INC.
TSX SYMBOL: ENB
NYSE SYMBOL: ENB
Date issue: June 27, 2017
Time in: 8:11 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 27, 2017) – Enbridge Inc.
(TSX:ENB)(NYSE:ENB) (Enbridge or the Company), announced today the commencement
of cash tender offers by its wholly-owned subsidiary, Spectra Energy Capital,
LLC (Spectra Capital), for the debt securities of Spectra Capital. The tender
offers consist of offers to purchase for cash the following securities issued
by Spectra Capital (collectively the Notes):
1) any and all (the Any and All Tender Offer) of the 8.00% senior unsecured
notes due 2019 (the Any and All Notes); and
2) up to US$600,000,000 (the Aggregate Maximum Repurchase Amount) in aggregate
principal amount (the Maximum Tender Offer and, together with the Any and All
Tender Offer, the Offers) of the 7.50% senior unsecured notes due 2038, the
6.75% unsecured notes due 2032, the 6.75% senior unsecured notes due 2018, the
6.20% unsecured notes due 2018, the 5.65% unsecured notes due 2020, and the
3.30% unsecured notes due 2023 (collectively, the Maximum Tender Offer Notes).
The Offers are summarized in the tables below and are being made pursuant to an
Offer to Purchase dated June 27, 2017 (the Offer to Purchase), which sets forth
a more detailed description of the Offers and can be accessed at the link
below. The Maximum Tender Offer is subject to the Acceptance Priority Levels
noted in the second table below.
Any and All of the US$500,000,000 of the Initial Principal Amount of the
Outstanding Securities Listed Below:
/T/
—————————————————————————-
Initial U.S. Treasury
Security Principal Reference Bloomberg Fixed
(CUSIP No.) Amount Security Reference Page Spread
—————————————————————————-
8.00% senior US$500,000,000 1.00% UST due FIT5 +25 bps
unsecured notes 09/30/2019
due 2019
(26439RAH9)
—————————————————————————-
/T/
Up to US$600,000,000 in Aggregate Principal Amount of the Outstanding
Securities Listed Below:
/T/
—————————————————————————-
Initial Acceptance U.S. Treasury
Security Principal Priority Reference
(CUSIP No.) Amount Level Security
—————————————————————————-
7.50% senior unsecured US$250,000,000 1 3.00% UST due
notes due 2038 (84755TAC1) 02/15/2047
—————————————————————————-
6.75% senior unsecured US$240,000,000 2 3.00% UST due
notes due 2032 (26439RAK2) 02/15/2047
—————————————————————————-
6.75% senior unsecured US$150,000,000 3 1.25% UST due
notes due 2018 (26439RAC0) 05/31/2019
—————————————————————————-
6.20% senior unsecured US$500,000,000 4 0.75% UST due
notes due 2018 (84755TAA5) 04/15/2018
—————————————————————————-
5.65% senior unsecured US$300,000,000 5 1.50% UST due
notes due 2020 (84755TAD9) 06/15/2020
—————————————————————————-
3.30% senior unsecured US$650,000,000 6 1.75% UST due
notes due 2023 (84755TAE7) 05/31/2022
—————————————————————————-
—————————————————————————-
Early
Security Bloomberg Fixed Tender
(CUSIP No.) Reference Page Spread Payment(a)(b)
—————————————————————————-
7.50% senior unsecured FIT1 +215 bps $30
notes due 2038 (84755TAC1)
—————————————————————————-
6.75% senior unsecured FIT1 +175 bps $30
notes due 2032 (26439RAK2)
—————————————————————————-
6.75% senior unsecured FIT1 +35 bps $30
notes due 2018 (26439RAC0)
—————————————————————————-
6.20% senior unsecured FIT3 +40 bps $30
notes due 2018 (84755TAA5)
—————————————————————————-
5.65% senior unsecured FIT1 +65 bps $30
notes due 2020 (84755TAD9)
—————————————————————————-
3.30% senior unsecured FIT1 +140 bps $30
notes due 2023 (84755TAE7)
—————————————————————————-
(a) Per US$1,000 principal amount.
The Total Consideration (as defined below) for Maximum Tender Offer
Notes validly tendered prior to or at the Early Tender Date (as defined
below) and accepted for purchase is calculated using the applicable
Fixed Spread (as defined below) and is inclusive of the Early Tender
(b) Payment. The Total Consideration is subject to the Aggregate Maximum
Repurchase Amount and proration in accordance with the Acceptance
Priority Levels, as more fully set forth in the Offer to Purchase (as
defined below).
/T/
The Any and All Tender Offer will expire at 5:00 p.m. New York City time on
July 6, 2017, unless extended or earlier terminated (the Any and All Tender
Expiration Date). Holders of the Any and All Notes must validly tender and not
validly withdraw their Any and All Notes prior to or at the Any and All Tender
Expiration Date to be eligible to receive the Total Consideration for such Any
and All Notes.
The Maximum Tender Offer will expire at 12:00 a.m., midnight, New York City
time on July 25, 2017, (one minute after 11:59 p.m., New York City time, on
July 25, 2017), unless extended or earlier terminated (the Maximum Tender
Expiration Date). Holders of the Maximum Tender Offer Notes must validly tender
and not validly withdraw their Maximum Tender Offer Notes prior to or at 5:00
p.m. New York City time on July 11, 2017, unless extended or terminated earlier
(the Early Tender Date), to be eligible to receive the Total Consideration for
such Maximum Tender Offer Notes, which is inclusive of an amount in cash equal
to the applicable amount set forth in the second table above under the heading
Early Tender Payment (the Early Tender Payment). Holders of the Maximum Tender
Offer Notes who validly tender their Maximum Tender Offer Notes after the Early
Tender Date but prior to or at the Maximum Tender Expiration Date will be
eligible to receive the Total Consideration for such Maximum Tender Offer Notes
less the amount of the Early Tender Payment.
Spectra Capital will allocate the Aggregate Maximum Repurchase Amount to
purchase Maximum Tender Offer Notes. All Maximum Tender Offer Notes tendered
prior to or at the Early Tender Date will be accepted based on the Acceptance
Priority Levels noted in the second table above and will have priority over
Maximum Tender Offer Notes tendered after the Early Tender Date, regardless of
the Acceptance Priority Levels of the Maximum Tender Offer Notes tendered after
the Early Tender Date. Subject to applicable law, Spectra Capital may increase
or decrease the amounts of cash available for purchase of any of the Maximum
Tender Offer Notes in its sole discretion.
The applicable consideration (the Total Consideration) payable for each
US$1,000 principal amount of Notes of each series validly tendered and accepted
for payment pursuant to the Offers will be determined in the manner described
in the Offer to Purchase by reference to the applicable fixed spread for such
Note (the Fixed Spread) specified in the table above plus the applicable yield
to maturity based on the bidside price of the applicable U.S. Treasury Notes
specified in the applicable table above, calculated as of 11:00 a.m. New York
City time on July 6, 2017, in the case of the Any and All Tender Offer, and at
11:00 a.m. New York City time on July 12, 2017, in the case of the Maximum
Tender Offer, in each case unless extended or terminated earlier. In addition
to the Total Consideration, Spectra Capital will also pay accrued and unpaid
interest on Notes purchased up to, but not including, the applicable settlement
date. The settlement date for the Any and All Offer is expected to be promptly
after the expiration of the Any and All Offer, which is expected to be July 7,
2017. The settlement date for the Maximum Tender Offer Notes validly tendered
and accepted for payment on the Early Tender Date is expected to be promptly
after the Early Tender Date, which is expected to be July 13, 2017. The
settlement date for the Maximum Tender Offer Notes validly tendered and
accepted for payment after the Early Tender Date is expected to be promptly
after the expiration of the Maximum Tender Offer, which is expected to be July
26, 2017.
The Any and All Notes may be validly withdrawn at any time prior to or at 5:00
p.m. New York City time on July 6, 2017, unless such date and time is extended
or earlier terminated by Spectra Capital, but not thereafter. The Maximum
Tender Offer Notes may be validly withdrawn at any time prior to or at 5:00
p.m. New York City time on July 11, 2017, unless such date and time is extended
or earlier terminated by Spectra Capital, but not thereafter.
The obligation of Spectra Capital to accept for purchase and to pay the Total
Consideration and the accrued and unpaid interest on Notes purchased pursuant
to the Offers is not subject to any minimum tender condition, but is subject to
satisfaction or waiver of certain other conditions described in the Offer to
Purchase. These conditions include Enbridge’s having closed, on terms and
conditions satisfactory to Enbridge, one or more offerings of senior unsecured
notes in an aggregate principal amount of not less than US$1,100,000,000.
Enbridge is commencing such an offering concurrently with the Offers.
Enbridge’s current intention is to not issue any further public securities from
Spectra Capital.
Spectra Capital has retained J.P. Morgan Securities LLC and Citigroup Global
Markets Inc. to serve as dealer managers for the Offers. D.F. King & Co., Inc.
has been retained to serve as the information agent and the depositary for the
Offers.
Holders of the Notes are urged to carefully read the Offer to Purchase before
making any decision with respect to the Offers.
Questions regarding the Offers may be directed to: J.P. Morgan Securities LLC
at 866-834-4666 (toll free) or 212-834-3424 or Citigroup Global Markets Inc. at
(800) 558-3745 (toll free) or 212-723-6106. The Offer to Purchase and the
notice of guaranteed delivery being provided in connection with the Any and All
Notes may be accessed at the following link: http://www.dfking.com/spectra or
obtained from D.F. King & Co., Inc., free of charge, by calling toll-free at
(877) 783-5524 (bankers and brokers can call collect at 212-269-5550).
This news release shall not be construed as an offer to purchase or sell or a
solicitation of an offer to purchase or sell any of the Notes or any other
securities. Spectra Capital, subject to applicable law, may amend, extend or
terminate the Offers and may postpone the acceptance for purchase of, and
payment for, the Notes so tendered. The Offers are not being made in any
jurisdiction in which the making or acceptance thereof would not be in
compliance with the securities, blue sky or other laws of such jurisdiction.
None of Spectra Capital, Enbridge, the dealer managers, the information agent
or the depositary makes any recommendations as to whether holders of the Notes
should tender their Notes pursuant to the Offers.
Forward-Looking Statements
Forward-looking information, or forward-looking statements, has been included
in this news release to provide information about the Company and its
subsidiaries (including Spectra Capital). Forward-looking statements are
typically identified by words such as “anticipate”, “expect”, “project”,
“estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, “likely” and
similar words suggesting future outcomes or statements regarding an outlook.
Forward-looking information or statements included in this news release
include, but are not limited to, the expiration and settlement date of the
Offers, the date up to which tendered Notes can be withdrawn, the allocation of
the Aggregate Maximum Repurchase Amount, the acceptance of the Maximum Tender
Offer Notes based on the Acceptance Priority Levels, the closing of one or more
offerings of senior unsecured notes by the Company, and Enbridge’s intention
not to issue any further public securities from Spectra Capital.
Although the Company believes that these statements are based on information
and assumptions which are current, reasonable and complete, these statements
are necessarily subject to a variety of assumptions, risks and uncertainties
pertaining, but not limited to, the completion of the Offers; the offering of
the senior unsecured notes, financial strength and flexibility; debt and equity
market conditions; economic and competitive conditions; and exchange, inflation
and interest rates. A further discussion of the risks and uncertainties facing
the Company can be found in the Company’s filings with Canadian and United
States securities regulators. While the Company makes these forward-looking
statements in good faith, should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
may vary significantly from those expected. Except as may be required by
applicable securities laws, the Company assumes no obligation to publicly
update or revise any forward-looking statements made herein or otherwise,
whether as a result of new information, future events or otherwise.
About Enbridge Inc.
Enbridge Inc. is North America’s premier energy infrastructure company with
strategic business platforms that include an extensive network of crude oil,
liquids and natural gas pipelines, regulated natural gas distribution utilities
and renewable power generation. The Company safely delivers an average of 2.8
million barrels of crude oil each day through its Mainline and Express
Pipeline, and accounts for nearly 64% of U.S.-bound Canadian crude oil
production, and moves approximately 20% of all natural gas consumed in the U.S.
serving key supply basins and demand markets. The Company’s regulated utilities
serve approximately 3.5 million retail customers in Ontario, Quebec, New
Brunswick and New York State. Enbridge also has a growing involvement in
electricity infrastructure with interests in more than 2,500 MW of net
renewable generating capacity, and an expanding offshore wind portfolio in
Europe. The Company has ranked on the Global 100 Most Sustainable Corporations
index for the past eight years; its common shares trade on the Toronto and New
York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel people’s quality of life. For
more information, visit www.enbridge.com.
– END RELEASE – 27/06/2017
For further information:
Media
Suzanne Wilton
(403) 231-7385 or Toll Free: (888) 992-0997
[email protected]
OR
Investment Community
Jonathan Gould
Toll free: (800) 481-2804
[email protected]
COMPANY:
FOR: ENBRIDGE INC.
TSX SYMBOL: ENB
NYSE SYMBOL: ENB
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170627CC0024
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: SUNSHINE OILSANDS LTD.HKSE SYMBOL: 2012Date issue: June 27, 2017Time in: 7:18 AM eAttention:
CALGARY, ALBERTA and HONG KONG, CHINA–(Marketwired – June 27, 2017) –
Reference is made to the notice of each of the Annual meeting and the Special
Meet…
CALGARY — The CEO of Penn West Petroleum (TSX:PWT) says the oil and gas producer is changing more than its name as it looks to turn its back on its high-spending past and instead pursue affordable growth with spending budgets tightly tied to commodity prices.
At its annual general meeting Monday, shareholders voted 92 per cent in favour of changing the Calgary-based company’s name to Obsidian Energy. It is to start trading on the Toronto Stock Exchange under stock symbol OBE later this week.
Dave French, president and CEO since October, said the 30-year-old producer chose the name because obsidian is a naturally occurring volcanic glass that can be “sharpened and honed.”
He said Obsidian has little in common with Penn West.
“If you were to go back into the early 2000s, we were probably in the top five producers in Calgary, had tremendous name recognition, but it was time for us to think about who we were going to be going forward,” he said.
Four years ago, Penn West was active in 30 operating areas with two million hectares of drilling rights, French said, adding it occupied 24 floors in two buildings in downtown Calgary and had 15 executives and 15 field offices.
Today, he said, that has been cut to four key areas, about 500,000 hectares of drilling rights, two and half floors of offices, five executives and four field offices.
Production has fallen to about 30,000 barrels of oil equivalent per day from 135,000 boepd. In regulatory filings, it reported 400 workers as of the end of 2016 versus 1,400 at the end of 2013.
During the meeting, investor Jeffrey Gauf rose to call for the company to be sold, saying he has no faith in the board of directors no matter what name is on the front door.
“If you look at what they’ve done, all they’ve done is take assets that they paid a lot of money for, they discounted them and sold them to get rid of debt,” he said in an interview.
He said he has accumulated about half a million shares over the past three years at prices ranging from 60 cents to $3.
So far this year, the closing stock price has varied from $1.61 to $2.69 on the Toronto Stock Exchange.
French said the company plans to spend $180 million this year to drill about 100 wells, adding it has sold forward contracts on about half of its oil output to lock in prices above US$50 per barrel.
Penn West was rocked by an accounting scandal in 2014 that resulted in class-action lawsuits by investors that were settled last year.
Asset sales allowed it to reduce its net debt to $384 million as of March 31 this year compared with almost $3 billion at the end of 2013.
Follow @HealingSlowly on Twitter.
Dan Healing, The Canadian Press
FOR: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP
Date issue: June 26, 2017
Time in: 7:51 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 26, 2017) – News Release – TransCanada
Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or Company) today announced that
it has established an at-the-market equity program (ATM Program) that allows
the Company to issue common shares from treasury (Common Shares) having an
aggregate gross sales price of up to $1.0 billion or its U.S. equivalent, to
the public from time to time, at the Company’s discretion, at the prevailing
market price when issued on the Toronto Stock Exchange (TSX), the New York
Stock Exchange (NYSE) or on any other existing trading market for the Common
Shares in Canada or the United States. The ATM Program, which is effective for
a 25-month period, will be activated at the Company’s discretion if and as
required based on the spend profile of TransCanada’s capital program and
relative cost of other funding options.
Sales of the Common Shares through the ATM Program will be made pursuant to the
terms of an equity distribution agreement dated June 26, 2017 (Equity
Distribution Agreement) with TD Securities Inc., TD Securities (USA) LLC, BMO
Nesbitt Burns Inc., BMO Capital Markets Corp., J.P. Morgan Securities Canada
Inc. and J.P. Morgan Securities LLC (collectively, the Agents).
Sales of Common Shares will be made through “at-the-market distributions” as
defined in National Instrument 44-102 – Shelf Distributions on the TSX, the
NYSE or on any other existing trading market for the Common Shares in Canada or
the United States. The Common Shares will be distributed at the prevailing
market prices at the time of the sale and, as a result, prices may vary among
purchasers and during the period of distribution. The ATM Offering is being
made pursuant to a prospectus supplement dated June 26, 2017 to the Company’s
Canadian short form base shelf prospectus and U.S. shelf registration statement
on Form F-10, each dated June 23, 2017. The Canadian prospectus supplement
together with the base shelf prospectus are available on the SEDAR website at
www.sedar.com. The U.S. prospectus supplement together with the U.S. base shelf
prospectus and the Registration Statement will be available on EDGAR at
www.sec.gov. Alternatively, the Agents will send the Canadian or U.S.
prospectus supplement (together with the applicable base shelf prospectus) upon
request by contacting (i) in Canada, from TD Securities Inc., email:
[email protected], telephone: 289-360-2009, or (ii) in the United States, from
TD Securities (USA) LLC, telephone: 212-827-7392, and from BMO Capital Markets,
Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram
Road, Brampton, Ontario, L6S 6H2, telephone: 905-791-3151 Ext 4312, email:
[email protected], and from J.P. Morgan, Attention: Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone:
866-803-9204, email: [email protected].
This news release shall not in any circumstances constitute an offer to sell or
a solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which an offer, solicitation or sale would be
unlawful prior to the registration or qualification under the applicable
securities laws of any jurisdiction.
With more than 65 years’ experience, TransCanada is a leader in the responsible
development and reliable operation of North American energy infrastructure
including natural gas and liquids pipelines, power generation and gas storage
facilities. TransCanada operates one of the largest natural gas transmission
networks that extends more than 91,500 kilometres (56,900 miles), tapping into
virtually all major gas supply basins in North America. TransCanada is the
continent’s leading provider of gas storage and related services with 653
billion cubic feet of storage capacity. A large independent power producer,
TransCanada currently owns or has interests in approximately 6,200 megawatts of
power generation in Canada and the United States. TransCanada is also the
developer and operator of one of North America’s leading liquids pipeline
systems that extends over 4,300 kilometres (2,700 miles), connecting growing
continental oil supplies to key markets and refineries. TransCanada’s common
shares trade on the Toronto and New York stock exchanges under the symbol TRP.
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is
subject to important risks and uncertainties (such statements are usually
accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”,
“should”, “estimate”, “intend” or other similar words). Forward-looking
statements in this document are intended to provide TransCanada security
holders and potential investors with information regarding TransCanada and its
subsidiaries, including management’s assessment of TransCanada’s and its
subsidiaries’ future plans and financial outlook. All forward-looking
statements reflect TransCanada’s beliefs and assumptions based on information
available at the time the statements were made and as such are not guarantees
of future performance. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it is expressed
in this news release, and not to use future-oriented information or financial
outlooks for anything other than their intended purpose. TransCanada undertakes
no obligation to update or revise any forward-looking information except as
required by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ from the
anticipated results, refer to the Quarterly Report to Shareholders dated May 4,
2017 and 2016 Annual Report filed under TransCanada’s profile on SEDAR at
www.sedar.com and with the U.S. Securities and Exchange Commission at
www.sec.gov.
– END RELEASE – 26/06/2017
For further information:
Media Enquiries:
Mark Cooper / James Millar
403.920.7859 or 800.608.7859
OR
TransCanada Investor & Analyst Enquiries:
David Moneta / Stuart Kampel
403.920.7911 or 800.361.6522
COMPANY:
FOR: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170626CC0066
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: MARQUEE ENERGY LTD.
TSX VENTURE Symbol: MQX
Date issue: June 26, 2017
Time in: 5:38 PM e
Attention:
CALGARY, AB –(Marketwired – June 26, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
Marquee Energy Ltd. (“Marquee” or the “Company”) (TSX VENTURE: MQX) announces
that the following matters were approved by the Company’s shareholders at its
Annual and Special Meeting held June 26, 2017 in Calgary, Alberta.
The shareholders elected the full slate of directors including Messrs., Dr.
William J.F. Roach, Adrian H. Goodisman, Stephen J. Griggs, Paul Moase,
Leonard J. Sokolow, Richard Thompson and Robert J. Waters.
The shareholders also approved the following:
/T/
— Fixing the Number of Directors at 7;
— The appointment of KPMG LLP as auditors of Marquee; and
— The amendment to the Company’s articles providing that the Company’s
issued and outstanding common shares be consolidated on the basis of one
(1) post-consolidation common share for every thirty (30) existing
common shares.
/T/
At the end of the meeting, Mr. Richard Thompson, President & CEO provided a
short presentation on the Company’s operations. The presentation is available
on Marquee’s website at www.marquee-energy.com.
ABOUT MARQUEE
Marquee is a Calgary based, junior energy company focused on high rate of
return light oil development and production. Marquee is committed to growing
the company through exploitation of existing opportunities and continued
consolidation within its core area at Michichi. Marquee’s shares trade on the
TSX Venture Exchange under the trading symbol “MQX”. Additional information
about Marquee may be found on its website www.marquee-energy.com and in its
continuous disclosure documents filed with Canadian securities regulators on
the System for Electronic Document Analysis and Retrieval (SEDAR) at
www.sedar.com.
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 – 26/06/2017
For further information:
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Richard Thompson
President & Chief Executive Officer
(403) 817-5561
[email protected]
or visit the Company’s website at www.marquee-energy.com.
COMPANY:
FOR: MARQUEE ENERGY LTD.
TSX VENTURE Symbol: MQX
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170626CC016
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: PETROSHALE INC.TSX VENTURE SYMBOL: PSHOTCQX SYMBOL: PSHIFDate issue: June 26, 2017Time in: 5:00 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 26, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED ST…
FOR: CRESCENT POINT ENERGY CORP.
TSX SYMBOL: CPG
NYSE SYMBOL: CPG
Date issue: June 26, 2017
Time in: 4:00 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 26, 2017) – Crescent Point Energy Corp.
(“Crescent Point” or the “Company”) (TSX:CPG)(NYSE:CPG) is pleased to announce
that it has successfully renewed its unsecured, covenant-based credit
facilities totaling $3.6 billion, with a maturity date extension to June 10,
2020.
Crescent Point’s credit facilities provide the Company with significant
financial liquidity. As at June 26, 2017, Crescent Point is estimated to have
an unutilized credit capacity of approximately $1.5 billion with no material
near-term debt maturities.
“The renewal of our credit capacity reflects the strong economics within our
high-quality asset base,” said Scott Saxberg, president and CEO of Crescent
Point. “This financial flexibility is especially important in the current oil
price environment.”
Under the terms of the syndicated unsecured credit facility, the Company
maintains the ability to increase its credit capacity by up to $500 million
under certain conditions.
“Operationally, Crescent Point continues to execute and remains ahead of its
production targets,” said Saxberg. “In Uinta, we are generating strong drilling
results and are excited about advancing the horizontal development of this
resource play.”
Crescent Point is one of Canada’s largest light and medium oil producers, based
in Calgary, Alberta. The Company is focused on growing its significant resource
base in the Williston Basin, southwest Saskatchewan and the Uinta Basin in
Utah. Crescent Point strives to maximize shareholder returns through its total
return strategy of long-term growth plus dividend income.
CRESCENT POINT ENERGY CORP.
Scott Saxberg, President and Chief Executive Officer
Crescent Point shares are traded on the Toronto Stock Exchange and New York
Stock Exchange under the symbol CPG.
– END RELEASE – 26/06/2017
For further information:
Crescent Point Energy Corp.
Ken Lamont
Chief Financial Officer
(403) 693-0020 or Toll-free (US & Canada): 888-693-0020
(403) 693-0070 (FAX)
OR
Crescent Point Energy Corp.
Brad Borggard
Vice President, Corporate Planning and Investor Relations
(403) 693-0020 or Toll-free (US & Canada): 888-693-0020
(403) 693-0070 (FAX)
www.crescentpointenergy.com
COMPANY:
FOR: CRESCENT POINT ENERGY CORP.
TSX SYMBOL: CPG
NYSE SYMBOL: CPG
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170626CC0050
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.
June 26, 2017 Presented by POIM Consulting Group Major /Interesting Projects Peyto 4 New Gas batteries Drayton Valley Seven Energy add 6th Compressor to 08-06-064-04W6 ARC Resources Ltd 6 New Well License BC BlackPearl Resources Inc. 7 New Injection Wells Lloydminster CNRL 71 New Wells BONNYVILLE MEG Energy Corp. 16 new well license BONNYVILLE Storm Resources … Read more
June 25, 2017 (Bloomberg) Donald Trump will tout surging U.S. exports of oil and natural gas during a week of events aimed at highlighting the country’s growing energy dominance. The president also plans to emphasize that after decades of relying on foreign energy supplies, the U.S. is on the brink of becoming a net exporter … Read more
June 26, 2017 (Bloomberg) Oil steadied after a sell-off among hedge funds triggered crude’s fifth straight weekly loss amid concerns a global surplus isn’t clearing. Prices were little changed, paring an earlier gain of 1.5 percent in New York. Speculators cut their net-long position in U.S. benchmark futures to the lowest in 10 months last week, … Read more
June 26, 2017 (Bloomberg) Nestle targeted by Dan Loeb, Italy winds up some banks, and it’s a big week for the dollar. Here are some of the things people in markets are talking about today. Sweet activism Dan Loeb’s Third Point hedge fund disclosed that it owns about 40 million shares, a $3.5 billion stake, in Europe’s … Read more
Copper Tip Services: Pumping Safety First A specialized nitrogen and fluid service provider in the oil and gas industry, Copper Tip Energy Services Inc. (‘Copper Tip’) has paved a unique niche for itself over the past four years. Quickly finding its place in the process, pipeline and well services market through their engineering and … Read more
FOR: LIBRESTREAM TECHNOLOGIES INC.
AND Wood Group
Date issue: June 26, 2017
Time in: 10:00 AM e
Attention:
WINNIPEG, MB –(Marketwired – June 26, 2017) – Wood Group has signed an
extension to its collaborative agreement with Canadian technology company
Librestream Technologies (Librestream) to continue its exclusive industry
partnership, providing advanced digitally-enabled solutions for oil and gas
customers.
The agreement, initially signed in November 2015, has been extended for a
further 12 months and combines Wood Group’s industry domain knowledge with
Librestream’s real-time mobile video collaboration digital technology.
Under the agreement, Wood Group and Librestream have developed a growing suite
of innovative solutions for delivery excellence from desktop to worksite.
One such solution is Wood Group’s eXpert technology which has been
successfully deployed on behalf of major operators on work sites in the UK,
US, Canada and Middle East in the last 6 months. This technology connects
specialists based onshore directly with the remote worksite, via real-time
audio and visual display, to review issues and collaborate on a resolution.
The solution not only reduces time for problem solving and resulting
implementation, but saves on costs associated with mobilisation and shutdown
at offshore and remote locations.
Steve Wayman, executive president, strategy and development at Wood Group,
comments: “We believe innovation is the gateway to increased performance,
economic recovery and growth in the oil and gas industry.
“By investing in leading-edge digital solutions for the oil and gas market and
leveraging our partner Librestream’s technology portfolio, we are enhancing
our service offering and delivering more efficient solutions to clients from
desktop to worksite.
“Our eWorking programme is already proving that it enables a step change in
our performance, enhancing expert communication with remote, hostile and often
hazardous worksites.”
Kerry Thacher, chief executive and founder of Librestream, which is
headquartered in Winnipeg, Canada, said: “Empowering workers with digital
tools designed for rapid response in rugged field environments is our key
mission. Combining Wood Group’s industry expertise with our technology
delivers high productivity gains for remote workers. We are pleased that our
expanded partnership with Wood Group will develop further digital capabilities
that improve the worker’s day.”
About:
Wood Group is an international energy services company with around $5bn sales
and operating in more than 40 countries. The Group designs, modifies,
constructs and operates industrial facilities mainly for the oil & gas sector,
right across the asset life-cycle. We enhance this with a wide range of
specialist technical solutions including our world leading subsea, automation
and integrity solutions. Our real differentiators are our range of services,
the quality of our delivery, the passion of our people, our culture and
values. We are extending the scale and scope of our core services into
adjacent industries. Visit Wood Group at www.woodgroup.com and connect with us
on LinkedIn and Twitter.
Librestream Technologies Inc. is the leader in developing innovative mobile
video collaboration solutions for field service, manufacturing, energy and
public sector industries. Deployed globally, the Onsight video collaboration
platform brings the eyes and ears of experts into the field virtually to
immediately resolve issues and assess environments. Visit Librestream at
www.librestream.com and connect with us on LinkedIn, Facebook & Twitter.
Image Available: http://www.marketwire.com/library/MwGo/2017/6/23/11G141750/Images/Wood_Group_Librestream_image-8f5cf33991e3adc19bfb11b6b565f972.jpg
– END RELEASE – 26/06/2017
For further information:
Press Contact:
For further information contact:
Wood Group Press Office
Tel: +44 (0) 1224 532569
email: [email protected]
Marieke Wijtkamp
Vice President of Marketing & Client Services
Librestream Technologies Inc.
Tel: 204.487.0612 ext. 259
email: [email protected]
COMPANY:
FOR: LIBRESTREAM TECHNOLOGIES INC.
AND Wood Group
INDUSTRY: Computers and Software – Hardware, Computers and Software – Software,
Computers and Software – Security, Energy and Utilities – Equipment,
Energy and Utilities – Oil and Gas, Energy and Utilities – Pipelines,
Energy and Utilities – Utilities, Telecom – Cable and Satellite
Services, Telecom – Networking, Telecom – Wireless/Mobile
RELEASE ID: 20170626CC007
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: DIVERGENT ENERGY SERVICES CORP.TSX VENTURE SYMBOL: DVGDate issue: June 26, 2017Time in: 9:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 26, 2017) –
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
DIVERGENT Energy Services Corp. (t…
FOR: JUST ENERGY GROUP INC.NYSE SYMBOL: JETSX SYMBOL: JEDate issue: June 26, 2017Time in: 7:00 AM eAttention:
TORONTO, ONTARIO–(Marketwired – June 26, 2017) – Just Energy Group, Inc.
(TSX:JE)(NYSE:JE) today announced that it will host a live webcast …
FOR: TOUCHSTONE EXPLORATION INC.TSX SYMBOL: TXPAIM SYMBOL: TXPDate issue: June 26, 2017Time in: 2:01 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 26, 2017) – Touchstone Exploration Inc.
(“Touchstone” or the “Company”) (TSX:TXP)(AIM:TXP) announ…
June 25, 2017 (Bloomberg) As the White House kicks off “Energy Week,” here’s a look at how energy markets are faring so far this year — and how the Trump administration stands to change them: COAL: President Donald Trump has killed a stream-water protection rule that threatened to curb coal operations, directed the Interior Department … Read more
June 23, 2017 (Bloomberg) Brazil’s most crippling recession on record is complicating life for OPEC. The nation’s growing oil production combined with slumping domestic demand has unleashed record exports, undermining OPEC’s efforts to reverse falling prices through output cuts. Brazil hit a daily production record of 1.5 million barrels earlier this year, 26 percent more … Read more
June 23, 2017 (Bloomberg) The oil market is running out of time for crude inventories to show a significant drop in 2017, according to Statoil ASA’s chief economist. When it comes, though, the correction “will be relatively rapid,” said Eirik Waerness in an interview at Bloomberg headquarters in New York. Analysts have been surprised by the … Read more
FOR: CHANGFENG ENERGY INC.
TSX VENTURE SYMBOL: CFY
Date issue: June 23, 2017
Time in: 4:02 PM e
Attention:
TORONTO, ONTARIO–(Marketwired – June 23, 2017) – Changfeng Energy Inc. (TSX
VENTURE:CFY) (“Changfeng” or the “Corporation”) is supplementing the
information provided in the Management Proxy Circular dated June 1, 2017 (the
“Circular”) in connection with the ordinary resolution of shareholders (the
“Loan Discharge Resolution”) to approve the Loan Discharge Agreement dated as
of May 25, 2017 among the Corporation, Sanya Changfeng Offshore Natural Gas
Supply Co., Ltd. (“Offshore”) and Mr. Huajun Lin (the “Loan Discharge
Agreement”) to be considered at the annual and special meeting of holders of
common shares of the Corporation to be held on June 30, 2017. This press
release is issued at the request of Staff of the Ontario Securities Commission.
Capitalized terms used in this press and not otherwise defined have the meaning
assigned thereto in the Circular. This press release must be read jointly with
the Circular.
Dual-Listing Application on The Stock Exchange of Hong Kong Limited
On December 20, 2016 the Corporation announced its intention to pursue a
listing of its common shares on The Stock Exchange of Hong Kong Limited (the
“HKSE”). On January 23, 2017, the Corporation further announced that a special
resolution to approve the continuation of the Corporation into British Columbia
was approved unanimously at a special meeting of its shareholders. The special
meeting was called to approve a continuation of the Corporation into the
provincial jurisdiction of British Columbia in order to facilitate the
application of the Corporation for listing on HKSE and to provide the
Corporation with greater flexibility in corporate governance and administrative
matters and corporate structure generally afforded by the Business Corporations
Act (British Columbia). As of the date of this press release the Corporation
has not yet been continued into British Columbia. The Corporation is in the
process of pursuing, together with its Sponsor and Hong Kong Counsel, the
required internal reorganization steps, including the Loan Discharge
Resolution, in order to successfully pursue a listing on the HKSE.
The Board of Directors of the Corporation believes that a dual-listing of the
common shares on the HKSE will provide several benefits to Changfeng and its
shareholders including, without limitation, greater access to capital and new
investors closer to its operations, increased trading volume and market
liquidity, geographic diversification and expansion of its investor base and a
potentially increased valuation for the Corporation.
Changfeng currently expects to file a listing application with the HKSE in the
first half of 2018. There is currently no information available to Changfeng as
to the expected timing associated with the review of its listing application by
the HKSE.
Financial Independence Listing Requirement of the Hong Kong Stock Exchange
The listing requirements of the HKSE require that if an applicant has a
controlling shareholder, it must establish that it can carry on its business
independently of its controlling shareholder. In assessing the satisfaction of
this requirement, the HKSE ordinarily considers the applicant’s circumstances
and its independence from the controlling shareholder, including its financial
independence, operational independence and management independence. An
applicant may be dependent on its controlling shareholder in one or more of
these areas. Where the degree of dependence is considered to be excessive, this
may raise concern about the applicant’s suitability for listing.
Based on the advice of the Corporation’s Hong Kong counsel, including
consideration of published decisions of the HKSE in respect of prior
circumstances in which applicants for listing have loans outstanding to a
controlling shareholder, the Loans would represent an issue affecting the
financial independence of the Corporation, and that based on the available
information, in order for an application for listing to be accepted by the
HKSE, would need to be discharged (i) in advance of making a listing
application, (ii) subsequent to making a listing application and prior to
listing becoming effective as a condition of listing, potentially through the
use of third party financing that was repaid through the net proceeds of a
financing undertaken in connection with the listing, or (iii) subsequent to
listing using the net proceeds of a financing undertaken in connection with the
listing, as a condition of listing. One alternative to discharge of the Loans
considered based on two published decisions of the HKSE would be to attempt to
persuade the HKSE that the Loans were not significant and that the discharge
would not be commercially reasonable or practical. This alternative would be
based on two published decisions of the HKSE relating to financial assistance
from a controlling shareholder to an applicant for listing that was permitted
to remain in place subsequent to listing based on these grounds. However, as
one of these decisions involved an applicant that had a guarantee of certain
financing from its controlling shareholder but had sufficient capital to
operate its business independent of such financing as well as the ability to
obtain financing from third parties without relying on the controlling
shareholder’s guarantee, and the second involved financing from a controlling
shareholder that was not significant compared with the applicant’s total credit
facilities, neither was considered analogous to the circumstances of the
Corporation with respect to the Loans such that it would provide a reasonable
prospect of satisfying the HKSE that the Corporation was financially
independent of its controlling shareholder without incurring significant risk
of incurring significant expense and delay to the listing application in the
event that submissions on this basis were not accepted by the HKSE.
Hong Kong counsel to the Corporation advised the Corporation that the discharge
of the Loans prior to making an application would be the most common and safest
means of satisfying the HKSE that the Loans did not affect the financial
independence of the Corporation. In light of this view and discussions with
Hong Kong counsel and the Sponsor, and consideration of the significant time
and expense associated with undertaking an application for listing on the HKSE,
following the review and recommendation of the Special Committee, the
Corporation determined to seek Minority Approval of the Loan Discharge
Resolution and discharge the Loans in advance of making an application for
listing to the HKSE, and avoid both the expense and effort associated with a
listing application to the HKSE in the event that such Minority Approval was
not achieved as well as the risk of potential material delay and incremental
expense of satisfying the HKSE with respect to an alternative approach to
discharge of the Loans undertaken after submitting a listing application. The
Corporation has neither submitted its formal listing application to the HKSE
nor has it contacted the HKSE specifically about the Loans in relation to the
financial independence requirement.
Special Committee Process
While management continued to explore Changfeng’s options with the Sponsor and
Hong Kong Counsel, a Special Committee of the Board of Directors of the
Corporation (the “Special Committee”) was appointed to review alternatives for
the discharge of the indebtedness under the Loan Agreements. As discussed in
the Circular, the Special Committee considered a number of alternative for the
discharge of the Loan Agreements.
On November 16, 2016 management obtained a legal opinion from Changfeng’s
counsel in the People’s Republic of China (the “PRC”) to the effect that: (i)
any repayment of the indebtedness pursuant to the Loan Agreements by the
issuance of securities of Changfeng would not be in compliance with PRC laws
and regulations respecting foreign exchange and overseas investments; and (ii)
to comply with such laws and regulations any repayment of the indebtedness
pursuant to the Loan Agreements should be done within the territory of the PRC
and that such payment should be in Chinese RMB.
On January 10, 2017 Mr. Huajun Lin (the “Lender”) provided management and the
Special Committee with a legal opinion to the same effect from his personal
counsel in the PRC.
On January 17, 2017 the Chair of the Special Committee met in Toronto with a
representative of the Lender and the Chief Financial Officer of the
Corporation. Canadian counsel to each of the Corporation, the Lender and the
Special Committee also attended the meeting. During the meeting the
representative of the Lender informed the Chair of the Special Committee that
based on the legal opinion of PRC counsel it was the Lender’s expectation that
Chinese RMB 40,000,000 owed pursuant to the Loan Agreements would be repaid in
cash on or prior to their maturity date on April 27, 2017 in order to
facilitate and expedite the listing application with the HKSE.
Following the January 17, 2017 meeting the Special Committee considered and
assessed the request of the Lender together with counsel to the Special
Committee in each of Canada and the PRC.
The Special Committee considered, among others, the following elements: (i) the
benefits that a HKSE dual-listing would provide to Changfeng and its
shareholders; (ii) management’s assurances that Changfeng is able to discharge
the Loans in full using its existing financial resources; (iii) management’s
assurances that using its available cash for the discharge of the Loans would
not compromise or delay execution of the business plan of the Corporation; (iv)
the potential adverse financial impact on the Corporation and its shareholders
of litigation respecting the repayment of the Loans; (v) the potential adverse
financial impact to the Corporation and its shareholders and to the HKSE
listing process of litigation respecting the enforcement by the Corporation of
its rights under the Subordination and Forbearance Agreement dated April 27,
2007 (the “Subordination and Forbearance Agreement”); (vi) the adverse
reputational impact of litigation with the Lender on the Corporation and its
shareholders; and (vii) management’s assurances that the discharge of the Loans
in the manner currently contemplated would not constitute a breach or violation
of the Corporation’s current financing arrangements. After considering these
factors the Special Committee determined that, as a first step, it would be
appropriate to obtain a new valuation of the Loans given these new
developments.
The Special Committee concluded that Changfeng had few available options as (i)
the status quo would be materially detrimental to the HKSE listing process, and
(ii) any repayment alternatives previously considered by the Special Committee
and the Board of Directors of the Corporation, such as the issuance of
securities of the Corporation (including the alternative considered in the Loan
Discharge Agreement dated October 8, 2015 among the Corporation, Offshore,
Sanya Changfeng Natural Gas Supply Co., Ltd. and Sanya Changkai Development Co.
Ltd.), would potentially be illegal in the PRC and could lead to litigation
between the Corporation and the Lender in both the PRC and Canada.
The Special Committee also considered the significant difference between the
financial circumstances of the Corporation in 2017 as compared to those
prevailing in 2015. Since the Corporation now has the financial resources to
repay and discharge the Loans without compromising its future development and
business plan, the Special Committee concluded that repayment of the Loans in
cash rather than securities of the Corporation is preferable for the
Corporation and its shareholders since it avoids further dilution of the
existing minority shareholders (subject to the Right discussed below).
On February 5, 2017 the Special Committee engaged Valuation Support Partners
Ltd. (“VSPL”) to prepare a valuation of the Loans as at December 31, 2016.
Following receipt of a draft Valuation the Special Committee held conference
calls on each of March 10, 14 and 15, 2017 to review and consider the draft
Valuation. The Special Committee provided several comments and raised several
questions with VSPL respecting the draft Valuation. On March 20, 2017 the
Special Committee met with VSPL by conference call in order to address its
remaining questions and comments. Following this meeting the Valuation was
finalized and delivered to the Special Committee on March 24, 2017. It provided
a fair market value range for the Loans of between Chinese RMB 36,870,000 and
38,830,000 as of December 31, 2016.
In reviewing and considering the Valuation the Special Committee also
considered the fairness opinion issued by Evans & Evans, Inc. (“Evans”) as
independent financial advisor to the then Special Committee in the previous
attempt to discharge the Loans in 2015. The Special Committee ultimately came
to the conclusion that the assumptions supporting such fairness opinion were no
longer relevant to the transaction currently considered by the Special
Committee since, in order to facilitate acceptance of the HKSE listing, it was
concluded that the Loans should be discharged in the immediate future while the
premise for attempting to discharge the Loans in 2015 did not have any such
immediacy requirement. This distinction was considered material enough for the
Special Committee to determine that the Valuation was more representative of
the fair market value of the Loans for the purposes of the Loan Discharge
Agreement and the underlying transactions.
The Special Committee also engaged an independent counsel in the PRC to review
and validate the opinions previously obtained by Changfeng and the Lender. On
March 29, 2017 PRC counsel engaged by the Special Committee opined that in
order to comply with applicable PRC laws and regulations respecting foreign
exchange and overseas investments as well as the PRC Law on Enterprise Income
Tax, the Loans should be repaid by Offshore to the Lender in Chinese RMB by way
of a transaction under PRC laws. PRC Counsel also advised that there are no
prohibitions against Changfeng providing the necessary funds to Offshore
provided that the required regulatory approvals including, without limitation,
the approval of the local PRC State Administration of Foreign Exchange and the
Corporation’s local bank are obtained.
The Special Committee, after having carefully considered the Valuation, the
fairness opinion previously issued by Evans, the opinion from independent PRC
counsel, as well as elements mentioned above and advice from both PRC and
Canadian counsel to the Special Committee, prepared an offer for the Lender’s
consideration respecting the repayment and discharge of the Loans. This offer
was submitted on April 25, 2017 and was aligned with the mid-point of the range
initially contemplated by the Evans fairness opinion. This initial offer was
rejected by the Lender. The Special Committee and the Lender and his
representatives subsequently had several discussions and counteroffers were
exchanged on May 9 and May 11, 2017.
On May 17, 2017 the Special Committee submitted an offer to the Lender for an
aggregate amount of Chinese RMB 36,000,000. In addition the offer provided that
if the dual-listing of the Corporation’s common shares on the HKSE has not been
completed on or prior to June 28, 2019, the Corporation shall have the right
for a period of ninety (90) day following June 28, 2019 to require that the
Lender, directly or indirectly, subscribe for common shares of the Corporation,
in a minimum amount of Chinese RMB 36,000,000 or its Canadian dollar equivalent
(the “Right”). The subscription price for such common shares shall be the
volume-weighted average price of the common shares of the Corporation on the
TSX Venture Exchange (or any other exchange on which such common shares are
then trading (collectively the “Exchange”)) for the 30 trading days immediately
prior to June 28, 2019 subject to Exchange and other applicable regulatory
approvals. For greater certainty, the Corporation shall not have the right to
request such investment if the Lender has otherwise invested Chinese RMB
36,000,000 in common shares or other securities of the Corporation prior to
June 28, 2019 through a private placement or public offering of common shares
by the Corporation.
The Special Committee considered that this offer was in the best interests of
the Corporation and its shareholders since it: (i) removes a significant
impediment to the HKSE listing; (ii) is slightly below the low end of the range
of fair market value of the Loans provided in the Valuation, a copy of which is
attached to the Circular; (iii) is beneficial to the Corporation and its
minority shareholders as the funds will be fully re-invested in the Corporation
in the form of equity if the Corporation is not successful with the HKSE
listing by June 28, 2019; (iv) removes significant litigation and reputational
risks for the Corporation together with any potential adverse financial
consequence for the Corporation and its shareholders; (v) can be effected using
the Corporation’s existing financial resources; (vi) can be effected without
compromising or delaying the execution of the business plan of the Corporation;
and (vii) significantly simplifies the capital structure of the Corporation.
This offer was accepted by the Lender and the Loan Discharge Agreement was
negotiated and finalized among the parties. On May 25, 2017 the Board of
Directors of Changfeng accepted the recommendation from the Special Committee
and unanimously approved the Loan Discharge Agreement. Mr Huajun Lin did not
participate in the meeting of the Board of Directors and did not vote on the
Loan Discharge Agreement.
Status of the Loan Agreements
The Loans evidenced by the Loan Agreements are demand loans and were due on
April 27, 2017. The Loans have remained outstanding since April 27, 2017 and
the Special Committee received assurances from the Corporation that the Lender
has agreed not to demand payment until the shareholders have considered and
voted on the Loan Discharge Resolution. During the course of its discussions
with the Corporation and the Lender, the Special Committee had no reasonable
basis to expect that that the Loans would not be further renewed for a period
subsequent to April 27, 2017.
Formal Valuation Requirements
The Valuation is not a “formal valuation” as defined in MI 61-101. In
accordance with Section 5.5(b) of MI 61-101, the Corporation is exempt from
obtaining a formal valuation for the Transaction given that its securities are
only listed on the TSX Venture Exchange and on no other stock exchange.
Although the Corporation is exempt from the “formal valuation” requirement
under MI 61-101, the Special Committee still decided to engage VSPL to prepare
a valuation on substantially the same terms as would be required for a “formal
valuation” under MI 61-101. The rationale for obtaining the Valuation was that
the Special Committee wanted to have the best indication possible of the market
value of the Loans before negotiating with the Lender. Further, due to the
transaction being a Related Party Transaction within the meaning of MI 61-101,
the Special Committee also wanted to provide the Minority Shareholders with the
best information possible in order for them to make an informed decision
respecting approval of the Loan Discharge Agreement at the Special Meeting.
Prior Offer
The Corporation, Offshore and the Original Lenders had previously attempted to
discharge the Loans by way of a loan discharge agreement that was entered into
on October 8, 2015 (the “2015 Discharge Agreement”). Pursuant to the 2015
Discharge Agreement, the Corporation agreed to issue to each of the Original
Lenders 7,500,000 Class A Preferred Shares of the Corporation (the “Preferred
Shares”) in exchange for the absolute and unconditional discharge of the
indebtedness of Offshore under the Loan Agreements and an indemnity of Offshore
and the Corporation by the Original Lenders in respect of any claim for payment
that may be made against Offshore or the Corporation in respect of such loans.
The terms of the Preferred Shares included one vote per share, no right to
dividends and no redeemable or retractable feature for the holder. The
Preferred Shares were to be redeemable at the option of the Corporation at
$0.32 per share until April 27, 2025, and thereafter at $0.40 per share, and in
the event of a change of control of the Corporation or a sale of substantially
all of its assets, were to be required to be redeemed by the Corporation at a
price of $0.32 per share until April 27, 2025, and thereafter $0.40 per share.
The Preferred Shares were to have a liquidation preference before the holders
of the common shares, and have a fixed liquidation value of $0.32 per share
until November 15, 2030 and $0.533 per share thereafter. The Preferred Shares
were not to be listed, and were not to be convertible into, or exchangeable
for, any other securities.
In its previous attempt to discharge the Loans in 2015, the Board of Directors
of the Corporation formed a Special Committee of its directors, composed
entirely of directors independent of management and the Lender to review
alternatives for the discharge of the indebtedness pursuant to the Loan
Agreements (the “2015 Special Committee”). The 2015 Special Committee retained
Evans as independent financial advisor to the 2015 Special Committee. The 2015
Special Committee considered a number of alternatives for the discharge of the
indebtedness evidenced by the Loan Agreements, including the issuance of common
shares of the Corporation, the issuance of conventional debt by the Corporation
and the issuance of preferred shares. The 2015 Special Committee rejected a
transaction involving the issuance of conventional debt because of its
mandatory servicing costs, and rejected the issuance of common shares because
of its dilution to common shareholders. Further, the Corporation did not have
the financial resources at the time to repay the loans in cash. The 2015
Special Committee thus proposed to the Original Lenders the issuance of
preferred shares in satisfaction of the Loans, and negotiated with the Original
Lenders with respect to the number and terms of such preferred shares. The
outcome of those negotiations was the execution of the 2015 Discharge Agreement.
As part of its analysis and determination as to whether to approve and
recommend the terms of the 2015 Discharge Agreement, the 2015 Special Committee
engaged Evans to prepare a fairness opinion as to the fairness of the terms of
the 2015 Discharge Agreement to the minority shareholders of the Corporation
(the holders of common shares other than holders who are associates or
affiliates of the Lender) (the “Minority Shareholders”). Evans opined that the
terms of the 2015 Discharge Agreement were fair, from a financial point of
view, to the Minority Shareholders. The Special Committee did not seek a
valuation for the Loans as it was exempt from this requirement under MI 61-101
given that its securities were listed only on the TSX Venture Exchange and on
no other stock exchange. A copy of the fairness opinion prepared by Evans was
attached to the management proxy circular provided by the Corporation to
shareholders in connection with the 2015 Special Meeting. The fairness opinion
was also attached to the Circular as a “prior valuation” in accordance with
Section 6.8 of MI 61-101. Certain details were not present during Evans’
assessment of the market value of the Loans under the fairness opinion, such as
the Corporation’s decision to pursue a public listing on the HKSE and the
treatment of the Loans under PRC laws. A comparison of the valuation
conclusions and key assumptions between the fairness opinion prepared by Evans
and the Valuation is contained on page 19 of the Valuation.
Based in part on the advice of Evans, the 2015 Special Committee determined
that the value of the Loans was greater than the value of the Preferred Shares,
and the Special Committee unanimously recommended the 2015 Discharge Agreement
to the Board of Directors. The Board of Directors approved the 2015 Discharge
Agreement and the issuance of the Preferred Shares, and the shareholders of the
Corporation approved the amendment to the Corporation’s articles creating the
Preferred Shares at a Special Meeting of Shareholders held on December 2, 2015
(the “2015 Special Meeting”). A press release relating to the transaction was
issued on October 14, 2015 and a copy of the 2015 Discharge Agreement was filed
by the Corporation on SEDAR as a material contract on October 14, 2015.
The Corporation decided to abandon the discharge of the Loans under the terms
of the 2015 Discharge Agreement due to concerns of certain shareholders and
staff of the Ontario Securities Commission that the Corporation did not seek
approval of a majority of votes cast by Minority Shareholders of the 2015
Discharge Agreement at the 2015 Special Meeting (although it was not required
to do so under MI 61-101).
Implications of Loan Discharge Resolution Not Being Approved by Shareholders
Based on the advice of the Sponsor and Changfeng’s Hong Kong counsel, Changfeng
expects that Loans would most likely not satisfy the HKSE listing requirements.
Accordingly, if shareholders do not approve the Loan Discharge Agreement and
the Loans are not discharged, the Corporation does not expect that it will
pursue the HKSE listing application.
With respect to the Loans, in the event that shareholders do not approve the
Loan Discharge Resolution, the Loans will continue to be governed by the Loan
Agreements and the Subordination and Forbearance Agreement referred to above.
Pursuant to the Subordination and Forbearance Agreement, the Original Lenders
agreed that the Loans are subordinate to the claims of all other creditors of
Offshore, that no demands would be made under the Loans for three years (until
their due dates), and that the Lenders would enter into further agreements,
containing the same terms and conditions, every three years, in perpetuity. On
April 27, 2007, the Lenders agreed that no demands would be made under the
Loans until April 27, 2010. On April 27, 2010, the Loans were renewed until
April 27, 2013. On April 27, 2013, the Loan Agreements were renewed for another
two years on the same terms and conditions. The Loan Agreements were
subsequently extended on April 27, 2015 until April 27, 2016 and further
extended on April 27, 2016 until April 27, 2017. On November 7, 2016, the Loans
were transferred to Mr. Lin by the Original Lenders.
As noted above, the Lender has agreed with the Corporation not to demand
payment until the shareholders have considered and voted on the Loan Discharge
Resolution at the Meeting.
The Loans have not been renewed for three year successive terms in accordance
with the Subordination and Forbearance Agreement in the past, as a result of a
difference in view between the Lender and the Corporation as to whether the
Lender was obliged to enter into such a renewal. The Loan Agreements are
governed by the laws of the PRC, whereas the Subordination and Forbearance
Agreement is governed by the laws of Ontario. Given that these agreements are
governed by the laws of different jurisdictions, there is some uncertainty as
to whether the courts of the PRC would enforce the Subordination and
Forbearance Agreement governed by the laws of Ontario or a judgement of a court
of the Province of Ontario. In the event that the Corporation sought to enforce
the Subordination and Forbearance Agreement, it therefore anticipates that
there would be uncertainty as to the result. Furthermore, such enforcement
action would likely result in material expense to the Corporation and potential
reputational damage and negative impact on the trading price of the common
shares. Rather than having taken steps to enforce its rights, the Corporation
has agreed to renewal periods of less than three years and thereby avoided the
expense, uncertainty and other potential risks of enforcement of the
Subordination and Forbearance Agreement.
If the shareholders do not approve the Loan Discharge Resolution, it is
possible that the Lender may not agree to renewal of the Loans and demand
payment of the total amount outstanding of the Loans on the basis that their
term has expired and they are due and payable. Alternatively, it is possible
that the Lender could requisition a meeting of shareholders to consider a
proposal to liquidate the Corporation, which, if approved, would result the
payment of the total amount outstanding of the Loans upon liquidation, in
priority to any payment to holders of the common shares. The Lender has not at
any point in the past indicated that he would take steps to enforce payment of
the Loans or requisition a meeting of shareholders to consider a proposal to
liquidate the Corporation. Rather, the Lender has participated in the process
of negotiating the Loan Discharge Agreement in order to facilitate the making
of an application for listing of the common shares on the HKSE.
While the Corporation has no current basis to expect that the Lender would
undertake the enforcement action or action to liquidate the Corporation
described above, or take any other steps to achieve repayment of the Loans,
there can be no assurance that the Lender would not do so. If such action were
undertaken by the Lender, the cost of responding to such action and any adverse
finding against the Corporation could result in a material adverse effect on
the operating results and financial condition of the Corporation, the trading
price of the common shares, the reputation of the Corporation, and the
Corporation’s relationships with third parties such as its current and
potential business partners, suppliers, customers and other contractual
counterparties.
If the Lender were to enforce payment of the Loans or institute proceedings to
obtain approval by shareholders of a liquidation or take any other action to
obtain repayment of the Loans, the Corporation expects that, in order to
protect the interests of Minority Shareholders, in such circumstances, its
independent directors would have oversight of the Corporation’s response to any
such actions.
About Changfeng Energy Inc.
Changfeng Energy Inc. is a natural gas service provider with operations located
throughout the People’s Republic of China. The Corporation services industrial,
commercial and residential customers, providing them with natural gas for
heating purposes and fuel for transportation. The Corporation has developed a
significant natural gas pipeline network as well as urban gas delivery
networks, stations, substations and gas pressure regulating stations in Sanya
City & Haitang Bay. Through its network of pipelines, the Corporation provides
safe and reliable delivery of natural gas to both homes and businesses. The
Corporation is headquartered in Toronto, Ontario and its shares trade on the
Toronto Venture Exchange under the trading symbol “CFY”. For more information,
please visit the Corporation’s website at www.changfengenergy.com.
Forward-Looking Statements
Certain statements contained in this document constitute forward-looking
statements and forward-looking information (collectively, “Forward-Looking
Statements”). All statements, other than statements of historical fact,
included or incorporated by reference in this document are Forward-Looking
Statements, including statements regarding activities, events or developments
that the Corporation expects or anticipates may occur in the future. These
Forward-Looking statements can be identified by the use of forward-looking
words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”,
“believe” or “continue” or similar words or the negative thereof. No assurance
can be given that the plans, intentions or expectations or assumptions upon
which these Forward-Looking Statements are based will prove to be correct and
such Forward-Looking Statements included in the document should not be unduly
relied upon. Forward-Looking Statements in this document include, but are not
limited to: repayment of the Loans, the subscription, if any, by Mr. Lin for
any common shares or other securities of the Corporation, the intention of the
Corporation to pursue a listing on HKSE, and the listing of the common shares
of the Corporation on the HKSE.
Although management believes that the expectations represented in such
Forward-Looking Statements are reasonable, there can be no assurance that such
expectations will prove to be correct. Such Forward-Looking Statements are not
a guarantee of performance and involve known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results, performance or
achievements to differ materially from the anticipated results, performance or
achievements or developments expressed or implied by such Forward-Looking
Statements. These factors include, without limitation, no significant and
continuing adverse changes in general economic conditions or conditions in the
financial markets and no significant and continuing adverse changes in
financial markets. Shareholders are cautioned that all Forward-Looking
Statements involve risks and uncertainties, including those risks and
uncertainties detailed in the Corporation’s filings with applicable Canadian
securities regulatory authorities, copies of which are available at
www.sedar.com. The Corporation urges shareholders to carefully consider those
factors.
The Forward-Looking Statements included in this document are made as of the
date of this document and the Corporation disclaims any intention or obligation
to update or revise any Forward-Looking Statements, whether as a result of new
information, future events or otherwise, except as expressly required by
applicable securities legislation. This news release does not constitute an
offer to sell or solicitation of an offer to buy any of the securities
described herein and accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSXV) accepts responsibility for the adequacy
or accuracy of this release.
– END RELEASE – 23/06/2017
For further information:
Changfeng Energy Inc.
Mr. Yan Zhao CPA, CA
Chief Financial Officer
647.313.0066
[email protected]
OR
Changfeng Energy Inc.
Ms Ann S. Lin
VP, Corporate Development and Corporate Secretary
647.313.0066
[email protected]
www.changfengenergy.com
COMPANY:
FOR: CHANGFENG ENERGY INC.
TSX VENTURE SYMBOL: CFY
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170623CC0050
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: CHANGFENG ENERGY INC.
TSX VENTURE SYMBOL: CFY
Date issue: June 23, 2017
Time in: 3:11 PM e
Attention:
TORONTO, ONTARIO–(Marketwired – June 23, 2017) – Changfeng Energy Inc. (TSX
VENTURE:CFY) (“Changfeng” or the “Company”), announced today that, pursuant to
its previously announced dividend policy, its Board of Directors has approved
the implementation of a semi-annual dividend in the amount of C$637,350.35
based on the prevailing exchange rate between CAD and RMB. The first
semi-annual dividend of C$0.01 per common share is payable on July 14th, 2017,
to shareholders of record as of the close of business on July 5th, 2017. This
is the first dividend to be paid to shareholders in Changfeng’s history.
Trading in Changfeng’s common shares will begin on an ex-dividend basis at the
opening of trading on June 30th, 2017.
The semi-annual dividend of C$0.01 per share will be designated as an “eligible
dividend” for Canadian income tax purposes pursuant to subsection 89(14) of the
Income Tax Act (Canada). Future semi-annual dividends, to be approved by
Changfeng’s Board of Directors, will be designated as an “eligible dividend”
for Canadian income tax purposes unless otherwise indicated by Changfeng.
Changfeng Energy Inc.
Changfeng Energy Inc. is a natural gas service provider with operations located
throughout the People’s Republic of China. The Company services industrial,
commercial and residential customers, providing them with natural gas for
heating purposes and fuel for transportation. The Company has developed a
significant natural gas pipeline network as well as urban gas delivery
networks, stations, substations and gas pressure regulating stations in Sanya
City & Haitang Bay. Through its network of pipelines, the Company provides safe
and reliable delivery of natural gas to both homes and businesses. The Company
is headquartered in Toronto, Ontario and its shares trade on the Toronto
Venture Exchange under the trading symbol “CFY”. For more information, please
visit the Company website at www.changfengenergy.com.
Forward-Looking Statements
Information set forth in this news release may involve forward-looking
statements under applicable securities laws, including, without limitation,
statements with respect to the payment of the initial semi-annual dividend and
the declaration and payment of dividends in the future. The forward-looking
statements contained herein are expressly qualified in their entirety by this
cautionary statement. The forward-looking statements included in this document
are made as of the date of this document and the Company disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
expressly required by applicable securities legislation. Although Management
believes that the expectations represented in such forward-looking statements
are reasonable, there can be no assurance that such expectations will prove to
be correct, as actual results and future events could differ materially from
those anticipated in such statements. The forward-looking statements contained
in this press release are based on certain assumptions, including, but not
limited to the following: the Company has sufficient cash on hand to pay
dividends, the Company would remain solvent following any dividend, the
stability of general economic and market conditions, currency exchange rates
and interest rates, and that the risk factors the Company is subject to,
collectively, do not have a material adverse impact on the Company. Such
forward-looking statements involve known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results, performance or
achievements to differ materially from the anticipated results, performance or
achievements or developments expressed or implied by such forward-looking
statements, including that the payment of dividends on the Common Shares is
subject to the discretion of its Board of Directors and is dependent on, among
other matters, the Company’s financial position, results of operations,
available cash, cash requirements and alternative uses of cash, and the risk
factors set forth in the Company’s securities filings with the Canadian
securities regulators. This news release does not constitute an offer to sell
or solicitation of an offer to buy any of the securities described herein and
accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSXV) accepts responsibility for the adequacy
or accuracy of this release.
– END RELEASE – 23/06/2017
For further information:
Mr. Yan Zhao CPA. CA. MBA
Chief Financial Officer
647.313.0066
[email protected]
OR
Ms. Ann S.Y. Lin
VP, Corporate Development and Corporate Secretary
647.313.0066
[email protected]
COMPANY:
FOR: CHANGFENG ENERGY INC.
TSX VENTURE SYMBOL: CFY
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170623CC0048
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.
June 22, 2017 (Bloomberg) The western province of British Columbia convened its first minority government in more than six decades after a dramatic election that’s sparking political turmoil in Canada’s fastest-growing economy. The legislature resumed in Victoria Thursday with Lieutenant-Governor Judith Guichon set to deliver a throne speech starting at 2 p.m. local time. Parliamentary … Read more
June 27, 2017 (Bloomberg) Oil’s back in a bear market and investors remain unmoved by last month’s agreement to prolong supply cuts, leaving OPEC and its allies with few remaining tools to boost prices. As Saudi Arabia, Russia and their allies reduce output, supply that’s beyond their control keeps rising. Libya and Nigeria — OPEC … Read more
June 23, 2017 (Bloomberg) Oil is heading for a fifth weekly decline after sinking into a bear market amid concerns rising supply from the U.S. to Libya would offset production cuts from OPEC and its allies. Front-month futures gained 10 cents in New York, yet were down 4.2 percent for the week. U.S. crude production has … Read more
June 22, 2017 (Bloomberg) When Royal Dutch Shell Plc decided to pull out of the Canadian oil sands, the local producers doubled down with more investment. Crude’s bear market is testing their resolve. Trailing only Saudi Arabia and Venezuela in proved reserves, the sticky deposits of sand, water, clay and hydrocarbons in the remote boreal … Read more
June 23, 2017 (Bloomberg) Canadian inflation continued to ease in May, with a key gauge of price pressures at the lowest since 1999, a trend that will challenge the Bank of Canada’s recent efforts to set the stage for a rate increase. The consumer price index rose 1.3 percent in May from a year ago, … Read more
June 23, 2017 (Bloomberg) U.S. banks get a clean bill of health, Brexit’s a year old, and the Qatar quarrel takes an interesting turn. Here are some of the things people in markets are talking about today. Test stress Every bank subject to the first round of annual Federal Reserve stress tests exceeded minimum thresholds, although Morgan … Read more
FOR: TOTAL ENERGY SERVICES INC.TSX SYMBOL: TOTDate issue: June 23, 2017Time in: 11:53 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 23, 2017) – Total Energy Services Inc.
(“Total Energy”) (TSX:TOT) announces that Savanna Energy Services Corp.
(…
FOR: REPSOL OIL & GAS CANADA INC.
Date issue: June 23, 2017
Time in: 11:30 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 23, 2017) – Repsol Oil & Gas Canada Inc.
(formerly known as Talisman Energy Inc.), a Canadian-based upstream oil and gas
company (the “Company”), announced today the early results of its previously
announced solicitations of consents (the “Consent Solicitations”) from holders
of its outstanding
/T/
— 7.75% Senior Notes due 2019 (CUSIP No. 87425E AL7 and ISIN No.
US87425EAL74) (the “2019 Notes”),
— 3.75% Senior Notes due 2021 (CUSIP No. 87425E AM5 and ISIN No.
US87425EAM57) (the “2021 Notes”),
— 5.85% Senior Notes due 2037 (CUSIP No. 87425E AJ2 and ISIN No.
US87425EAJ29) (the “2037 Notes”),
— 6.25% Senior Notes due 2038 (CUSIP No. 87425E AK9 and ISIN No.
US87425EAK91) (the “2038 Notes”),
— 5.50% Senior Notes due 2042 (CUSIP No. 87425E AN3 and ISIN No.
US87425EAN31) (the “2042 Notes”),
— 5.75% Senior Notes due 2035 (CUSIP No. 87425E AH6 and ISIN No.
US87425EAH62) (the “2035 Notes”) and
— 7.25% Debentures due 2027 (CUSIP No. 87425E AE3 and ISIN No.
US87425EAE32) (the “2027 Debentures” and together with the 2019 Notes,
the 2021 Notes, the 2037 Notes, the 2038 Notes, the 2042 Notes and the
2035 Notes, the “Notes”; and each, a “series of Notes”)
/T/
for proposed amendments (the “Proposed Amendments”) to certain provisions of
the indentures governing the Notes (the “Indentures”), and the early results of
its tender offers to purchase for cash (the “Tender Offers” and each a “Tender
Offer”) any and all of the outstanding Notes.
The following table summarizes, with respect to each series of Notes, (1) the
aggregate principal amount of Notes in respect of which consents were validly
delivered without tendering the related Notes, (2) the aggregate principal
amount of Notes validly tendered (and in respect of which a consent was thereby
validly delivered) and (3) the total of the aggregate principal amount of Notes
in respect of which consents were validly delivered without tendering the
related Notes or by validly tendering Notes, in each case as of 5:00 p.m., New
York City time, on June 22, 2017 (the “Consent/Early Tender Deadline”). In
accordance with the terms and conditions of the Consent Solicitations and
Tender Offers, revocation rights with respect to the consents and withdrawal
rights with respect to the Notes expired on 5:00 p.m., New York City time, on
June 22, 2017. Accordingly, consents and Notes delivered and tendered in the
past or future may not be revoked or withdrawn.
/T/
Principal Amount of
Notes in respect of
which Consents were
Delivered without
Tendering Related
Notes (Percentage of
Title Security CUSIP Number ISIN Number Series)
————————– ————- ————- ———————
2006 Indenture
7.75% Senior Notes due 87425E AL7 US87425EAL74 U.S.$311,817,000
2019 (85.68%)
3.75% Senior Notes due 87425E AM5 US87425EAM57 U.S.$208,248,000
2021 (86.51%)
5.85% Senior Notes due 87425E AJ2 US87425EAJ29 U.S.$95,894,000
2037 (73.12%)
6.25% Senior Notes due 87425E AK9 US87425EAK91 U.S.$105,350,000
2038 (88.67%)
5.50% Senior Notes due 87425E AN3 US87425EAN31 U.S.$42,927,000
2042 (44.40%)
2005 Indenture
5.75% Senior Notes due 87425E AH6 US87425EAH62 U.S.$80,925,000
2035 (90.43%)
1997 Indenture
7.25% Debentures due 2027 87425E AE3 US87425EAE32 U.S.$47,447,000
(87.12%)
Principal Amount of Total Principal
Notes Tendered (and Amount of Notes in
Consents Thereby respect of which
Delivered) Consents were
(Percentage of Delivered (Percentage
Title Security Series) of Series)
————————– ——————— ———————
2006 Indenture
7.75% Senior Notes due U.S.$4,008,000 U.S.$315,825,000
2019 (1.10%) (86.78%)
3.75% Senior Notes due U.S.$4,044,000 U.S.$212,292,000
2021 (1.68%) (88.19%)
5.85% Senior Notes due U.S.$28,876,000 U.S.$124,770,000
2037 (22.02%) (95.14%)
6.25% Senior Notes due U.S.$3,455,000 U.S.$108,805,000
2038 (2.91%) (91.58%)
5.50% Senior Notes due U.S.$39,542,000 U.S.$82,469,000
2042 (40.90%) (85.30%)
2005 Indenture
5.75% Senior Notes due U.S.$1,951,000 U.S.$82,876,000
2035 (2.18%) (92.61%)
1997 Indenture
7.25% Debentures due 2027 U.S.$4,062,000 U.S.$51,509,000
(7.46%) (94.57%)
/T/
The consents received from holders of Notes of each series exceed the amount
needed to adopt the Proposed Amendments to each of the Indentures. Accordingly,
the Company, Repsol S.A., a sociedad anonima organized in Spain, and the
relevant trustee under each Indenture will execute a supplemental indenture to
each Indenture effecting the Proposed Amendments (each a “Supplemental
Indenture” and collectively, the “Supplemental Indentures”). Each Supplemental
Indenture will become operative upon payment of the applicable Consent Only
Payment (as defined below) or Total Consideration (as defined below). Each
Supplemental Indenture will amend the reporting covenant and eliminate the
merger covenant in the relevant Indenture, as well as make certain other
related changes.
Holders that validly delivered consents at or prior to the Consent/Early Tender
Deadline without tendering the related Notes will receive the Consent Only
Payment of U.S.$2.50 per U.S.$1,000 principal amount of Notes (the “Consent
Only Payment”) as to which they delivered (and did not revoke) such consents on
the initial settlement date, which is expected to be June 27, 2017 (the
“Initial Settlement Date”).
Holders that validly tendered their Notes and thereby delivered the related
consents at or prior to the Consent/Early Tender Deadline will receive in
respect of Notes accepted for purchase the applicable Total Consideration of
U.S.$1,087.50 for each U.S.$1,000 principal amount of 2019 Notes, U.S.$1,000.00
for each U.S.$1,000 principal amount of 2021 Notes, U.S.$1,000.00 for each
U.S.$1,000 principal amount of 2037 Notes, U.S.$1,000.00 for each U.S.$1,000
principal amount of 2038 Notes, U.S.$955.00 for each U.S.$1,000 principal
amount of 2042 Notes, U.S.$960.00 for each U.S.$1,000 principal amount of 2035
Notes and U.S.$1,135.00 for each U.S.$1,000 principal amount of 2027 Debentures
(the “Total Consideration”), plus accrued and unpaid interest from the
applicable last interest payment date to, but not including, the applicable
settlement date (“Accrued Interest”), on the Initial Settlement Date. Such
holders will not receive the Consent Only Payment.
Each Tender Offer remains open and is scheduled to expire at 12:00 midnight,
New York City time, on July 7, 2017, unless such Tender Offer is extended or
earlier terminated by the Company in its sole discretion, subject to applicable
law (such time and date with respect to each Tender Offer, as the same may be
extended or earlier terminated, the “Expiration Time”). For the avoidance of
doubt, as used in this press release, midnight on a particular day refers to
the time one minute after 11:59 p.m. on such day. Holders that validly tender
their Notes after the Consent/Early Tender Deadline but at or prior to the
Expiration Time will be eligible to receive in respect of Notes accepted for
purchase the applicable Tender Offer Consideration of U.S.$1,057.50 for each
U.S.$1,000 principal amount of 2019 Notes, U.S.$970.00 for each U.S.$1,000
principal amount of 2021 Notes, U.S.$970.00 for each U.S.$1,000 principal
amount of 2037 Notes, U.S.$970.00 for each U.S.$1,000 principal amount of 2038
Notes, U.S.$925.00 for each U.S.$1,000 principal amount of 2042 Notes,
U.S.$930.00 for each U.S.$1,000 principal amount of 2035 Notes and
U.S.$1,105.00 for each U.S.$1,000 principal amount of 2027 Debentures, plus
Accrued Interest, on the final settlement date, which is expected to be July
12, 2017. Such holders will not receive the Consent Only Payment. Holders that
tender Notes will be automatically deemed to have delivered consents to the
Proposed Amendments in respect of such Notes.
The Consent Solicitations and the Tender Offers are being made on the terms and
subject to the conditions set forth in the Consent Solicitation Statement and
Offer to Purchase dated June 9, 2017 (the “Consent Solicitation Statement and
Offer to Purchase”), and related consent and letter of transmittal.
Consummation of the Consent Solicitations and the Tender Offers are subject to
the satisfaction or waiver of the conditions set forth in the Consent
Solicitation Statement and Offer to Purchase. The Company may amend, extend or
terminate the Consent Solicitations and the Tender Offers with respect to one
or more series of Notes in its sole discretion, subject to applicable law.
This press release is not a solicitation of consents with respect to the
Proposed Amendments or any Notes. In addition, this press release is neither an
offer to purchase nor a solicitation of an offer to sell any Notes. The Consent
Solicitations and the Tender Offers are being made only pursuant to the Consent
Solicitation Statement and Offer to Purchase and related consent and letter of
transmittal, copies of which will be delivered to holders of the Notes. Persons
with questions regarding the Consent Solicitations and the Tender Offers should
contact the solicitation agents and dealer managers, Barclays Capital Inc. at
(800) 438-3242 (U.S. toll free), (212) 528-7581 (collect) or +44 20 3134 8515
(international) and Merrill Lynch, Pierce, Fenner & Smith Incorporated at (888)
292-0070 (U.S. toll free), (980) 387-2907 (collect) or +44 20 7996 5420
(international) or the information agent, tabulation agent and tender agent
D.F. King & Co., Inc., at (212) 269-5550 (banks and brokers) or (800) 499-8541
(toll-free) or email at [email protected].
About Repsol Oil & Gas Canada Inc.
Repsol Oil & Gas Canada Inc. is an upstream oil and gas company, incorporated
in Canada and is a wholly-owned subsidiary of the Spanish integrated energy
company Repsol, S.A.
Forward-Looking Statements
This news release contains information that constitutes “forward-looking
information” or “forward-looking statements” (collectively “forward-looking
information”). This forward-looking information includes, among others,
statements regarding the terms and timing for completion of the Consent
Solicitations and the Tender Offers.
Undue reliance should not be placed on forward-looking information.
Forward-looking information is based on current expectations, estimates and
projections that involve a number of risks which could cause actual results to
vary and in some instances to differ materially from those anticipated by the
Company and described in the forward-looking information contained in this news
release. The material risk factors include, but are not limited to risks
related to the successful consummation of the Consent Solicitations and the
Tender Offers.
The above-mentioned risk factors are not exhaustive. Additional information on
these and other factors which could affect the Company’s operations or
financial results or strategy are included in the Company’s most recent Annual
Information Form, dated February 23, 2017 (included in the Company’s Annual
Report on Form 40-F, dated February 23, 2017), and Restated Management’s
Discussion and Analysis, dated May 12, 2017 (included in the Company’s Annual
Report on Form 40-F/A, dated May 12, 2017) and Interim Management’s Discussion
and Analysis dated May 12, 2017 (included in the Company’s Report of Foreign
Private Issuer on Form 6-K, dated May 12, 2017). In addition, information is
available in the Company’s other reports on file with the United States
Securities and Exchange Commission.
Forward-looking information is based on the estimates and opinions of the
Company’s management at the time the information is presented. The Company
assumes no obligation to update forward-looking information should
circumstances or management’s estimates or opinions change, except as required
by law.
– END RELEASE – 23/06/2017
For further information:
34 917 538 100
34 917 538 000
34 913 489 000 (Fax)
www.repsol.com
COMPANY:
FOR: REPSOL OIL & GAS CANADA INC.
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170623CC0032
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: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP
Date issue: June 23, 2017
Time in: 11:00 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 23, 2017) – News Release – Don Marchand,
Executive Vice-President and Chief Financial Officer of TransCanada Corporation
(TSX:TRP)(NYSE:TRP) (TransCanada) will be presenting at the J.P. Morgan Energy
Equity Conference in New York, NY on June 26, 2017.
A copy of the presentation will be available in the Investors section of
TransCanada’s website at https://www.transcanada.com/en/investors/events/
With more than 65 years’ experience, TransCanada is a leader in the responsible
development and reliable operation of North American energy infrastructure
including natural gas and liquids pipelines, power generation and gas storage
facilities. TransCanada operates one of the largest natural gas transmission
networks that extends more than 91,500 kilometres (56,900 miles), tapping into
virtually all major gas supply basins in North America. TransCanada is the
continent’s leading provider of gas storage and related services with 653
billion cubic feet of storage capacity. A large independent power producer,
TransCanada currently owns or has interests in approximately 6,200 megawatts of
power generation in Canada and the United States. TransCanada is also the
developer and operator of one of North America’s leading liquids pipeline
systems that extends over 4,300 kilometres (2,700 miles), connecting growing
continental oil supplies to key markets and refineries. TransCanada’s common
shares trade on the Toronto and New York stock exchanges under the symbol TRP.
Visit TransCanada.com to learn more, or connect with us on social media and 3BL
Media.
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is
subject to important risks and uncertainties (such statements are usually
accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”,
“should”, “estimate”, “intend” or other similar words). Forward-looking
statements in this document are intended to provide TransCanada security
holders and potential investors with information regarding TransCanada and its
subsidiaries, including management’s assessment of TransCanada’s and its
subsidiaries’ future plans and financial outlook. All forward-looking
statements reflect TransCanada’s beliefs and assumptions based on information
available at the time the statements were made and as such are not guarantees
of future performance. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it is expressed
in this news release, and not to use future-oriented information or financial
outlooks for anything other than their intended purpose. TransCanada undertakes
no obligation to update or revise any forward-looking information except as
required by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ from the
anticipated results, refer to the Quarterly Report to Shareholders dated May 4,
2017 and 2016 Annual Report filed under TransCanada’s profile on SEDAR at
www.sedar.com and with the U.S. Securities and Exchange Commission at
www.sec.gov.
– END RELEASE – 23/06/2017
For further information:
Media Enquiries:
Mark Cooper / James Millar
403.920.7859 or 800.608.7859
OR
TransCanada Investor & Analyst Enquiries:
David Moneta / Stuart Kampel
403.920.7911 or 800.361.6522
COMPANY:
FOR: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170623CC0030
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: TAMARACK VALLEY ENERGY LTD.
TSX SYMBOL: TVE
Date issue: June 22, 2017
Time in: 5:00 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 22, 2017) – Tamarack Valley Energy
(“Tamarack” or the “Company”) (TSX:TVE) announces that at its annual general
meeting of the holders (“Shareholders”) of common shares of Tamarack held on
June 22, 2017 (the “Meeting”), the following nine director nominees were
elected by way of ballot as directors of Tamarack to hold office until the next
annual meeting of Shareholders or until their successors are duly elected or
appointed, unless such office is vacated earlier in accordance with the
Company’s articles or by-laws:
/T/
Name Votes For (%) Votes Withheld (%)
———————— ————————- ————————-
Brian Schmidt 122,122,619 (99.95%) 61,948 (0.05%)
David R. MacKenzie 122,071,931 (99.91%) 112,636 (0.09%)
Floyd Price 122,068,794 (99.91%) 115,773 (0.09%)
Dean Setoguchi 122,065,460 (99.90%) 119,107 (0.10%)
Jeffrey Boyce 116,997,109 (95.75%) 5,187,458 (4.27%)
Noralee Bradley 117,043,295 (95.79%) 5,141,272 (4.21%)
John Leach 122,071,806 (99.91%) 112,761 (0.09%)
Ian Currie 121,432,201 (99.38%) 752,366 (0.62%)
Robert Spitzer 122,070,683 (99.91%) 113,884 (0.09%)
/T/
At the Meeting, Shareholders also approved an ordinary resolution approving the
appointment of KPMG LLP, Chartered Accountants, as auditors of the Company
until the next annual meeting of Shareholders, at a remuneration to be fixed by
the board of directors of Tamarack.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company committed to
long-term growth and the identification, evaluation and operation of resource
plays in the Western Canadian Sedimentary Basin. Tamarack’s strategic direction
is focused on two key principles – targeting repeatable and relatively
predictable plays that provide long-life reserves, and using a rigorous, proven
modeling process to carefully manage risk and identify opportunities. The
Company has an extensive inventory of low-risk, oil development drilling
locations focused primarily in the Cardium and Viking fairways in Alberta that
are economic over a range of oil and natural gas prices. With this type of
portfolio and an experienced and committed management team, Tamarack intends to
continue delivering on its strategy to maximize shareholder returns while
managing its balance sheet.
– END RELEASE – 22/06/2017
For further information:
Tamarack Valley Energy Ltd.
Brian Schmidt
President & CEO
403.263.4440
OR
Tamarack Valley Energy Ltd.
Ron Hozjan
VP Finance & CFO
403.263.4440
www.tamarackvalley.ca
COMPANY:
FOR: TAMARACK VALLEY ENERGY LTD.
TSX SYMBOL: TVE
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170622CC0084
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.
By Mike Johnston CMRP, Senior Consultant Many entities today struggle to keep ahead of reactive maintenance and address the primary function of a Preventive Maintenance program: to properly maintain their assets and prevent unplanned incidents. Unfortunately, many remain stuck in a “doom loop” of continual fire-fighting, often requiring excess staff to deal with the situation, … Read more
FOR: CONDOR PETROLEUM INC.
TSX Symbol: CPI
Date issue: June 22, 2017
Time in: 4:12 PM e
Attention:
CALGARY, AB –(Marketwired – June 22, 2017) – Condor Petroleum Inc. (TSX:
CPI), a Canadian based oil and gas company focused on exploration and
production activities in Turkey and Kazakhstan, is pleased to announce that
the following seven director nominees were elected at the annual meeting of
shareholders held on June 22, 2017:
/T/
Name of Nominee Votes For Percent Votes Withheld Percent
—————————————————————————-
Sean Roosen 14,331,305 99.88% 16,737 0.12%
Donald Streu 14,336,772 99.92% 11,270 0.08%
Dennis Balderston 14,340,072 99.94% 7,970 0.06%
Edward Bogle 14,337,142 99.92% 10,900 0.08%
Walter Dawson 14,340,442 99.95% 7,600 0.05%
Stefan Kaltenbach 14,336,772 99.92% 11,270 0.08%
Werner Zoellner 14,336,602 99.92% 11,440 0.08%
/T/
The TSX does not accept responsibility for the adequacy or accuracy of this
news release.
– END RELEASE – 22/06/2017
For further information:
For further information, please contact
Don Streu
President and CEO
or
Sandy Quilty
Vice President, Finance & CFO
403-201-9694
COMPANY:
FOR: CONDOR PETROLEUM INC.
TSX Symbol: CPI
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170622CC013
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: INPLAY OIL CORP.TSX Symbol: IPOOTCQX Symbol: IPOOFDate issue: June 22, 2017Time in: 4:01 PM eAttention:
CALGARY, AB –(Marketwired – June 22, 2017) – InPlay Oil Corp. (TSX: IPO)
(OTCQX: IPOOF) (“InPlay” or the “Corporation”) is pleased to announ…
FOR: CHANGFENG ENERGY INC.
TSX VENTURE SYMBOL: CFY
Date issue: June 22, 2017
Time in: 3:58 PM e
Attention:
TORONTO, ONTARIO–(Marketwired – June 22, 2017) – Changfeng Energy Inc. (TSX
VENTURE:CFY) (“Changfeng” or the “Corporation”) announced today that both
Institutional Shareholder Services Inc. (“ISS”) and Glass Lewis & Co., LLC
(“Glass Lewis”), two leading independent proxy research and advisory firms,
have published reports recommending that Changfeng shareholders vote FOR a
resolution (the “Loan Discharge Resolution”) to approve a Loan Discharge
Agreement pursuant to which, among other things, Changfeng will repay
indebtedness owed to a related party for an aggregate amount of Chinese RMB
36,000,000. Shareholders are being asked to vote on the Loan Discharge
Resolution at Changfeng’s upcoming annual and special meeting of shareholders
scheduled for Friday, June 30, 2017.
In making its recommendation, ISS noted the following in its report:
/T/
— “Based on the loan valuation prepared by (Valuation Support Partners
Limited), the fair market value of the loan is estimated to be between
36,870,000 and 38,830,000 RMB as at December 31, 2016. Therefore,
repayment amount of the loan is reasonable. Meanwhile, as the company is
determined to use available funds to repay the loan, there won’t be any
dilution effects to shareholders. And considering company’s current
financial positions, it has sufficient funds to support the repayment
and discharge.”
— “In light of the reasonable terms associated with the related-party
loan, company’s sufficient liquidity to repay the loan and the
requirement of HKSE listing, vote FOR (…) the Loan Discharge
Resolution.”
/T/
Glass Lewis also concluded that the Loan Discharge Agreement is in the best
interests of Changfeng’s shareholders, stating that “management and the board
are in the best position to make decisions regarding the Company’s finances….
(…) We understand that in order for the Company to list on the HKSE, these
requirements must be met. We are therefore inclined to support the terms of the
proposal.”
Changfeng encourages all of its shareholders to read the Management Proxy
Circular dated June 1, 2017 (the “Circular”) for a detailed description of the
Loan Discharge Agreement and proposed transaction. The Circular was mailed to
shareholders of record as at May 30, 2017 and is available on SEDAR at
www.sedar.com.
The board of directors of Changfeng, after taking into account, among other
things, the unanimous recommendation of its special committee and after
receiving legal and financial advice, has determined that the Loan Discharge
Agreement is in the best interests of Changfeng and, accordingly, unanimously
recommends that Changfeng shareholders vote FOR the Loan Discharge Resolution.
How to Vote
Changfeng shareholders are urged to vote before the proxy cut-off time of 10:00
a.m. (Toronto time) on Wednesday, June 28, 2017 using the methods below.
Registered shareholders
Shareholders who have physical certificates representing their shares may vote
by telephone, fax, mail or via the Internet.
To vote by telephone, call 1-866-732-8683 from a touch tone phone. When
prompted, enter your Control Number listed on the proxy and follow the voting
instructions. To vote via the Internet, go to www.investorvote.com and enter
your Control Number listed on the proxy and follow the voting instructions on
the screen. If you vote by telephone or via the Internet, do not complete or
return the form of proxy.
Non-registered shareholders
Shareholders who hold their shares through a broker or other intermediary may
vote by telephone, mail or via the Internet.
To vote by telephone, call 1-866-732-8683 from a touch tone phone. When
prompted, enter your Control Number listed on the proxy and follow the voting
instructions. To vote via the Internet, go to www.investorvote.com and enter
your Control Number listed on the proxy and follow the voting instructions on
the screen. If you vote by telephone or via the Internet, do not complete or
return the form of proxy.
About Changfeng Energy Inc.
Changfeng Energy Inc. is a natural gas service provider with operations located
throughout the People’s Republic of China. The Corporation services industrial,
commercial and residential customers, providing them with natural gas for
heating purposes and fuel for transportation. The Corporation has developed a
significant natural gas pipeline network as well as urban gas delivery
networks, stations, substations and gas pressure regulating stations in Sanya
City & Haitang Bay. Through its network of pipelines, the Corporation provides
safe and reliable delivery of natural gas to both homes and businesses. The
Corporation is headquartered in Toronto, Ontario and its shares trade on the
Toronto Venture Exchange under the trading symbol “CFY”. For more information,
please visit the Corporation’s website at www.changfengenergy.com.
Forward-Looking Statements
Certain statements contained in this document constitute forward-looking
statements and forward-looking information (collectively, “Forward-Looking
Statements”). All statements, other than statements of historical fact,
included or incorporated by reference in this document are Forward-Looking
Statements, including statements regarding activities, events or developments
that the Corporation expects or anticipates may occur in the future. These
Forward-Looking Statements can be identified by the use of forward-looking
words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”,
“believe” or “continue” or similar words or the negative thereof. No assurance
can be given that the plans, intentions or expectations or assumptions upon
which these Forward-Looking Statements are based will prove to be correct and
such Forward-Looking Statements included in the document should not be unduly
relied upon. Forward-Looking Statements in this document include the repayment
of indebtedness using available funds pursuant to the Loan Discharge Agreement
and the intention of the Corporation to pursue a listing on the HKSE.
Although management believes that the expectations represented in such
Forward-Looking Statements are reasonable, there can be no assurance that such
expectations will prove to be correct. Such Forward-Looking Statements are not
a guarantee of performance and involve known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results, performance or
achievements to differ materially from the anticipated results, performance or
achievements or developments expressed or implied by such Forward-Looking
Statements. These factors include, without limitation, no significant and
continuing adverse changes in general economic conditions or conditions in the
financial markets and no significant and continuing adverse changes in
financial markets. Shareholders are cautioned that all Forward-Looking
Statements involve risks and uncertainties, including those risks and
uncertainties detailed in the Corporation’s filings with applicable Canadian
securities regulatory authorities, copies of which are available at
www.sedar.com. The Corporation urges shareholders to carefully consider those
factors.
The Forward-Looking Statements included in this document are made as of the
date of this document and the Corporation disclaims any intention or obligation
to update or revise any Forward-Looking Statements, whether as a result of new
information, future events or otherwise, except as expressly required by
applicable securities legislation. This news release does not constitute an
offer to sell or solicitation of an offer to buy any of the securities
described herein and accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSXV) accepts responsibility for the adequacy
or accuracy of this release.
– END RELEASE – 22/06/2017
For further information:
Mr. Yan Zhao CPA, CA
Chief Financial Officer
647.313.0066
[email protected]
OR
Ms Ann S. Lin
VP, Corporate Development and Corporate Secretary
647.313.0066
[email protected]
COMPANY:
FOR: CHANGFENG ENERGY INC.
TSX VENTURE SYMBOL: CFY
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170622CC0075
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: BTL GROUP LTD.TSX VENTURE SYMBOL: BTLDate issue: June 22, 2017Time in: 3:45 PM eAttention:
VANCOUVER, BRITISH COLUMBIA and LONDON, UNITED KINGDOM–(Marketwired – June 22,
2017) – BTL GROUP LTD. (TSX VENTURE:BTL) (“BTL” or the “Company”) is please…
FOR: PETROLIA INC.TSX VENTURE SYMBOL: PEADate issue: June 22, 2017Time in: 1:46 PM eAttention:
QUEBEC, QUEBEC–(Marketwired – June 22, 2017) – Petrolia (TSX VENTURE:PEA)
announced last December 23rd that the most recent step in the process of
confirmi…
The Energy Industry’s Biggest Networking Breakfast: Producers & Services Companies The 19th annual Big Guns Stampede Breakfast, which is held this year on July 11, from 7 AM till 1 PM, is SOLD OUT!! BUT, you can still WIN TICKETS!!….EnergyNow.ca will be giving away 8 tickets per week for the next three weeks leading up to … Read more
June 22, 2017 (Bloomberg Gadfly) Mohammed bin Salman’s ascension as Crown Prince of Saudi Arabia could lead to a more assertive Saudi oil policy within OPEC, as the kingdom puts its own needs first. Expect Iraq to follow Qatar as its next target. The elevation of the king’s son is no surprise. Having already handed … Read more
June 22, 2017 (Bloomberg) Oil prices recovered after falling into a bear market amid speculation rising U.S. output will blunt OPEC-led efforts to trim a global glut. Futures climbed 0.5 percent in New York, but still traded below $43 a barrel. U.S. oil production increased to the highest since August 2015, according to a report … Read more
June 22, 2017 (Bloomberg) May heads to Europe, pressure on oil continues and opposition builds to Yellen’s reappointment. Here are some of the things people in markets are talking about today. May has her say British Prime Minister Theresa May is in Brussels today for her first summit since this month’s disastrous election. She is expected to outline how … Read more
FOR: SILK ROAD ENERGY INC.TSX VENTURE SYMBOL: SLKDate issue: June 22, 2017Time in: 6:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 22, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAIL…
FOR: HANWEI ENERGY SERVICES CORP.
TSX SYMBOL: HE
Date issue: June 21, 2017
Time in: 8:57 PM e
Attention:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 21, 2017) – Hanwei Energy
Services Corp. (TSX:HE) (“Hanwei” or the “Company”), today reported its
financial results for the year ended March 31, 2017 (the “2017 Fiscal Year”)
and provided an operational update. All amounts are in Canadian Dollars unless
otherwise noted.
Hanwei’s principal business operations are in two complementary segments of the
oil and gas industry as an operator and developer of its own producing and
exploratory oil and gas assets in Alberta and Manitoba and as a specialized
pipe supplier to the industry, both in Canada and internationally. For the
financial year ended March 31, 2017, a summary of the Company’s annual
financial results are as follows;
/T/
—————————————————————————-
Summary of the 2017 Fiscal Year Financial Results from Continuing Operations
in thousands of CDN$ except percentages and per share data
FY2017
—————————————————————————-
Pipe Oil & Gas Corporate Total
Revenue 4,947 2,528 7,475
Adjusted EBITDA 108 34 (942) (800)
Adjusted EBITDA Margin 2% 1% n/a -11%
Adjusted EBITDA per share (0.00) 0.00 (0.00) (0.00)
Net Income (loss) (2,427) (1,345) (1,512) (5,284)
Diluted EPS (Basic and diluted) (0.01) (0.01) (0.01) (0.03)
Weighted average number of outstanding shares Basic 194,201,234
Diluted 194,201,234
—————————————————————————-
Summary of the 2017 Fiscal Year Financial Results from Continuing
Operations
in thousands of CDN$ except percentages and per share data
FY2016
—————————————————————————-
Pipe Oil & Gas Corporate Total
Revenue 6,483 1,886 8,369
Adjusted EBITDA (1,981) (254) (8,231) (10,466)
Adjusted EBITDA Margin -31% -13% n/a -125%
Adjusted EBITDA per share (0.01) 0.00 (0.04) (0.05)
Net Income (loss) (4,056) (1,306) (8,259) (13,621)
Diluted EPS (Basic and diluted) (0.02) (0.01) (0.04) (0.07)
Weighted average number of
outstanding shares Basic 194,201,234
Diluted 194,201,234
— Revenues from the Canadian FRP pipe market increased by approximately
114% to $3.1 million (representing 63% of total Company FRP pipe sales
of $4.9 million for the year ended March 31, 2017) from $1.4 million in
Canadian sales for the prior year (representing 22% of total Company FRP
pipe sales of $6.5 million).
— Revenues from the Company’s China FRP pipe market for the year ended
March 31, 2017 fell to $1.7 million for the year ended March 31, 2017 as
compared to $4.6 million for the prior year. Notwithstanding these prior
results and subsequent to the year ended March 31, 2017 the Company has
secured FRP pipe sales contracts in its China market as of the date of
this news release totalling some $3.2 million. These orders are all
expected to be completed in the first half of the Company’s current
fiscal year ending March 31, 2018.
— The Company produced approximately 218 barrels of oil equivalent per day
(boe/d), including 81 barrels of oil per day(bbl/d), 611 mcf of gas per
day (mcf/d) and 35 boe/d of liquids for the year ended March 31, 2017.
The majority of the Company’s oil production was from its 13-33 and 13-4
horizontal Nisku wells at its Leduc Lands and flow test production from
its new 14-01 vertical well at its Entice Lands. For the year ended
March 31, 2016, the Company produced approximately 167 boe/d, including
75 bbl/d of oil, 379 mcf/d of gas and 28 boe/d of liquids.
— Oil and gas production generated revenues net of royalties of $2.2
million and net back of $0.8 million, equivalent to gross revenue per
boe of $31.99 with a netback of $10.05 per boe (or a netback margin of
31%) for the year ended March 31, 2017.
— Adjusted EBITDA from continuing operations for the year ended March 31,
2017 totalled some negative $0.8 million as compared to negative
Adjusted EBITDA of $10.5 million for the prior year. A one-time, net bad
debt allowance, net of provision write-off, of $7.3 million relating to
the Company’s disposition of its subsidiary in Tianjin China was
included in the Adjusted EBITDA in the prior year.
/T/
Oil and Gas Reserves
/T/
— The reserves of the Company were evaluated by Sproule Associates Limited
(“Sproule”), an independent qualified reserves evaluator, and set out in
their report dated June 13, 2017, in which Sproule has evaluated, as of
March 31, 2017, the oil and natural gas reserves attributable to the
Company’s PNG Producing Properties (the “2017 Reserves Report”) and
their report dated June 15, 2016, in which Sproule has evaluated, as of
March 31, 2016, the oil and natural gas reserves attributable to the
Company’s PNG Producing Properties (the “2016 Reserves Report”).
— The chart below provides a comparison of the 2017 Reserves Report to the
2016 Reserves Report and the “Proved” and “Proved Plus Probable”
remaining reserves of the Company therein. The positive increases in
both reserves and Net Present Value of the remaining reserves is due to
the ongoing and intended development activities of the Company at its
Leduc Lands and the addition of the two new wells at the Company’s
Entice Lands (yet to be placed on permanent production).
Remaining Reserves
——————————————
Mboe; After Tax
(M$) Gross Company Company
100% Gross Net
——————————————
2017 Reserves
Report
Total Proved 1,420.1 1,366.1 1,124.7
Total Proved +
Probable 2,242.7 2,161.0 1,814.4
——————————————
2016 Reserves
Report
Total Proved 978.2 912.2 764.5
Total Proved +
Probable 1,645.9 1,567.9 1,320.9
——————————————
Variance
Total Proved 442 454 360
Total Proved +
Probable 597 593 494
Net Present Values After Tax
————————————————————
Mboe; After Tax
(M$) @ 0% @ 5.0% @ 10.0% @ 15.0% @ 20.0%
M$ M$ M$ M$ M$
————————————————————
2017 Reserves
Report
Total Proved 26,544 21,083 17,381 14,773 12,865
Total Proved +
Probable 42,892 32,621 25,934 21,341 18,042
————————————————————
2016 Reserves
Report
Total Proved 14,218 10,832 8,473 6,828 5,659
Total Proved +
Probable 25,198 17,974 13,151 9,866 7,565
————————————————————
Variance
Total Proved 12,326 10,251 8,908 7,945 7,206
Total Proved +
Probable 17,694 14,647 12,783 11,475 10,477
— At its Leduc Lands and subsequent to the year ended March 31, 2017 the
Company re-entered two existing vertical wells (its 01-32-49-26W4/3 well
and its 02/16-29-49-26W4/2) into the Wabamun zone. The 01-32-49-26W4/3
well has produced during test production approximately 55 bbld of oil
with an approximate 50% water-cut. The 02/16-29-49-26W4/2 well has not
yet been placed on production.
/T/
Bank Debt
The Company continues to effectively manage its bank loans and credit
facilities. The total principal amount of all bank loans was $4.7 million as at
March 31, 2017 representing a 32% debt to equity ratio (total bank debt divided
by total shareholders’ equity). Management believes that the Company has
sufficient debt facilities to support its current operations and will continue
to assess its debt structure based on the requirements of the business.
Other
/T/
— General and administrative (“G&A”) expenses for the year ended March 31,
2017 were $4.1 million as compared to $11.5 million for the prior year.
G&A for the fiscal year ended March 31, 2016 included a one time, net
bad debt provision of $7.3 million relating to the Company’s disposition
of its subsidiary in Tianjin China. Not including for the bad debt
provision G&A expenses for the year ended March 31, 2016 were $4.2
million.
— As of March 31, 2017, the Company’s cash and cash equivalent balance
inclusive of short-term investments in Canadian GICs was some $2.4
million.
— As of March 31, 2017, the Company had a Net Asset Value per share for
its continuing operations of $0.14.
/T/
Hanwei will host a conference call to discuss its operational and financial
results for the year ended March 31, 2017. Graham Kwan, Executive Vice
President and Rick Huang, Chief Financial Officer of Hanwei will host the call.
Management invites analysts and investors to participate on the conference call:
/T/
Date: Friday, June 23, 2017
Time: 1:00 p.m., Eastern Time (10:00 am Pacific Time)
Dial in number: 1-888-542-1102 or 1-719-325-2359
A replay of the conference call will be available on the Company’s website
http://www.hanweienergy.com/.
/T/
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp.’s principal business operations are in two
complementary key segments of the oil and gas industry as both an equipment
supplier to the industry (as a leading manufacturer of high pressure,
fiberglass reinforced plastic (“FRP”) pipe products and associated technologies
serving major energy customers in the global energy market) and as oil and gas
producer with properties in Alberta and joint venture interests in Manitoba.
Neither the TSX nor its Regulation Services Provider (as that term is defined
in the policies of the TSX) accepts responsibility for the adequacy or accuracy
of this release.
FORWARD-LOOKING INFORMATION
Certain information in this press release is forward-looking within the meaning
of certain securities laws, and is subject to important risks, uncertainties
and assumptions a description of which is set out in the risk factors section
of the Company’s Annual Information Form dated June 20, 2017 and Management
Discussion and Analysis for the year ended March 31, 2017 both of which are
filed with Canadian securities regulators and available on SEDAR at
www.sedar.com. The forward-looking information in this press release describes
the Company’s expectations as of the date of this press release.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE PRESENTS THE
EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, THE COMPANY
DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS
REQUIRED BY APPLICABLE SECURITIES LEGISLATION.
– END RELEASE – 21/06/2017
For further information:
Graham Kwan
Executive Vice President, Strategic Development
and Corporate Affairs
604-685-2239
[email protected]
OR
Yucai (Rick) Huang
Chief Financial Officer
604-685-2239
[email protected]
COMPANY:
FOR: HANWEI ENERGY SERVICES CORP.
TSX SYMBOL: HE
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170621CC0100
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: CLEARSTREAM ENERGY SERVICES INC.
TSX SYMBOL: CSM
Date issue: June 21, 2017
Time in: 7:14 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 21, 2017) – ClearStream Energy Services
Inc. (TSX:CSM) (“ClearStream” or the “Company”) is pleased to provide the
results from its annual meeting of shareholders held June 21, 2017 in Calgary
(the “Meeting”). A total of 66,700,016 common shares (“Common Shares”) of the
Company, representing approximately 60.67% of the issued and outstanding Common
Shares, were represented in person or by proxy at the meeting.
At the Meeting, each of the six nominees proposed by management was elected to
serve as a director of the Company to hold office for the ensuing year or until
his or her successor is elected or appointed. The numbers in respect of the
vote are based on the proxies received.
/T/
Nominee Votes For Votes Withheld
Number Percentage (%) Number Percentage (%)
Jordan Bitove 66,304,083 99.49 341,806 0.51
Herbert Clarke 66,307,062 99.49 338,827 0.51
John Cooper 66,307,062 99.49 338,827 0.51
Dean MacDonald 66,307,062 99.49 340,827 0.51
Sean McMaster 66,307,062 99.49 338,827 0.51
Peggy Mulligan 66,345,082 99.55 300,807 0.45
/T/
Shareholders at the Meeting also approved an ordinary resolution approving the
Company’s Performance Share Unit and Restricted Share Unit Plan (the “Plan”)
and ratifying performance share units previously granted to executive officers
of the Company under the Plan.
Additionally, shareholders re-appointed Ernst & Young LLP as the Company’s
auditors for the ensuing year.
About ClearStream Energy Services Inc.
ClearStream provides maintenance and turnarounds, facilities construction,
welding and fabrication, and transportation services to customers across
Western Canada. For more information about ClearStream, please visit
www.clearstreamenergy.ca.
– END RELEASE – 21/06/2017
For further information:
Dean MacDonald
Executive Chairman and Interim CEO
ClearStream Energy Services Inc.
709-237-9225
[email protected]
OR
Gary Summach
Chief Financial Officer
ClearStream Energy Services Inc.
587-318-1003
[email protected]
COMPANY:
FOR: CLEARSTREAM ENERGY SERVICES INC.
TSX SYMBOL: CSM
INDUSTRY: Financial Services – Personal Finance, Financial Services
– Venture Capital
RELEASE ID: 20170621CC0097
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.
June 21, 2017 (Bloomberg) Oil languished in a bear market as a persistent global supply glut meant prices were unmoved by risks ranging from tropical storms in the Gulf of Mexico to geopolitical tensions in the Middle East. Front-month futures rose 0.2 percent in New York after closing Tuesday more than 20 percent below their February … Read more
June 21, 2017 (Bloomberg) CES Energy Solutions Corp., which withdrew a Canadian dollar-bond sale this year, is looking to U.S. debt markets to finance growth in its drilling-fluid business. The Calgary-based firm had attempted to sell high-yield debt in March when oil was above $50 a barrel, but pulled the offer as it didn’t get the … Read more
June 21, 2017 (Bloomberg) There’s a royal reordering in Saudi Arabia, the Queen is set to outline May’s parliamentary agenda, and oil continues to slide. Here are some of the things people in markets are talking about today. Saudi shakeup Saudi Arabia’s Deputy Crown Prince Mohammed Bin Salman has replaced his cousin as the next in line to the … Read more
The whooshing sound you hear is drilling rigs, coiled tubing units, specialty fracking chemicals providers and others flocking to the Permian Basin, the shale oil and gas play that is now responsible for about 35 per cent of the total North American rig count. Canadian oilfield services (OFS) companies are among those hunting for and … Read more
June 20, 2017 (Bloomberg View) To adapt Thomas Pynchon, if the wrong question is asked, the answer doesn’t matter. Today, the world seems to be consciously framing its energy problems in a way that avoids the right questions, and thus true solutions. Human advancement is intrinsically linked to the development of motorized power driven by … Read more
June 20, 2017 (Bloomberg) Oil dropped to the lowest in seven months amid a revival in output from Libya and rising volumes of fuel held in floating storage. Futures lost as much as 2.9 percent in New York after falling 1.2 percent Monday. Libya is pumping the most crude in four years after a deal with … Read more
June 20, 2017 (Bloomberg) Dovish Carney hits the pound, former Barclays executives charged, and it’s MSCI decision day for China shares. Here are some of the things people in markets are talking about today. Pound drop The pound was trading at $1.2693 at 5:13 a.m. Eastern Time, the lowest level since the Bank of England’s surprise split … Read more
June 20, 2017 (Bloomberg) Deals in the shale patch aren’t so hot anymore with oil in the doldrums. Mergers and acquisitions among U.S. exploration and production companies fell to less than $15 billion in the second quarter from about $23 billion in the first, according to estimates from Bloomberg Intelligence. The number of deals plunged to … Read more
June 19, 2017 Presented by POIM Consulting Group Major /Interesting Projects Hemisphere Energy Corporation new Oil battery – multiwall MEDICINE HAT Area that includes Pumps, Tanks & Separators Delphi Energy Corp Large Compressor Upgrade at Gas Battery KAYBOB SOUTH Tourmaline Oil Corp. install two Large Compressors Gas Battery DRAYTON VALLEY BlackPearl Resources Inc. 8 well … Read more
June 19, 2017 (Bloomberg) The oil market is expected to balance in the fourth quarter even as output from fellow OPEC members Libya and Nigeria as well as from shale oil producers is on the rise, according to Saudi Energy Minister Khalid Al-Falih. The global effort to reduce crude production since the start of the year … Read more
June 19, 2017 (Bloomberg) Oil traded near $45 a barrel following a fourth weekly loss as U.S. drillers continued to add rigs and Libya boosted output, blunting OPEC-led efforts to rebalance an oversupplied market. Futures were little changed in New York after capping the longest run of weekly declines since August 2015. U.S. drillers targeting crude … Read more
June 19, 2017 (Bloomberg) Brexit negotiations begin, Macron wins comfortable parliamentary majority, and it’s a busy week for Fed speakers. Here are some of the things people in markets are talking about today. Brexit talks Nearly a year after the United Kingdom voted to leave the European Union, negotiations began this morning on that divorce in Brussels … Read more
CALGARY — Oilsands producers could face steep fines and suspended projects if industry comes close to hitting a mandated 100-megatonne limit under recommendations proposed by Alberta’s Oil Sands Advisory Group.
But the non-binding report sets out a series of policies options to help avoid reaching that point, including requiring the use of better technology, setting out emissions management plans and costs, and improved regulations.
Advisory group co-chair Dave Collyer said the increased emissions reporting and forecasting in the near-term will help to achieve the lower emissions-intensity goal.
“That transparency and awareness, in fact, does drive behavioural change,” Collyer said.
“So there’s a whole suite of recommendations that I characterize as more in the carrot category, to try and create the right environment to drive the behaviours.”
The penalties for industry would only kick in when industry looks to be within a year of hitting the cap. The penalties could include forcing those with higher-than-average emissions intensity to reduce them or face fines proposed at $200 a tonne of carbon. The government could also suspend projects that haven’t started construction.
Collyer said that while the plan could hit higher emitters, it’s just part of where global expectations on climate action are headed.
“People have to accept that in the world we’re likely to be in, carbon intensity matters. And if you’re on the wrong part of the carbon curve, you’re going to be disadvantaged. It’s the same way as being on the wrong part of the cost curve.”
Wildrose Leader Brian Jean said in a statement that giving the government authority to suspend projects would further chill investment in the oil and gas sector, and is a clear cap on economic growth.
Collyer said when the cap might be reached is much debated, but there is a general sense that under business the oilsands would hit the cap by about 2030, or somewhere around four million barrels a day.
The oilsands industry currently emits about 70 megatonnes of greenhouse gases, but based on exceptions to the cap the number is closer to 60 megatonnes, Collyer said.
Those exemptions include the electricity portion of co-generation, as well as experimental and enhanced recovery operations. Upgraders that started after 2015 will be subject to a separate 10 megatonne cap.
To better understand how the industry is performing, the advisory group recommended establishing annual and 10-year forecasts on emissions.
It also suggested reviews on the system and how facilities might be affected as the oilsands hits 80, 90 and 95 megatonnes.
Alberta Environment Minister Shannon Phillips said the measures recommended by the advisory group, combined with the carbon price, look to provide enough near-term incentives — and the government is not considering adding more.
“There’s really a package of proposals here to improve our performance,” said Phillips. “So yes, the cap is a safety net, but not necessarily a relevant determination because we have done our work in advance of reaching it.”
Phillips said the government will review the non-binding recommendations and begin stakeholder consultations, with an aim to have the regulations implemented by early 2018.
Terry Abel, executive vice-president at the Canadian Association of Petroleum Producers, said that policies that foster technological innovation sound encouraging and align with industry goals.
The 18-member advisory group included an industry caucus headed by Collyer that included six oilsands companies, an environmental caucus led by campaigner Tzeporah Berman, and a community caucus led by Melody Lepine, director of government and industry relations at the Mikisew Cree First Nation.
Berman, who was a controversial appointment because of her strong views against the oilsands, is leaving the advisory group along with several other members as it transitions to a different phase.
Ian Bickis, The Canadian Press
EDMONTON — Controversial environmentalist Tzeporah Berman is out as a member of a government-appointed committee advising Alberta on how to develop the oilsands.
Berman and four other members of Alberta’s Oil Sands Advisory Group were let go after the 18-member panel wrapped up the first two phases of its consultations.
Environment Minister Shannon Phillips says Berman and the others contributed critical expertise in the early stages, but the panel’s focus is now narrowing.
“The first two tasks were really quite outward-facing tasks — the conversation with other Canadians, our international reputation on taking climate action,” Phillips said Friday in Calgary.
“She and a couple other voices that were there for an external perspective, their work is now finished, or coming to be finished.”
The panel was struck almost a year ago to advise the province on oilsands development as Alberta moves away from coal-fired power and toward more environmentally friendly energy.
Berman, a former Greenpeace director, had become a symbol of contradictory government policy on the oilsands, and opposition politicians had repeatedly called for her to be removed.
She pocketed almost $23,000 advising Premier Rachel Notley’s government on environmentally sustainable oilsands development, while also advocating against projects such as the Trans Mountain pipeline expansion that would help the industry and boost the provincial economy.
She has compared the oilsands to the fiery fictional wasteland of Mordor in “Lord of the Rings” and supported the B.C. NDP in the recent provincial election for its stance on killing the Trans Mountain project.
Notley had refused to fire Berman. The premier argued a diversity of voices is healthy. Phillips flatly denied the B.C. election played any part in Berman’s departure.
Progressive Conservative caucus leader Ric McIver said the decision was long overdue.
“After months of talking down Alberta and the hard-working people in the oilsands, we are happy to see that Berman has been asked to leave,” said McIver.
“Including diverse voices on this panel is important, but to appoint an anti-oilsands, eco-warrior as the co-chair was irresponsible governing from the NDP. We just hope Berman hasn’t tarnished Alberta’s reputation.”
Todd Loewen, environment critic for the Opposition Wildrose party, said it didn’t make sense to allow someone who opposed the oil industry to dictate oilsands growth.
“This government is far too comfortable sending signals to investors that so-called social licence and aiming to please eco-radicals is more important than taking sensible measures to enhance environmental protections.”
The advisory panel on Friday recommended a series of escalating measures, including financial penalties, to ensure greenhouse gas emissions from the oilsands remain within a mandated 100-megatonne limit.
Environmental advocates Karen Mahon and Alison Ronson, along with oil executives Christa Seaman and Lloyd Visser, were also taken off the panel.
Dean Bennett, The Canadian Press
If you’re going to be in Bonnyville between June 21st and 22nd, make sure you take time to visit Bluewave Energy at the Bonnyville Oil & Gas Show at booth 2013. Having opened up four new locations in Alberta and Saskatchewan the past year, Bluewave Energy is now meeting propane demand in Bonnyville, Lloydminster, Oxbow, … Read more
HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. rose by six this week to 933.
A year ago, just 424 rigs were active.
Houston oilfield services company Baker Hughes said Friday that 747 rigs sought oil and 186 explored for natural gas this week.
Among major oil- and gas-producing states, North Dakota added three rigs while Alaska, Colorado and New Mexico gained two rigs each. California and Louisiana increased by one apiece.
Oklahoma declined by four rigs and Wyoming was down one.
Arkansas, Kansas, Ohio, Pennsylvania, Texas, Utah and West Virginia were unchanged.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
The Associated Press
WASHINGTON — Newly obtained emails underscore just how closely Environmental Protection Agency chief Scott Pruitt co-ordinated with fossil fuel companies while serving as Oklahoma’s state attorney general, a position in which he frequently sued to block federal efforts to curb planet-warming carbon emissions.
The latest batch of Pruitt’s emails, provided to The Associated Press on Thursday, runs more than 4,000 pages. They include schedules and lists of speaking engagements from the years before Pruitt became the nation’s top environmental watchdog, recounting dozens of meetings between Pruitt, members of his staff, and executives and lobbyists from the coal, oil and gas industries. Many of the calendar entries were blacked out, making it impossible for the public to know precisely where Pruitt travelled or with whom he met.
A June 2016 email that was released showed a board member of the Domestic Energy Producers Alliance seeking a last-minute meeting with Pruitt’s team to brief them “regarding a pending federal tax issue that is related to the state’s position on the Clean Power Plan.”
The trade group represents independent oil and gas producers, including the billionaire Harold Hamm, a political backer of Pruitt and frequent adviser to President Donald Trump. At the time, Oklahoma was one of more than two dozen mostly GOP-led states suing the EPA in federal court to stop the Obama administration’s effort to regulate carbon emissions from coal-fired power plants.
“Greg is Govt Relations for Denbury Resources and is a gem of a dude,” wrote DEPA Executive Director Pete Regan, referring to oil and gas lobbyist Greg Schnacke. “He serves on DEPA executive Comm w Harold Hamm. AG Pruitt was on multiple exec calls on 2015 giving updates re ‘sue and settle’, endangered species cases, etc. … Greg worked closely with Sen. Bob Dole and has great stories.”
A spokesman for Pruitt at the EPA declined to comment, referring questions to the office of current Oklahoma Attorney General Mike Hunter. Prior to his appointment by the state’s Republican governor, Hunter had worked as a top staffer for Pruitt.
Democratic senators fought unsuccessfully to get copies of Pruitt’s emails from Oklahoma prior to his February confirmation vote. Shortly after Pruitt was sworn in as EPA administrator, an Oklahoma judge ruled that Pruitt had been violating the state’s public records law by withholding his correspondence for at least two years. The judge ordered their release following a lawsuit filed by the Center for Media and Democracy, a left-leaning advocacy group.
More than 7,500 emails were released under court order in February, some of which raised questions about the accuracy of Pruitt’s testimony during his Senate confirmation hearing. In both a written statement and under questioning from a Democratic lawmaker, Pruitt said he had always used a state email account for government business and a private account for personal matters.
Yet once the emails were released, they showed Pruitt had occasionally used his private email account to communicate with his staff and others, including lobbyists. It is not illegal in Oklahoma for public officials to use private email as long as they are retained and made available as public records.
Last month, Pruitt sent a letter to the Senate Environment and Public Works Committee seeking to clarify his earlier testimony about the use of a private email account.
“My practice is to conduct official business through official channels, including my state-provided email account,” Pruitt wrote. “Under Oklahoma law, political matters must be transacted using personal email accounts. That includes emails concerning political matters that may arguably also touch on state business.”
Though Pruitt wrote that he had since provided all emails from his personal account to the Oklahoma attorney general’s office for review, the EPA chief contends he now has no say in how or when Hunter might choose to release them.
Hunter’s spokeswoman, Terri Watkins, said his office is continuing to provide documents as they are reviewed and become available.
___
Causey reported from Oklahoma City. Associated Press writers Seth Borenstein in Washington, Jason Dearen in Gainesville, Florida, Tammy Webber in Chicago, John Flesher in Traverse City, Michigan, Emily Schmall in Fort Worth, Texas, and Tafi Mukunyadzi in Little Rock, Arkansas, contributed to this story.
___
Follow AP environmental reporter Michael Biesecker at www.Twitter.com/mbieseck
Michael Biesecker And Adam Kealoha Causey, The Associated Press
June 15, 2017 (Bloomberg Gadfly) This question consumes the industry — and markets — no matter what prices are on any given day. Back in 2000, when mega-mergers formed giants like Exxon Mobil Corp., it was typical to plug roughly $20 a barrel into valuation models. Only a few years ago, we were being told that “$100 … Read more
June 16, 2016 (Bloomberg) Oil headed for the longest run of weekly losses since August 2015 as OPEC member Libya restored production just as the surplus in the U.S. showed few signs of abating. While futures added 0.9 percent in New York, they’re down 2.1 percent for the week, a fourth straight decline. U.S. inventories … Read more
June 16, 2017 (Bloomberg) Early last year, Jean-Guy Desjardins correctly predicted that Canadian equities were due for a rebound. He’s now saying oil prices will double, taking energy stocks along for the ride. “The fundamentals of the global supply-demand relationship are favoring higher oil prices,” Desjardins, chief executive officer of Fiera Capital Corp., said in an … Read more
June 16, 2017 (Bloomberg) The Bank of Japan keeps policy unchanged, U.S. political tensions escalate, and Greece gets another lifeline. Here are some of the things people in markets are talking about today. Central bank week The Bank of Japan left policy unchanged overnight, saying that improving private consumption would support the growing economy. Governor Haruhiko Kuroda, … Read more
FOR: WESTCORE ENERGY LTD.TSX VENTURE SYMBOL: WTRDate issue: June 16, 2017Time in: 9:00 AM eAttention:
SASKATOON, SASKATCHEWAN–(Marketwired – June 16, 2017) – Westcore Energy Ltd.
(“Westcore” or the “Company”) (TSX VENTURE:WTR) announces that it has c…
FOR: PRIMELINE ENERGY HOLDINGS INC.TSX VENTURE SYMBOL: PEHDate issue: June 16, 2017Time in: 8:19 AM eAttention:
HONG KONG, CHINA–(Marketwired – June 16, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES, OR DISSEMINATION IN THE UNITED
STATES.
P…
OTTAWA — The federal government is trying to make it easier to provide interim protection to marine areas, part of a campaign promise to more than double the amount of protected marine areas by the end of this year.
Fisheries Minister Dominic LeBlanc has proposed changes to the Oceans Act to allow temporary protection of marine areas or coastlines for up to five years while the government works towards establishing permanent protection.
LeBlanc also wants to amend the Canada Petroleum Resources Act to prevent oil and gas activities in areas with interim protection, including cancelling existing oil and gas interests and compensating affected companies.
During the 2015 election, the Liberals promised to increase the portion of protected marine areas and coastlines from 1.3 per cent to 5 per cent by the end of 2017, and then to 10 per cent by 2020.
The pledge became the first item on the to-do list for the fisheries minister after the Liberals formed government. LeBlanc took on the chore when he became the minister in 2016.
Oceans experts for World Wildlife Fund Canada and the David Suzuki Foundation both say the Liberals have done enough work to meet the five per cent target by the end of this year — largely by completing work already underway on previously identified marine conservation areas, including three in the last seven months.
In November, the Anguniaqvia niqiqyuam Marine Protected Area was officially established in Darnley Bay in the Northwest Territories, followed by the Hecate Strait Queen Charlotte Sound Glass Sponge Reefs in B.C. in February.
A week ago, LeBlanc announced the final designation of the St. Anns Bank east of Nova Scotia’s Cape Breton Island as a marine protected area.
The legislation will still be necessary to get to the 10 per cent target, however, because it can take an average of seven years to fully protect a marine area in Canada.
“It’s quite a large, arduous process,” said Sigrid Kuehnemund, the lead specialist for WWF Canada’s Oceans Program.
Kuehnemund called the changes a positive step forward.
However, she said, there is still work to be done to limit more of the activities within protected areas. Often, development, fishing and oil and gas exploration are not entirely banned from protected marine areas, she noted.
Finding a way to protect marine areas faster was one of the bullet points in the government’s five-point plan to meet its 10 per cent goal, first announced in June 2016.
Kuehnemund said Canada lags behind the international community when it comes to protecting marine areas.
— follow @mrabson on Twitter
Mia Rabson, The Canadian Press
CALGARY — Workers at Evraz North America’s Calgary operation have voted unanimously in favour of strike action, the United Steelworkers says.
The union represents close to 300 workers at the operation.
The result follows a vote by workers at Evraz’s Regina operation in May that was 99.3 per cent in favour of strike action.
The Calgary vote comes as workers and management hit sticking points on pension benefits and wages during contract negotiations.
The Evraz’s Calgary operation supplies well casing, tubing, and heat treating to the oil and gas industry, while the Regina operation is set to be the main pipeline supplier for Kinder Morgan Canada’s Trans Mountain expansion project.
Evraz North America said its policy is to not comment on ongoing negotiations.
The Canadian Press
OTTAWA — A Calgary-based energy company has hired the former chief of staff to Natural Resources Minister Jim Carr.
Janet Annesley, who left Parliament Hill early last month, is now the senior vice-president of corporate affairs at Husky Energy, just over a year after she was last lobbied by one of its subsidiaries.
The Conflict of Interest Act prevents an ex-staffer at Annesley’s level — referred to as a former reporting public officer holder — from working for a company with which she has had “direct and significant official dealings” in the year leading up to her last day as a member of the ministerial staff.
Husky said Mary Dawson, the federal ethics watchdog, cleared the hire.
“The Conflict of Interest and Ethics Commissioner’s office was advised of Husky’s employment offer and then of Ms. Annesley’s acceptance of the offer,” media and issues manager Mel Duvall wrote in an email.
“The Conflict of Interest and Ethics Commissioner’s office advised Ms. Annesley that accepting Husky’s offer would be compliant with the Act.”
Jocelyne Brisebois, a spokeswoman for Dawson, said she could not, for reasons of confidentiality, comment on the case or release a copy of the commissioner’s letter to Annesley.
Reporting public officer holders are required to tell the commissioner about firm officers of outside employment within seven days of receiving them, Brisebois said, and disclose in writing the initial decision to accept such an offer seven days after doing so.
There is no need to report after leaving office, which means the job offer and acceptance came while Annesley was still working for Carr.
According to the federal lobbyist registry, Husky Oil Operations Ltd. — a subsidiary of her new employer — last met Annesley on April 25, 2016.
Duvall said that was the last time Husky or any of its subsidiaries lobbied Annesley, who left her position with Carr on May 5 and began her new job sometime last month.
Annesley, who has years of experience in communications and lobbying for the oil industry, including with the Canadian Association of Petroleum Producers, is prevented from dealing with Natural Resources Canada during a one-year cooling off period. She is also barred from lobbying the federal government for five years.
Duvall said both Annesley and her new employer understand the rules.
Alexandre Deslongchamps, a spokesman for Carr, said: “The rules are quite clear, and they will be respected.”
Zoe Caron, a longtime environmentalist who was most recently a policy adviser to Prime Minister Justin Trudeau, is the minister’s new chief of staff.
Duff Conacher, co-founder of the non-partisan ethics advocacy group Democracy Watch, said the rules themselves are a problem.
“It’s essentially saying you have no conflict of interest as long as the contact you have with the company or the organization was longer than a year ago,” Conacher said.
Conacher also said
The law also forbids someone like Annesley from giving advice to her employer based on things they learned in the political job that was not publicly available. Conacher said that should mean such jobs are off limits, at least until after a change in government.
“How does she unlearn what she knows — what the public doesn’t know — about the minister, the cabinet and the department she comes from?”
New Democrat MP Nathan Cullen said there is a difference between the letter and the spirit of the law.
“The idea of the revolving door from industry into a minister’s office, back into industry, is one of the things that Trudeau said he was going to clean up,” he said.
Conservative MP Blaine Calkins said it’s all part of a familiar Liberal pattern, citing the controversy over so-called ‘cash-for-access’ fundraising.
“The government does have some problems following the rules, whether it’s the rules they set for themselves, or the expectations they set for Canadians.”
— Follow @smithjoanna on Twitter
Joanna Smith, The Canadian Press
FOR: NIKO RESOURCES LTD.
TSX Symbol: NKO
Date issue: June 15, 2017
Time in: 7:00 PM e
Attention:
CALGARY, AB –(Marketwired – June 15, 2017) – Niko Resources Ltd. (“Niko” or
the “Company”) (TSX: NKO) is pleased to report its operating and financial
results for the quarter and year ended March 31, 2017. The operating results
are effective June 15, 2017. All amounts are in US dollars unless otherwise
indicated and all amounts are reported using International Financial Reporting
Standards unless otherwise indicated.
CHIEF EXECUTIVE OFFICER’S MESSAGE TO THE SHAREHOLDERS
The focus of our efforts continues to be to achieve our overarching goal of
enhancing value and ultimately monetizing the Company’s core assets for the
benefit of all its stakeholders. However, general market conditions in the
industry coupled with our on-going legal issues relating to our assets in
India and Bangladesh provide significant challenges that need to be overcome
in order to achieve our goal.
The continued non-payment of amounts due for natural gas and condensate
delivered from Block 9 in Bangladesh threatens the ability of the Company to
fund its operations over the next several months. In addition, it is the
opinion of both the Company and our independent reserves evaluator that
reserves associated with Niko’s interest in Block 9 can no longer be
recognized at this time. If the situation in Bangladesh can be resolved, then
reserves for Block 9 could again be recognized.
Faced with this liquidity concern, we continue to pursue resolution of the
situation in Bangladesh and actively market our interest in the D6 Block in
India. I believe that the recent announcement by the operator of the D6 Block
indicating that they will award contracts to progress development of the
R-Series deepwater gas fields in the block could help this marketing process
and that a sale of our interest in the D6 Block could potentially provide a
solution to our liquidity situation and achieve our Company’s overarching
goal. However, no assurance can be made that these efforts will provide a
solution on a timely basis or at all.
While we remain hopeful, we acknowledge that much work has to be done and we
are committed to doing our best for the benefit of all stakeholders.
William Hornaday – Chief Executive Officer, Niko Resources Ltd.
LIQUIDITY AND CAPITAL RESOURCES
Non-payments by Petrobangla of Amounts Due
Since June 2016, Bangladesh Oil, Gas and Mineral Corporation (“Petrobangla”)
has paid reduced amounts to the operator of the Block 9 PSC for invoiced
amounts due for gas and condensate supplied from March 2016 to March 2017
pursuant to the Block 9 gas and condensate sales agreements, with the amounts
withheld equal to the 60 percent share in the Block 9 PSC held by Niko
Exploration (Block 9) Limited (“Niko Block 9”) and totalling $31.5 million to
date. Niko Block 9 has issued notices of dispute and force majeure under the
Block 9 PSC and sales agreements to the Government of Bangladesh (“GOB”) and
Petrobangla. As the cash flow that was expected to be generated by the Block 9
PSC was targeted to fund the current and projected capital expenditures
related to the drilling program in Block 9 in fiscal 2017 as well as other
cash requirements of the Company, since late September 2016 Niko Block 9 has
not paid cash calls that were due and has been issued default notices by the
operator of the Block 9 PSC. Under the terms of the joint operating agreement
(“JOA”) between the participating interest holders in the Block 9 PSC, during
the continuance of a default, the defaulting party shall not have a right to
its share of gas and condensate sales proceeds, which shall vest in and be the
property of the non-defaulting parties who have paid to cover the amount in
default in order to recover the amounts owed by the defaulting party. In
addition, if the defaulting party does not cure a default within sixty days of
the default notice, the non-defaulting parties have the option to require the
defaulting party to withdraw from the PSC and JOA. To date, the non-defaulting
parties have not exercised this option.
Funding of Projected Cash Requirements of the Company
The Company’s cash flow has been negatively impacted by the failure of
Petrobangla to comply with its legal obligations as outlined above. As a
result, the Company’s cash balances as at March 31, 2017 and projected
revenues from its assets in India are not expected to be sufficient to fund
the projected cash requirements of the Company’s assets in India and its other
cash requirements over the next several months. However, the Company’s cash
resources, and therefore its ability to fund its operations, could be
positively enhanced by various factors, including the following:
/T/
— Receiving payments from Petrobangla of amounts due,
— Executing sale(s) of the Company’s interests in its core assets in India
and Bangladesh, or
— Obtaining financing for planned development projects in the D6 Block.
/T/
No assurance can be made that appropriate steps will be taken, or goals
accomplished, in a manner or on a timely basis so as to enhance the Company’s
cash resources sufficiently. The failure to enhance the Company’s cash
resources on a timely basis will have a material adverse impact on the ability
of the Company to fund its operations.
Term Loan and Convertible Notes
In July 2016, the Company executed an amendment (the “Fourth Amendment”) to
the terms of the Facilities Agreement with its Term Loan Lenders and executed
a supplemental indenture to the Indenture governing its Convertible Notes (the
“Indenture Amendment”) (collectively, the “Amendments”). As a result of the
Amendments, the Company is not required to make interest payments (including
interest previously owing) under the Facilities Agreement or the Indenture
during the term of the Amendments, nor make payments under the deferred
obligation, other than in connection with waterfall distributions (“Waterfall
Distribution”). The Amendments restrict the Company’s ability to utilize
potential proceeds from sales of assets and settlements of arbitration and /
or tax claims, as any proceeds from these types of transactions will be
required to be distributed amongst the lenders under the amended Facilities
Agreement, the holders of the Convertible Notes (the “Noteholders”) and the
Company pursuant to the Waterfall Distribution. The Waterfall Distribution
under the Amendments is described in Note 15(b) of the Company’s audited
consolidated financial statements for the year ended March 31, 2017; and, in
respect of amounts to be retained by the Company, is subject to the 2016
Settlement Agreement described under “Diamond Settlement” below.
Diamond Settlement
In October 2016, Niko executed an agreement (the “2016 Settlement Agreement”)
with subsidiaries of Diamond Offshore (“Diamond”) relating to the settlement
of outstanding claims under drilling contracts and the agreement executed in
December 2013 (the “2013 Settlement Agreement”) (including related judgements
granted by courts in Texas and Alberta), in compliance with the terms of the
Fourth Amendment. The terms of the 2016 Settlement Agreement are described in
Note 16(b) of the Company’s audited consolidated financial statements for the
year ended March 31, 2017.
Claim from the Government of India in Alleged Migration of Natural Gas Dispute
In November 2016, the contractor group of the D6 Block in India received a
letter from the Government of India (“GOI”), in which the GOI made a claim of
approximately $1.55 billion (Niko share $155 million) against the contractor
group in respect of gas said to have migrated from neighboring blocks to the
D6 Block. Reliance Industries Limited, the operator of the D6 Block, has
invoked the dispute resolution mechanism in the PSC and issued a Notice of
Arbitration to the GOI, with the arbitration process currently underway. Niko
believes the contractor group is not liable for the amount claimed by the GOI
and is working with the contractor group to defend against the claim by
invoking the dispute resolution mechanism in the PSC.
Exploration Subsidiaries
The Company’s exploration subsidiaries that previously owned interests in PSCs
in Trinidad and Indonesia have significant accounts payable and accrued
liabilities (including PSC obligations) and unfulfilled exploration work
commitments reflected on the Company’s balance sheet as at March 31, 2017. In
August 2016, three of the Company’s indirect subsidiaries received written
notice from the Government of the Republic of Trinidad and Tobago (“GORTT”)
requesting that unfulfilled exploration work commitments be performed under
each of the subsidiaries’ respective PSCs within sixty days, failing which the
GORTT would terminate the three PSCs and exercise its rights on the parent
company guarantees for unfulfilled exploration commitments of $118 million. In
May 2017, the Company’s indirect subsidiaries received written notices from
the GORTT terminating the three PSCs. In the Company’s view, the parent
guarantees for unfulfilled exploration commitments for the three PSCs have
expired.
Contingent Liabilities
The Company and its subsidiaries are subject to various claims from other
parties, as described in Note 32 of the Company’s audited consolidated
financial statements for the year ended March 31, 2017, and are actively
defending against these claims. An adverse outcome on one or more of these
claims could significantly impact the future cash flows of the Company.
Ability of the Company to Continue as a Going Concern
As a result of the foregoing matters (including the ongoing obligations of the
Company and its subsidiaries), there are material uncertainties that may cast
significant doubt about the ability of the Company to continue as a going
concern.
Complete details of the Company’s financial results are contained in its
audited consolidated financial statements and Management’s Discussion and
Analysis for the year ended March 31, 2017 which will be available under the
Company’s SEDAR profile at www.sedar.com.
ESTIMATED RESERVES and ESTIMATED AFTER-TAX NET PRESENT VALUE OF FUTURE NET
REVENUE
/T/
India
Estimated Reserves – India
—————————————————————————-
As at March 31,
Gross(1) (Bcfe) 2017 2016
—————————————————————————-
Proved 232 265
Proved plus Probable 362 406
—————————————————————————-
/T/
/T/
(1) ‘Gross’ reserves are defined as those accruing to the Company’s
working interest share before deduction of royalties and government
share of profit petroleum, and are reflected on a gas equivalent
basis.
/T/
Deloitte LLP (“Deloitte”), an independent petroleum engineering firm, has
prepared its reserves evaluation for the Company’s interest in the D6 Block in
India. This evaluation has been prepared in accordance with National
Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities and the
Canadian Oil and Gas Evaluation Handbook, with an effective date of March 31,
2017.
Deloitte has evaluated the reserves for the Company’s interest in the D6 Block
in India using its forecast of commodity price inputs into the Indian natural
gas pricing formulas under the Guidelines for producing fields and under the
New Guidelines for undeveloped discoveries.
/T/
Estimated After-tax Net Present Value of Future Net Revenue – India
(discounted at 10%)
—————————————————————————-
As at March 31,
(millions of U.S. dollars) 2017 2016
—————————————————————————-
Proved 250 218
Proved plus Probable 486 486
—————————————————————————-
/T/
Bangladesh
Since June 2016, Petrobangla has withheld all payments for Niko’s share of gas
and condensate sales from the Block 9 PSC due to legal disputes between Niko
and the GOB, Petrobangla and Bapex (refer to discussion on Non-payments by
Petrobangla of Amounts Due in the Liquidity and Capital Resources section). In
this situation, it is the opinion of both Deloitte and Niko that reserves
associated with Niko’s interest in Block 9 can no longer be recognized. If the
situation in Bangladesh can be resolved such that payments for the Company’s
share of Block 9 gas and condensate sales resume, then reserves for Block 9
could again be recognized.
Complete details of the Company’s reserves and future net revenues
attributable thereto are contained in its Annual Information Form for the year
ended March 31, 2017, which will be available on the Company’s SEDAR profile
at www.sedar.com.
OVERALL PERFORMANCE AND RESULTS OF OPERATIONS BY REPORTABLE SEGMENT
The Company’s financial results for the year ended March 31, 2017 were
impacted by the following significant items:
Execution of the Amendments in July 2016
As a result of the Amendments, the carrying value of the Term Loan,
Convertible Notes and deferred obligation and related interest and other
payment obligations that had been reflected as current liabilities were
derecognized and these obligations were recorded as long-term liabilities at
their estimated fair values, resulting in the recognition of a gain on debt
modification of $255 million, net of costs. The value of these obligations is
primarily dependent on the net proceeds that would be distributed in the
future under the Waterfall Distribution mechanism to the respective holders of
these debt instruments upon the sale of the assets of the Company and other
events, and is therefore highly uncertain. The estimated fair value of the
Convertible Notes was determined based on the active trading price of
Cdn$11.00 per $100 of Convertible Notes on the date of the Indenture
Amendment, the estimated fair value of the Term Loan was determined using the
estimated fair value of the Convertible Notes and the corresponding net
proceeds that would be payable to the Term Loan lenders under the Waterfall
Distribution mechanism, and the estimated fair value of the deferred
obligation was determined to be zero based on the priority of payments for the
deferred obligation being last under the Waterfall Distribution mechanism
after all other claims under the Term Loan have been completely satisfied. In
addition, subsequent to the date of the Amendment, the Company has not
recognized interest expense on the Term Loan and Convertible Notes.
Diamond Settlement
As a result of the 2016 Settlement Agreement, the carrying value of the
contract settlement obligation that had been reflected as a current liability
was derecognized and this obligation was recorded as a long-term liability at
its estimated fair value, resulting in the recognition of a gain on debt
modification of $28 million, net of costs. The value of this obligation is
primarily dependent on the net proceeds that would be distributed to Diamond
in the future under the Waterfall Distribution mechanism upon the sale of the
assets of the Company and other events, and is therefore highly uncertain. The
estimated fair value of the contract settlement obligation was determined
using the estimated fair value of the Convertible Notes and the corresponding
net proceeds that would be payable to Diamond under the Waterfall Distribution
mechanism.
Non-payments by Petrobangla of Amounts Due
As a result of the continued non-payments by Petrobangla of amounts due and
Niko Block 9’s non-payments of cash calls due to the operator and the default
mechanism in the Block 9 JOA, the invoices issued by the operator of the Block
9 PSC for gas and condensate sales to Petrobangla for September 2016 to March
2017 reflect the non-defaulting parties’ entitlement to the sales proceeds
and, as such, the Company did not recognize $19 million of net oil and gas
revenues that it otherwise would have been entitled to. In addition, the
Company recognized an impairment of $13 million in the second quarter of
fiscal 2017 related to the net revenue receivable from Petrobangla for the
months of March to August 2016. If the non-defaulting parties to the Block 9
exercise their option to require Niko Block 9 to withdraw from the PSC and JOA
and if this results in a loss of Niko Block 9’s interest in the PSC and JOA,
then a full impairment of the Company’s carrying value of the assets and
liabilities related to Block 9 could result.
The Company’s results for the fourth quarter and year ended March 31, 2017 are
as follows:
/T/
Consolidated
—————————————————————————-
Three months Year ended March
(thousands of US Dollars, ended March 31, 31,
unless otherwise indicated) 2017 2016 2017 2016
—————————————————————————-
Sales volumes (MMcfe/d)(1) 87 99 88 104
Net oil and natural gas revenue 8,097 20,370 44,385 94,170
EBITDAX from continuing operations(2) 556 11,018 17,575 57,118
Net income (loss) from continuing
operations 24,111 77,595 266,567 (55,694)
Net income (loss) from discontinued
operations (23) (337) (2,148) (30,108)
Development capital expenditures 2,947 2,789 30,968 21,679
Net cash flow(3) (4,783) (1) (25,680) (22,562)
—————————————————————————-
/T/
/T/
(1) Includes volumes for September 2016 to March 2017 in Bangladesh for
which revenue has not been recognized (see below).
(2) Refer to “Non-IFRS Measures” for details.
(3) Net cash flow is the total change in cash and cash equivalents as
stated in the Company’s statement of changes in cash flow. This
additional IFRS measure is used to show the total change in cash and
cash equivalents from the Company’s operating, investing and financing
activities.
/T/
Highlights for the year ended March 31, 2017 include:
Natural production declines and lower natural gas prices for the D6 Block in
India and the non-recognition of net revenue for Block 9 in Bangladesh in
fiscal 2017 contributed to lower net oil and gas revenue and lower EBITDAX for
the Company for fiscal 2017 compared to fiscal 2016, partially offset by lower
production and operating expenses and general and administrative expenses.
Net income from continuing operations of $267 million in fiscal 2017 primarily
resulted from recognition of gains on debt modification totalling $283 million
resulting from the Amendments and the 2016 Settlement Agreement, and
recognition of deferred income tax recovery of $40 million related to an
extension in the carry-forward period for unutilized Minimum Alternative Tax
(“MAT”) credits in India from ten to fifteen years, partially offset by the
negative impact of $32 million of non-payments by Petrobangla of amounts due
in Block 9 and finance expense of $26 million. Refer to Note 26 of the audited
consolidated financial statements for the year ended March 31, 2017 for
details regarding MAT.
Net loss from continuing operations of $(56) million in fiscal 2016 primarily
reflected the recognition of unfulfilled exploration commitments of $54
million, finance expense of $77 million and recognition of deferred income tax
expense of $40 million, partially offset by net reversal of asset impairments
of $121 million primarily related to the D6 Block in India.
Development capital expenditures of $31 million in fiscal 2017 related
primarily to development well programs in the D6 Block in India and Block 9 in
Bangladesh.
Net cash flow of ($26) million in fiscal 2017 primarily reflected the impact
of EBITDAX, payments for development capital expenditures of $17 million, and
principal and interest repayments of $11 million on the finance lease related
to the floating, production, storage and offloading vessel (“FPSO”) employed
in the D6 Block in India.
Highlights for the fourth quarter ended March 31, 2017 include:
Total sales volumes in the fourth quarter of fiscal 2017 of 87 MMcfe/d
decreased from 99 MMcfe/d in fiscal 2016 primarily due to the impact of
natural production declines in the D6 Block in India and impact of increased
delivery pressure requirements of the sales trunkline in Block 9 in
Bangladesh, partially offset by incremental production from two sidetrack
wells in the D6 Block, of which one well was brought on-stream in January
2017.
Net oil and natural gas revenues of $8 million decreased in the fourth quarter
of fiscal 2017 compared to $20 million in the fourth quarter of fiscal 2016
primarily due to lower natural gas sales volumes and prices in India and the
non-recognition of $8 million of net oil and gas revenues in Block 9 during
the fourth quarter.
EBITDAX in the fourth quarter of fiscal 2017 decreased compared to $11 million
in the fourth quarter of fiscal 2016 primarily due to lower net oil and
natural gas revenues in India and a result of the non-recognition of net oil
and gas revenues in Block 9, offset by lower production and operating expense.
Net income from continuing operations of $24 million in the fourth quarter of
fiscal 2017 decreased compared to $78 million in the fourth quarter of fiscal
2016 primarily due to the impact of lower EBITDAX, offset by the recognition
of deferred income tax recovery of $40 million in India related to MAT. In the
fourth quarter of fiscal 2016, the Company recognized a reversal of asset
impairment of $199 million, which was partially offset by the recognition of
deferred income tax expense of $40 million.
Net cash flow of $(5) in the fourth quarter of fiscal 2017 increased from the
fourth quarter of fiscal 2016 primarily due to payments for development
capital expenditures in India.
Results for the year ended March 31, 2017 for each reportable segment are as
follows:
/T/
India
—————————————————————————-
Three months Year ended March
(thousands of US Dollars, ended March 31, 31,
otherwise indicated) 2017 2016 2017 2016
—————————————————————————-
Sales volumes (MMcfe/d) 29 37 30 41
Net oil and natural gas revenue 8,093 13,667 33,504 67,820
Segment EBITDAX(1) 2,972 7,019 16,669 45,825
Segment income 25,864 159,635 25,447 74,692
Development capital expenditures 2,317 1,154 18,599 16,783
Segment net cash flow(1) (3,322) 1,210 (13,083) (2,155)
—————————————————————————-
/T/
/T/
(1) Refer to “Non-IFRS Measures” for details.
/T/
Total sales volumes from the D6 Block in fiscal 2017 of 28 MMcfe/d decreased
from 39 MMcfe/d in fiscal 2016 primarily due to the impact of natural
production declines in the fields in the block, partially offset by
incremental production from sidetracks and reactivations during fiscal 2016
and fiscal 2017. Two sidetrack wells in the MA field brought on-stream in
October 2016 and January 2017, respectively, contributed approximately 7
MMcfe/d of production for the fourth quarter of fiscal 2017.
Net oil and natural gas revenues decreased in fiscal 2017 compared to fiscal
2016 primarily due to lower natural gas sales volumes and prices. The notified
price for gas sales from the D6 Block was $3.06 / MMbtu GCV for April 1, 2016
to September 30, 2016 and $2.50 / MMbtu for October 1, 2016 to March 31, 2017
(compared to $4.66 / MMbtu for April 1, 2015 to September 30, 2015 and $3.82 /
MMbtu for October 1, 2015 to March 31, 2016). The notified price for gas sales
from the D6 Block for April 1, 2017 to September 30, 2017 is $2.48 / MMbtu.
Segment EBITDAX of $17 million in fiscal 2017 decreased compared to fiscal
2016 primarily due to lower net oil and natural gas revenues, partially offset
by the impact of lower production and operating expenses for the D6 Block.
Segment income of $25 million in fiscal 2017 decreased compared to segment
income of $75 million in fiscal 2016 primarily due to lower EBITDAX in fiscal
2017 and a reversal of asset impairment of $119 million in fiscal 2016,
partially offset by lower depletion expense in fiscal 2017 and a deferred
income tax recovery of $40 million recognized in the fourth quarter of fiscal
2017 versus a deferred income tax expense of $40 million in fiscal 2016.
Depletion expense decreased in fiscal 2017 compared to fiscal 2016 due to
lower production volumes and a lower depletion rate resulting from a change in
the depletion calculation for the common facilities of the D6 Block effective
April 1, 2016, whereby the costs of common facilities are depleted using the
total proved reserves of the D6 Block instead of being depleted using the
total proved reserves of producing fields in prior periods.
Development capital expenditures of $19 million in fiscal 2017 primarily
related to the development drilling program in the D6 Block in India.
Development capital expenditures are expected to increase in fiscal 2018 due
to the planned spending for the development of the R-Series gas fields.
Segment net cash flow of ($13) million in fiscal 2017 primarily reflected the
impact of segment EBITDAX, which was more than offset by payments for
development capital expenditures of $22 million, and $11 million of principal
and interest repayments on the finance lease related to the FPSO employed in
the D6 Block.
In the third quarter of fiscal 2017, the Company signed an asset sale and
purchase agreement for the sale of its 33.33 percent interest in the Hazira
field in India. Closing of the sale transaction is subject to government and
other approvals. The Company’s share of sales volumes from the Hazira field in
fiscal 2017 of 1.3 MMcfe/d was virtually unchanged from fiscal 2016.
/T/
Bangladesh
—————————————————————————-
Three months Year ended March
(thousands of US Dollars, ended March 31, 31,
unless otherwise indicated) 2017 2016 2017 2016
—————————————————————————-
Sales volumes (MMcfe/d)(1) 58 61 58 62
Net oil and natural gas revenue – 6,703 10,867 26,333
Segment EBITDAX(2) (1,297) 5,120 4,983 17,300
Segment income (loss) (2,605) 3,759 (13,497) 10,266
Development capital expenditures 630 1,635 12,369 4,896
Segment net cash flow(2) (489) 39 (490) 11,241
—————————————————————————-
/T/
/T/
(1) Includes volumes for September 2016 to March 2017 for which revenue
has not been recognized (see below).
(2) Refer to “Non-IFRS Measures” for details.
/T/
Total sales volumes from Block 9 in fiscal 2017 decreased from fiscal 2016,
primarily reflecting the impact of increased delivery pressure requirements of
the sales trunkline, partially offset by the impact of a development well that
was brought on-stream in late January 2017.
Net oil and natural gas revenues in fiscal 2017 decreased from fiscal 2016 due
to lower sales volumes and the non-recognition of $19 million of net oil and
gas revenues from September 2016 to March 31, 2017 in Block 9 (refer to
discussion on Non-payments by Petrobangla of Amounts Due in the Liquidity and
Capital Resources section).
Segment EBITDAX of $5 million in fiscal 2017 decreased compared to fiscal 2016
primarily as a result of the non-recognition of net oil and gas revenues,
partially offset by lower production and operating expenses.
Segment loss of $(13) million in fiscal 2017 decreased compared to segment
income of $10 million in fiscal 2016 primarily as a result of lower segment
EBITDAX and the impairment of $13 million of net revenue receivable from
Petrobangla, partially offset by lower depletion expense.
Development capital expenditures of $12 million in fiscal 2017 related
primarily to costs for the development drilling program in Block 9 in
Bangladesh. The drilling of the first of two planned development wells in the
Bangora field commenced in September 2016 and this well was brought on-stream
in late January 2017. Drilling of the second well is currently under
evaluation (refer to discussion on Non-payments by Petrobangla of Amounts Due
in the Liquidity and Capital Resources section).
Segment net cash flow in fiscal 2017 primarily reflected the non-payment by
Petrobangla of amounts due to the Company and non-payment by the Company of
cash calls due to the operator for development capital and operating
expenditures in Block 9 (refer to discussion on Non-payments by Petrobangla of
Amounts Due in the Liquidity and Capital Resources section).
/T/
Other
—————————————————————————-
Three months ended Year ended March
(thousands of US Dollars, March 31, 31,
unless otherwise indicated) 2017 2016 2017 2016
—————————————————————————-
Segment EBITDAX from continuing
operations(1) (1,119) (1,121) (4,077) (6,007)
Segment income (loss) from
continuing operations 852 (85,799) 254,617 (140,652)
Segment net cash flow from
continuing operations(1) (966) (1,205) (12,088) (37,855)
Net income (loss) from discontinued
operations (23) (337) (2,148) (30,108)
Net cash flow from discontinued
operations(1) 6 (45) (19) 6,207
—————————————————————————-
/T/
/T/
(1) Refer to “Non-IFRS Measures” for details.
/T/
Segment EBITDAX from continuing operations of $(4) million in fiscal 2017
decreased from $(6) million in fiscal 2017, primarily due to lower general and
administrative expenses.
Segment income from continuing operations of $255 million in fiscal 2017
increased from a segment loss of $(141) million in fiscal 2016, primarily due
to the recognition of gains on debt modification of $283 million due to the
Amendments and 2016 Settlement Agreement in fiscal 2017, recognition of
liabilities of $54 million for unfulfilled exploration commitments for a PSC
in Trinidad in fiscal 2016 and lower finance expenses due to the Amendments in
July 2016.
Segment net cash flow from continued operations of ($12) million in fiscal
2017 decreased from ($38) million in fiscal 2016 primarily due to lower
repayment of long-term debt and contract settlement obligations (funded
partially from the release of restricted cash accounts) and lower payments for
restructuring costs and general and administrative expenses.
Net loss from discontinued operations in fiscal 2017 of $(2) million in fiscal
2017 decreased from $(30) million in fiscal 2016 primarily due to recognition
of liabilities of $22 million of unfulfilled exploration commitments for three
PSCs in Indonesia in fiscal 2016.
Net cash flow from discontinued operations of $6 million in fiscal 2016
reflected receipt of net cash consideration for the sale of subsidiaries that
held interests in five Indonesian PSCs in fiscal 2016.
Forward-Looking Information
Certain statements in this press release constitute forward-looking
information. Specifically, this press release contains forward looking
information relating to the Company’s ability to fund its cash requirements
over the next several months, the ability of the Company to successfully
complete its strategic plan on a timely basis, the Company not being liable in
respect of claims made by the GOI and the successful pursuit of legal rights
by the Company related to disputes with the Government of Bangladesh and its
subsidiary entities. Such forward-looking information is based on a number of
risks, uncertainties and assumptions, which may cause actual results or other
expectations to differ materially from those anticipated and which may prove
to be incorrect. There can be no assurances that the Company will be able to
successfully complete its strategic plan on a timely basis or that the Company
will be able to meet the goals and purposes of its business plan (including
resolving various disputes against governments and others in its favour) or
fund its operations over the next several months. The failure to meet or
satisfy any of the foregoing is likely to have a material adverse impact on
the Company and thereby significantly impair the value of security holders’
interest in the Company. Undue reliance should not be placed on
forward-looking information. Such forward-looking information reflects the
Company’s current beliefs and assumptions and is based on information
currently available to the Company. This forward-looking information is based
on certain key expectations and assumptions, many of which are not within the
control of the Company and include expectations and assumptions regarding the
future actions of the Company’s lenders, future actions of the GOI, future
actions of the People’s Republic of Bangladesh, Petrobangla or Bapex, whether
courts in the People’s Republic of Bangladesh will recognize the exclusive
jurisdiction of the international tribunals constituted under the Rules of the
International Centre for Settlement of Investment Disputes, Niko being able to
terminate or otherwise overcome a certain stay order in respect of Block 9
PSC, non-defaulting parties not seeking to require a subsidiary of the Company
to withdraw from the Block 9 PSC or JOA, future commodity prices, results of
operations, production, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive advantages, plans
for and results of drilling activity, environmental matters, business
prospects and opportunities, prevailing exchange rates, applicable royalty
rates and tax laws, future well production rates, the performance of existing
wells, the success of drilling new wells, the availability of capital to
undertake planned activities, the availability and cost of labour and services
and general market conditions. The reader is cautioned that the assumptions
used in the preparation of such information, although considered reasonable at
the time of preparation, may prove to be incorrect. Actual results may vary
from the information provided herein as a result of numerous known and unknown
risks and uncertainties and other factors and such variations may be material.
Such risk factors include, but are not limited to: risks related to the
ability of the Company to continue as a going concern, risks related to the
Company not being able to increase its cash resources, the risks associated
with the Company meeting its obligations under the amended Facilities
Agreement and successfully completing its strategic plan, risks related to the
various legal claims against the Company or its subsidiaries, risks related to
non-payments by Petrobangla of amounts due to subsidiaries of the Company, as
well as the risks associated with the oil and natural gas industry in general,
such as 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 estimates and projections relating to
production rates, costs and expenses, commodity price and exchange rate
fluctuations, government regulation, marketing and transportation risks,
environmental risks, competition, the ability to access sufficient capital
from internal and external sources, changes in tax, royalty and environmental
legislation, the impact of general economic conditions, imprecision of reserve
estimates, the lack of availability of qualified personnel or management,
stock market volatility, risks associated with meeting all of the Company’s
financing obligations and contractual commitments (including work
commitments), the risks discussed under “Risk Factors” in the Company’s Annual
Information Form for the year-ended March 31, 2017 and in the Company’s public
disclosure documents, and other factors, many of which are beyond the
Company’s control. Niko makes no representation that the actual results
achieved during the forecast period will be the same in whole or in part as
those forecast.
The forward looking information included in this press release is expressly
qualified in its entirety by this cautionary statement. The forward looking
information included herein is made as of the date of this press release and
Niko assumes no obligation to update or revise any forward looking information
to reflect new events or circumstances, except as required by law.
Non-IFRS Measures
The selected financial information presented throughout this press release is
prepared in accordance with IFRS, except for “EBITDAX”, “Segment EBITDAX” and
“Segment Net Cash Flow”. The Company utilizes EBITDAX and Segment EBITDAX to
assess performance and to help determine its ability to fund future capital
projects and to repay debt. EBITDAX and Segment EBITDAX is calculated as net
income before interest expense, income taxes, depletion and depreciation
expenses, exploration and evaluation expenses, and other non-cash items (gain
or loss on debt modification, gain or loss on asset disposal, gain or loss on
derivatives, asset impairment, share-based compensation expense, restructuring
expenses, accretion expense, unfulfilled exploration commitment expense and
unrealized foreign exchange gain or loss). Segment net cash flow is the total
change in cash and cash equivalents for each of the Company’s reportable
segments (India, Bangladesh and Other). This additional measure is used to
show the total net change in cash and cash equivalents from the reportable
segment’s operating, investing and financing activities. EBITDAX, Segment
EBITDAX and Segment Net Cash Flow should not be viewed as a substitute for
measures of financial performance presented in accordance with IFRS or as a
measure of a company’s profitability or liquidity. These non-IFRS measures do
not have any standardized meaning prescribed by IFRS and is therefore may not
be comparable to similar measures presented by other companies. Refer to the
Company’s Management’s Discussion and Analysis for details on these non-IFRS
financial measures.
– END RELEASE – 15/06/2017
For further information:
For further information, please contact:
Niko Resources Ltd.
(403) 262-1020
Glen Valk
VP Finance & CFO
or visit the Company’s website at www.nikoresources.com
COMPANY:
FOR: NIKO RESOURCES LTD.
TSX Symbol: NKO
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC016
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: MAXIM POWER CORP.TSX SYMBOL: MXGDate issue: June 15, 2017Time in: 6:23 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Maxim Power Corp. (TSX:MXG)
(“MAXIM” or the “Company”) today announced the final director election results
fro…
FOR: CES ENERGY SOLUTIONS CORP.
TSX SYMBOL: CEU
OTCQX SYMBOL: CESDF
Date issue: June 15, 2017
Time in: 6:18 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 15, 2017) – CES Energy Solutions Corp.
(“CES” or the “Corporation”) (TSX:CEU)(OTCQX:CESDF) (OTC – Nasdaq Intl: CESDF)
is pleased to announce that it has changed its corporate name from “Canadian
Energy Services & Technology Corp.” to “CES Energy Solutions Corp.” effective
today. CES has significantly transformed its business since its initial public
offering in March 2006, and has broadened its operational footprint across
North America. The new company name avoids geographic reference, while
incorporation of the CES acronym helps to maintain brand recognition.
At the annual general and special meeting of shareholders held on June 15, 2017
(the “Meeting”), shareholders representing approximately 100.0% of votes cast
approved the name change.
Subject to the final submission and processing of documents with the Toronto
Stock Exchange (“TSX”), it is expected that the common shares of the
Corporation will commence trading on the TSX and be quoted on the OTC under the
Corporation’s new name at the opening of business on or about June 20, 2017.
The Corporation’s common shares will continue to trade on the TSX and be quoted
on the OTC under the trading symbols CEU and CESDF, respectively.
Voting Results of Election of Directors
Based on the proxies received and on a ballot conducted at the Meeting, the
following individuals, being the eight nominees listed in the management
information circular of the Corporation dated May 11, 2017 (the “Circular”),
were elected as directors of the Corporation until the next annual
shareholders’ meeting:
/T/
Votes cast % of votes Votes cast % of votes cast
Name of Nominee FOR cast FOR WITHHELD WITHHELD
—————————————————————————-
Burton J. Ahrens 204,207,689 97.8% 4,599,460 2.2%
Colin D. Boyer 208,482,723 99.8% 324,426 0.2%
Rodney L. Carpenter 208,510,195 99.9% 296,954 0.1%
John M. Hooks 202,418,680 96.9% 6,388,469 3.1%
Kyle D. Kitagawa 204,235,398 97.8% 4,571,751 2.2%
Philip J. Scherman 208,481,274 99.8% 325,875 0.2%
Thomas J. Simons 208,486,238 99.9% 320,911 0.1%
D. Michael G. Stewart 194,917,208 93.4% 13,889,941 6.6%
/T/
All other resolutions provided for in the Circular were duly passed and a
report on the voting results has been filed today with the Canadian securities
regulatory authorities at www.sedar.com.
Dividend Declared
In addition, CES announces today that it will pay a cash dividend of $0.0025
per common share on July 14, 2017 to shareholders of record at the close of
business on June 30, 2017.
Nasdaq International Designation
CES is also pleased to announce that the Corporation has been admitted to
Nasdaq’s International Designation program, a new visibility offering available
to international companies. CES’ common shares have been quoted on the
over-the-counter market (“OTC”) since 2012 under the OTCQX program. As the
Corporation’s US operations continue to grow, so has the increase in interest
from the US investment community. The Nasdaq International Designation will
provide CES with access to Nasdaq’s investor marketing programs and investor
relations services to increase the visibility of CES in the US capital markets.
Nasdaq will distribute CES’ news through Nasdaq’s press release distribution
service, reaching both investor and financial news and online services.
The Nasdaq International Designation is not a US regulated public exchange, and
there are no additional regulatory or compliance requirements to what is
currently in place for the Corporation’s OTC quotation. The companies who
participate in this program are not subject to the same listing or
qualification standards applicable to securities listed on a US public exchange
market that is regulated by the US Securities and Exchange Commission. However,
Nasdaq International Designation companies are distinguished from other OTC
traded companies by having met Nasdaq’s high program requirements.
About CES Energy Solutions Corp.
CES is a leading provider of technically advanced consumable chemical solutions
throughout the lifecycle of the oilfield. This includes solutions at the
drill-bit, at the point of completion and stimulation, at the wellhead and
pump-jack, and finally through to the pipeline and midstream market. CES’s
business model is relatively asset light and requires limited re-investment
capital to grow. As a result, CES has been able to capitalize on the growing
market demand for drilling fluids and production and specialty chemicals in
North America while generating free cash flow. Additional information about CES
is available at www.sedar.com or on the Corporation’s new website at
www.cesenergysolutions.com.
Forward Looking Information
This press release contains certain forward-looking statements and
forward-looking information (“forward-looking information”) within the meaning
of applicable Canadian securities laws. Forward-looking information is often,
but not always, identified by the use of words such as “anticipate”, “believe”,
“plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”,
“may”, “will”, “project”, “should” or similar words suggesting future outcomes.
In particular, this press release includes, without limitation, forward-looking
information relating to: expectations regarding expansion of services in Canada
and the U.S.; expectations regarding CES’ growth opportunities in Canada and
the U.S.; expectations regarding the performance or expansion of CES’
operations; the date the Corporation’s common shares will begin trading on the
TSX and quoted on the OTC under the new name; future estimates as to dividend
levels; the potential means of funding dividends; the intention to make future
dividend payments; and the business strategy regarding cash dividend payments
in the future. CES believes the expectations reflected in such forward-looking
information are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward-looking information
should not be unduly relied upon.
Forward-looking information is based on various assumptions. Those assumptions
are based on information currently available to CES, and in particular certain
forward looking information in this press release is based on the assumption
that the conditions of the TSX can be satisfied and the TSX will grant final
approval in respect of the name change.
Forward-looking information is not a guarantee of future performance and
involves a number of risks and uncertainties some of which are described
herein. Any forward-looking information is made as of the date hereof and,
except as required by law, CES assumes no obligation to publicly update or
revise such information to reflect new information, subsequent or otherwise.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
– END RELEASE – 15/06/2017
For further information:
CES Energy Solutions Corp.
Tom Simons
President and Chief Executive Officer
403-269-2800
OR
CES Energy Solutions Corp.
Craig Nieboer, CA
Chief Financial Officer
403-269-2800
[email protected]
www.cesenergysolutions.com
COMPANY:
FOR: CES ENERGY SOLUTIONS CORP.
TSX SYMBOL: CEU
OTCQX SYMBOL: CESDF
INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170615CC0085
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: LONESTAR WEST INC.
TSX VENTURE SYMBOL: LSI
Date issue: June 15, 2017
Time in: 5:53 PM e
Attention:
SYLVAN LAKE, ALBERTA–(Marketwired – June 15, 2017) – Lonestar West Inc. (TSX
VENTURE:LSI) (the “Company” and/or “Lonestar”) is pleased to announce it has
mailed an information circular and proxy statement and related meeting
materials (collectively, the “Meeting Materials”) in connection with the
special meeting of the shareholders of Lonestar, currently scheduled to be held
at its offices of at 9:00 a.m. (Mountain time) on July 12, 2017 (the
“Meeting”).
At the Meeting, shareolders will be asked to approve the Company’s previously
announced transaction with Clean Harbors, Inc. (NYSE:CLH) (“Clean Harbors”),
whereby Clean Harbors, through an indirect wholly-owned subsidiary, will
acquire 100% of Lonestar’s issued and outstanding common shares (“Lonestar
Shares”), including Lonestar Shares issuable upon the exercise of outstanding
options, for C$0.72 per Lonestar Share (the “Acquisition”). The Acquisition
will be accomplished by way of an amalgamation (the “Amalgamation”) pursuant to
the Canada Business Corporations Act. The Amalgamation must be approved by the
holders of Lonestar Shares representing at least two-thirds of votes cast in
person or by proxy at the Meeting.
Each of the directors and officers of Lonestar and certain other principal
shareholders, collectively holding approximately 35.7% of the issued and
outstanding Lonestar Shares, have entered into agreements with Clean Harbors
pursuant to which such holders have agreed to vote their Lonestar Shares in
favor of the Amalgamation at the Meeting.
The Board of Directors of Lonestar has unanimously approved the Amalgamation
and determined that the Amalgamation is in the best interests of Lonestar and
the Lonestar shareholders and unanimously recommends that the Lonestar
shareholders vote in favor of the Amalgamation.
The Meeting Materials contain, among other things, details concerning the
Amalgamation, the background to and reasons for Lonestar’s Board’s unanimous
favourable recommendation of the Amalgamation, the requirements for the
Amalgamation to become effective, the procedure for receiving consideration
payable under the Amalgamation for Lonestar Shares, procedures for voting at
the Meeting and other related matters. Shareholders are urged to carefully
review the Meeting Materials, which includes a copy of the proposed
Amalgamation Agreement, as they contain important information regarding the
Acquisition and its consequences to shareholders. A copy of the Meeting
Materials are available under the Company’s profile on SEDAR at www.sedar.com.
About Lonestar
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 southern 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 website at www.lonestarwest.com
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 – 15/06/2017
For further information:
Lonestar West Inc.
James Horvath
President & CEO
403-887-2074
[email protected]
COMPANY:
FOR: LONESTAR WEST INC.
TSX VENTURE SYMBOL: LSI
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0083
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: CONDOR PETROLEUM INC.TSX Symbol: CPIDate issue: June 15, 2017Time in: 5:11 PM eAttention:
CALGARY, AB –(Marketwired – June 15, 2017) – Condor Petroleum Inc. (“Condor”
or the “Company”) (TSX: CPI), a Canadian based oil and gas company focused on…
FOR: BONAVISTA ENERGY CORPORATION
TSX SYMBOL: BNP
Date issue: June 15, 2017
Time in: 4:43 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Bonavista Energy Corporation
(“Bonavista”) (TSX:BNP) confirms that a quarterly dividend of $0.01 per common
share will be paid in cash on July 17, 2017 to common shareholders of record on
June 30, 2017. The ex-dividend date is June 28, 2017.
Bonavista’s dividend policy is reviewed quarterly and is based on future
commodity prices, foreign exchange rates, our commodity hedging program,
current operations and future investment opportunities. This dividend has been
designated as an “eligible dividend” for Canadian income tax purposes.
Bonavista is focused on creating premium shareholder value through the
efficient development of high quality oil and natural gas assets.
Forward-Looking Statements
Corporate information provided herein contains forward-looking information. The
reader is cautioned that assumptions used in the preparation of such
information, particularly those pertaining to cash dividends, which are
considered reasonable by Bonavista at the time of preparation, may be proven to
be incorrect. Actual results achieved during the forecast period will vary from
the information provided herein and the variations may be material. There is no
representation by Bonavista that actual results achieved during the forecast
period will be the same in whole or in part as those forecasts.
– END RELEASE – 15/06/2017
For further information:
Jason E. Skehar
President & CEO
OR
Dean M. Kobelka
Vice President, Finance & CFO
OR
Berk Sumen
Investor Relations Lead
OR
Bonavista Energy Corporation
1500, 525 – 8th Avenue SW
Calgary, AB T2P 1G1
(403) 213-4300
www.bonavistaenergy.com
COMPANY:
FOR: BONAVISTA ENERGY CORPORATION
TSX SYMBOL: BNP
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0076
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: PEYTO EXPLORATION & DEVELOPMENT CORP.
TSX SYMBOL: PEY
Date issue: June 15, 2017
Time in: 4:30 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Peyto Exploration &
Development Corp. (“Peyto”) (TSX:PEY) confirms that the monthly dividend with
respect to June 2017 of $0.11 per common share is to be paid on July 14, 2017,
for shareholders of record on June 30, 2017. The ex-dividend date is June 28,
2017.
Dividends paid by Peyto to Canadian residents are eligible dividends for
Canadian income tax purposes.
Shareholders and interested investors are encouraged to visit the Peyto website
at www.peyto.com to learn more about what makes Peyto one of North America’s
most exciting energy companies. The website also includes the President’s
monthly report, which discusses various topics chosen by the President and
includes estimates of monthly capital expenditures and production.
Certain information set forth in this document, including management’s
assessment of Peyto’s future plans and operations, contains forward-looking
statements. By their nature, forward-looking statements are subject to numerous
risks and uncertainties, some of which are beyond these parties’ control,
including the impact of general economic conditions, industry conditions,
volatility of commodity prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, competition from other industry participants,
the lack of availability of qualified personnel or management, stock market
volatility and ability to access sufficient capital from internal and external
sources. Readers are cautioned that the assumptions used in the preparation of
such information, 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. Peyto’s actual results, performance or achievement
could differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be given that any
of the events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that Peyto will derive therefrom.
The Toronto Stock Exchange has neither approved nor disapproved the information
contained herein.
– END RELEASE – 15/06/2017
For further information:
Peyto Exploration & Development Corp.
Darren Gee
President and Chief Executive Officer
(403) 237-8911
(403) 451-4100 (FAX)
COMPANY:
FOR: PEYTO EXPLORATION & DEVELOPMENT CORP.
TSX SYMBOL: PEY
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0070
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: PETROLIA INC.
TSX VENTURE SYMBOL: PEA
Date issue: June 15, 2017
Time in: 3:54 PM e
Attention:
QUEBEC CITY, QUEBEC–(Marketwired – June 15, 2017) – Petrolia Inc. (TSX
VENTURE:PEA) and its subsidiaries – Petrolia Anticosti (operator for Anticosti
Hydrocarbons L.P. (HASEC)) and Investissements PEA Inc. (a partner of HASEC) –
have reached an agreement with their partners – Ressources Quebec Inc.,
Saint-Aubin E & P (Quebec) Inc., and Corridor Resources Inc. – relating to
safeguard measures for maintaining the status quo with respect to the Anticosti
project. This order recognizes the obligation to cover certain financial
expenses of the operator and, in particular, orders Ressources Quebec to
advance sufficient funds on a monthly basis to cover the essential needs of
HASEC.
The partners of HASEC have also agreed to postpone the work planned for
Anticosti Island this summer pending the result of the ongoing negotiations
with the Government of Quebec and the resolution of certain other issues. In
the meantime, Petrolia is committed to only performing essential work until the
resumption of work. At this time, Petrolia remains open to a settlement, but no
agreement with the government has been reached.
In the event that these negotiations fail, Petrolia Anticosti will pursue the
resumption of the work planned for Anticosti.
“If work resumes, this agreement will have allowed us to preserve the expertise
acquired over the years. Should an agreement ever be reached within the context
of the ongoing negotiations, Petrolia Anticosti will need to use this expertise
to carry out the operations that will put an end to the Anticosti project.”
announced Martin Belanger, Interim President and CEO of Petrolia.
About Petrolia
Petrolia is a junior oil and gas exploration company which owns interests in
oil and gas licences covering 16,000 km2 (4 million acres), which represents
almost 23% of the Quebec Territory under lease. Petrolia is a leader in oil and
gas research in Quebec whose objective is to develop oil from here, by the
people here, for here. Social and environmental dimensions are at the heart of
Petrolia’s concerns and its approach to exploration. The closing of a
partnership on Anticosti Island has led to the creation of Anticosti
Hydrocarbons L.P., a limited partnership in which Petrolia holds a 21.7%
interest. In order to carry out the project’s operations, Petrolia Anticosti
Inc., a subsidiary of Petrolia, was designated project operator. Petrolia has
108,399,683 shares issued and outstanding.
Disclaimer
Certain statements made herein may constitute forward-looking statements. These
statements relate to future events or the future economic performance of
Petrolia and carry known and unknown risks, uncertainties and other factors
that may appreciably affect their results, economic performance or
accomplishments when considered in light of the content or implications of
statements made by Petrolia. Actual events or results could be significantly
different. Accordingly, investors should not place undue reliance on
forward-looking statements. Petrolia disclaims any intention or obligation to
update these forward-looking statements.
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 – 15/06/2017
For further information:
Petrolia Inc.
Martin Belanger, P. Eng
Interim President and Chief Executive Officer
1-418-657-1966
www.petrolia-inc.com
COMPANY:
FOR: PETROLIA INC.
TSX VENTURE SYMBOL: PEA
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0061
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.
With summer fast approaching, it is a perfect time to plan training to make effective use of what tends to be a slower season. Any of the courses offered by PEICE can be held exclusively for your company, either at a location of your choice, or at a PEICE training centre. This in-house training option, … Read more
FOR: SHAMARAN PETROLEUM CORP.TSX VENTURE SYMBOL: SNMOMX SYMBOL: SNMDate issue: June 15, 2017Time in: 1:00 PM eAttention:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 15, 2017) – ShaMaran Petroleum
Corp. (“ShaMaran” or the “Company”) (TSX VENTURE:S…
FOR: RIDGEBACK RESOURCES INC.
Date issue: June 15, 2017Time in: 12:30 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Ridgeback Resources Inc.
(“Ridgeback” or the “Company”) (www.ridgeback.com), a private oil and gas
exploration and p…
June 15, 2017 (Bloomberg) The oil guru who predicted the market rout in 2014 said OPEC and its allies should have gone much further when they extended their supply deal last month. “They should have cut another million barrels a day for ninety days in order to drain the system,” said Gary Ross, global head … Read more
David Yager – Yager Management Ltd. Oilfield Service Management Consulting – Oil & Gas Writer – Energy Policy Analyst June 15, 2017 The old saying goes, “The road to hell is paved with good intentions”. And so it goes for the myriad of new regulations, taxes and restrictions forced upon … Read more
June 15, 2017 (Bloomberg) Oil traded near the lowest closing level in seven months as U.S. gasoline supplies unexpectedly rose for a second week. Futures were little changed in New York after slumping 3.7 percent Wednesday, the first drop in four sessions. Motor-fuel stockpiles expanded by 2.1 million barrels last week, the Energy Information Administration … Read more
June 15, 2017 (Bloomberg) Decision day at the Bank of England, oil holds below $45, and Mueller investigates Trump. Here are some of the things people in markets are talking about today. BOE-ing Today the Bank of England is expected to leave interest rates and asset purchases unchanged when it makes its latest policy announcement at … Read more
FOR: CRESCENT POINT ENERGY CORP.
TSX SYMBOL: CPG
NYSE SYMBOL: CPG
Date issue: June 15, 2017
Time in: 11:19 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Crescent Point Energy Corp.
(“Crescent Point” or the “Company”) (TSX:CPG) (NYSE:CPG) confirms that the
dividend to be paid on July 17, 2017, in respect of June 2017 production, for
shareholders of record on June 30, 2017, will be CDN$0.03 per share.
These dividends are designated as “eligible dividends” for Canadian income tax
purposes. For U.S. income tax purposes, Crescent Point’s dividends are
considered “qualified dividends.”
Crescent Point is a leading North American light and medium oil producer that
seeks to maximize shareholder return through its total return strategy of
long-term growth plus dividend income.
CRESCENT POINT ENERGY CORP.
Scott Saxberg, President and Chief Executive Officer
Crescent Point shares are traded on the Toronto Stock Exchange and New York
Stock Exchange, both under the symbol CPG.
– END RELEASE – 15/06/2017
For further information:
Crescent Point Energy Corp.
Ken Lamont
Chief Financial Officer
(403) 693-0020 or Toll free (U.S. & Canada): 888-693-0020
(403) 693-0070 (FAX)
OR
Crescent Point Energy Corp.
Brad Borggard
Vice President, Corporate Planning and Investor Relations
(403) 693-0020 or Toll free (U.S. & Canada): 888-693-0020
(403) 693-0070 (FAX)
www.crescentpointenergy.com
COMPANY:
FOR: CRESCENT POINT ENERGY CORP.
TSX SYMBOL: CPG
NYSE SYMBOL: CPG
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0048
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: STRATEGIC OIL & GAS LTD.
TSX VENTURE SYMBOL: SOG
Date issue: June 15, 2017
Time in: 9:31 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Strategic Oil & Gas Ltd.
(“Strategic” or the “Company”) (TSX VENTURE:SOG) announces the commencement of
its summer drilling program planned for the third quarter of 2017.
Building on the Company’s success in the first half of 2017, Strategic has
commenced a summer program to drill and complete up to four new Muskeg
horizontal wells. In addition, Strategic plans to evaluate a second prospective
formation in the Company’s multi-zone light oil prospect at Marlowe. In the
first half of 2017 Strategic brought five new Muskeg wells on production. Three
of the new wells have produced their load fluid and production tested at the
following rates:
/T/
—————————————————————————-
Well Test Rates (BOED)
(Average 48 hour rate)
—————————————————————————-
00/16-35 741 (94% oil)
—————————————————————————-
00/13-01 746 (70% oil)
—————————————————————————-
02/13-01 453 (77% oil)
—————————————————————————-
/T/
The remaining two wells 00/5-12 and 00/11-12 have tested over 200 bbl/d of oil
with limited gas as they continue to clean up. The five new wells are equipped
with a pump jack and are now tied-in and producing into the Company’s
infrastructure. Early indications show that these Muskeg wells are
significantly more oil weighted as compared to the previous Muskeg wells.
The new Muskeg wells have been designed and equipped with downhole equipment to
handle the associated gas production and improve the efficiency of the pump
jack over the life of the well. This new artificial lift configuration limits
initial peak production rates from the Muskeg horizontal wells but is intended
to increase overall performance over the first 90 days. The company is
delighted with the success of the latest Muskeg horizontal wells and plans to
further reduce drilling costs while improving production per stage.
About Strategic
Strategic is a junior oil and gas company committed to becoming a premier
northern oil and gas operator by exploiting its light oil assets primarily in
northern Alberta. The Company relies on its extensive subsurface and reservoir
experience to develop its asset base and grow production and cash flows while
managing risk. The Company maintains control over its resource base through
high working interest ownership in wells, construction and operation of its own
processing facilities and a significant undeveloped land and opportunity base.
Strategic’s primary operating area is at Marlowe, Alberta. Strategic’s common
shares trade on the TSX Venture Exchange under the symbol SOG.
ADDITIONAL INFORMATION
Additional information, including the Company’s corporate presentation, is also
available at www.sogoil.com and at www.sedar.com.
Reader Advisories
Any references in this news release to initial production or test rates are
useful in confirming the presence of hydrocarbons, however, such rates are not
necessarily determinative of the rates at which such wells will continue
production. These flow- back or test results are quoted on a raw basis before
shrinkage on natural gas volumes and may not be indicative of long-term well
performance or ultimate recovery. While encouraging, readers are cautioned not
to place reliance on such rates in estimating the aggregate production for the
Company. Total corporate production volumes include natural gas shrinkage.
This news release includes certain information, with management’s assessment of
Strategic’s future plans and operations, and contains forward-looking
statements which may include some or all of the following: (i) anticipated
production rates and the related oil weighting; (ii) capital spending programs
and the results therefrom; (iii) capital projects to be undertaken; (iv)
production equipment installed and its impact on long-term production rates,
downtime and efficiency; and (v) future drilling costs and production
performance per completion stage; which are provided to allow investors to
better understand the Company’s business. By their nature, forward-looking
statements are subject to numerous risks and uncertainties; some of which are
beyond Strategic’s control, including the impact of general economic
conditions, industry conditions, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, changes in
environmental tax and royalty legislation, competition from other industry
participants, the lack of availability of qualified personnel or management,
stock market volatility and ability to access sufficient capital from internal
and external sources, and other risks and uncertainties described under the
heading ‘Risk Factors’ and elsewhere in the Company’s Annual Information Form
for the year ended December 31, 2016 and other documents filed with Canadian
provincial securities authorities and are available to the public at
www.sedar.com. Readers are cautioned that the assumptions used in the
preparation of such information, 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. The principal assumptions Strategic
has made includes security of land interests; drilling cost stability; royalty
rate stability; oil and gas prices to remain in their current range; finance
and debt markets continuing to be receptive to financing the Company and
industry standard rates of geologic and operational success. Actual results
could differ materially from those expressed in, or implied by, these
forward-looking statements. Strategic disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
Basis of Presentation
This discussion and analysis of Strategic’s oil and natural gas production and
related performance measures is presented on a working-interest, before
royalties basis. For the purpose of calculating unit information, the Company’s
production and reserves are reported in barrels of oil equivalent (Boe) and Boe
per day (Boe/d). Boe may be misleading, particularly if used in isolation. A
Boe conversion ratio for natural gas of 6 Mcf: 1 Boe has been used, which is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not necessarily represent a value equivalency at the
wellhead. As the value ratio between natural gas and crude oil based on the
current prices of natural gas and crude oil is significantly different from the
energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.
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 – 15/06/2017
For further information:
Strategic Oil & Gas Ltd.
Gurpreet Sawhney
President and CEO
403.767.2949
403.767.9122 (FAX)
OR
Strategic Oil & Gas Ltd.
Aaron Thompson
Chief Financial Officer
403.767.2952
403.767.9122 (FAX)
www.sogoil.com
COMPANY:
FOR: STRATEGIC OIL & GAS LTD.
TSX VENTURE SYMBOL: SOG
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0040
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: DIVERGENT ENERGY SERVICES CORP.TSX VENTURE SYMBOL: DVGDate issue: June 15, 2017Time in: 9:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 15, 2017) –
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
DIVERGENT Energy Services Corp. (T…
FARGO, N.D. — A federal judge has handed a lifeline to efforts to block the Dakota Access pipeline, ruling Wednesday that the U.S. Army Corps of Engineers didn’t adequately consider the possible impacts of an oil spill where the pipeline passes under the Missouri River.
U.S. District Judge James Boasberg said in a 91-page decision that the corps failed to take into account how a spill might affect “fishing rights, hunting rights, or environmental justice, or the degree to which the pipeline’s effects are likely to be highly controversial.”
The judge said the Army must redo its environmental analysis in certain sections and he’ll consider later whether the pipeline must halt operations in the meantime. A status conference is scheduled for next week.
Dave Archamabault II, chairman of the Standing Rock Sioux Tribe, which has led opposition to the pipeline, called it “a significant victory.”
Developer Energy Transfer Partners announced earlier this month that it started shipping oil to customers. ETP maintains that the 1,200-mile pipeline is safe, but the Standing Rock Cheyenne River, Yankton and Oglala Sioux tribes in the Dakotas fear environmental harm.
ETP spokeswoman Vicki Granado did not immediately return email and phone messages seeking comment on Boasberg’s ruling. U.S. Department of Justice spokeswoman Nicole Navas Oxman said the department is reviewing the ruling.
The decision marks “an important turning point,” said Jan Hasselman, attorney for the non-profit Earthjustice, which is representing the tribes in the lawsuit.
“Until now, the rights of the Standing Rock Sioux Tribe have been disregarded by builders of the Dakota Access pipeline and the Trump Administration … prompting a well-deserved global outcry,” Hasselman said.
The project led to months of demonstrations near the Standing Rock Reservation and hundreds of protesters were arrested. The protests died off with the clearing of the main encampment in February and the completion of the pipeline.
Boasberg rejected two earlier complaints by the tribes. One was that the construction threatened sites of cultural and historical significance and the other was that the presence of oil in the pipeline under Lake Oahe would desecrate sacred waters and make it impossible for the tribes to freely exercise their religious beliefs.
“Now that the court has rejected these two lines of attack, Standing Rock and Cheyenne River here take their third shot, this time zeroing in DAPL’s environmental impact,” Boasberg wrote. He added later, “This volley meets with some degree of success.”
The corps originally declined to issue an easement for drilling and earlier this year launched a full environmental study of the Lake Oahe crossing, which it said would take up to two years to complete. Boasberg, the federal judge, had rejected an ETP request to stop the study.
“As we all know, elections have consequences, and the government’s position on the easement shifted significantly once President Trump assumed office on January 20, 2017,” Boasberg wrote in Wednesday’s ruling.
Dave Kolpack, The Associated Press
CALGARY — Alberta Premier Rachel Notley tried to reassure bigwigs in the energy industry Wednesday that her government will strive to ensure the Trans Mountain pipeline expansion gets built despite political opposition in British Columbia.
Speaking at the Global Petroleum Show in Calgary, Notley said the Alberta NDP government has little time for conversations that seek to shut down the oilsands and threaten jobs in her province.
“An effective climate plan has to pay attention to working people,” said Notley.
“Families that are out of work and stressed about how the mortgage is going to get paid do not have a heck of a lot of time for climate change action.”
Her comments come as the B.C. NDP, supported by an alliance with the Green party, moves closer to potentially forming government and bringing to a halt Kinder Morgan’s pipeline expansion project with whatever means it has available.
Both parties have opposed the pipeline over concerns of potential oil spills in the ocean and along the route, as well as the higher environmental footprint of oilsands crude.
Kinder Morgan Canada president Ian Anderson, speaking on a panel later in the day, suggested government could enable First Nation investment in the project as a way to help close the indigenous prosperity gap.
“Government has to look at that, they need to look at what they can do to enable those kinds of investments, either through loan guarantees or the sort,” he said.
Anderson said he worked quietly for some time to try and build support for direct indigenous investment, but it never materialized because of capacity constraints.
“I would welcome the opportunity to have some First Nation investment,” said Anderson.
“At the core of it though, for that kind of ownership, for that kind of meaningful investment in resource development, the nations need capacity.”
Anderson’s comments come as the Trans Mountain pipeline grows as a wedge issue in Canadian politics.
The project has pitted the Alberta and B.C. parties against each other, and has become a lightning-rod issue in the federal NDP leadership race.
Notley said she was reassured by Prime Minister Justin Trudeau on June 2 that the federal government remains committed to seeing the project though, while she believes the project entirely falls within her party’s values.
“I believe it is absolutely, fully within the wheelhouse of the NDP to focus on job preservation and job creation, always, as we work on the environment. To do one without the other puts both in peril.”
Notley’s remarks came shortly after Paul Fulton, president of the Canadian division of Norway’s Statoil, said that while there will be growth in demand in the near term, some oil will have to stay in the ground if any climate goals are to be met.
“There is no doubt that there will be stranded assets,” he said. “We will not produce all of the oil and gas that we have discovered today.”
Ian Bickis, The Canadian Press
Note to readers: This is a corrected story. A previous version based on Notley’s comments said she spoke with Trudeau on Friday. An official with her office she in fact spoke with Trudeau on June 2.
CALGARY — TransCanada Corp. (TSX:TRP) says it plans to invest $2 billion to expand its Nova natural gas pipeline system, as it looks to transport more of the fuel from prolific Western Canadian fields.
The Calgary-based company says the proposed expansion is a response to demand from producers operating in the Montney, Duvernay and Deep Basin formations which straddle or are near the B.C.-Alberta boundary. It said many producers are looking to ship to markets in the Pacific Northwest, California and Nevada.
Horizontal drilling and hydraulic fracturing technology have made the region one of the most productive natural gas plays in Canada, but industry players have complained of insufficient pipeline space.
TransCanada says it will engage landowners, communities and indigenous groups near areas where it proposes to build additional pipeline capacity, compressor stations and other facilities.
It plans to file applications with the National Energy Board starting in the fourth quarter of 2017 and, subject to approvals, expects construction to begin in 2019 with final projects in service by 2021.
The Canadian Press
MEXICO CITY — A massive fire broke out at a partially flooded refinery in southern Mexico Wednesday, injuring seven people.
The state-owned oil company Pemex said none of the injuries were life-threatening.
Television and social media footage showed a huge column of flames and thick black smoke pouring from one part of the refinery complex.
The refinery’s operations had been suspended Tuesday because of heavy rains from former Tropical Storm Calvin, which had partly flooded some parts of the plant. The company said the fire broke out after the floodwaters caused waste containment ponds to overflow, spreading oil around the plant.
Pemex said in a statement that the spilled oil “reached a point of ignition as a result of the flooding, sparking a fire.”
It said company employees were inside the facility, battling the fire.
The facility is located in Salina Cruz in the southern state of Oaxaca.
The Associated Press
FOR: CARDINAL ENERGY LTD.TSX SYMBOL: CJDate issue: June 14, 2017Time in: 5:30 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 14, 2017) – Cardinal Energy Ltd.
(“Cardinal”) (TSX:CJ) confirms that a dividend of $0.035 per common share will
be paid …
FOR: PETROLIA INC.TSX VENTURE SYMBOL: PEADate issue: June 14, 2017Time in: 3:54 PM eAttention:
QUEBEC, QUEBEC–(Marketwired – June 14, 2017) – Petrolia Inc. (TSX
VENTURE:PEA)(“Petrolia” or the “Company”) wishes to provide a corporate update
concerning…
FOR: FOREMOST INCOME FUND
Date issue: June 14, 2017Time in: 12:51 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 14, 2017) – Foremost Income Fund
(“Foremost” or the “Fund”) reviews the monthly limit for Unit redemptions
pursuant to section 6.4(i…
A Commentary by Wendy Ferguson – BHRLR, CPHR – Ferguson HR Consulting During the past two and a half years, most companies in the energy sector have undergone major corporate restructuring and many have been forced to downsize to reduce costs just to survive our economic climate. Some larger organizations’ … Read more
FOR: REPSOL OIL & GAS CANADA INC.
Date issue: June 14, 2017
Time in: 12:11 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 14, 2017) –
Editors’ Note: There are two images accompanying this press release.
/T/
— The Chief Executive Officer of Repsol is co-chairing a global event that
brings together industry leaders and policymakers and is focused in its
23rd edition on managing change.
— Josu Jon Imaz said that “efficiency is low-hanging fruit that industry
must harvest as soon as possible” to help achieve global greenhouse
emission reduction targets.
— Efficiency measures should deliver half of the worldwide emissions
reductions by 2030, according to the International Energy Agency.
/T/
Repsol Chief Executive Officer, Josu Jon Imaz, called on industry to make a
“concerted, focused and sustained” effort to reduce emissions through
efficiency gains in order to help meet global emission reduction targets.
Imaz told attendees to the International Economic Forum of the Americas in
Montreal that efficiency measures are a key driver to fight climate change,
aided by technological innovation which “must serve to fulfill our objectives
to which we are all committed.”
The International Energy Agency estimates that almost half of the emissions
reductions needed to reach the 2 degrees Celsius target will come from energy
efficiency measures. Industry has a clear economic incentive to reduce energy
use through efficiency, Imaz said, and energy companies must accelerate the
transition to generating electricity from gas, to reduce the use of
highly-polluting coal.
The Conference of Montreal, in its 23rd edition, brings together industry
leaders from across the globe to share knowledge and awareness of the major
issues concerning economic globalization, with a particular emphasis on the
relations between the Americas and other continents.
Repsol this year became the first oil and gas company to issue certified Green
Bonds. The 500-million-euro bond issue, which will serve to finance efficiency
projects, garnered significant attention from investors and was oversubscribed
by six times. This demonstrates the market’s appetite for initiatives that can
cut emissions under market conditions rather than through subsidies.
Josu Jon Imaz also highlighted the power of joint initiatives, such as those
being developed by the Oil and Gas Climate Initiative, a CEO-led group of oil
and gas companies that together account for 20% of the world’s oil and gas
output. These projects include a 1-billion dollar fund to promote commercial
energy efficiency.
Repsol’s own efficiency programs, launched in 2006, have cut company emissions
by 25.29 Million Tonnes of CO2 (4.3 Mill Tonnes just in 2016) by setting
specific initiatives aimed at limiting the impacts of business activities.
To view the images accompanying this press release, click on the following
links:
http://www.marketwire.com/library/20170614-josu800a.jpg
http://www.marketwire.com/library/20170614-josu800b.jpg
– END RELEASE – 14/06/2017
For further information:
Kristian Rix
Director International Communication
+34 91 753 63 14 / +34 650 496 488
[email protected]
OR
Mila Vior
Manager External Affairs and Communications, North America
+1 (403) 237-1947 / +1 403 922 0679
[email protected]
COMPANY:
FOR: REPSOL OIL & GAS CANADA INC.
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170614CC0031
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.
PARIS — The International Energy Agency says OPEC’s plan to cut production and support prices are likely to be undone by increased output in non-OPEC countries like the U.S.
If correct, that could keep a lid on oil prices as a glut of supply grows despite the efforts of countries in the OPEC cartel and allies like Russia to limit production.
The IEA said in its monthly oil report Wednesday it expects non-OPEC production to grow 700,000 barrels daily this year and 1.5 million barrels next year, “which is slightly more than the expected increase in global demand.”
It said it “makes sobering reading for those producers looking to restrain supply.”
The U.S. benchmark for crude fell 51 cents to $45.94 a barrel on Wednesday.
The Associated Press
FOR: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP
Date issue: June 14, 2017
Time in: 9:00 AM e
Attention:
New gas supply and increased export demand drives major expansions
CALGARY, ALBERTA–(Marketwired – June 14, 2017) – News Release – TransCanada
Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced today that it will
move forward with a new $2 billion expansion program on its NOVA Gas
Transmission Ltd. (NGTL) System, based on new contracted customer demand for
approximately 3 billion cubic feet per day (Bcf/d) of incremental firm receipt
and delivery services.
“Between now and 2021, TransCanada is investing approximately $2 billion in new
pipeline infrastructure to connect Western Canadian natural gas production to
key markets within the basin and across North America,” said Karl Johannson,
TransCanada’s executive vice-president and president, Canada and Mexico natural
gas pipelines and energy. “This expansion adds to the current $5.1 billion
near-term capital program for the NGTL System, further enhancing our ability to
meet the needs of our customers for safe, reliable and competitive gas
transmission infrastructure.”
This expansion program results from growing producer demand to connect low-cost
Montney, Duvernay and Deep Basin production to the NGTL System and move it to
premium intra-basin and export markets. Numerous shippers have recently signed
over 2.6 Bcf/d in total new firm supply contracts at multiple existing and
proposed new receipt locations across the System.
TransCanada also successfully concluded a recent expansion open season for
incremental service at the Alberta/British Columbia export delivery point,
which connects Canadian supply through downstream TransCanada pipelines to
Pacific Northwest, California and Nevada markets. The open season was
over-subscribed, and all 381 MMcf/d (408 TJ/d) of available expansion service
was awarded under long term contracts.
“The NGTL System remains a key component of TransCanada’s high-quality
portfolio of energy infrastructure assets that continue to produce solid
results across various market conditions,” said Johannson. “Our strategy is to
maintain and optimize NGTL’s competitive position and to focus on growing our
established network to connect growing volumes of Western Canadian Sedimentary
Basin natural gas to key market areas.”
The expansion program will be comprised of numerous projects that will in
aggregate, include 273 kilometres (171 miles) of NPS 16 to NPS 48 pipeline, 150
MW of compression at five compressor stations, new meter stations and other
associated facilities. Applications for the various projects will be filed with
the National Energy Board starting in the fourth quarter of 2017. Subject to
regulatory approvals, construction is expected to start in early 2019, with
initial projects expected to be in service in Q4 2019 and final projects in
service by Q2 2021.
TransCanada will engage communities and Indigenous peoples as part of the
expansion
As part of its commitment to consulting early and often, TransCanada will
engage landowners, communities and Indigenous groups near the project areas in
Alberta and British Columbia. TransCanada will focus on partnering with local
contractors and businesses, providing opportunities for community and
Indigenous participation through community investment, scholarships and
programs such as the Aboriginal Construction Participation Program.
“As part of our engagement process, specific projects will be announced and
details communicated to stakeholders as each project moves forward,” added
Johannson.
With more than 65 years’ experience, TransCanada is a leader in the responsible
development and reliable operation of North American energy infrastructure
including natural gas and liquids pipelines, power generation and gas storage
facilities. TransCanada operates a network of natural gas pipelines that
extends more than 91,500 kilometres (56,900 miles), tapping into virtually all
major gas supply basins in North America. TransCanada is the continent’s
leading provider of gas storage and related services with 653 billion cubic
feet of storage capacity. A large independent power producer, TransCanada
currently owns or has interests in approximately 6,200 megawatts of power
generation in Canada and the United States. TransCanada is also the developer
and operator of one of North America’s leading liquids pipeline systems that
extends over 4,300 kilometres (2,700 miles), connecting growing continental oil
supplies to key markets and refineries. TransCanada’s common shares trade on
the Toronto and New York stock exchanges under the symbol TRP. Visit
TransCanada.com to learn more, or connect with us on social media and 3BL Media.
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is
subject to important risks and uncertainties (such statements are usually
accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”,
“should”, “estimate”, “intend” or other similar words). Forward-looking
statements in this document are intended to provide TransCanada security
holders and potential investors with information regarding TransCanada and its
subsidiaries, including management’s assessment of TransCanada’s and its
subsidiaries’ future plans and financial outlook. All forward-looking
statements reflect TransCanada’s beliefs and assumptions based on information
available at the time the statements were made and as such are not guarantees
of future performance. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it is expressed
in this news release, and not to use future-oriented information or financial
outlooks for anything other than their intended purpose. TransCanada undertakes
no obligation to update or revise any forward-looking information except as
required by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ from the
anticipated results, refer to the Quarterly Report to Shareholders dated May 4,
2017 and 2016 Annual Report filed under TransCanada’s profile on SEDAR at
www.sedar.com and with the U.S. Securities and Exchange Commission at
www.sec.gov.
– END RELEASE – 14/06/2017
For further information:
Media Inquiries:
Shawn Howard / Mark Cooper
403.920.7813 or 800.608.7859
OR
TransCanada Investor & Analyst Inquiries:
David Moneta / Stuart Kampel
403.920.7911 or 800.361.6522
COMPANY:
FOR: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170614CC0016
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: INPLAY OIL CORP.TSX Symbol: IPOOTCQX Symbol: IPOOFDate issue: June 14, 2017Time in: 8:00 AM eAttention:
CALGARY, AB –(Marketwired – June 14, 2017) – InPlay Oil Corp. (“InPlay” or
the “Corporation”) (TSX: IPO) (OTCQX: IPOOF) today announced the …
FOR: SUNSHINE OILSANDS LTD.HKSE SYMBOL: 2012Date issue: June 14, 2017Time in: 7:50 AM eAttention:
CALGARY, ALBERTA and HONG KONG, CHINA–(Marketwired – June 14, 2017) –
Reference is made to the announcement of Sunshine Oilsands Ltd. (the
“Corporation”…
June 13, 2017 The Canadian Association of Oilwell Drilling Contractors (CAODC) announces its revised 2017 Drilling Forecast: Projected 2017 wells drilled: 6,842—an increase of 2,177 from original forecast Projected 2017 operating days: 71,839—an increase of 22,859 from original forecast Projected rig count in for Year End 2017: 635—a decrease of 30 rig While the stabilization of … Read more
CALGARY — Suncor Energy (TSX:SU) is revising its estimates on when full shipments from its Mildred Lake oilsands operation will resume following a fire in March.
At the beginning of May, Suncor said repairs had been completed and production was expected to return to full rates in June.
On Tuesday, the company issued a news release saying the timing of full ramp-up has been extended to mid-July.
The company said repairs are progressing as planned but maintenance work scheduled for the fall has been added, so shipments have been reduced to allow for that.
The company said the maintenance work had been included in the 2017 production plan so there is no change to Suncor’s overall production guidance for the year.
The cause of the March incident was a split in a six-inch carbon steel line on a naphtha hydrotreater recycle circuit.
The company said damage was largely isolated to a piperack adjacent to the hydrotreater, containing piping, cables and electrical circuits.
The fire burned for two days.
The Canadian Press
REGINA — The Saskatchewan government has submitted its response to a report on the modernization of the National Energy Board.
Energy Minister Dustin Duncan has sent a letter to federal Natural Resources Minister Jim Carr about what Saskatchewan sees as the positives and negatives in the report.
Speaking at the legislature, Duncan said the government would welcome any changes that would result in the approval of sound energy projects.
But he added those projects would have to be built in a manner to benefit all Canadians, including people who live and work in Saskatchewan.
Duncan said the province shared its three main interests with the panel during its review into how to update the board.
Those interests are gaining greater access to ports for Canadian oil, moving toward energy self-sufficiency in the country and repairing the global image of Canadian crude.
Duncan is also suggesting the agency move its board of governors to Saskatchewan. The report has suggested the board move from Calgary to Ottawa.
“If it’s untenable for the federal government to keep the NEB or the successor to the NEB in Calgary, then we would offer a compromise: Keep it in Western Canada … but if it can’t be in Calgary, then Saskatchewan would be the next logical choice.
The report released last month proposes splitting the energy board into a regulatory body and an energy information agency. It also suggests extending the review time for projects and increasing consultations with First Nations and others.
(CKRM)
The Canadian Press
CALGARY — The U.S. Energy Information Administration has revised down its estimate of how much oilsands reserves were taken off the books last year because of a data error.
In an updated brief out Tuesday, the EIA reports that 67 U.S.-listed companies debooked about 4.9 billion barrels of reserves in the oilsands, down from the 7.7 billion it reported Monday.
The EIA had included the 3.5 billion barrels of reserves debooked by Exxon Mobil, plus the roughly 2.8 billion barrels of reserves Imperial Oil (TSX:IMO) debooked, though Exxon had included Imperial’s numbers in its own reporting as a 70 per cent owner of the company.
The writedowns came after the West Texas Intermediate oil price averaged US$43.44 per barrel in 2016, down 11 per cent from US$48.83 per barrel in 2015.
U.S.-listed companies are required to use price averages for the past year in calculating reserves, while Canadian rules allow companies to use forward-looking prices.
The Canadian Press
FOR: SUNCOR ENERGY INC.TSX SYMBOL: SUNYSE SYMBOL: SUDate issue: June 13, 2017Time in: 9:10 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 13, 2017) – Suncor today provided an
update on the Syncrude Mildred Lake Oil Sands facility following the M…
FOR: DUNDEE ENERGY LIMITEDTSX SYMBOL: DENDate issue: June 13, 2017Time in: 7:00 PM eAttention:
TORONTO, ONTARIO–(Marketwired – June 13, 2017) – Dundee Energy Limited
(TSX:DEN) (“Dundee Energy” or the “Corporation”) today announced that the
Toronto St…
FOR: CRIUS ENERGY TRUST
TSX SYMBOL: KWH.UN
Date issue: June 13, 2017
Time in: 6:12 PM e
Attention:
TORONTO, ONTARIO–(Marketwired – June 13, 2017) –
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
Crius Energy Trust (“Crius” or the “Trust”) (TSX:KWH.UN) announces that it has
filed a final short form prospectus in each of the provinces of Canada (except
Quebec) to qualify the distribution of 11,224,500 subscription receipts of the
Trust (“Subscription Receipts”), and has obtained a receipt from the Ontario
Securities Commission therefor. The Subscription Receipts will be issued
pursuant to the previously announced “bought deal” offering of Subscription
Receipts at a price of C$9.80 per Subscription Receipt (the “Offering Price”)
for aggregate gross proceeds of C$110,000,100 (the “Offering”). Each
Subscription Receipt will entitle the holder thereof to receive, without
payment of additional consideration or further action on the part of such
holder, one unit of the Trust immediately prior to the closing of the
acquisition by the Trust of U.S. Gas & Electric, Inc., provided that a
termination event has not occurred.
The Trust has also granted the underwriters an option (the “Over-Allotment
Option”) to purchase up to an additional 1,683,675 Subscription Receipts (the
“Additional Subscription Receipts”) at a price of C$9.80 per Additional
Subscription Receipt. If the Over-Allotment Option is exercised in whole or in
part following the closing of the acquisition by the Trust of U.S. Gas &
Electric, Inc., the option will entitle the underwriters to purchase, in lieu
of Additional Subscription Receipts, an equal number of units of the Trust (the
“Additional Units”) at the Offering Price per Additional Unit.
The Offering is expected to close on or about June 20, 2017, subject to
satisfying certain closing conditions. Copies of the final short form
prospectus and documents incorporated therein can be obtained on request from
the Chief Executive Officer of the Trust by sending a written request to One
First Canadian Place, Suite 3400, P.O. Box 130, Toronto, Ontario, Canada, M5X
1A4 (telephone: (203) 663-7545), and are available electronically under the
Trust’s issuer profile on SEDAR at www.sedar.com.
About Crius
Crius provides investors with a distribution-producing investment through its
100% ownership interest in Crius Energy, LLC (the “Company”). With over one
million residential customer equivalents, the Company is a comprehensive energy
solutions partner that provides electricity, natural gas and solar products to
residential and commercial customers. The Company connects with energy
customers through an innovative family-of-brands strategy and multi-channel
marketing approach. This unique combination creates multiple access points to a
broad suite of energy products and services that make it easier for consumers
to make informed decisions about their energy needs. The Company currently
sells energy products in 16 states and the District of Columbia with plans to
continue expanding its geographic reach.
The Trust intends to continue to qualify as a “mutual fund trust” under the
Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust”
(as defined in the Tax Act), provided that the Trust complies at all times with
its investment restriction which precludes the Trust from holding any
“non-portfolio property” (as defined in the Tax Act). Material information
pertaining to the Crius may be found on SEDAR under the Trust’s issuer profile
at www.sedar.com or on the Trust’s website at www.criusenergytrust.ca.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking
information (collectively, “Forward-Looking Statements”) that involve
substantial known and unknown risks and uncertainties, most of which are beyond
the control of Crius, including, without limitation, those risks described in
the annual information form of the Trust for the fiscal year ended December 31,
2016, dated March 16, 2017 (under the heading “Risk Factors”) and in the MD&A
of the Trust for the three month period ended March 31, 2017. Any statements
that express, or involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance (often, but not always,
through the use of words of phrases such as “will likely result”, “are expected
to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”,
“estimated”, “intends”, “plans”, “forecast”, “projection” and “outlook”) are
not historical facts and may be Forward-Looking Statements which involve
estimates, assumptions and uncertainties which could cause actual results or
outcomes to differ materially from those expressed in such Forward-Looking
Statements. Forward-Looking Statements in this news release include, but are
not limited to, the ability of the Trust to complete the acquisition of U.S.
Gas & Electric, Inc., if at all; the timing and ability of the Trust to close
the Offering, if at all; timing and receipt of required approvals for the
Offering; and the Trust’s objectives and status as a “mutual fund trust” and
not a “SIFT trust”. These Forward-Looking Statements are based on reasonable
assumptions and estimates of management of the Trust at the time such
statements were made. Actual future results may differ materially as
Forward-Looking Statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of the Trust to materially differ from any future results, performance or
achievements expressed or implied by such Forward-Looking Statements. Crius
cautions investors of the Trust’s securities about important factors that could
cause Crius’ actual results to differ materially from those projected in any
Forward-Looking Statements included in this news release. No assurance can be
given that the expectations set out in this news release will prove to be
correct and accordingly, prospective investors should not place undue reliance
on these Forward- Looking Statements. These statements speak only as of the
date of this news release and Crius does not assume any obligation to update or
revise them to reflect new events or circumstances, except as required by law.
Source: Crius Energy Trust
– END RELEASE – 13/06/2017
For further information:
Michael Fallquist
Chief Executive Officer
[email protected]
(203) 663-7545
OR
Roop Bhullar
Chief Financial Officer
[email protected]
(203) 883-9900
OR
Kelly Castledine
Investor Relations
[email protected]
(416) 644-1753
COMPANY:
FOR: CRIUS ENERGY TRUST
TSX SYMBOL: KWH.UN
INDUSTRY: Energy and Utilities – Oil and Gas , Financial Services –
Investment Services and Trading
RELEASE ID: 20170613CC0090
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 — The Canadian Association of Petroleum Producers expects oil production to climb 33 per cent by 2030 even as pipeline constraints and competition for investment threaten to slow future growth.
The forecast calls for Canadian crude oil production to reach 5.12 million barrels per day by 2030, up from last year’s projection that output would hit 4.93 million bpd.
CAPP president Tim McMillan said Tuesday that the crude supply will grow by five per cent per year to 2020, but then slow to two per cent growth as major oilsands projects wrap up and new investments are hampered by market uncertainties.
“What we’re predicting here is lower investment numbers going forward,” McMillan said.
“We’re seeing increased capital moving south of the border to the U.S., as Canada’s competitive position is deteriorating relative to our largest customer, trading partner, and now competitor for energy markets.”
CAPP expects oilsands spending to fall this year to $15 billion, the third consecutive decline from 2014’s peak of $34 billion.
With no new major projects emerging, the forecast for oilsands production is largely in line with last year’s expected 3.7 million bpd by 2030, up from 2.4 million bpd in 2016.
The association did, however, revise upwards the long-term forecast for conventional Western Canada production by about 100,000 barrels a day as drilling activity is already expected to rebound 70 per cent this year from last.
Eastern Canada also saw a 100,000 bpd boost to its forecast after Husky Energy said it was going ahead with its $2.2-billion West White Rose offshore project.
McMillan said the already constrained pipeline capacity is a deterrence for future investment and it’s crucial to gain access to fast-growing markets like India and China.
“It is imperative that Canada gets it’s products to market, that Canada becomes a secure, reliable supplier of choice in growing markets around the world.”
His comments come as the future of Kinder Morgan Canada’s (TSX:KML) Trans Mountain expansion project, which would add 590,000 bpd of capacity to the West Coast, remains cloudy with the B.C. NDP and Green party alliance committed to stopping it with all means available.
Trans Mountain is scheduled to start construction in September, while other major pipeline projects including Enbridge’s (TSX:ENB) Line 3 replacement and TransCanada’s (TSX:TRP) Keystone XL and Energy East projects still require regulatory approvals.
Ian Bickis, The Canadian Press
FOR: PAN ORIENT ENERGY CORP.
TSX VENTURE SYMBOL: POE
Date issue: June 13, 2017
Time in: 4:30 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 13, 2017) – Pan Orient Energy Corp. (“Pan
Orient” or the “Company”) (TSX VENTURE:POE) is providing an operations and
corporate update.
INDONESIA
East Jabung PSC (Pan Orient 49% & Non Operator)
The operator of the East Jabung PSC has advised that the drilling of the AYU-1
exploration well is anticipated to commence on or about July 5, 2017.
CORPORATE
Shareholders will be able to access the June 13, 2017 Pan Orient Annual and
Special Meeting presentation on the company’s website: www.panorient.ca
Pan Orient is a Calgary, Alberta based oil and gas exploration and production
company with operations currently located onshore Thailand, Indonesia and in
Western Canada.
This press release contains forward-looking information. Forward-looking
information is generally identifiable by the terminology used, such as
“expect”, “believe”, “estimate”, “should”, “anticipate” and “potential” or
other similar wording. Forward-looking information in this press release
includes references, express or implied, to drilling plans in Indonesia. By
its very nature, the forward-looking information contained in this press
release requires Pan Orient and its management to make assumptions that may not
materialize or that may not be accurate. In addition, the forward-looking
information is subject to known and unknown risks and uncertainties and other
factors, some of which are beyond the control of Pan Orient, which could cause
actual results, expectations, achievements or performance to differ materially.
Although Pan Orient believes that the expectations reflected in its
forward-looking information are reasonable, it can give no assurances that
those expectations will prove to be correct. Pan Orient undertakes no
obligation to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise, except as
required by applicable securities laws.
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 – 13/06/2017
For further information:
Pan Orient Energy Corp.
Jeff Chisholm
President and CEO (located in Bangkok, Thailand)
[email protected]
OR
Bill Ostlund
Vice President Finance and CFO
(403) 294-1770
COMPANY:
FOR: PAN ORIENT ENERGY CORP.
TSX VENTURE SYMBOL: POE
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170613CC0081
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: US OIL SANDS INC.
TSX VENTURE SYMBOL: USO
Date issue: June 13, 2017
Time in: 2:25 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 13, 2017) – US Oil Sands Inc. (“US Oil
Sands” or the “Company”) (TSX VENTURE:USO), an innovator of oil extraction
technologies, announces that it has entered into a non-binding letter of intent
with ACMO S.a R.L. (“ACMO”), the Company’s largest shareholder, for a US$5
million senior secured convertible loan facility (the “Loan Facility”) to fund
the remaining PR Spring Project (the “Project”) start-up costs and to provide
working capital for the Company (the “Financing”).
In conjunction with the Financing, the Company will be seeking to obtain from a
majority of disinterested shareholders written consent for the Financing and
the delisting of the common shares of the Company from the TSX Venture Exchange
(the “Exchange”). If a majority of disinterested shareholders do not provide
their consent in a timely manner, the Board will likely approve seeking
creditor protection as management and the Board of Directors believe that the
Company has exhausted all other financing alternatives. The Board and
management expect that under any such creditor protection proceedings, the
shareholders of US Oil Sands would experience greater dilution than under the
terms contemplated by the Financing and it is possible that all existing equity
holdings in the Company may be extinguished.
FINANCING
The Loan Facility consists of US$2.5 million available on closing and a further
US$2.5 million available upon the Project producing 500 barrels per day of oil
for five consecutive days. The Loan Facility will rank pari passu with the
Company’s US$7.5 million loan (the “Existing Loan”), will not bear any interest
and will mature 10 years from the closing date. At any time between the closing
date and maturity, the Loan Facility may be convertible into that number of
common shares of the Company that provides ACMO with 90% of the Company’s fully
diluted common shares outstanding when combined with its existing share
holdings. ACMO currently holds 31% of the Company’s common shares and 58% on a
fully diluted basis when including the 24 million warrants issued in connection
with the January 2017 financing transaction. Pursuant to the Loan Facility
transaction, ACMO will cancel the aforementioned 24 million warrants.
The policies of the Exchange do not permit the completion of the Loan Facility
on the terms currently contemplated due to, among other things, the conversion
rights attached to the Loan Facility. Therefore, the Company is seeking the
consent of a majority of disinterested shareholders to a voluntary delisting of
the common shares from the Exchange in order to proceed with the Loan Facility.
In conjunction with the Financing, the Existing Loan will be amended so that
its repayment date will be extended to January 12, 2019, interest payable in
respect of the Existing Loan will be reduced to zero percent per annum and all
accrued and unpaid interest will be forgiven.
Upon closing, the Company will reconstitute its Board of Directors such that
the number of directors will decrease from five to three, each of which will be
nominees of ACMO.
Completion of the Financing is subject to negotiation of definitive agreements
which will require final Board approval and satisfaction of the conditions
therein.
WRITTEN CONSENTS
Application will be made to the Exchange to delist the Company’s common shares
from trading on the Exchange subject to obtaining written consents from a
majority of disinterested shareholders. ACMO is the only shareholder who has an
interest in the Financing and will be excluded from providing consent for
purposes of satisfying this condition. The Company has prepared a form of
shareholder consent letter and will be contacting shareholders to obtain their
written consent. To obtain the form of consent or if shareholders have any
questions relating to the Financing or the delisting, shareholders are
encouraged to immediately contact the Company as follows:
/T/
—————————————————————————-
Cameron Todd, Chief [email protected] 1 403 233 9366 ext. 21
Executive Officer
—————————————————————————-
Glen Snarr, [email protected] 1 403 233 9366 ext. 24
President & Chief
Financial Officer
—————————————————————————-
Jack Copping, [email protected] 1 403 233 9366 ext. 27
Manager, Corporate
Development
—————————————————————————-
/T/
The Company asks that shareholders deliver their written consent to Glen Snarr
by email at [email protected] or by fax at 587-353-5373, preferably
no later than Friday June 16, 2017, at which time the Board of Directors will
assess the level of shareholder support for the Financing and its alternative
course of action to apply for creditor protection.
In the event that the Company delists from the Exchange, the Company will
continue to be a reporting issuer under Canadian securities laws and will
remain subject to Canadian continuous disclosure requirements. It is the
Company’s understanding that, following the Exchange’s bulletin notice to
delist, the Exchange will keep the trading of the common shares of the Company
open for a short period of time, after which time such shares would not be able
to be traded on the Exchange. The Company would seek to develop a grey market
or another mechanism to facilitate trading of its shares.
PR SPRING PROJECT UPDATE
This past week for the first time, the Company introduced oil sands into the PR
Spring extraction plant, as the damaged decanting centrifuge has been repaired,
replaced and tested. The plant is now in the final stage of start-up and
working through normal start-up issues and challenges.
ABOUT US OIL SANDS INC.
US Oil Sands is engaged in the exploration and development of oil sands
properties and, through its wholly owned United States subsidiary US Oil Sands
(Utah) Inc., has a 100% interest in bitumen leases covering 32,005 acres of
land in Utah’s Uinta Basin. The Company plans to develop its oil sands
properties using its proprietary extraction process which uses a bio-solvent to
extract bitumen from oil sands without the need for tailings ponds. The Company
is in the pre-production stage, anticipating the commencement of bitumen
production and sales once it has completed start-up of the Project.
The foregoing contains forward-looking information relating to the future
performance of the Company including expectations relating to the completion of
start-up procedures and expectations relating to the delisting of the common
shares of the Company from the Exchange, completion of the Financing and the
potential impact to the Company if the Financing is not completed, the
likelihood of the Company proceeding with creditor protection proceedings if
the required written consent from shareholders is not obtained in a timely
manner and possible impact of such proceedings on shareholders and the
development of grey market trading following delisting. Forward looking
information is subject to a number of known and unknown risks, uncertainties
and other factors that may cause actual results to differ materially from those
anticipated in our forward-looking statements. Such risks and other factors
include, among others, the ability of the Company to obtain the necessary
consents from shareholders and approval from the Exchange, the ability of the
Company to negotiate definitive documentation in respect of the Loan Facility
and meet the conditions thereunder, the sufficiency of demand and interest to
enable the Company to facilitate trading in the Company’s common shares
following delisting, the actual results of exploration activities, changes in
world commodity markets or equity markets, the risks of the petroleum industry
including, without limitation, those associated with the environment, delays in
obtaining governmental approvals, permits or financing or in the completion of
development or construction activities, title disputes, change in government
and changes to regulations affecting the oil and gas industry, and other risks
and uncertainties detailed from time to time in the Company’s filings with
Canadian securities regulatory authorities (available at www.SEDAR.com).
Forward-looking statements are made based on various assumptions and on
management’s beliefs, estimates and opinions on the date the statements are
made.
Should one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described in the forward-looking information contained herein. The
Company undertakes no obligation to update forward-looking statements if these
assumptions, beliefs, estimates and opinions or other circumstances should
change, except as required by applicable law.
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 – 13/06/2017
For further information:
US Oil Sands Inc.
Cameron Todd
CEO
+1 403 233 9366
OR
US Oil Sands Inc.
Glen Snarr
President & CFO
+1 403 233 9366
[email protected]
OR
Investor Relations: US Oil Sands Inc.
Jack Copping
Manager, Corporate Development
+1 403 233 9366 ext. 27
[email protected]
www.usoilsandsinc.com
COMPANY:
FOR: US OIL SANDS INC.
TSX VENTURE SYMBOL: USO
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170613CC0071
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: JUST ENERGY GROUP INC.NYSE Symbol: JETSX Symbol: JEAND energyX Solutions Inc.Date issue: June 13, 2017Time in: 12:12 PM eAttention:
TORONTO, ON –(Marketwired – June 13, 2017) – Leading North American retail
energy provider Just Energy has partn…
Sales and marketing: people have misunderstood the meaning and role of these two key business functions for generations. What is the difference between these two similar, yet fundamentally different roles? If we break it down to the basics, marketing is everything that you do to reach and persuade prospects and the sales process is everything … Read more
FOR: CANADIAN ASSOCIATION OF PETROLEUM PRODUCERS (CAPP)
Date issue: June 13, 2017Time in: 9:57 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 13, 2017) – Canada will need more
pipelines built through to 2030 to transport an additional 1.3 millio…
FOR: ENERGY LEADERS INCOME FUNDTSX SYMBOL: HEN.UNDate issue: June 13, 2017Time in: 9:09 AM eAttention:
OAKVILLE, ONTARIO–(Marketwired – June 13, 2017) – Energy Leaders Income Fund,
(TSX:HEN.UN), (the “Fund”) announces it will maintain an expected mon…
FOR: CREW ENERGY INC.TSX SYMBOL: CRDate issue: June 13, 2017Time in: 9:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 13, 2017) – Crew Energy Inc. (TSX:CR)
(“Crew” or the “Company”) has been informed by the Alliance Pipeline Limited
Partnersh…
FOR: BRI-CHEM CORP.TSX SYMBOL: BRYDate issue: June 13, 2017Time in: 6:00 AM eAttention:
EDMONTON, ALBERTA–(Marketwired – June 13, 2017) – Bri-Chem Corp. (“Bri-Chem”
or “Company”) (TSX:BRY), a North American industry leader for wholesale
distribution …
CALGARY — The U.S. Energy Information Administration has highlighted how last year’s oil price drop brought on a massive writedown of high-cost Canadian oilsands reserves.
The EIA said in a brief Monday that data from 68 U.S.-listed companies shows their oilsands reserves dropped by a total of about 7.7 billion barrels, making up the vast majority of their 8.2-billion net reduction in commercially viable barrels globally.
The writedowns came after the West Texas Intermediate oil price averaged US$43.44 per barrel in 2016, down 11 per cent from US$48.83 per barrel in 2015.
U.S.-listed companies are required to use price averages for the past year in calculating reserves, while Canadian rules allow companies to use forward-looking prices.
Canada is estimated to have the third largest reserves of crude oil in the world at 171 billion barrels, with 166 billion of those barrels found in the oilsands.
The 68 U.S.-listed companies were left with about 16 billion barrels of oilsands reserves following their downward revisions.
The Canadian Press
June 5, 2017 Presented by POIM Consulting Group Major /Interesting Projects NuVista Energy Ltd. Large compressor install existing facility 08-10-068-08W6 Paramount Resources Ltd pump install existing facility Grovedale CNRL 8 new Bitumen battery – multiwall BONNYVILLE Whitecap Resources Inc. Oil satellite – multiwall Drayton Valley Crescent Point Energy Corp. Gas Processing Plant work 13-1-5-20 W3 … Read more
FOR: TOUCHSTONE EXPLORATION INC.TSX SYMBOL: TXPDate issue: June 12, 2017Time in: 2:49 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 12, 2017) – Touchstone Exploration Inc.
(“Touchstone” or the “Company”) (TSX:TXP) is pleased to announce that it…
DUBAI, United Arab Emirates — Natural gas built the high-rises of Qatar’s capital, put the Al-Jazeera satellite news network on the air and a fleet of passengers jets for its state carrier in the sky. Now, it may be what protects Qatar as it is in the centre of the worst diplomatic crisis to strike the Gulf in decades.
As the world’s biggest exporter of liquid natural gas, Qatar’s supplies keep homes warm in the British winter, fuel Asian markets and even power the electrical grid of the United Arab Emirates, one of the main countries that has cut ties to the energy-rich nation.
So far, its supplies have continued uninterrupted since the diplomatic dispute began last week. Natural gas markets have yet to respond to the rift and prices have remained stable. But Qatar wields a potential economic weapon if the crisis escalates and countries around the world that depend on its supply may find themselves needing to side with the tiny nation that is home to a major U.S. military installation.
“If Qatari gas exports were to be blocked, countries like Britain, Japan, South Korea and China would have an energy crisis and would have to scramble to get their energy elsewhere,” said Kristian Coates Ulrichsen, a Seattle-based research fellow at the James A. Baker III Institute for Public Policy at Rice University who has extensively studied Qatar.
“For any small country, particularly a small country in the Gulf surrounded by much larger and potentially expansionary powers, having international partnerships is a key tool of your external security,” he said. “I think that may be what the Qataris are banking on right now.”
Qatar, a country of 2.2 million people where citizens make up over 10 per cent of the population, discovered the offshore North Field in 1971, the same year it became independent. It took years for engineers to discover the field’s vast reserves, which shot Qatar to No. 3 in world rankings, behind Russia and Iran, with which it shares the North Field.
It began exporting natural gas in 1997, just after Qatari Crown Prince Hamad bin Khalifa Al Thani seized power from his father, Sheikh Khalifa, in a palace coup. Sheikh Hamad used revenue from the natural gas to pursue a diplomatic path away from Saudi Arabia, long the heavyweight among Gulf countries. Qatar also secured hosting the 2022 FIFA World Cup, relying on that money to build stadiums and develop Doha, its capital.
But all that time, Qatar kept a wary eye on its neighbours. Though both it and Saudi Arabia practice an ultra-conservative form of Sunni Islam called Wahhabism, Qatar allows women to drive and foreigners to drink alcohol. Qatar also has clashed with Saudi Arabia and Bahrain over territory in the past.
As a hedge, Qatar hosts some 10,000 American soldiers and the forward headquarters of the U.S. military’s Central Command. Other nations also operate forces out of Qatar. Its military, numbering around 11,800 troops, is only bigger than Bahrain’s.
“They really began an effort to escape the Saudi shadow and to carve out an autonomous regional and foreign policy that would be distinct,” Ulrichsen said. “It took on much more of an edge in 2011 when they really backed different sides in the Arab Spring. Qatar obviously made a bet that Islamists and the Muslim Brotherhood would be the group to back and clearly that over time failed to pay off.”
That support sits at the heart of Bahrain, Egypt, Saudi Arabia and the UAE severing off diplomatic ties June 5 and cutting off Qatar from its land, sea and air routes. So far, Qatar has made a point of not retaliating against those nations.
Qatar’s shipborne exports of liquid natural gas have continued to travel unhindered out of the Persian Gulf as well, though they could be a target if the crisis escalates. Qatar’s biggest Asian clients are Japan, India and South Korea, according to energy research firm Wood Mackenzie. About a third of British gas supplies come from Qatar, which leads Europe.
Saad Sherida al-Kaabi, Qatar Petroleum’s president and CEO, said Saturday that he wanted to assure customers “of our determined efforts to continue uninterrupted supplies.” A statement from the state-run firm also made a point to note that the UAE, Egypt and Jordan all rely on its natural gas.
Qatar could retaliate by shutting down the undersea Dolphin Energy pipeline, which sends about 2 billion cubic feet (56 million cubic meters) of natural gas a day into the UAE, about a third of its daily need. About 200 million cubic feet (5.66 million cubic meters) of that goes onto Oman.
Dolphin Energy, owned by the Abu Dhabi sovereign wealth fund called the Mubadala Development Co., French oil giant Total SA and Houston-based Occidental Petroleum, did not respond to a request for comment.
Without that natural gas, electricity plants in Dubai and the UAE capital of Abu Dhabi wouldn’t be able to power air conditioners to beat the brutal heat of summer now descending on the desert sheikhdoms, nor run its vital desalination plants producing water. It would take time to import that gas from another source.
“If Qatar was to do anything like that, in Dubai the lights would probably go off,” said Christopher Davidson, a professor of Middle East politics at Durham University in Britain. “If this were to happen, it would be such an escalation from Qatar’s side, the UAE and Saudi would up the ante even more. … If they were to do that, I think it would be no holds barred.”
___
Follow Jon Gambrell on Twitter at www.twitter.com/jongambrellap. His work can be found at http://apne.ws/2galNpz.
Jon Gambrell, The Associated Press
MACKINAW CITY, Mich. — Pipeline company Enbridge says an oil pipeline beneath the Straits of Mackinac in northern Michigan has passed federally required pressure tests.
The test took place Saturday on one pipeline that’s part of Line 5.
Enbridge pumped the line’s west segment with water and kept pressure high for 8 hours. Enbridge officials told reporters in a conference call Monday the line is fit for service and no leaks were found.
A second pipeline, called the east segment, will be tested soon.
The pipelines were built in 1953. Line 5 carries about 23 million gallons (19 million imperial gallons) of crude oil and liquid natural gas daily between Superior, Wisconsin, and Sarnia, Ontario. A nearly 5 mile (8 kilometre) section, divided into two lines, runs along the bottom of the straits area where Lakes Huron and Michigan converge.
The Associated Press
Calgary, AB (June 12, 2017) – On March 31 STEP Energy Services (STEP) and NCS Multistage (NCS) completed a 115-stage Cardium well for Tamarack Valley Energy Ltd. (Tamarack) using NCS coil annular sleeve technology in just over 65 hours of operating time; a record number of stages in that formation. There was 1,711 tonnes of … Read more
BURNABY, B.C. — A coalition of interest groups is calling on Canada’s six biggest banks and others to back away from providing funding for Kinder Morgan Canada’s controversial Trans Mountain pipeline expansion.
The coalition of 20 indigenous and environmental groups says in an open letter that it will use its influence to urge local and foreign governments to divest from banks that ignore its opposition to the pipeline.
It names a total of 28 banks as potential targets for its campaign, including 14 that underwrote the recent initial public offering for Kinder Morgan Canada (TSX:KML).
The 14 underwriters included all of Canada’s biggest banks as well as others from the United States, European Union and Japan.
The coalition’s letter urges the banks to decline any additional involvement with Kinder Morgan that would help to finance the Trans Mountain expansion project, particularly a $5.5 billion credit facility the company is seeking.
Among the signatories on the letter is Grand Chief Stewart Phillip, president of the Union of British Columbia Indian Chiefs, and Grand Chief Serge Simon of the Mohawk Council of Kanesatake in Quebec.
The Canadian Press
FOR: SANJEL ENERGY SERVICES
Date issue: June 12, 2017Time in: 10:00 AM eAttention:
Cementing and acidizing solutions company continues to be a strong business
partner for clients
CALGARY, ALBERTA–(Marketwired – June 12, 2017) – Sanjel Energy Services…
FOR: ALTAGAS LTD.TSX SYMBOL: ALADate issue: June 12, 2017Time in: 8:45 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 12, 2017) – AltaGas Ltd. (“AltaGas”)
(TSX:ALA) announced today that the June dividend will be paid on July 17, 2017,
to common …
FOR: CLEARSTREAM ENERGY SERVICES INC.
TSX SYMBOL: CSM
Date issue: June 12, 2017
Time in: 8:30 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 12, 2017) – ClearStream Energy Services
Inc., (“ClearStream”) (TSX:CSM) announces the resignation of its President and
CEO, John Cooper. The Company’s Executive Chairman, Dean MacDonald, will assume
the role of interim CEO. Mr. Cooper will remain on the Board and assist the
Company in ensuring a smooth transition. The ClearStream Board will immediately
initiate a process to recruit a high calibre executive to fill the position of
CEO on a permanent basis.
On behalf of the Board, Mr. MacDonald commented: “The Board is very thankful
for all the efforts that John has put into navigating the business and
establishing ClearStream as a leading services company to energy and industrial
clients across Western Canada. We believe ClearStream is now well positioned to
continue to grow its business on the solid foundation built by John and the
executive team. The Board, executive team and staff are excited about
ClearStream’s future and its prospects for growth and value creation.”
About ClearStream Energy Services Inc.
ClearStream provides maintenance and turnarounds, facilities construction,
welding and fabrication, and transportation services to customers across
Western Canada. For more information about ClearStream, please visit
www.clearstreamenergy.ca.
Forward Looking Statement
Certain information included in this presentation may constitute
forward-looking information within the meaning of securities laws. In some
cases, forward-looking information can be identified by terminology such as
“may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”,
“predict”, “potential”, “continue” or the negative of these terms or other
similar expressions concerning matters that are not historical facts.
Forward-looking information in this press release includes the expected benefit
to be derived from ClearStream from the renewal of the maintenance contract and
ClearStream’s operations in the Fort McMurray region. Such forward-looking
information reflects management’s current beliefs and is based on information
currently available to management of ClearStream.
Forward-looking information involves significant risks and uncertainties. A
number of factors could cause actual events or results to differ materially
from the events and results discussed in the forward-looking information
including risks related to Clearstream’s ability to retain a suitable candidate
as the CEO, business growth and value creation opportunities, conditions of
capital markets, economic conditions, dependence on key personnel, limited
customer bases, interest rates, regulatory change, ability to meet working
capital requirements and capital expenditures needs, factors relating to the
weather and availability of labour. These factors should not be considered
exhaustive. Risks and uncertainties about ClearStream’s business are more fully
discussed in ClearStream’s disclosure materials, including its annual
information form and MD&A, filed with the securities regulatory authorities in
Canada and available at www.sedar.com. In formulating forward-looking
information herein, management has assumed that business and economic
conditions affecting ClearStream will continue substantially in the ordinary
course, including without limitation with respect to general levels of economic
activity, regulations, taxes and interest rates.
Although the forward-looking information is based on what management of
ClearStream consider to be reasonable assumptions based on information
currently available to it, there can be no assurance that actual events or
results will be consistent with this forward-looking information, and
management’s assumptions may prove to be incorrect.
This forward-looking information is made as of the date of this release, and
ClearStream does not assume any obligation to update or revise it to reflect
new events or circumstances except as required by law. Undue reliance should
not be placed on forward-looking information. Forward-looking statements are
provided for the purpose of providing information about management’s current
expectations and plans relating to the future. Readers are cautioned that such
information may not be appropriate for other purposes.
– END RELEASE – 12/06/2017
For further information:
ClearStream Energy Services Inc.
Dean MacDonald
Executive Chairman and Interim CEO
709-237-9225
[email protected]
www.clearstreamenergy.ca
OR
ClearStream Energy Services Inc.
Gary Summach
Chief Financial Officer
587-318-1003
[email protected]
www.clearstreamenergy.ca
COMPANY:
FOR: CLEARSTREAM ENERGY SERVICES INC.
TSX SYMBOL: CSM
INDUSTRY: Financial Services – Personal Finance, Financial Services
– Venture Capital
RELEASE ID: 20170612CC0026
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: SOLAR ALLIANCE ENERGY INC.TSX VENTURE Symbol: SANOTCQB Symbol: SAENFDate issue: June 12, 2017Time in: 7:00 AM eAttention:
VANCOUVER, BC –(Marketwired – June 12, 2017) – Solar Alliance Energy Inc.
(‘Solar Alliance’) or (the ‘Company’) (TSX VENTU…
FOR: ONESOFT SOLUTIONS INC.
TSX VENTURE SYMBOL: OSS
OTCQB SYMBOL: OSSIF
Date issue: June 12, 2017
Time in: 7:00 AM e
Attention:
EDMONTON, ALBERTA–(Marketwired – June 12, 2017) – OneSoft Solutions Inc. (the
“Company” or “OneSoft”) (TSX VENTURE:OSS)(OTCQB:OSSIF) is pleased to announce
the Company has secured DTC Eligibility by The Depository Trust Company for its
shares on the OTCQB market effective June 7, 2017. OneSoft trades on the TSX
Venture Exchange under “OSS” and on the OTCQB(R) Venture Market (“OTCQB”),
under the symbol “OSSIF”.
The Depository Trust Company (DTC) is a subsidiary of the Depository Trust &
Clearing Corporation DTCC, and manages the electronic clearing and settlement
of the trading of shares of publicly traded companies in the USA. Securities
that are eligible to be electronically cleared and settled through the DTC are
considered “DTC eligible.” This electronic method of clearing securities speeds
up the receipt of stock and cash, and thus accelerates the settlement process
for investors and greatly reduces transactional costs for participating stock
brokerages.
Dwayne Kushniruk, CEO of OneSoft Solutions Inc., stated, “We are pleased to
announce that we have obtained DTC eligibility to simplify the trading of our
common stock in the USA. Our prime sales focus is U.S. pipeline companies and
we believe being listed and tradeable in the USA is highly complementary to our
growth and business objectives as we continue to evolve the Company. We would
like to thank our agent, VStock Transfer, for their guidance and expertise
throughout this process.”
U.S. investors can find current financial disclosure and the full depth of book
with Real-Time Level 2 Quotes for OneSoft at www.otcmarkets.com. The Company
released its Audited Financial Statements, Management’s Discussion and Analysis
and Annual Information Form for the fiscal year ending February 28, 2017 on
June 1, 2017 and those are posted to www.sedar.com in Canada and to the OTCQB
website.
About OneSoft Solutions Inc.
OneSoft Solutions Inc. has developed software technology and products that have
capability to transition legacy, on premise licensed software applications to
operate on the Microsoft Cloud, in conjunction with Office 365, CRM Online,
Microsoft BI and Microsoft Azure Machine Learning. OneSoft’s business strategy
is to seek opportunities to convert legacy business software applications that
are historically cumbersome to deploy and costly to operate, to a more
cost-efficient subscription based business model utilizing the Microsoft Cloud
platform and services, with accessibility through any internet capable device.
Visit www.onesoft.ca for more information.
About OneBridge Solutions Inc.
OneSoft’s wholly owned subsidiary, OneBridge Solutions Inc., is developing
revolutionary new applications for the Oil & Gas pipeline industry, which we
believe will be able to predict pipeline failures and thereby save lives,
protect the environment, reduce operational costs and address regulatory
compliance requirements. OneBridge utilizes proprietary Machine Learning
algorithms and a single geo-spatial database that accommodates pipe-centric,
structured and unstructured big data, with capability to address the key
functions that pipeline companies require to manage, operate and maintain their
pipelines. OneBridge’s solutions are designed to address two key areas of
functionality – Safety Management Systems and Compliance Analytics (“SMS/CA”),
and Cognitive Pipeline Integrity Management (“CIM”) solutions, all of which
will be deployed as SaaS solutions that leverage Data Science, Azure Machine
Learning, HoloLens, Microsoft BI and other components of the Microsoft Cloud
platform and services. Visit www.onebridgesolutions.com for more information.
About VStock Transfer:
VStock Transfer (http://www.VStocktransfer.com) is a New York City-based stock
transfer and registrar firm servicing clients ranging from private companies to
pre-IPO issuers to NASDAQ and NYSE MKT listed companies. VStock Transfer was
founded by experienced securities lawyers to provide cost savings, DTC
Eligibility, DWAC services, dedicated account managers and continuous Issuer
access online to shareholder reports.
About OTCQB
The OTCQB Venture Market is for entrepreneurial and development stage U.S. and
international companies. Canadian companies must be current in their home
market reporting and undergo an annual verification and management
certification process. These standards provide a strong baseline of
transparency, as well as the technology and regulation to improve the
information and trading experience for investors.
OTC Link(R) ATS directly links a diverse network of leading U.S. broker-dealers
that provide liquidity and execution services for OTCQX, OTCQB and Pink
securities. Its real-time price transparency and connectivity offers
broker-dealers control of trades and choice of counterparties so that they can
efficiently provide best execution, attract order flow, and comply with FINRA
and SEC regulations. OTC Link(R) ATS is operated by OTC Link LLC, a FINRA
member broker-dealer and wholly owned subsidiary of OTC Markets Group Inc. To
learn more about how OTC Markets Group creates better informed and more
efficient markets, visit www.otcmarkets.com.
ON BEHALF OF THE BOARD OF DIRECTORS
ONESOFT SOLUTIONS INC.
Douglas Thomson
Chair
Forward-looking Statements
This news release contains forward-looking statements relating to the future
operations and profitability of the Company and other statements that are not
historical facts. Forward-looking statements are often identified by terms such
as “may”, “should”, “anticipate”, “expects”, “believe”, “will”, “intends”,
“plans” and similar expressions. Any statements that are contained in this news
release that are not statements of historical fact may be deemed to be
forward-looking statements. Such forward-looking information is provided for
the purpose of delivering information about management’s current expectations
and plans relating to the future. Investors are cautioned that reliance on such
information may not be appropriate for other purposes, such as making
investment decisions.
In respect of the forward-looking information and statements the Company has
placed reliance on certain assumptions that it believes are reasonable at this
time, including expectations and assumptions concerning, among other things:
interest and foreign exchange rates; planned synergies, capital efficiencies
and cost-savings; applicable tax laws; the sufficiency of budgeted capital
expenditures in carrying out planned activities; the availability and cost of
labour and services; the success of growth projects; future operating costs;
that counterparties to material agreements will continue to perform in a timely
manner; that there are no unforeseen events preventing the performance of
contracts; and that there are no unforeseen material development or other costs
related to current growth projects or current operations. Accordingly, readers
should not place undue reliance on the forward-looking information contained in
this press release. Since forward-looking information addresses future events
and conditions, such information by its very nature involves 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 risks associated with the industries in which the Company
operates in general such as: costs and expenses; interest rate and exchange
rate fluctuations; competition; ability to access sufficient capital from
internal and external sources; and changes in legislation, including but not
limited to tax laws.
Readers are cautioned that the foregoing list of factors is not exhaustive.
Forward-looking statements contained in this news release are expressly
qualified by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news release,
and the Company undertakes no obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly required by
Canadian securities law.
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 – 12/06/2017
For further information:
Dwayne Kushniruk
CEO
[email protected]
(780) 437-4950
COMPANY:
FOR: ONESOFT SOLUTIONS INC.
TSX VENTURE SYMBOL: OSS
OTCQB SYMBOL: OSSIF
INDUSTRY: Computers and Software – Software
RELEASE ID: 20170612CC0007
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: CANADIAN OVERSEAS PETROLEUM LTD
TSX VENTURE SYMBOL: XOP
LSE SYMBOL: COPL
Date issue: June 12, 2017
Time in: 2:00 AM e
Attention:
CALGARY, AB–(Marketwired – June 11, 2017) – Canadian Overseas Petroleum Ltd
(TSX VENTURE: XOP) (LSE: COPL)
Canadian Overseas Petroleum Limited
(the “Company”)
Admission to Trading in London of Shares
Calgary, Canada, 12 June 2017 – Further to the announcement on 9 June, 2017,
Canadian Overseas Petroleum Limited (“COPL” or the “Company”) (TSX-V: XOP)
(LSE: COPL), announces the admission (the “New Shares Admission”) to the
standard listing segment of the Official List, and to trading on the London
Stock Exchange’s main market for listed securities, of 757,066,868 common
shares of no par value in the capital of the Company (“New Common Shares”). New
Shares Admission is expected to become effective at 8:00 a.m. (London time)
today, 12 June, 2017.
The New Common Shares (via Depositary Interests through CREST) will be freely
transferable on the main market of the London Stock Exchange. However, there is
a temporary restriction on the transfer of such New Common Shares, such that
such shares cannot be transferred through CREST to the Company’s Canadian share
register for a period of four months and one day from the date the shares are
issued.
The Company will be required by the TSX-V, as a condition of its continued
listing on such exchange, to consolidate the issued and outstanding common
shares in the capital of the Company (the “Common Shares”) within six months
(the “Consolidation”) on the basis of one post-Consolidation Common Share for
no less than six pre-Consolidation Common Shares. The Company received
shareholder approval for the Consolidation at its annual general meeting of
shareholders held on 6 June 2016.
In connection with the 650,000,000 New Common Shares issued pursuant to the
placing announced on 25 May 2017 (“Brokered Offering”), the Company paid a
commission to Shore Capital Stockbrokers Limited (“SCS”) of 6% of the gross
proceeds of the Brokered Offering. The Company also issued to SCS an aggregate
of 39,000,000 warrants to subscribe for new Common Shares (“Broker Warrants”),
with an exercise price of £ 0.005 per Broker Warrant for a period of 24
months from today.
Click on, or paste the following link into your web browser, to view the
associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/7709H_1-2017-6-12.pdf
– END RELEASE – 12/06/2017
For further information:
RNS
Customer Services
0044-207797-4400
[email protected]
http://www.rns.com
COMPANY:
FOR: CANADIAN OVERSEAS PETROLEUM LTD
TSX VENTURE SYMBOL: XOP
LSE SYMBOL: COPL
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170612CC0002
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: SUNSHINE OILSANDS LTD.HKSE SYMBOL: 2012Date issue: June 11, 2017Time in: 9:27 AM eAttention:
HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – June 11, 2017) – The
Board of Directors of Sunshine Oilsands Ltd. (“the Corporation” or “Sunshine”)…
OTTAWA — With far tougher talks on the horizon, President Donald Trump’s treasury secretary offered up some reassuring words Friday in Ottawa on the U.S.-Canada relationship.
In his first official visit to the national capital, U.S. Treasury Secretary Steve Mnuchin met with senior members of the Trudeau cabinet and took part in roundtable meetings with business leaders.
The agenda featured a number of cross-border topics that could have a significant impact on the Canadian economy, including U.S. tax reform and trade issues surrounding sectors from lumber to dairy to energy.
Mnuchin, a former hedge fund manager, has now met with Canadian counterpart Finance Minister Bill Morneau five times since he was sworn in a few months ago. And with NAFTA talks on the horizon, more delicate discussions are surely ahead.
Trump has called the 23-year-old NAFTA the worst trade deal the U.S. has ever negotiated and has pledged to scrap the agreement if it can’t be renegotiated to his satisfaction.
Formal talks have yet to begin and it remains unclear how the deal, which is deeply important to both economies, might be retooled.
After Friday’s meetings, Mnuchin sought to ease concerns, but said it was still premature to get into specifics about what Washington’s eventual asks might look like.
“I think whatever we do, our objective is to make sure that this is positive for the U.S. economy and positive for the Canadian economy to continue to allow the commerce that we have between us,” he told a news conference.
“We had many very productive both political and economic discussions. As I said, this is one of our most important relationships.”
Since Trump’s election win, the Bank of Canada and Canadian business leaders have repeatedly expressed concerns about the uncertainty related to potential protectionist measures in the U.S., as well as Trump’s tax-reform proposals.
Some business leaders fear that corporate tax cuts under discussion in the U.S. could hurt Canadian competitiveness.
Morneau said his meetings with Mnuchin shed more light on some of these unknowns.
“What we heard today from Secretary Mnuchin is a resolve to move forward on tax reform in the United States and an agenda for trying to get at that (done) as rapidly as possible,” Morneau said.
“And that’s positive from our standpoint, because that clarity is good.”
Canada’s relationship-building exercise with the new U.S. administration has involved most members of Prime Minister Justin Trudeau’s cabinet. In an effort to build stronger bonds, senior ministers have been making frequent visits to Washington since Trump took office.
Several of them, including Foreign Affairs Minister Chrystia Freeland, also joined Morneau at Friday’s meetings.
Morneau and Mnuchin also discussed infrastructure investments, trade in services, anti-money laundering, anti-terrorist financing regimes and cybersecurity.
They also spoke about the future of cross-border energy trade, Mnuchin noted, but he refused to elaborate on Trump’s sharp complaints in April about Canadian energy.
The president added energy to his list of long-running trade irritants with Canada — dairy and lumber are among them — without offering any additional details.
Mnuchin said he was “comfortable” dairy and lumber would be addressed together because they’re a relatively small part of the trading relationship. Energy, he said, is a big part of cross-border trade and more discussions are still needed.
Mnuchin did offer some details in one area that could surface during NAFTA talks: a possible provision to address currency manipulation.
He said monitoring currency manipulation is critical — and he added he believes Canada shares the U.S. view on the issue.
“I think this is less of an issue between us and more of an issue of the significance that we both feel this is very important to both our economy and the Canadian economy,” said Mnuchin, whose trip to Ottawa was the first by a U.S. treasury secretary in a decade.
Earlier in the day, Mnuchin participated in a roundtable with about 20 business leaders in Ottawa.
John Manley, head of the Business Council of Canada, said Mnuchin acknowledged he was aware the U.S. had a trade surplus with Canada when it came to goods, and said the Trump administration is primarily concerned with trade deficits.
“I think he made everybody feel a little bit easier,” said Manley, whose group hosted the meeting and who called the tone positive, though unlikely to fully ease the concerns of participants.
“He’s among the globalists in the administration, so perhaps not as directly a threat to things like NAFTA as others might be,” he continued.
“But everyone knows that this hasn’t landed yet. It is a fact that the president of the United States described NAFTA as the worst deal ever.”
Follow @AndyBlatchford on Twitter
Andy Blatchford, The Canadian Press
HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. rose by 11 this week to 927.
A year ago, just 414 rigs were active.
Houston oilfield services company Baker Hughes said Friday that 741 rigs sought oil and 185 explored for natural gas this week. One was listed as miscellaneous.
Oklahoma added five rigs, New Mexico gained four, while West Virginia and Ohio tacked on two each. Louisiana, Pennsylvania, Utah and Wyoming each gained one.
Texas lost three rigs, Alaska shed two, while Colorado lost one.
Arkansas, California, Kansas and North Dakota were all unchanged.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
The Associated Press
FOR: JERICHO OIL CORPORATIONTSX VENTURE Symbol: JCOOTC PINK Symbol: JROOFDate issue: June 09, 2017Time in: 4:51 PM eAttention:
TULSA, OK and VANCOUVER, BC –(Marketwired – June 09, 2017) – Jericho Oil
Corporation (“Jericho”) (TSX VENTURE: JCO) (OTC P…
FOR: WESTCORE ENERGY LTD.TSX VENTURE SYMBOL: WTRDate issue: June 09, 2017Time in: 3:54 PM eAttention:
SASKATOON, SASKATCHEWAN–(Marketwired – June 9, 2017) – Westcore Energy Ltd.
(“Westcore” or the “Company”) (TSX VENTURE:WTR) announces that it has ac…
BEIJING — Energy ministers from around the world gathered in Beijing this week to report increased spending to help counter climate change. Yet one prominent voice, that of U.S. Energy Secretary Rick Perry, delivered a starkly countervailing message as the Trump administration seeks to roll back spending on clean energy and promote fossil fuels.
India, France, Norway, Canada, Australia, Japan and others said during a private meeting of ministers earlier this week that they were on track to double government research budgets.
When Perry’s turn came, he said deep cuts to research in Trump’s proposed budget reflected an increased understanding that developing new technologies into commercial projects should be left to private companies. The proposal must first pass through Congress.
“If you’re going to have to prioritize where your dollars are going, early stage is where we’re going to spend it,” Perry said Friday when asked about his earlier comments. “Once (a new technology) has been proven up, we need to get out of the business.”
The approach he outlined marks a sharp departure from the past practice of ushering new technologies through to commercial deployment. It also illustrates a new reality emerging across the global energy landscape, where U.S. innovations long dominated.
That’s opened the way for other large developing nations, especially China, to seize the mantle of leadership in tackling climate change.
“For us it’s not a political issue but a moral and spiritual issue,” Harsh Vardhan, India’s minister of science and technology, told The Associated Press. “We are working for the future of our children.”
Trump last week cast his decision to withdraw from the Paris climate accord in terms of economic self-interest. He warned American jobs would be transferred overseas if the U.S. remained in the agreement.
Renewable energy is widely seen as a major driver of future global growth and Trump was accused of fudging the figures on the agreement’s economic impact and on its projected effects on reining in rising global temperatures.
The Republican’s announcement drew a quick international rebuke and firm assertions from other nations that they would proceed with the agreement regardless of the U.S. position, a dynamic very much on display at this week’s gathering in Beijing.
Energy ministers from Canada and the European Commission told an AP reporter they were disappointed in the U.S. decision on the Paris accord. Perry said he heard no such direct criticism.
The former Texas governor faces cuts across a range of programs in his new position, from a 70-per cent reduction for renewable and energy efficiency programs, to a 50-per cent cut for a program that includes research to reduce pollution from coal, according to an analysis by the American Association for the Advancement of Science.
Perry suggested during a Friday meeting with reporters that he would work with members of Congress to try to restore research spending.
And even without the Paris accord, he asserted that the U.S. can reduce climate-changing greenhouse gas emissions by promoting nuclear power, capturing carbon dioxide from coal-burning power plants and pursuing yet-to-be-discovered energy technologies.
One of the organizers of the Beijing event, Christian Zinglersen, head of the 23-nation Clean Energy Ministerial, said the spending reductions proposed by Trump were no reason to panic. Even before Trump took office, Zinglersen said developing countries had been taking on a bigger role to advance clean energy resources.
“It’s a shift, not just on the contributions side but also in leading more of the work. That creates the need for others to step up,” Zinglersen said.
Represented at the three-day meeting in Beijing were representatives of countries that emit 75 per cent of global greenhouse gas emissions.
Among them India outlined its ambitious goal of having electric vehicles account for all new car sales by 2030. Mexico said it was spending $200 million on clean energy projects and efforts to scale up new technologies so they could be commercially deployed.
For China and India in particular, the motivation is not just battling climate change but also a more immediate desire to cut down on air pollution from burning coal, which is endangering the health of hundreds of millions of their citizens living in urban areas.
Chinese Vice Premier Zhang Gaoli outlined a massive effort to update transmission lines, develop cleaner burning coal plants and continue expanding solar and wind power capacity, in which China already ranks number one in the world.
Zhang said China intends to make clean energy a “new growth point” in its slowing economic expansion. He singled out the U.S. for potential future co-operation.
However, Perry said the message he heard from Zhang was “come and compete.”
“Competition is a good thing and the United States looks forward to the challenge,” Perry said.
___
Follow Matthew Brown on Twitter at twitter.com/matthewbrownap
Matthew Brown, The Associated Press
FOR: EAGLE ENERGY INC.
TSX SYMBOL: EGL
Date issue: June 09, 2017
Time in: 11:43 AM e
Attention:
Your vote is extremely important. Do not be misled.
Your Board recommends that Eagle Shareholders Vote the YELLOW Proxy
CALGARY, ALBERTA–(Marketwired – June 9, 2017) – Eagle Energy Inc. (“Eagle”)
(TSX:EGL) confirms operations remain on track and addresses the misleading
comments issued by dissidents.
Operations Remain On Track
Eagle remains on track to achieve its 2017 annual guidance for its capital
budget, average production and monthly operating costs. We intend to commence
drilling our North Texas asset in the third quarter of 2017, as planned. We
remain of the view that this asset could provide significant future value to
Eagle’s shareholders.
Eagle’s Plan
Eagle’s shareholders should vote the proxy they believe provides the highest
likelihood of a better outcome. We believe voting the YELLOW proxy is the best
way to:
/T/
— maximize the long-term value of Eagle’s shares by continuing with our
plan (see our corporate presentation at www.EagleEnergy.com),
— realize the value of Eagle’s North Texas assets, and
— retain the breadth and depth of board and management experience needed
for the type of assets and operations that Eagle has in both Canada and
the U.S.
/T/
Dissidents’ Statements Unfounded
The dissidents’ tone and their accusations aimed at Eagle suggest a culture
within the dissident group that concerns us. We always welcome new or better
ideas for Eagle’s business or strategy that could realistically result in a
better future value proposition for Eagle. However, the dissidents have not
proposed any ideas that we have not already considered, are underway, or are
likely to create a superior outcome to Eagle’s plan.
Concerning Plan for New Leadership
We caution you regarding the dissidents’ intent to appoint Mr. Gundersen as
Eagle’s President and CEO. His only experience as a CEO is 14 months with Maple
Leaf Royalties Corp., which operated no properties. In contrast, Mr. Clark and
Mr. Wisniewski, in combination, have decades of executive and board room
experience in the Canadian and U.S. oil and gas industries, encompassing
governance, finance, capital markets and oil field operations, with CEO and
executive leadership responsibilities for production ranging up to 100,000
boe/d.
None of the companies listed in the biographies of the dissident nominees
operated oil and gas assets in the U.S. The dissident nominees have not shown
that they have U.S. energy industry experience. U.S. energy industry experience
is crucial for Eagle’s board. More than half of Eagle’s assets, value and
future development exist in the U.S.
Kingsway’s Questionable Oil and Gas Experience
Kingsway Financial Services Inc.’s only oil and gas experience is its 2016
acquisition, through an affiliate, of Texas assets that produce 23 barrels of
oil per day from one well. These assets, however, are burdened by more than $6
million in decommissioning and environmental liabilities, which far exceeds the
value of the assets’ production.
Of greater concern to Eagle is that the person who is the CEO of both
Kingsway’s affiliate that owns the assets and the company that operates the
assets has been charged with environmental violations in Australia. The
penalties, if convicted, are serious. We have grave concerns about Kingsway and
these companies’ ability to operate oil and gas assets.
The Dissidents’ View of Eagle’s Future
The dissidents’ view of Eagle’s future is to sell Eagle’s best assets, pay down
debt and cut costs. This strategy will leave Eagle as a shell with no reason
for a continued existence and no ability to ever attract the attention of the
investing community. While this strategy may help the dissidents, including
Kingsway with an undisclosed agenda, we do not believe that this is the best
result for Eagle or its shareholders.
The Dissidents will Burden Eagle with Unnecessary Costs
Shareholders should be aware that the changes proposed by the dissidents are
highly risky and could trigger an event of default under Eagle’s loan. The
dissidents will burden Eagle Shareholders with 100% of their costs for this
proxy fight. Eagle will be burdened by other unnecessary costs such as early
termination fees for its loan and employment severance. These costs may be
significant. These funds would be better spent on future oil and gas
operations.
The Dissidents’ Communications are False, Misleading and Alarmist
The North Texas Asset is Not “High Risk” as They Claim
If the dissidents were truly experienced with the U.S. oil and gas industry,
then they would recognize that the North Texas asset is not “high risk” as they
claim. We have spent over two years developing our plan for these assets,
including completion of substantial technical subsurface and engineering work.
Eagle’s independent reserves evaluator has assigned proved undeveloped reserves
to this asset. It is a development drilling project with solid well control and
production history.
Eagle’s Long-Term Incentive Plan is Within Industry Norm
The dissidents falsely accuse Eagle of issuing “free” shares to its directors
and management.
/T/
— Eagle’s restricted share units/performance share units were granted to
directors and officers as part of Eagle’s long-term, deferred
compensation plan. Eagle’s plan is consistent with industry norms. It is
designed with state of the art compensation principles to align
management and shareholder interests in the long-term success of the
company without cash cost.
— The dissidents know this as they too have received such awards under
similar compensation plans in other companies.
— The dissidents’ question, “who approved this?” is wholly disingenuous.
As Mr. Gundersen well knows (because he voted for it), Eagle’s long-term
incentive plan was approved last year by the shareholders of both Eagle
and Maple Leaf Royalties Corp.
/T/
Eagle’s Loan is Within Industry Norm
Eagle’s loan is within the new industry norm for junior oil and gas companies,
given the current market. Several of Eagle’s peers recently entered into
financing transactions with term loans that are comparable to Eagle’s. Some
have more stringent terms with higher interest rates and a material equity
component, which Eagle’s financing does not have. The dissidents have not
demonstrated that they will be able to obtain better financing terms for Eagle.
Eagle’s Executive Compensation Arrangements are within Industry Norm
The dissidents criticize Eagle for its general and administrative expenses
(G&A) and executive compensation arrangements.
When Mr. Gundersen was CEO of Maple Leaf Royalties Corp., its G&A per boe
($8.00) was higher than Eagle’s ($7.49 in 2016), yet it did not operate any
properties and had no employees. In comparison, Eagle has substantial cross
border operations.
Eagle’s executive compensation arrangements are influenced by the U.S. market
where it began operating and where it competes for talent. Eagle engages
independent assessments of its executive compensation arrangements through
independent human resources consulting firms. They compare Eagle’s executive
compensation arrangements to its peers in Canada and the U.S. The most recent
study concluded that, in total, Eagle’s executive compensation was between the
peer group’s 25th and 50th percentile for total compensation. Apart from a 2%
cost-of-living increase in 2015, the base salaries of the management team have
remained unchanged since 2014.
Half of the dissident nominees are currently directors or officers of oil and
gas companies with similar executive compensation, long-term incentive and
severance arrangements as Eagle.
Annual General Meeting
The Annual General Meeting of Eagle’s shareholders is scheduled for 10:00 a.m.
(Calgary time) on Tuesday June 27, 2017 at the Metropolitan Centre at 333 – 4th
Avenue S.W., Calgary, Alberta.
Eagle’s Board’s Recommendations
Your vote is extremely important.
Eagle’s Board unanimously recommends that Eagle Shareholders vote only the
YELLOW Proxy or Voting Instruction Form in favour of the current Board.
Shareholders who have previously voted the dissidents’ proxy or voting
instruction form and wish to support Eagle’s Board have the right to change
their vote by simply voting the YELLOW Proxy or Voting Instruction Form.
For more information, Eagle Shareholders are encouraged to access the
Management Information Circular of Eagle on its website at www.EagleEnergy.com
or under Eagle’s profile at www.sedar.com.
VOTE TODAY. Time is of the essence and Eagle Shareholders are urged to vote
online by following the instructions found on the YELLOW Proxy or Voting
Instruction Form to ensure votes are received in a timely manner.
/T/
—————————————————————————-
Eagle’s Board thanks you for your continued support.
QUESTIONS OR REQUESTS FOR ASSISTANCE WITH VOTING MAY BE DIRECTED TO EAGLE’S
PROXY SOLICITOR:
LAUREL HILL ADVISORY GROUP
NORTH AMERICAN TOLL FREE: 1-877-452-7184
COLLECT CALLS OUTSIDE NORTH AMERICA: 1-416-304-0211
EMAIL: [email protected]
—————————————————————————-
/T/
About Eagle Energy Inc.
Eagle is an oil and gas corporation with shares listed for trading on the
Toronto Stock Exchange under the symbol “EGL”.
All material information about Eagle may be found on its website at
www.EagleEnergy.com or under Eagle’s issuer profile at www.sedar.com.
Note about Forward-Looking Statements
Certain of the statements made and information contained in this news release
are forward-looking statements and forward-looking information (collectively
referred to as “forward-looking statements”) within the meaning of Canadian
securities laws. All statements other than statements of historic fact are
forward-looking statements. Eagle cautions investors that important factors
could cause Eagle’s actual results to differ materially from those projected,
or set out, in any forward-looking statements included in this news release.
In particular, and without limitation, this news release contains
forward-looking statements pertaining to Eagle’s plans including the North
Texas assets, the dissidents’ plans and the date of Eagle’s shareholder
meeting.
With respect to forward-looking statements contained in this news release,
assumptions have been made regarding, among other things: future crude oil,
NGL, natural gas prices, differentials and weighting; future foreign exchange
rates; Eagle’s 2017 capital budget, which is subject to change in light of
ongoing results, prevailing economic circumstances, commodity prices and
industry conditions and regulations; future production estimates and operating
costs; future capital expenditures and the ability of Eagle to obtain financing
on acceptable terms.
Eagle’s actual results could differ materially from those anticipated in these
forward-looking statements as a result of the following risk factors and those
in Eagle’s Annual Information Form (“AIF”) dated March 16, 2017 for the year
ended December 31, 2016, which is available on Eagle’s website at
www.EagleEnergy.com and on SEDAR at www.sedar.com: the volatility of crude oil,
NGL and natural gas prices; commodity supply and demand; fluctuations in
foreign exchange and interest rates; inherent risks and changes in costs
associated in the development of petroleum properties; ultimate recoverability
of reserves; timing, results and costs of drilling and production activities;
availability of financing and capital; and new regulations and legislation that
apply to Eagle and the operations of its subsidiaries.
As a result of these risks, actual performance and financial results in 2017
may differ materially from any projections of future performance or results
expressed or implied by these forward-looking statements. Eagle’s production
rates, operating costs, drilling program, 2017 capital budget, and reserves are
subject to change in light of ongoing results and economic and industry
conditions. New factors emerge from time to time, and it is not possible for
management to predict all of these factors or to assess, in advance, the impact
of each such factor on Eagle’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 statement.
Undue reliance should not be placed on forward-looking statements, which are
inherently uncertain, are based on estimates and assumptions, and are subject
to known and unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or circumstances
contemplated by the forward-looking statements will not occur. These statements
speak only as of the date of this news release and may not be appropriate for
other purposes.
Note Regarding Barrel of Oil Equivalency
This news release contains disclosure expressed as “boe” or “boe/d”. All oil
and natural gas equivalency volumes have been derived using the conversion
ratio of six thousand cubic feet (“Mcf”) of natural gas to one barrel (“bbl”)
of oil. Equivalency measures may be misleading, particularly if used in
isolation. A conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the well head. In addition, given that the value ratio
based on the current price of oil as compared to natural gas is significantly
different from the energy equivalent of six to one, utilizing a boe conversion
ratio of 6 Mcf:1 bbl would be misleading as an indication of value.
– END RELEASE – 09/06/2017
For further information:
Eagle Energy Inc.
Richard W. Clark
Chief Executive Officer
(403) 531-1575
[email protected]
OR
Eagle Energy Inc.
Kelly Tomyn
Chief Financial Officer
(403) 531-1574
[email protected]
OR
Laurel Hill Advisory Group
Toll free in North America: 1 (877) 452-7184
(1 (416) 304-0211 outside North America)
[email protected]
OR
Eagle Energy Inc.
Suite 2710, 500-4th Avenue SW
Calgary, Alberta T2P 2V6
(403) 531-1575 or (855) 531-1575 (toll free)
[email protected]
COMPANY:
FOR: EAGLE ENERGY INC.
TSX SYMBOL: EGL
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170609CC0029
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 — Encana Corp. (TSX:ECA) has a deal to sell its Piceance natural gas assets in Colorado for US$735 million cash to Caerus Oil and Gas LLC of Denver.
The Piceance assets include approximately 3,100 operated wells, which produced about 240 million cubic feet per day of natural gas in the first quarter. They also produced 2,178 barrels per day of liquids.
Encana has been focusing its efforts on four core areas in Texas and western Canada, and selling non-core parts of its business since the downturn on crude oil prices began in late 2014.
The Calgary-based company says the sale of the Piceance assets in northwestern Colorado will make it more efficient and improve its balance sheet.
In addition to the cash received, Encana will benefit by reducing its midstream commitments by approximately $430 million
The Canadian Press
FOR: REPSOL OIL & GAS CANADA INC.
Date issue: June 09, 2017
Time in: 11:30 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 9, 2017) – Repsol Oil & Gas Canada Inc.
(formerly known as Talisman Energy Inc.), a Canadian-based upstream oil and gas
company (the “Company”), announced today that it commenced solicitations of
consents (the “Consent Solicitations”) from holders of its outstanding
/T/
— 7.75% Senior Notes due 2019 (CUSIP No. 87425E AL7 and ISIN No.
US87425EAL74) (the “2019 Notes”),
— 3.75% Senior Notes due 2021 (CUSIP No. 87425E AM5 and ISIN No.
US87425EAM57) (the “2021 Notes”),
— 5.85% Senior Notes due 2037 (CUSIP No. 87425E AJ2 and ISIN No.
US87425EAJ29) (the “2037 Notes”),
— 6.25% Senior Notes due 2038 (CUSIP No. 87425E AK9 and ISIN No.
US87425EAK91) (the “2038 Notes”),
— 5.50% Senior Notes due 2042 (CUSIP No. 87425E AN3 and ISIN No.
US87425EAN31) (the “2042 Notes”),
— 5.75% Senior Notes due 2035 (CUSIP No. 87425E AH6 and ISIN No.
US87425EAH62) (the “2035 Notes”) and
— 7.25% Debentures due 2027 (CUSIP No. 87425E AE3 and ISIN No.
US87425EAE32) (the “2027 Debentures” and together with the 2019 Notes,
the 2021 Notes, the 2037 Notes, the 2038 Notes, the 2042 Notes and the
2035 Notes, the “Notes”; and each, a “series of Notes”)
/T/
for proposed amendments (the “Proposed Amendments”) to certain provisions of
the indentures governing the Notes (the “Indentures”), and also commenced
tender offers to purchase for cash (the “Tender Offers” and each a “Tender
Offer”) any and all of the outstanding Notes.
The Company also announced that Repsol, S.A., a sociedad anonima organized in
Spain (the “Guarantor”), has fully and unconditionally guaranteed the due and
punctual payment of the principal of, premium, if any, and interest on each
series of Notes, when and as the same shall become due and payable (the
“Guarantees”). The Guarantees will remain effective regardless of the outcome
of the Consent Solicitations and the Tender Offers.
Holders have the option to either:
(1) deliver consents at or prior to the Consent/Early Tender Deadline (as
defined below) without tendering the related Notes; or
(2) tender Notes and thereby deliver the related consents at or prior to the
Expiration Time (as defined below), provided that holders must tender at or
prior to the Consent/Early Tender Deadline (as defined below) to be eligible to
receive the Total Consideration (as defined below).
Holders may validly deliver consents without also tendering Notes.
Upon the terms and subject to the conditions of the Consent Solicitations,
holders delivering consents without tendering the related Notes will receive
the Consent Only Payment of U.S.$2.50 per U.S.$1,000 principal amount of Notes
(the “Consent Only Payment”) on the initial settlement date, which is expected
to be June 27, 2017 (the “Initial Settlement Date”), provided that such holders
validly deliver consents (without also tendering the related Notes) at or prior
to the consent/early tender deadline of 5:00 p.m., New York City time, on June
22, 2017, unless extended or earlier terminated by the Company in its sole
discretion, subject to applicable law (such time and date, as the same may be
extended or earlier terminated with respect to each series of Notes, the
“Consent/Early Tender Deadline”).
The Proposed Amendments would amend the reporting covenant and eliminate the
merger covenant in the Indentures, as well as make certain other related
changes. The purpose of the Consent Solicitations is to effect the Proposed
Amendments to reduce administrative complexity and provide operational and
financial flexibility for the Company and its affiliates.
Adoption of the Proposed Amendments requires the consent of the holders of at
least a majority in principal amount of each series of Notes then outstanding
affected thereby (or in the case of the Proposed Amendments with respect to the
2027 Debentures, holders of at least 66 2/3% in principal amount of the 2027
Debentures then outstanding).
Holders of Notes who validly deliver consents at or prior to the Consent/Early
Tender Deadline, without also tendering the related Notes, and do not validly
revoke their consents at or prior to the revocation/withdrawal deadline of 5:00
p.m., New York City time, on June 22, 2017, unless extended with respect to a
series of Notes by the Company in its sole discretion, subject to applicable
law (the “Revocation/Withdrawal Time”), will be eligible to receive the Consent
Only Payment in respect of their Notes.
The following table summarizes, with respect to each series of Notes, the
applicable Consent Only Payment for each U.S.$1,000 principal amount of Notes.
/T/
Outstanding Consent
Principal Only
Title Security CUSIP Number ISIN Number Amount(1) Payment(2)
2006 Indenture
7.75% Senior Notes
due 2019 87425E AL7 US87425EAL74 U.S.$363,935,000 U.S.$2.50
3.75% Senior Notes
due 2021 87425E AM5 US87425EAM57 U.S.$240,726,000 U.S.$2.50
5.85% Senior Notes
due 2037 87425E AJ2 US87425EAJ29 U.S.$131,145,000 U.S.$2.50
6.25% Senior Notes
due 2038 87425E AK9 US87425EAK91 U.S.$118,813,000 U.S.$2.50
5.50% Senior Notes
due 2042 87425E AN3 US87425EAN31 U.S.$96,685,000 U.S.$2.50
2005 Indenture
5.75% Senior Notes
due 2035 87425E AH6 US87425EAH62 U.S.$89,494,000 U.S.$2.50
1997 Indenture
7.25% Debentures due
2027 87425E AE3 US87425EAE32 U.S.$54,464,000 U.S.$2.50
(1) As of June 9, 2017.
(2) Per U.S.$1,000 principal amount of Notes as to which consents are
validly delivered and not revoked at or prior to the Consent/Early Tender
Deadline without the related Notes being tendered.
/T/
Holders may tender Notes and thereby deliver the related consents.
Upon the terms and subject to the conditions of the Tender Offers, holders
tendering Notes in a Tender Offer will receive in respect of Notes accepted for
purchase the applicable Total Consideration (as defined below) or Tender Offer
Consideration (as defined below), as the case may be, and accrued and unpaid
interest from the applicable last interest payment date to, but not including,
the applicable settlement date (“Accrued Interest”), but will not receive the
Consent Only Payment. Holders that tender Notes will be automatically deemed to
have delivered consents to the Proposed Amendments in respect of such Notes.
Each Tender Offer will expire at 12:00 midnight, New York City time, on July 7,
2017, unless such Tender Offer is extended or earlier terminated by the Company
in its sole discretion, subject to applicable law (such time and date with
respect to each Tender Offer, as the same may be extended or earlier
terminated, the “Expiration Time”). For the avoidance of doubt, as used in this
press release, midnight on a particular day refers to the time one minute after
11:59 p.m. on such day.
The following table summarizes, with respect to each series of notes, the
applicable Tender Offer Consideration (as defined below) and Total
Consideration (as defined below) for each U.S$1,000 principal amount of Notes.
Holders tendering Notes will not receive the Consent Only Payment, and instead
will receive the Tender Offer Consideration or Total Consideration, as
applicable, and Accrued Interest in respect of Notes accepted for purchase.
/T/
Outstanding
Title Security CUSIP Number ISIN Number Principal Amount(1)
2006 Indenture
7.75% Senior Notes due
2019 87425E AL7 US87425EAL74 U.S.$363,935,000
3.75% Senior Notes due
2021 87425E AM5 US87425EAM57 U.S.$240,726,000
5.85% Senior Notes due
2037 87425E AJ2 US87425EAJ29 U.S.$131,145,000
6.25% Senior Notes due
2038 87425E AK9 US87425EAK91 U.S.$118,813,000
5.50% Senior Notes due
2042 87425E AN3 US87425EAN31 U.S.$96,685,000
2005 Indenture
5.75% Senior Notes due
2035 87425E AH6 US87425EAH62 U.S.$89,494,000
1997 Indenture
7.25% Debentures due 2027 87425E AE3 US87425EAE32 U.S.$54,464,000
Tender Offer Total
Title Security Consideration(2)(3) Consideration(2)(3)
2006 Indenture
7.75% Senior Notes due
2019 U.S.$1,057.50 U.S.$1,087.50
3.75% Senior Notes due
2021 U.S.$970.00 U.S.$1,000.00
5.85% Senior Notes due
2037 U.S.$970.00 U.S.$1,000.00
6.25% Senior Notes due
2038 U.S.$970.00 U.S.$1,000.00
5.50% Senior Notes due
2042 U.S.$925.00 U.S.$955.00
2005 Indenture
5.75% Senior Notes due
2035 U.S.$930.00 U.S.$960.00
1997 Indenture
7.25% Debentures due 2027 U.S.$1,105.00 U.S.$1,135.00
(1) As of June 9, 2017.
(2) Per U.S.$1,000 principal amount of Notes accepted for purchase.
(3) Excludes Accrued Interest, which will be paid in addition to the Tender
Offer Consideration or the Total Consideration, as applicable.
/T/
Holders that validly tender their Notes and thereby deliver their consents at
or prior to the Consent/Early Tender Deadline, and do not validly revoke such
consents and concurrently withdraw such Notes at or prior to the
Revocation/Withdrawal Time, will be eligible to receive on the Initial
Settlement Date the amount set forth under the column “Total Consideration” in
the table above with respect to their Notes (the “Total Consideration”), plus
Accrued Interest.
Holders of Notes that are validly tendered (and not validly withdrawn), and who
validly deliver Consents to the Proposed Amendments, after the Consent/Early
Tender Deadline but at or prior to the Expiration Time, and accepted for
purchase, will be entitled to receive on the final settlement date, which is
expected to be July 12, 2017, the amount set forth under the column “Tender
Offer Consideration” in the table above with respect to their Notes accepted
for purchase (the “Tender Offer Consideration”), plus Accrued Interest.
A holder that has previously tendered Notes may not revoke a consent without
withdrawing the previously tendered Notes to which such consent relates.
Consents may only be revoked, and Notes withdrawn, prior to the
Revocation/Withdrawal Time, unless extended by the Company in its sole
discretion, subject to applicable law. The Company will not be required to
extend the Revocation/Withdrawal Time, or to reinstate revocation or withdrawal
rights, in the event that it, in its sole discretion, waives one or more
conditions to the Consent Solicitations and/or the Tender Offers, which
conditions may relate to one or more series of Notes.
The Consent Solicitations and the Tender Offers are being made on the terms and
subject to the conditions set forth in the Consent Solicitation Statement and
Offer to Purchase dated June 9, 2017 (the “Consent Solicitation Statement and
Offer to Purchase”), and related consent and letter of transmittal.
Consummation of the Consent Solicitations and the Tender Offers are subject to
the satisfaction or waiver of the conditions set forth in the Consent
Solicitation Statement and Offer to Purchase, including but not limited to the
receipt of the requisite consents in respect of all series of Notes. The
Company may amend, extend or terminate the Consent Solicitations and the Tender
Offers with respect to one or more series of Notes in its sole discretion,
subject to applicable law.
This press release is not a solicitation of consents with respect to the
Proposed Amendments or any Notes. In addition, this press release is neither an
offer to purchase nor a solicitation of an offer to sell any Notes. The Consent
Solicitations and the Tender Offers are being made only pursuant to the Consent
Solicitation Statement and Offer to Purchase and related consent and letter of
transmittal, copies of which will be delivered to holders of the Notes. Persons
with questions regarding the Consent Solicitations and the Tender Offers should
contact the solicitation agents and dealer managers, Barclays Capital Inc. at
(800) 438-3242 (U.S. toll free), (212) 528-7581 (collect) or +44 20 3134 8515
(international) and Merrill Lynch, Pierce, Fenner & Smith Incorporated at (888)
292-0070 (U.S. toll free), (980) 387-2907 (collect) or +44 20 7996 5420
(international) or the information agent, tabulation agent and tender agent
D.F. King & Co., Inc., at (212) 269-5550 (banks and brokers) or (800) 499-8541
(toll-free) or email at [email protected].
About Repsol Oil & Gas Canada Inc.
Repsol Oil & Gas Canada Inc. is an upstream oil and gas company, incorporated
in Canada and is a wholly-owned subsidiary of the Spanish integrated energy
company Repsol, S.A.
Forward-Looking Statements
This news release contains information that constitutes “forward-looking
information” or “forward-looking statements” (collectively “forward-looking
information”). This forward-looking information includes, among others,
statements regarding the terms and timing for completion of the Consent
Solicitations and the Tender Offers.
Undue reliance should not be placed on forward-looking information.
Forward-looking information is based on current expectations, estimates and
projections that involve a number of risks which could cause actual results to
vary and in some instances to differ materially from those anticipated by the
Company and described in the forward-looking information contained in this news
release. The material risk factors include, but are not limited to risks
related to the successful consummation of the Consent Solicitations and the
Tender Offers.
The above-mentioned risk factors are not exhaustive. Additional information on
these and other factors which could affect the Company’s operations or
financial results or strategy are included in the Company’s most recent Annual
Information Form, dated February 23, 2017 (included in the Company’s Annual
Report on Form 40-F, dated February 23, 2017), and Restated Management’s
Discussion and Analysis, dated May 12, 2017 (included in the Company’s Annual
Report on Form 40-F/A, dated May 12, 2017) and Interim Management’s Discussion
and Analysis dated May 12, 2017 (included in the Company’s Report of Foreign
Private Issuer on Form 6-K, dated May 12, 2017). In addition, information is
available in the Company’s other reports on file with the United States
Securities and Exchange Commission.
Forward-looking information is based on the estimates and opinions of the
Company’s management at the time the information is presented. The Company
assumes no obligation to update forward-looking information should
circumstances or management’s estimates or opinions change, except as required
by law.
– END RELEASE – 09/06/2017
For further information:
34 917 538 100
34 917 538 000
34 913 489 000 (FAX)
www.repsol.com
COMPANY:
FOR: REPSOL OIL & GAS CANADA INC.
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170609CC0028
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: CANADIAN OVERSEAS PETROLEUM LTD
TSX VENTURE SYMBOL: XOP
Date issue: June 09, 2017
Time in: 8:23 AM e
Attention:
CALGARY, AB–(Marketwired – June 09, 2017) – Canadian Overseas Petroleum
Limited (TSX VENTURE: XOP)
TSX-V: XOP
Canadian Overseas Petroleum Limited
(the “Company”)
Publication of Prospectus in respect of a Second Tranche Offering, a Placing
and application for Admission
The Company is pleased to announce the approval by the UK Listing Authority of
a prospectus (the “Prospectus”) prepared by the Company in relation to the
admission, to the standard listing segment of the Official List of the
Financial Conduct Authority (the “FCA”) and to trading on the Main Market for
listed securities of the London Stock Exchange, of: (i) 101,066,868 second
tranche offering closing shares (the “Second Tranche Offering Closing Shares”)
in connection with an offering completed by the Company on 3 May 2016; and (ii)
656,000,000 placing shares (the “Placing Shares” together with the Second
Tranche Offering Closing Shares, the “New Shares”) comprising 650,000,000
Placing Shares announced on 25 May 2017 and a subsequent placing of a further
6,000,000 Placing Shares. The New Shares are expected to be admitted to trading
on the London Stock Exchange, on or about, 12 June 2017 (the “New Share
Admission”).
Details of the New Shares:
On 3 May 2016, the Company issued 101,066,868 units at a price of CAD$0.07 per
unit (the “Second Tranche Offering”). Each unit comprised of one common share
in the capital of the Company and one common share purchase warrant. Each
warrant entitles the holder thereof to purchase one common share at a price of
CAD$0.095 per common share at any time prior to 4:30 p.m. (Calgary time) on the
date that is 24 months from the closing date of the closing of the Second
Tranche Offering. Further, on or around 25 May 2017, the Company completed the
placing of 656,000,000 Placing Shares of £ 0.005 per Placing Share to
raise gross proceeds of £ 3.28 million. Each New Share is a common share
in the capital of the Company and ranks pari passu with the Company’s existing
common shares.
Click on, or paste the following link into your web browser, to view the
associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/6927H_1-2017-6-9.pdf
– END RELEASE – 09/06/2017
For further information:
RNS
Customer
Services
0044-207797-4400
[email protected]
http://www.rns.com
COMPANY:
FOR: CANADIAN OVERSEAS PETROLEUM LTD
TSX VENTURE SYMBOL: XOP
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170609CC0010
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.
Two-thirds of Trucks Fail Roadside Inspections In May, the Calgary Police conducted a three-day roadside inspection, and the results were startling. Two-thirds of trucks failed the inspections with the most common offences being suspended drivers, flat tires, unsecured cargo and broken wheel fasteners. 140 vehicles were deemed unsafe, and 195 tickets were handed out resulting … Read more
FORT MCMURRAY, Alta. — A man has been injured at an oilsands facility in northern Alberta.
Syncrude spokesman Will Gibson said a contractor was performing routine maintenance early Thursday at the Mildred Lake upgrader complex near Fort McMurray when there was “an incident.”
Gibson said he didn’t know what happened or the type of maintenance the contractor was doing.
He said Syncrude has suspended certain maintenance activities while it investigates.
Gibson said the contractor was taken to the Northern Lights Regional Health Centre in Fort McMurray before being transferred to hospital in Edmonton.
He said he didn’t know the nature of the man’s injuries, and that a provincial occupational health and safety investigator was at the site.
The Canadian Press
CALGARY — The Alberta Securities Commission is ordering the former U.S. senior sales executive for failed oilfield services firm Poseidon Concepts to pay $750,000 in fines and costs.
The regulator says Joseph Kostelecky is also banned for life from taking part in securities markets.
An ASC panel in March found him guilty of fraud and failing to maintain proper corporate records.
Poseidon was created by Open Range Energy in November 2011 to develop and market its oilfield liquid storage systems that resembled gigantic above-ground swimming pools.
The value of the new company’s shares soared, but fell quickly after February 2013 when it announced that it had incorrectly recorded about $100 million in revenue in the first nine months of 2012. Its assets were later sold off by a court-appointed monitor for less than its secured debt, leaving nothing for shareholders.
Last year, three of Poseidon’s other executives agreed to pay fines and accept trading bans after admitting they had failed to file financial statements in accordance with proper accounting principles.
The Canadian Press
CALGARY — Enbridge Inc (TSX:ENB) has outlined a pipeline expansion plan that it says can cover the expected oil production increase from Western Canada for the next decade.
Guy Jarvis, company executive vice president of liquids pipelines, said that the replacement of its Line 3 pipeline — combined with upgrades and adjustments to other pipelines on its mainline system — should be able to meet industry needs through to about 2028.
The capacity increases would include 375,000 barrels a day achieved by restoring the full capacity of Line 3, plus about 500,000 barrels a day of capacity elsewhere on the mainline system that runs from near Edmonton to Superior, Wis.
Speaking at an investor day in Toronto, Jarvis said that shippers want Enbridge to continue with these expansion plans because they’re concerned that competing pipelines won’t be built.
His comments come as the future of Kinder Morgan’s Trans Mountain project remains cloudy. The alliance between the B.C. Green and NDP parties has vowed to use all means available to stop the project despite it being fully permitted with a scheduled September construction start.
Enbridge’s growth plan is dependent on it replacing the Line 3 pipeline, which still requires regulatory approval in Minnesota where it faces a determined opposition.
The Canadian Press
OTTAWA — As Natural Resources Minister Jim Carr explores avenues in China to expand foreign investment in the oilsands, his government is being accused of allowing Chinese takeovers of Canadian firms with little regard for national security.
Carr is on a five-day trade mission to China, pursuing partnerships and new markets for the energy and forestry sectors. The trip comes as the two countries pursue exploratory free trade talks, and the federal Liberals adjust their foreign policy to confront the headwinds of Donald Trump’s “America First” doctrine.
Carr’s message? Canada welcomes Chinese investment, including in the oilsands, he told a conference call from Beijing — a departure from the previous Conservative policy of keeping state-owned-enterprises out of Canada’s energy sector.
“We think there is opportunity and we laid out along with experts from the industry what we believe to be Canadian opportunities for them,” Carr said.
“Chinese investors are no different than investors from anywhere else. They look at costs they look at prices and they make their investment decisions.”
In 2012, after the China National Offshore Oil Corp. was allowed to buy Calgary-based Nexen Inc., then-prime minister Stephen Harper said SEOs investing in the oilsands would only be approve in exceptional circumstances, fearing foreign government influence inconsistent with Canadian policy.
Talking to China about investment opportunities is no different, and will still be done on a case-by-case basis, Carr argued.
“The Canadian government is prepared to talk to the Chinese government about investments in most sectors of our economy,” he said. “I don’t think that represents a change in public policy but as a general expression of our willingness to talk.”
Chinese investors became leery of the oilsands when oil prices plunged in 2014. The Chinese ambassador to Canada said in April that unless prices rebound, their interest is unlikely to be rekindled.
The Conservatives, meanwhile — now sitting in Opposition to the governing Liberals — have accused the government of currying favour with China to the detriment of Canada’s national security — accusations that were flying again Thursday.
Tory MPs pounced on media reports the government recently agreed to let China’s Hytera Communications acquire Vancouver-based Norsat International Inc., after only a preliminary security screen.
Norsat makes satellite communications systems used for national security and defence purposes. It has a number of government customers in both Canada and internationally, including the Canadian Coast Guard and the Pentagon.
Economic Development Minister Navdeep Bains said the review was thorough and didn’t raise enough concern to merit a full review by the Canadian Security Intelligence Service or the Department of National Defence.
“We always have and always will protect our national security,” Bains said Thursday in question period.
Nonsense, countered Conservative House leader Candice Bergen and NDP Leader Tom Mulcair, who accused the Liberals of putting Canada’s national security in jeopardy.
The Hytera-Norsat approval comes just three months after Bains gave the go-ahead to Hong Kong-based O-Net Communications to buy out Montreal’s ITF Technologies, overturning a decision by the former government to prevent the deal for fear of handing over advanced western military laser technology to the Chinese.
ITF makes fibre-laser technology for communications and industry which can be used in direct-energy weapons.
Bains said there were conditions imposed on the deal to protect national security.
The Liberals are being “naive” about the security risks of Chinese foreign investment, much like the Conservatives in their first years in power, said Michael Byers, Canada Research Chair in global politics and international law at the University of British Columbia.
The national security test added to the Investment Canada Act by the Conservatives in 2009 is there for Canada’s protection, said Byers, calling it “incomprehensible” that the Trudeau government is not following it.
He said he understands the diplomatic pressure from China and the political pressure to diversify markets because of what is happening in the United States, but turning to China without proper vetting is just plain dangerous, he said.
“Why wouldn’t you do a full review when on its face this proposed sale is crying out for such a review?”
Conservative spokesman Saro Khatchadourian said given the ITF and Norsat deals, it’s hard to trust the Liberals to properly evaluate foreign investment in anything, including the oilsands.
“This government continues to put our national security at risk by allowing the Chinese unprecedented access to key, sensitive technology that compromises our national security,” Khatchadourian said.
— Follow @mrabson on Twitter
Mia Rabson, The Canadian Press
WARSAW, Poland — The first ever tanker with liquefied natural gas from the United States arrived in Poland on Thursday as part of the country’s — and the region’s — efforts to cut its dependence on Russia.
It was the first delivery of U.S. gas to eastern and northern Europe, which is building a new network of energy sources and gas transportation. Last year, Poland opened its first terminal for liquefied natural gas, or LNG, in Swinoujscie, on the Baltic Sea coast, to be able to receive such gas from distant suppliers like the U.S. or Qatar, which has already made some deliveries.
During a ceremony welcoming the U. S. tanker “Clean Ocean,” Prime Minister Beata Szydlo said it was a historic moment that improves the region’s energy security.
“Today Poland can say that it is a safe and sovereign country, also because we have such wonderful investments” like the LNG terminal, Szydlo said. “Days like this go down in history.”
She urged the U.S. to develop “further and more efficient
The region is trying to cut its reliance on Russia, which has occasionally used its gas exports to exert political pressure. It is planning to bring in gas from the North Sea and also to boost its own production.
The U.S. State Department said in a statement that LNG exports “support American jobs, lower energy prices for our partners abroad, and contribute to Europe’s energy security goals using a reliable, market based supplier.”
Officials did not reveal the size of the delivery or the cost of the deal, which was made with Houston-based Cheniere Energy, Inc.
The U.S. is rich in shale gas and has been exporting the fuel to southern European nations such as Spain and Turkey, but not yet to nations in the continent’s north.
Another U.S. delivery to Poland is expected this summer.
Polish officials have also indicated that the current gas supply deal with Qatar has not been disturbed by recent developments in which some Middle Eastern nations cut diplomatic ties with the country.
Monika Scislowska, The Associated Press
FOR: RESOURCES & ENERGY SQUATEX INC.
CSE SYMBOL: SQX
CSE SYMBOL: SQX.CN
CNSX SYMBOL: SQX
Date issue: June 08, 2017
Time in: 1:12 PM e
Attention:
BROSSARD, QUEBEC–(Marketwired – June 8, 2017) – The management of Resources &
Energy Squatex Inc. (CSE:SQX)(CSE:SQX.CN)(CNSX:SQX) (Squatex) is pleased to
announce that it has entered into a new research and partnership agreement with
the National Institute for Scientific Research (INRS-ETE) and the Natural
Sciences and Engineering Research Council of Canada (NSERC).
This agreement is a continuation of a development program that Squatex began in
2015 with INRS. This work will be necessary to develop and improve a
methodology for the analysis of the porosity in drill cores by
three-dimensional digital imaging (tomodensitometry). The data thus obtained on
the petrophysical properties of the rock will allow us to know faster and more
precisely the heterogeneous conventional carbonate reservoirs such as those
encountered in Masse.
Mr. Jean-Claude Caron, Executive Chairman and Chief Executive Officer of
Squatex, commented: “Squatex is a pioneering company that is once again
emerging from the beaten track and I believe that academic and industrial
partnerships like this one are essential for the development of the oil and gas
industry in Quebec.”
Squatex also announces the adoption by the Board of Directors of a stock option
plan (the Plan) on June 5, 2017 and the allocation, on June 6, 2017, of 1
million options to certain directors. The price was set at $ 0.35 per share and
the maturity date for these options was set on June 5, 2022. These options will
vest over a one-year period.
About Resources & Energy Squatex Inc.
Squatex is a junior oil and gas exploration company established in 2001 whose
principal activity is to carry out work and studies for the assessment and
development of its oil and gas potential of 656,093 Hectares under exploration
permits in Quebec. Squatex holds 224,933 ha (70% Net) of exploration permits in
the St. Lawrence Lowlands region and 431,160 ha (70% Net) of licenses in the
Lower St. Lawrence region.
Forward-Looking Statements
This press release contains statements that may constitute “forward-looking
information” within the meaning of applicable Canadian securities laws.
Forward-looking information may include, but is not limited to, statements
regarding future plans, costs, objectives or performance of Squatex, or the
assumptions underlying any of these elements. Forward-looking information
should not be interpreted as a guarantee of future performance or results and
is not necessarily a guide to the achievement of such performance or results or
the timing of such achievement performance or results. There can be no
assurance that events anticipated in the forward-looking information will occur
or will be produced, including the development of Squatex’s properties, or if
they are realized, the benefits that Squatex will derive from it. The
forward-looking information is based on information available at the time it is
made and / or in good faith with respect to future events and is subject to
known or unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond the control of Squatex. Actual events or
results could differ materially from those anticipated in the forward-looking
statements. Squatex does not intend to update or revise any forward-looking
information contained in this press release to reflect future information,
events or circumstances or otherwise and does not undertake to update or revise
any forward-looking information contained in this press release, unless
required to do so by applicable law.
– END RELEASE – 08/06/2017
For further information:
Resources & Energy Squatex Inc.
Mr. Jean-Claude Caron
President
450-766-0861
[email protected]
OR
Resources & Energy Squatex Inc.
Mr. Mario Levesque
Director of Development
418-391-1155
[email protected]
www.squatex.com
COMPANY:
FOR: RESOURCES & ENERGY SQUATEX INC.
CSE SYMBOL: SQX
CSE SYMBOL: SQX.CN
CNSX SYMBOL: SQX
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170608CC0071
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: DIVERGENT ENERGY SERVICES CORP.TSX VENTURE SYMBOL: DVGDate issue: June 08, 2017Time in: 9:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 8, 2017) –
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
DIVERGENT Energy Services Corp. (TS…
FOR: ECO (ATLANTIC) OIL & GAS LTD.
TSX VENTURE SYMBOL: EOG
AIM SYMBOL: ECO
Date issue: June 08, 2017
Time in: 2:15 AM e
Attention:
TORONTO, ONTARIO–(Marketwired – June 8, 2017) – Eco (Atlantic) Oil & Gas Ltd.
(“Eco Atlantic” or “Company”) (TSX VENTURE:EOG)(AIM:ECO) is pleased to announce
that Eco Atlantic and its Operating Partner, Tullow Oil (“Tullow”), have
approved a circa 2,550 km2 seismic survey on the Company’s Orinduik Block
offshore the Co-operative Republic of Guyana (“Orinduik”). The survey is
anticipated to commence in the next two weeks. The survey will be completed by
Schlumberger Guyana Inc. (Western Geco).
Eco Atlantic (Guyana) Inc, a subsidiary of Eco Atlantic, holds a 40% Working
Interest in Orinduik, and Tullow, the Operator, holds the remaining 60%. The
Orinduik Block is located up dip and just a few kilometers from Exxon’s recent
Liza and Payara discoveries confirming, by Exxon’s estimates, in excess of 1.5
Billion Barrels of recoverable oil. The Company and Tullow have completed the
first phase of exploration including evaluating all existing and regional 2D
data. Following the results of this study and the ongoing regional success,
both parties have agreed to accelerate and significantly increase the
originally proposed 1,000km2 3D survey commitment on the block to circa 2,550
kms2, thus covering the entire block area, fully overlapping current
prospective 2D leads and downdip trends. As part of its agreement with Tullow,
Tullow will carry the Company’s share of the originally proposed 1,000 km2 of
the survey, at a cap of US$1.25mm, with the balance of the program being funded
by both parties on a pro-rata basis. The additional cost of the enhanced
seismic program to Eco is well covered by existing cash resources following the
Company’s over-subscribed Placing of GBP5.1M announced in February 2017 in
conjunction with its dual listing on the AIM market of the London Stock
Exchange.
Colin Kinley, Chief Operating Officer and co-founder of Eco Atlantic commented:
“We are excited to embark on this very significant 3D survey which is
substantially greater than the originally planned survey. In addition to
de-risking the existing two defined targets, the survey will hopefully generate
additional targets on the Orinduik Block, thereby increasing the prospective
oil in place and adding leads for future work programs. We were keenly
interested in this region of the Guyana-Suriname Basin even prior to Exxon’s
highly successful drilling program, applying for the Orinduik block in 2014
because of its highly prospective Cretaceous canyon and fan plays. We have
since been excited to see Exxon continue to successfully prove out the region
in its ongoing drilling program and look forward to results from our own 3D
survey, which are expected to come in the next couple of months”.
“The 2D interpretation has led to at least two significant reservoir leads on
the Orinduik block that both we and Tullow believe may hold significant oil
comparable to the world class regional discoveries identified by Exxon. Eco
Atlantic expects to confirm a number of drilling targets with this increased 3D
Survey, ahead of drilling of the first well in Orinduik, hopefully in 2018.”
Grant of Options and RSUs
Additionally, the Company announces that, in compliance with its stock option
plan (the “Plan”), it has granted a total of 250,000 stock options (the
“Options”) to Mr. Derek Linfield, a Non-Executive Director of the Company as
part of his compensation package for his services to the Company. Terms of the
Options include an exercise price of $0.36 per common share in the Company
(“Common Share”), and a vesting schedule allowing for the vesting of the
Options in three equal installments, with 1/3 vesting June 8, 2017; 1/3 vesting
June 8, 2018 and 1/3 vesting June 8, 2019. The Options expire on 7 June 2022.
Subsequent to this grant, the total number of stock options outstanding is
7,870,000.
The Company has also granted 3,500,000 Restricted Shares Units (the “RSUs”)
pursuant to the Company’s Restricted Share Units Plan of which 3,350,000 RSUs
were granted to Directors of the Company as compensation and success fees in
relation with the AIM admission and Company’s portfolio and operational
developments. Tables showing further details in respect of the RSU grants are
listed below.
The Company is also happy to advise that it has engaged Mr. Finlay Thomson of
Oaks Energy Advisory Ltd., as the Company’s representative in the United
Kingdom. Mr. Thomson will be responsible for the Company’s UK presence,
liaising with the Company’s NOMAD, UK Brokers, and other regulators in the
United Kingdom and will work with management to develop and execute a program
that will enhance the Company’s business presence in the United Kingdom with an
emphasis on increasing the Company’s network of contacts within the United
Kingdom investment community.
Furthermore, and in connection with the Company’s previous disclosure regarding
its financing and listing on the AIM (see the Company’s press release dated
February 8, 2017), the Company would like to advise that 62,500 common shares
were issued to a financial adviser as compensation for placing services
provided to the Company (“New Common Shares”). Application has been made to the
London Stock Exchange for the admission of the New Common Shares to trading on
AIM, which is expected to take place on 12 June 2017 (“Admission”). Following
Admission, the Company will have 118,312,333 Common Shares with voting rights
in issue.
Additionally, as a result of the last-minute increase to the proceeds of the UK
placing associated with the Company’s admission to AIM, and in accordance with
the Company’s contractual obligations to Strand Hanson Limited, an additional
17,813 warrants were issued to Strand Hanson Limited. These warrants are issued
on the same terms as those set out in the Admission Document dated 2 February
2017.
For more information, please visit www.ecooilandgas.com or contact the
following:
/T/
Eco Atlantic Oil and Gas +1 (416) 250 1955
Gil Holzman, CEO
Colin Kinley, COO
Alan Friedman, VP
Finlay Thomson, UK and IR manager +44 (0) 7976 248471
Strand Hanson Limited (Financial & Nominated
Adviser) +44 (0) 20 7409 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited (Joint Broker) +44 (0) 20 3463 5000
Alex Walker
Jonathan Evans
Robert Beenstock
Peterhouse Corporate Finance (Joint Broker) +44 (0) 20 7469 0930
Eran Zucker
Duncan Vasey
Lucy Williams
Yellow Jersey PR +44 (0) 7768 537 739
Felicity Winkles
Harriet Jackson
/T/
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014.
Notes to editors
Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration and production
Company with interests in Guyana and Namibia where significant oil discoveries
have been made.
The Group aims to deliver material value for its stakeholders through oil
exploration, appraisal and development activities in stable emerging markets,
in partnership with major oil companies, including Tullow and AziNam.
In Guyana, Eco Guyana holds a 40% working interest alongside Tullow Oil (60%)
in the 1,800 km2 Orinduik Block in the shallow water of the prospective
Suriname Guyana basin. The Orinduik Block is adjacent and updip to the
deep-water Liza Field, recently discovered by ExxonMobil and Hess, which is
estimated to contain as much as 1.4 billion barrels of oil equivalent, making
it one of a handful of billion-barrel discoveries in the last half-decade.
In Namibia, the Company holds interests in four offshore petroleum licences
totaling approximately 25,000 km2 with over 2.3 billion barrels of prospective
P50 resources in the Wallis and Luderitz Basins. These four licences, Cooper,
Guy, Sharon and Tamar are being developed alongside partners, which include
Tullow Oil, AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation
have been completed with drilling preparations expected to begin in 2018.
– END RELEASE – 08/06/2017
For further information:
Eco (Atlantic) Oil & Gas Ltd.
416 250 1955
416 361 6455 (FAX)
www.ecooilandgas.com
COMPANY:
FOR: ECO (ATLANTIC) OIL & GAS LTD.
TSX VENTURE SYMBOL: EOG
AIM SYMBOL: ECO
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170608CC0003
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: ECO (ATLANTIC) OIL AND GAS LTD
TSX VENTURE SYMBOL: EOG
LSE SYMBOL: ECO
Date issue: June 08, 2017
Time in: 2:00 AM e
Attention:
TORONTO, ON–(Marketwired – June 07, 2017) – Eco (Atlantic) Oil and Gas Ltd
(TSX VENTURE: EOG) (LSE: ECO)
TSX-V:EOG, LSE:ECO
8 June 2017
ECO (ATLANTIC) OIL & GAS LTD.
(“Eco Atlantic”, “Company” or, together with its subsidiaries, the “Group”)
2,550 km(2) 3D Seismic Survey Offshore Guyana,
Options and RSU grant
Toronto, June 8th, 2017 – Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or
“Company”) (TSX-V:EOG, LSE:ECO) is pleased to announce that Eco Atlantic and
its Operating Partner, Tullow Oil (“Tullow”), have approved a circa 2,550 km(2)
seismic survey on the Company’s Orinduik Block offshore the Co-operative
Republic of Guyana (“Orinduik”). The survey is anticipated to commence in the
next two weeks. The survey will be completed by Schlumberger Guyana Inc.
(Western Geco).
Eco Atlantic (Guyana) Inc, a subsidiary of Eco Atlantic, holds a 40% Working
Interest in Orinduik, and Tullow, the Operator, holds the remaining 60%. The
Orinduik Block is located up dip and just a few kilometers from Exxon’s recent
Liza and Payara discoveries confirming, by Exxon’s estimates, in excess of 1.5
Billion Barrels of recoverable oil. The Company and Tullow have completed the
first phase of exploration including evaluating all existing and regional 2D
data. Following the results of this study and the ongoing regional success,
both parties have agreed to accelerate and significantly increase the
originally proposed 1,000km(2) 3D survey commitment on the block to circa 2,550
kms(2), thus covering the entire block area, fully overlapping current
prospective 2D leads and downdip trends. As part of its agreement with Tullow,
Tullow will carry the Company’s share of the originally proposed 1,000 km(2) of
the survey, at a cap of US$1.25mm, with the balance of the program being funded
by both parties on a pro-rata basis. The additional cost of the enhanced
seismic program to Eco is well covered by existing cash resources following the
Company’s over-subscribed Placing of GBP5.1M announced in February 2017 in
conjunction with its dual listing on the AIM market of the London Stock
Exchange.
Click on, or paste the following link into your web browser, to view the
associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/4822H_1-2017-6-7.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
– END RELEASE – 08/06/2017
For further information:
RNS
Customer Services
0044-207797-4400
[email protected]
http://www.rns.com
COMPANY:
FOR: ECO (ATLANTIC) OIL AND GAS LTD
TSX VENTURE SYMBOL: EOG
LSE SYMBOL: ECO
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170608CC0002
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: DUNDEE ENERGY LIMITED
TSX SYMBOL: DEN
Date issue: June 07, 2017
Time in: 11:00 PM e
Attention:
TORONTO, ONTARIO–(Marketwired – June 7, 2017) – Dundee Energy Limited
(TSX:DEN) (“Dundee Energy” or the “Company”) announced today that Harold
(Sonny) Gordon has resigned as a director of the Company effective today. The
board of directors of Dundee Energy would like to thank Mr. Gordon for his
contributions to the Company. Garth A.C. MacRae will replace Mr. Gordon as
Non-Executive Chairman of the Company.
ABOUT THE COMPANY
Dundee Energy Limited is a Canadian-based oil and natural gas company with a
mandate to create long-term value for its shareholders through the exploration,
development, production and marketing of oil and natural gas, and through other
high impact energy projects. Dundee Energy holds interests, both directly and
indirectly, in the largest accumulation of producing oil and gas assets in
Ontario and, through a preferred share investment, in certain exploration and
evaluation programs for oil and natural gas offshore Tunisia. Dundee Energy’s
common shares trade on the Toronto Stock Exchange under the symbol “DEN”.
– END RELEASE – 07/06/2017
For further information:
Dundee Energy Limited
Bruce Sherley
President & CEO
(403) 651-4581
(416) 363-4536 (FAX)
www.dundee-energy.com
COMPANY:
FOR: DUNDEE ENERGY LIMITED
TSX SYMBOL: DEN
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170607CC0099
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.
HOUSTON — SemGroup Corp. plans to buy Houston Fuel Oil Terminal Co. in a more than $2 billion deal.
SemGroup on Tuesday announced the planned acquisition from investment funds managed by Alinda Capital Partners. The agreement, including about 330 acres (130 hectares) along the Houston Ship Channel, is expected to close in the third quarter of this year.
SemGroup, based in Tulsa, Oklahoma, is a petroleum pipeline and storage company.
Houston Fuel Oil Terminal Co. stores, blends and transports residual fuel and crude oil via pipeline, ship, barge, rail and truck. The storage site includes more than 140 tanks ranging in size from 10,000 barrels to 400,000 barrels.
The Associated Press
Is Your Oilfield Service Business Ready to Sell? Here’s Why it Needs to Have “Curb Appeal” One may not always think of selling a business like selling a house but in reality the two are a lot alike. Like buying a house, a business has to pass a buyer’s “home inspection” and the beginning stages … Read more
BISMARCK, N.D. — The North Dakota Industrial Commission has revoked an oilfield facility’s permit for illegally dumping waste.
The Bismarck Tribune (http://bit.ly/2r25dxM ) reports that the commission voted Monday to revoke Apollo Resources’ permit and ordered the site be cleaned by October.
Commission records show that a state inspector observed a facility employee intentionally pumping drilling mud and wastewater onto a rancher’s pasture in October in McKenzie County, south of Williston.
Milt Madison owns the land next to the plant and says about 10 to 20 acres of his pasture have been contaminated.
A spill report estimates the contamination at more than 3,300 gallons (nearly 12,500
Apollo says the employee responsible for the contamination has since been fired and the facility “stands ready to continue its efforts to clean up the site.”
___
Information from: Bismarck Tribune, http://www.bismarcktribune.com
The Associated Press
FOR: RHC CAPITAL CORPORATIONNEX BOARD SYMBOL: RHC.HTSX VENTURE SYMBOL: RHC.HDate issue: June 07, 2017Time in: 4:41 PM eAttention:
VAUGHAN, ONTARIO–(Marketwired – June 7, 2017) –
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES.
…
A Commentary by Wendy Ferguson – BHRLR, CPHR – Ferguson HR Consulting Yesterday the Fair and Family-Friendly Workplaces Act (Bill 17) was passed in our Alberta Legislature and will come into effect January 1, 2018. This will undoubtedly affect all employers and employees in the Province of Alberta. For purposes … Read more
David Yager – Yager Management Ltd. Oilfield Service Management Consulting – Oil & Gas Writer – Energy Policy Analyst June 2, 2017 World oil markets appear to be dominated by dates and events, not supply and demand. And so it went on May 25 when OPEC did what the entire … Read more
FOR: PETROTEQ ENERGY INC.TSX VENTURE SYMBOL: PQEOTCQX SYMBOL: PQEFFDate issue: June 07, 2017Time in: 9:00 AM eAttention:
STUDIO CITY, CALIFORNIA–(Marketwired – June 7, 2017) – Petroteq Energy Inc.
(the “Company”) (TSX VENTURE:PQE)(OTCQX:PQEFF), a com…
FOR: ENTERPRISE GROUP, INC.
TSX SYMBOL: E
Date issue: June 07, 2017
Time in: 8:45 AM e
Attention:
ST. ALBERT, ALBERTA–(Marketwired – June 7, 2017) – Enterprise Group, Inc.
(“Enterprise,” or “the Company”) (TSX:E), today announced that the Toronto
Stock Exchange (“TSX”) has accepted its notice of intention to make a normal
course issuer bid to purchase outstanding common shares of the Company
(“Shares”) on the open market in accordance with the rules of the TSX.
The Company is authorized to purchase up to 2,782,619 Shares under the normal
course issuer bid, representing approximately 5% of its issued and outstanding
Shares, as of June 1, 2017. As of that date, there were 55,652,374 Shares
issued and outstanding. The average daily trading volume of the Shares for the
six months ended May 31, 2017, calculated in accordance with the rules of the
TSX, was 48,270 Shares. Enterprise is subject to a daily repurchase limit of
25% of such volume, being 12,067 Shares, except where such purchases are made
in accordance with the block purchase exemption under TSX rules.
Enterprise intends to commence the normal course issuer bid on June 12, 2017
and terminate the bid on June 11, 2018 or such earlier time as the bid is
completed or terminated at the option of the Company. All Shares purchased
under this bid will be purchased in the open market through the facilities of
the TSX or alternative Canadian trading systems at the prevailing market price
at the time of such transaction. Shares acquired under the bid will be
cancelled.
Enterprise’s Board of Directors believes that, from time to time, the market
price of its Shares may not reflect their underlying value. At such times, the
Board of Directors believes that the purchase of Shares for cancellation
pursuant to the normal course issuer bid is in the best interests of the
Company and its shareholders, as the cancellation of the Shares will increase
the value of the remaining Shares.
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of construction services companies
operating in the energy, utility and transportation infrastructure industries.
The Company’s focus is primarily construction services and specialized
equipment rental. The Company’s strategy is to acquire complementary service
companies in Western Canada, consolidating capital, management, and human
resources to support continued growth. More information is available at the
Company’s website www.enterprisegrp.ca. Corporate filings can be found on
www.sedar.com
Forward-Looking Information
This news release may contain certain forward-looking information as defined
under applicable Canadian securities legislation, that is not based on
historical fact, including without limitation statements containing the words
“believes”, “anticipates”, “plans”, “intends”, “will”, “should”, “expects”,
“continue”, “estimate”, “forecasts” and other similar expressions. In
particular, this news release includes forward-looking information relating to
the Company’s intention to purchase Shares pursuant to the normal course issuer
bid, the number of Shares to be purchased, the timing of such purchases and the
impact of such purchases on the value of the remaining Shares. Actual results,
events or developments could be materially different from those expressed or
implied by these forward-looking statements. There is no assurance that any of
the events or expectations will occur or be realized. By their nature,
forward-looking statements are subject to numerous assumptions and risk factors
including those discussed in the Company’s Annual Information Form and most
recent MD&A which are incorporated herein by reference and are available
through SEDAR at www.sedar.com. The forward-looking statements contained in
this news release are expressly qualified by this cautionary statement and are
made as of the date hereof. The Company disclaims any intention and has no
obligation or responsibility, except as required by law, to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
– END RELEASE – 07/06/2017
For further information:
For questions or additional information, please contact:
Leonard Jaroszuk: President & CEO, or
Desmond O’Kell: Senior Vice-President
780-418-4400
[email protected]
COMPANY:
FOR: ENTERPRISE GROUP, INC.
TSX SYMBOL: E
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170607CC0032
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: CEIBA ENERGY SERVICES INC.TSX VENTURE SYMBOL: CEBDate issue: June 07, 2017Time in: 8:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 7, 2017) – Ceiba Energy Services Inc.
(“Ceiba”) (TSX VENTURE:CEB) announces that Ceiba and SECURE Energy …
FOR: XTREME DRILLING CORP.
TSX SYMBOL: XDC
Date issue: June 07, 2017
Time in: 8:30 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 7, 2017) – Xtreme Drilling Corp.
(“Xtreme”, the “Company”) (TSX:XDC) today announced the final results of its
“modified Dutch auction” substantial issuer bid (the “Offer”) to purchase for
cancellation up to CAD$25 million of its common shares (“Shares”), which
expired at 5:00 p.m. (Eastern time) on June 1, 2017.
Based on the final count by Computershare Trust Company of Canada, the
depositary for the Offer (the “Depositary”), Xtreme has taken up and paid for
10,416,666 Shares at a price of CAD$2.40 per Share (the “Purchase Price”), for
an aggregate cost of CAD$25 million excluding fees and expenses relating to the
Offer.
The Shares purchased under the Offer represent approximately 12.24% of the
Shares issued and outstanding prior to giving effect to the Offer. After giving
effect to the Offer, the number of issued and outstanding Shares is 74,699,701.
Based on the final count by the Depositary, a total of 18,211,008 Shares were
properly tendered and not properly withdrawn at the Purchase Price. However, as
the Offer was oversubscribed, successfully tendering shareholders had
approximately 57% of their successfully tendered Shares purchased by the
Company, other than “odd lot” tenders, which were not subject to pro-ration.
Payment for the purchased Shares will be effected by the Depositary in
accordance with the Offer and applicable law. Any Shares tendered and not
purchased will be returned to shareholders promptly by the Depositary.
Matt Porter, President and CEO of Xtreme commented that, “Xtreme is happy to
have achieved its goal of returning meaningful value to the shareholders. In
addition to those Shares tendered at the Purchase Price, there were
approximately another 13.5 million Shares tendered at or below CAD$2.80 but
above the Purchase Price. While these Shares are not being taken-up under the
terms of the Offer, the Company believes this indicates that many of its
shareholders are aligned with our view that the Shares are fundamentally
undervalued at prices that they have been trading in recent months.” Mr. Porter
also commented that, “the Company is further dedicated to enhancing shareholder
value through the other ongoing initiatives, including the 850XE rig upgrades,
XDR 500 optimization and pursuing strategic opportunities for the XDR 200 and
XDR 300 rigs.”
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements that are not
historical facts. Such forward-looking statements are predictive in nature and
may be based on current expectations, forecasts or assumptions involving risks
and uncertainties that could cause actual outcomes and results to differ
materially from the forward-looking statements themselves, including
assumptions regarding the completeness and accuracy of information provided by
the Depositary in respect of the Offer and Xtreme’s share capital. Such
forward-looking statements may, without limitation, be preceded by, followed
by, or include words such as “believes”, “expects”, “anticipates”, “estimates”,
“intends”, “plans”, “continues”, “project”, “potential”, “possible”,
“contemplate”, “seek”, or similar expressions, or may employ such future or
conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or
may otherwise be indicated as forward-looking statements by grammatical
construction, phrasing or context. For those statements, we claim the
protection of the safe harbor for forward-looking statements contained in
applicable Canadian securities laws. Forward-looking statements are not
guarantees of future performance. These statements are inherently subject to
significant risks, uncertainties and changes in circumstances, many of which
are beyond the control of Xtreme, and could cause actual results to differ
materially from conclusions, forecasts or projections expressed in such
statements, including, among others, risks related to Xtreme’s future capital
requirements, market and general economic conditions and unforeseen legal or
regulatory developments. In addition, our actual results may differ materially
from those expressed or implied by such forward-looking statements, including
as a result of changes in global, political, economic, business, competitive,
market and regulatory factors. These and other risks and uncertainties, as well
as other information related to Xtreme, are discussed in our various public
filings at www.sedar.com and, including in our interim MD&A, and our Annual
Information Form filed with the Canadian Securities Administrators.
Forward-looking statements are provided for the purpose of assisting readers in
understanding management’s current expectations and plans relating to the
future. Readers are cautioned that such information may not be appropriate for
other purposes. Except as required by applicable law, we disclaim any intention
or obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
About Xtreme
Xtreme designs, builds, and operates a fleet of high specification AC drilling
rigs featuring leading-edge proprietary technology. Currently Xtreme operates
one service line – Drilling Services (XDR) under contracts with oil and natural
gas exploration and production companies and integrated oilfield service
providers in Canada and the United States. For more information about the
Company, please visit www.xdccorp.com.
– END RELEASE – 07/06/2017
For further information:
Xtreme Drilling Corp.
Matt Porter
President and Chief Executive Officer
+1 281 994 4600
[email protected]
www.xdccorp.com
COMPANY:
FOR: XTREME DRILLING CORP.
TSX SYMBOL: XDC
INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170607CC0030
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: SAGE
Date issue: June 07, 2017
Time in: 8:00 AM e
Attention:
Flagship event keynote will feature iconic comedian, Rick Mercer, serial
entrepreneur Michael Hyatt & Sage CEO Stephen Kelly to share tech vision
RICHMOND, BC–(Marketwired – June 07, 2017) – Sage, a market leader in cloud
accounting software and proud supporter of entrepreneurs will hold its
inaugural Canadian edition of Sage Summit in Toronto on 27th and 28th June at
the Beanfield Centre, Exhibition Place.
With comedian Rick Mercer as headliner, the event will be a celebration of
Canada’s 150th year and honour the work entrepreneurs have contributed to
building a thriving economy. Best known for his work on CBC’s ‘This Hour Has 22
Minutes’ and ‘The Rick Mercer Report’, he will share the stage with Sage CEO
Stephen Kelly and Canadian tech entrepreneur Michael Hyatt, as well as Sage
executives Paul Struthers, Jennifer Warawa, and Nick Goode who will share
product news.
“Sage Summit Toronto will be a hotbed of innovation and technology for Canadian
business builders — bringing together entrepreneurs, partners, and customers.
We want to inspire and energise our attendees, recognising their contribution
to the economy and giving them the technology for a future of invisible admin
— so they can go further and grow faster,” said Stephen Kelly, CEO of Sage.
In addition to hearing from an inspiring line-up of speakers and participating
in hands-on sessions, Sage Summit Toronto attendees will have an opportunity to:
– Be Inspired: Hear from some of Canada’s most innovative and interesting
entrepreneurs, thought leaders, and big thinkers
– Discover: Experience and preview cutting-edge technologies designed to
support business growth from exhibiting companies in the TechZone
– Network and learn: Receive interactive product training and actionable advice
for business expansion.
In addition, as a premier partner of the upcoming Invictus Games Toronto 2017,
which will also be hosted in Toronto for the first time September 23- 30, 2017,
Sage will celebrate Team Canada competitors on the main stage and give
attendees the opportunity to find out more about how the event will recognize
and serve its national military service members and veterans.
Sage Summit Toronto 2017 is supported by Diamond Sponsor Microsoft, the
worldwide leader in software, services, devices and solutions founded in 1975
to help people and businesses realize their full potential. Additional
supporters include Platinum Sponsors The Answer Company, CIMCloud by Website
Pipeline, as well as Gold Sponsors Altec and BAASS Business Solutions. For more
information and to register, please visit
https://www.sage.com/sage-summit/en-ca/.
About Sage:
Sage is the market and technology leader for integrated accounting, payroll and
payment systems, supporting the ambition of entrepreneurs and business builders.
Today, business builders measure success in strong relationships, partnerships,
and communities. It’s why Sage helps drive today’s business builders with the
most intelligent and flexible cloud-enabled software, support and advice to
manage everything from money to people.
Daily, more than 13,000 Sage colleagues in 23 countries work with a thriving
global community of over 3 million entrepreneurs, business owners,
tradespeople, accountants, partners and developers to champion the success of
business builders everywhere. And as a FTSE 100 business, we are passionate
about doing business the right way, supporting our local communities through
the Sage Foundation.
Sage — a market leader for integrated accounting, payroll and payment systems,
supporting the ambition of the world’s entrepreneurs. www.sage.com
– END RELEASE – 07/06/2017
For further information:
Press Contact:
OR
Betty Tian
Sage
Office: 604-207-3611
Mobile: 604-376-7398
[email protected]
COMPANY:
FOR: SAGE
INDUSTRY: Computers and Software – Internet, Computers and Software
– Software, Media and Entertainment – Books and Publishing, Media
and Entertainment – Television, Professional Services – Accounting,
Audit and Tax, Professional Services – Consulting, Professional
Services – Non Profits
RELEASE ID: 20170607CC0023
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: WESTERNZAGROS RESOURCES LTD.TSX VENTURE SYMBOL: WZRDate issue: June 07, 2017Time in: 7:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 7, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
Western…
FOR: CANADA ENERGY PARTNERS INC.
TSX VENTURE SYMBOL: CE
Date issue: June 07, 2017
Time in: 7:30 AM e
Attention:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 7, 2017) – Canada Energy
Partners Inc.’s (TSX VENTURE:CE) (the “Company”) application for a stay of the
shut-in order has been denied. Had the stay been granted, the Company could
have reinitiated the disposal of water while the primary appeal process
progressed to a conclusion. The British Columbia Oil & Gas Appeal Tribunal
(“OGAT” or “Tribunal”) stated in their decision, “The Tribunal emphasizes that
the findings above are made for the limited purpose of deciding the stay
application, and have no bearing on the merits of the appeal.”
The Company has submitted it primary appeal documents with OGAT. All responses
and rebuttals related to the appeal must be delivered by June 19th, after which
the Tribunal will deliberate and render a decision. The Company expects a
decision by OGAT sometime in July 2017.
The Company’s submissions can be viewed on the Company’s website:
www.canadaenergypartners.com.
On behalf of the Board of Directors of Canada Energy Partners Inc.
Benjamin Jones
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements within the meaning of
applicable securities laws. Forward-looking statements are frequently
characterized by words such as “plan”, “expect”, “project”, “intend”,
“believe”, “anticipate”, “estimate” and other similar words or statements that
certain events or conditions “may” or “will” occur, including, without
limitation, estimated revenues.
Forward-looking statements are subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements. These
factors include, without limitation, regulatory approvals, mechanical integrity
of the water disposal well, receptivity of the disposal zone, variability of
operating costs, risks associated with oil and gas production and exploration,
retention of and ability to attract company personnel, volatility of commodity
prices, currency and interest rate fluctuations, environmental risk, inability
to access sufficient capital from internal and external sources and changes in
legislation, including income tax, environmental and regulatory matters.
This press release, in particular the information in respect of estimated
revenues, may contain future-oriented financial information or financial
outlook within the meaning of applicable securities laws. Such future-oriented
financial information or financial outlook has been prepared for the purpose of
providing information about management’s reasonable expectations as to the
anticipated results of its proposed business activities. Readers are cautioned
that reliance on such information may not be appropriate for other purposes.
The forward-looking statements contained in this press release are made as of
the date hereof, and the Company undertakes no obligation to update publicly or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise, unless so required by law.
– END RELEASE – 07/06/2017
For further information:
Canada Energy Partners Inc.
Main Phone: (778) 725-1489
(604) 428-1124 (FAX)
[email protected]
OR
Ben Jones
President and CEO
Direct Phone: +1 225.388.9900 ext 101
www.canadaenergypartners.com
COMPANY:
FOR: CANADA ENERGY PARTNERS INC.
TSX VENTURE SYMBOL: CE
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170607CC0016
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: CANADIAN ASSOCIATION OF PETROLEUM PRODUCERS (CAPP)
Date issue: June 07, 2017Time in: 7:10 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 7, 2017) – The world sees Canadian oil
and natural gas as part of the energy future and the preferred s…
FOR: PRAIRIE PROVIDENT RESOURCES INC.TSX SYMBOL: PPRDate issue: June 07, 2017Time in: 7:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 7, 2017) – Prairie Provident Resources
Inc. (“Prairie Provident”, “PPR” or the “Company”) (TSX:PPR) is plea…
FOR: SUNSHINE OILSANDS LTD.HKSE SYMBOL: 2012Date issue: June 07, 2017Time in: 5:41 AM eAttention:
HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – June 7, 2017) – The Board
of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” o…
REGINA — Saskatchewan’s provincial auditor says the government isn’t doing enough to effectively regulate oil and gas pipelines.
Judy Ferguson says in her annual report that as of the end of March, the Ministry of the Economy did not have written policies and procedures to evaluate existing pipeline operations.
“Effective pipeline regulation helps to prevent leaks, explosions and other hazards,” Ferguson said Tuesday.
She also says the ministry hasn’t developed a risk-based assessment to monitor pipeline construction or the integrity and safety of existing lines.
Ferguson notes that the government is inspecting pipelines that cross water in the wake of an oil spill on the shore of the North Saskatchewan River last July that jeopardized the drinking water of thousands of people.
“Those inspections were done as a result of the spill for Husky and we think that’s appropriate that they did do that,” she said.
“But they need a longer term approach to doing that as opposed to just an ad hoc look.”
A Husky Energy pipeline leak spilled 225,000 litres of heavy oil mixed with diluent onto the bank of the river near Maidstone.
About 40 per cent reached the river, where the plume flowed hundreds of kilometres downstream and forced the cities of North Battleford, Prince Albert and Melfort to shut their intakes from the river and find other water sources for almost two months.
There are about 2,200 licensed pipelines in Saskatchewan and approximately 80 operators. The companies are supposed to submit forms to show that they’re following operation standards.
The government plans to use the information to help monitor pipelines.
But Ferguson says the government is focusing on updating its licensing records and issuing amendments to pipeline licences, as opposed to using the information to monitor pipelines.
“They haven’t turned their mind to even assessing the results that are in the compliance reports that they have received and to come up with a strategy as to how they’re going to make sure that the pipelines in fact are safe,” she said.
Ferguson says the two largest operators — who account for about half of all pipelines in the province — have not completed all their forms.
Doug MacKnight, the assistant deputy minister of the economy, says companies are working hard to complete the forms.
“It’s just taking a lot longer than we had expected because of the complexity of the work,” said MacKnight.
MacKnight says the government is making strides when it comes to pipeline inspections and regulations by auditing pipeline operators to make sure that they’re following safe standards.
“So that’s actually looking at the way the companies operate to make sure that they are inspecting their lines regularly, they have good integrity management programs, they have good governance of their systems,” he said.
“And that really is the trend all regulators are pursuing.”
But Keith Stewart with Greenpeace Canada says he’s concerned that the government hasn’t acted faster given that the auditor made the recommendations five years ago.
“This is people’s drinking water we’re talking about. It’s crucial for wildlife. And Saskatchewan basically has one of the weakest or at least more disorganized pipeline safety regimes in the country,” said Stewart.
Stewart also noted that the auditor’s report says Saskatchewan doesn’t have targets or a mitigation plan to reduce greenhouse gas emissions.
The report says: “Without plans, policies and targets, Saskatchewan may not be able to fulfil its commitment to Canada to contribute to the reduction of GHG emissions.”
Stewart says that doesn’t help Saskatchewan residents.
“For that you actually have to get with the program and be part of the global climate solution,” he said.
Saskatchewan Environment Minister Scott Moe says the province has signed onto the Vancouver Declaration, a national agreement to reduce Canada’s emissions by 30 per cent from 2005 levels by 2030.
However, the auditor notes that the agreement does not hold Saskatchewan to the same target.
Moe says the province is working on reducing emissions, but he wouldn’t talk about a specific target.
“That’s work that’s going on right now with respect to what our targets will be here in the province of Saskatchewan,” he said.
Jennifer Graham, The Canadian Press
Hyatt Regency Calgary June 14, 2017 7:15 am – 12:00 pm | $125 + GST Save 30% and book a table of 8 for $700 +GST Keynote Speaker – Honourable Rachel Notley, Premier of Alberta to speak at Energy Leaders Forum. Join our international VIPs at 7:15 am to be a part of the Toronto … Read more
OTTAWA — The federal Liberal government has thrown its weight behind an Opposition motion backing Kinder Morgan’s Trans Mountain pipeline expansion, even as political turmoil in British Columbia threatens the project’s future.
The motion, introduced in the House of Commons by Conservative MP Mark Strahl, affirms that the project has social licence to proceed, is critical to the economy, is environmentally sound and should proceed as planned.
It passed Tuesday by a vote of 252-51, with the backing of the Conservatives and all Liberal MPs, except two B.C. backbenchers who have criticized the project in the past. Terry Beech and Hedy Fry both voted against the project. Neither were available to speak about their vote Tuesday.
B.C. MP Joyce Murray, who has also publicly opposed the project, was absent for the vote.
The NDP and Green party Leader Elizabeth May opposed the motion, in line with their provincial counterparts in British Columbia who last weekend signed a co-operation agreement which included plans to jointly oppose the pipeline.
While Liberal Premier Christy Clark won the most seats in the B.C. election last month, together the NDP and Greens have one more seat than the Liberals and could topple them in a confidence vote before the end of the month.
Prime Minister Justin Trudeau last fall approved the project to twin the Trans Mountain pipeline between Edmonton and Burnaby, B.C. Clark came to support it in January after five conditions she placed on it had been met.
Clark’s support for the pipeline likely cost her seats in the election, where the pipeline was a big issue for voters.
The pipeline falls under federal jurisdiction, but the province could at least delay its construction by withdrawing environmental approval or refusing construction permits, forcing Ottawa to go to court.
In speaking to his motion June 1, Strahl said he thinks Trudeau needs to travel to B.C. to defend the pipeline in front of its skeptics.
“It is easy to give a speech about approving a pipeline in Calgary to oil executives there,” Strahl said. “It is tougher to come to a skeptical audience in British Columbia and sell the merits of the pipeline. That is what we are calling on him to do. We are calling on the prime minister to come to British Columbia.”
Natural Resources Minister Jim Carr last week said the government would support Strahl’s motion motion because the project remains a sound one with licence to proceed even if the idea of aligning with the Conservatives is “a source of discomfort.”
Carr said no matter what happens with the British Columbia government, it doesn’t change the facts about the project. He added his government was able to get the social licence to move forward by consulting widely, including with indigenous communities, and listening to concerns.
“While the government in B.C. may change, the facts, the science, the evidence, the environmental considerations, the economic benefits, and the jobs all remain unchanged,” he said.
Kinder Morgan is in the midst of responding to all 157 conditions placed on the pipeline’s construction by the National Energy Board. Some hope construction could begin as early as this fall, but the election turmoil could easily throw a wrench in that plan.
-follow @mrabson on Twitter.
Mia Rabson, The Canadian Press
REGINA — Saskatchewan auditor Judy Ferguson has released the first volume of her 2017 report. Here is a look at some of the points she made:
Climate change: As of January 2017, Saskatchewan did not have a provincial target for reducing greenhouse gas emissions. The auditor says without plans, policies and targets, Saskatchewan may not be able to fulfil its commitment to Canada to help reduce emissions.
Doctor payments: As of March 2017, the Ministry of Health suspected 15 physicians of questionable billing practices, but a review committee can only investigate about nine doctors each year. In 2016-2017, physicians were ordered to repay $1.2 million for inappropriate billings. In 2015-2016, there were 78 doctors whose billings were more than double the average for services and the amount they were paid was $64.1 million.
MRI scans: The Regina Qu’Appelle Health Region did not meet its demand for all MRI scans in the 2016 calendar year and patients waited longer than suggested guidelines. At the end of December, there were 2,610 patients waiting for an MRI — an increase of 98 from the end of March 2016.
Special-care homes: The auditor says the Saskatoon Regional Health Authority needs to do more to oversee 20 private special-care homes to know whether they’re following minimum care standards and operating procedures.
Road risks: The auditor says the Ministry of Highways isn’t effectively enforcing vehicle weight and size on highways, which can cause damage and risks public safety. Overweight or over-dimension vehicles obstruct views, are more likely to tip over and need more time to stop.
Graduation rates: The auditor’s report says 84.5 per cent of non-indigenous students graduated high school within three years of starting Grade 10, while 41.8 per cent of First Nation and Metis students graduated. However, in the Living Sky School Division, which includes North Battleford, only 32 per cent of indigenous students graduated last year.
The Canadian Press
REGINA — About 250 property owners along a lake northwest of Regina are losing natural gas service due to continued ground movement and the risk of explosion.
SaskEnergy says that makes it unsafe, so as of Sept. 5, it will no longer provide natural gas to properties in six communities along Last Mountain Lake.
In December 2014, one home was destroyed and several others were damaged in Regina Beach when shifting ground caused a natural gas leak and explosion.
Spokesman Dave Burdeniuk says there is still too much ground movement to continue to provide gas safely to those areas.
The shutdown will affect 87 properties at Saskatchewan Beach, 76 in Regina Beach, 62 at Buena Vista, 12 at Craven, six at Shore Acres and four at Sundale.
SaskEnergy says underground leaks on its system in the affected zones have been repaired at rates up to 100 times the provincial average.
“It may not be that you see movement on your property or at your house, you may not see cracks or things moving. But deep underground where our gas lines are we’re seeing movement damaging our gas lines and our ability to get gas safely to areas at the surface,” Burdeniuk said Tuesday.
The 250 property owners represent about 16 per cent of SaskEnergy’s customer base in the area. Eighty per cent of property owners in the six communities are not affected.
Since the explosion in 2014, SaskEnergy has done a lot of work to try to prevent a similar incident. It installed more flexible components and has been using a satellite-monitoring service that sweeps over the area to identify more than 8,000 points on the gas line. It did remove gas service from 24 homes in Regina Beach after the explosion.
(CKRM, CJME)
The Canadian Press
CALGARY — Royal Dutch Shell will forge ahead with its energy development plans in British Columbia regardless of the uncertainty swirling around the province’s political future, says the company’s Canadian country chair.
Energy investments in B.C. have been cast into doubt after the May 9 provincial election that saw the Liberals win 43 seats and the NDP take 41— a situation that gives the Green party the balance of power with their three seats.
Last week, the NDP and Greens formalized an alliance that could see them oust the Liberals from power. But Michael Crothers, president of Shell Canada, said that shouldn’t deter the company’s plans for a liquefied natural gas export project in Kitimat, B.C., because NDP Leader John Horgan has backed that project.
“We’re optimistic we’ll get support if we choose to proceed,” Crothers said in an interview Tuesday.
Horgan has said he supports the project. But Green Leader Andrew Weaver has expressed opposition to LNG development.
Crothers said after the sale of Shell’s oilsands assets to Canadian Natural Resources (TSX:CNQ) closed last week, the company will also now concentrate on its shale oil and gas properties in B.C. and Alberta, along with its refining and chemical businesses near Edmonton.
Shell and its partners in LNG Canada — PetroChina, Korea Gas and Mitsubishi — announced last summer a final investment decision for the Kitimat facility would be delayed because of poor global markets.
But Crothers said Tuesday the market appears to be improving as China and India move away from burning coal. He said there’s still no timeline for an investment decision, though four engineering firms have been asked to bid on contracts to design and construct the facility.
Shell intends to maintain production in the northeastern B.C. Montney region while planning to quickly ramp up production once a final investment decision is reached on the Kitimat project, he added.
Crothers also said that Shell Canada’s capital budget is expected to fall from $2 billion last year to about $1.5 billion this year after the Canadian Natural Resources sale.
Follow @HealingSlowly on Twitter.
Dan Healing, The Canadian Press
WARSAW, Poland — Poland and Ukraine said Tuesday they are working toward developing a regional gas hub that would end Central and Eastern Europe’s dependence on Russian supplies and keep prices in line with European standards.
The region still relies to some extent on Russian natural gas and has been exposed to political pressure from Moscow, which has at times in the past limited supply volumes or hiked gas prices. Governments in the region have been reducing their imports of gas from Russia and seeking other sources. They have also been trying to become more energy-efficient, a task Ukraine still needs to fully undertake.
Poland is increasingly importing gas from other regions. Its new liquefied natural gas port has received deliveries by sea from Qatar and is expecting a delivery from the United States this week. Poland is also proceeding with a project to bring in North Sea gas.
Poland is sending some of resources on to Ukraine, after the country cut imports from Russia in 2015.
Government officials participating in a Poland-Ukraine Gas Conference on Tuesday said the planned hub should be in place by 2022 on the Polish-Ukrainian border.
“We now have enough infrastructure to move onwards with the hub,” said Sergei Makogon, deputy head of Ukraine’s oil and gas company, Ukrtransgaz.
The Associated Press
FOR: SUNSHINE OILSANDS LTD.HKSE SYMBOL: 2012Date issue: June 06, 2017Time in: 10:21 AM eAttention:
HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – June 5, 2017) – The Board
of Directors of Sunshine Oilsands Ltd. (“the Corporation” or “Sunshine”)…
FOR: LOOP ENERGY
Date issue: June 06, 2017Time in: 9:00 AM eAttention:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 6, 2017) – Loop Energy
announced that it has been awarded $760,000 from Innovation, Science and
Economic Development Canada (ISED)….
FOR: CANACOL ENERGY LTD.TSX SYMBOL: CNEOTCQX SYMBOL: CNNEFBVC SYMBOL: CNECDate issue: June 06, 2017Time in: 7:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 6, 2017) – Canacol Energy Ltd. (“Canacol”
or the “Corporation”) (TSX:CNE)(OTCQX:CNNEF…
FOR: TOUCHSTONE EXPLORATION INC.TSX SYMBOL: TXPDate issue: June 06, 2017Time in: 2:01 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 6, 2017) – Touchstone Exploration Inc.
(“Touchstone” or the “Company”) (TSX:TXP) is pleased to provide the follo…
Edmonton is believed to be the first city in Canada to lead a voluntary program aimed at helping large buildings reduce their energy use.
It will provide owners with data about their building’s energy performance.
It will also help them take advantage of provincial government incentives to upgrade heating, cooling and lighting.
The CEO of an organization that represents building owners and managers says it will be important to show how much money can be saved.
Percy Woods of BOMA Edmonton gives an example of a building privately owned, but leased to the government, that has undergone constant renovations and upgrades, so savings have naturally occurred.
Lisa Dockman, senior manager of the city’s energy transition strategy, says one building reducing its energy use by 10 per cent equals taking 22 cars off the road for a year.
“People don’t realize that buildings contribute 39 per cent of Edmonton’s (greenhouse gas) emissions and 42 per cent of our energy consumption,” Dockman said in a release Monday.
She said the program will help the city’s building owners prepare for coming federal energy and climate change regulations.
Edmonton plans to have 20 city-owned buildings, including city hall, participate in the program in the first year.
(CHED, The Canadian Press)
The Canadian Press
FOR: NORTHLAND POWER INC.
TSX Symbol: NPI.PR.B
TSX Symbol: NPI.DB.C
TSX Symbol: NPI
TSX Symbol: NPI.PR.A
TSX Symbol: NPI.PR.C
TSX Symbol: NPI.DB.B
Date issue: June 05, 2017
Time in: 5:48 PM e
Attention:
TORONTO, ON –(Marketwired – June 05, 2017) – Northland Power Inc.
(“Northland”) (TSX: NPI) (TSX: NPI.PR.A) (TSX: NPI.PR.B) (TSX: NPI.PR.C) (TSX:
NPI.DB.B) (TSX: NPI.DB.C) today announced the results of the election of
directors at its Annual General Meeting (“the Meeting”) held on June 5, 2017
in Toronto, Ontario.
The total number of voting shares represented by shareholders present in
person and by proxy at the Meeting was 97,752,430, representing 56.26% of
Northland’s outstanding voting shares.
The six nominees proposed by management for election as directors were elected
by a show of hands. Proxies were received as follows:
/T/
—————————————————————————-
Nominee Votes For Percent Withheld Percent
—————————————————————————-
James C.
Temerty, C.M. 90,381,615 93.06% 6,737,965 6.94%
—————————————————————————-
The Right
Honourable John 95,014,140 97.83% 2,105,440 2.17%
N. Turner, Q.C.
—————————————————————————-
Dr. Marie
Bountrogianni 97,007,832 99.88% 111,748 0.12%
—————————————————————————-
Linda L.
Bertoldi 91,426,950 94.14% 5,692,630 5.86%
—————————————————————————-
Barry Gilmour 96,484,569 99.35% 635,011 0.65%
—————————————————————————-
Russell Goodman 96,220,840 99.07% 898,740 0.93%
—————————————————————————-
/T/
The Appointment of Ernst & Young LLP to serve as the independent auditors of
Northland until the next annual meeting was approved by a show of hands.
Proxies were received as follows:
/T/
—————————————————————-
Votes For Percent Withheld Percent
—————————————————————-
96,464,961 98.68% 1,287,069 1.32%
—————————————————————-
/T/
ABOUT NORTHLAND
Northland is an independent power producer founded in 1987, and publicly
traded since 1997. Northland develops, builds, owns and operates facilities
that produce ‘clean’ (natural gas) and ‘green’ (wind, solar, and hydro)
energy, providing sustainable long-term value to shareholders, stakeholders,
and host communities.
The Company owns or has a net economic interest in 1,754 MW of operating
generating capacity and 332 MW of generating capacity under construction,
representing an 85% equity stake in Nordsee One, an offshore wind project
located in the North Sea. The Company also recently announced the acquisition
of a 100% equity stake in a 252 MW offshore wind project DeBu currently in
advanced development in the North Sea.
Northland’s cash flows are diversified over four geographically separate
regions and regulatory jurisdictions in Canada and Europe.
Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares
and Series B and Series C convertible debentures trade on the Toronto Stock
Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, NPI.DB.B, and
NPI.DB.C, respectively.
– END RELEASE – 05/06/2017
For further information:
For further information contact:
Barb Bokla
Manager, Investor Relations
647-288-1438
Adam Beaumont
Director of Finance
647-288-1929
Fax: (416) 962-6266
E-mail: [email protected]
Website: www.northlandpower.ca
COMPANY:
FOR: NORTHLAND POWER INC.
TSX Symbol: NPI.PR.B
TSX Symbol: NPI.DB.C
TSX Symbol: NPI
TSX Symbol: NPI.PR.A
TSX Symbol: NPI.PR.C
TSX Symbol: NPI.DB.B
INDUSTRY: Energy and Utilities – Alternative Energy, Energy and Utilities –
Utilities, Energy and Utilities – Clean Technology, Energy and
Utilities – Pipelines
RELEASE ID: 20170605CC017
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: JURA ENERGY CORPORATIONTSX VENTURE SYMBOL: JECDate issue: June 05, 2017Time in: 5:27 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 5, 2017) – Jura Energy Corporation (TSX
VENTURE:JEC) (“Jura”) announced today that drilling has commenced at…
MADRID — Spanish energy company Repsol and London-based BP say they have found a gas field in the Caribbean containing an estimated two trillion cubic feet of natural gas — equivalent to two years of Spanish demand.
Repsol says it is the largest volume of gas it has discovered in the last five years and the most significant in a decade for Trinidad and Tobago. Repsol holds a 30
A Repsol statement Monday says drilling is expected to begin in the second half of next year.
The company says about 65
The Associated Press
FOR: CRIUS ENERGY TRUST
TSX SYMBOL: KWH.UN
Date issue: June 05, 2017
Time in: 3:27 PM e
Attention:
TORONTO, ONTARIO–(Marketwired – June 5, 2017) –
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
Crius Energy Trust (“Crius” or the “Trust”) (TSX:KWH.UN) announces that it has
filed a preliminary short form prospectus in each of the provinces of Canada
(except Quebec) to qualify the distribution of 11,224,500 subscription receipts
of the Trust (“Subscription Receipts”), and has obtained a receipt from the
Ontario Securities Commission therefor. The Subscription Receipts are being
issued pursuant to the previously announced “bought deal” offering of
Subscription Receipts at a price of C$9.80 per Subscription Receipt (the
“Offering Price”) for aggregate gross proceeds of C$110,000,100 (the
“Offering”). Each Subscription Receipt will entitle the holder thereof to
receive, without payment of additional consideration or further action on the
part of such holder, one unit of the Trust immediately prior to the closing of
the acquisition by the Trust of U.S. Gas & Electric, Inc., provided that a
termination event has not occurred.
The Trust has also granted the underwriters an option (the “Over-Allotment
Option”) to purchase up to an additional 1,683,675 Subscription Receipts (the
“Additional Subscription Receipts”) at a price of C$9.80 per Additional
Subscription Receipt. If the Over-Allotment Option is exercised in whole or in
part following the closing of the acquisition by the Trust of U.S. Gas &
Electric, Inc., the option will entitle the underwriters to purchase, in lieu
of Additional Subscription Receipts, an equal number of units of the Trust (the
“Additional Units”) at the Offering Price per Additional Unit.
The Offering is expected to close on or about June 20, 2017, subject to
satisfying certain closing conditions, including approval of the Toronto Stock
Exchange.
Copies of the preliminary short form prospectus and documents incorporated
therein can be obtained on request from the Chief Executive Officer of Crius by
sending a written request to One First Canadian Place, Suite 3400, P.O. Box
130, Toronto, Ontario, Canada, M5X 1A4 (telephone: (203) 663-7545), and are
available electronically under Crius’ issuer profile on SEDAR at www.sedar.com.
About Crius
Crius provides investors with a distribution-producing investment through its
100% ownership interest in Crius Energy, LLC (the “Company”). With over one
million residential customer equivalents, the Company is a comprehensive energy
solutions partner that provides electricity, natural gas and solar products to
residential and commercial customers. The Company connects with energy
customers through an innovative family-of-brands strategy and multi-channel
marketing approach. This unique combination creates multiple access points to a
broad suite of energy products and services that make it easier for consumers
to make informed decisions about their energy needs. The Company currently
sells energy products in 16 states and the District of Columbia with plans to
continue expanding its geographic reach.
The Trust intends to continue to qualify as a “mutual fund trust” under the
Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust”
(as defined in the Tax Act), provided that the Trust complies at all times with
its investment restriction which precludes the Trust from holding any
“non-portfolio property” (as defined in the Tax Act). Material information
pertaining to the Crius may be found on SEDAR under the Trust’s issuer profile
at www.sedar.com or on the Trust’s website at www.criusenergytrust.ca.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking
information (collectively, “Forward-Looking Statements”) that involve
substantial known and unknown risks and uncertainties, most of which are beyond
the control of Crius, including, without limitation, those risks described in
the annual information form of the Trust for the fiscal year ended December 31,
2016, dated March 16, 2017 (under the heading “Risk Factors”) and in the MD&A
of the Trust for the three month period ended March 31, 2017. Any statements
that express, or involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance (often, but not always,
through the use of words of phrases such as “will likely result”, “are expected
to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”,
“estimated”, “intends”, “plans”, “forecast”, “projection” and “outlook”) are
not historical facts and may be Forward-Looking Statements which involve
estimates, assumptions and uncertainties which could cause actual results or
outcomes to differ materially from those expressed in such Forward-Looking
Statements. Forward-Looking Statements in this news release include, but are
not limited to, the anticipated timing for completion by the Trust of the
Offering, if at all; the ability of the Trust to complete the acquisition of
U.S. Gas & Electric, Inc., if at all; the timing and receipt of required
approvals for the Offering; and the Trust’s objectives and status as a “mutual
fund trust” and not a “SIFT trust”. These Forward-Looking Statements are based
on reasonable assumptions and estimates of management of the Trust at the time
such statements were made. Actual future results may differ materially as
Forward-Looking Statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of the Trust to materially differ from any future results, performance or
achievements expressed or implied by such Forward-Looking Statements. Crius
cautions investors of the Trust’s securities about important factors that could
cause Crius’ actual results to differ materially from those projected in any
Forward-Looking Statements included in this news release. No assurance can be
given that the expectations set out in this news release will prove to be
correct and accordingly, prospective investors should not place undue reliance
on these Forward- Looking Statements. These statements speak only as of the
date of this news release and Crius does not assume any obligation to update or
revise them to reflect new events or circumstances, except as required by law.
– END RELEASE – 05/06/2017
For further information:
Michael Fallquist
Chief Executive Officer
(203) 663-7545
[email protected]
OR
Roop Bhullar
Chief Financial Officer
(203) 883-9900
[email protected]
OR
Kelly Castledine
Investor Relations
(416) 644-1753
[email protected]
COMPANY:
FOR: CRIUS ENERGY TRUST
TSX SYMBOL: KWH.UN
INDUSTRY: Energy and Utilities – Oil and Gas , Energy and Utilities
– Utilities, Financial Services – Investment Services and Trading
RELEASE ID: 20170605CC0072
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.
June 5, 2017 Presented by POIM Consulting Group Major /Interesting Projects Strategic Oil & Gas Ltd 13 New Oil satellite HIGH LEVEL Birchill Canada Corp. New Gas Plant Multi Compressor BRAZEAU RIVER Penn West Exploration Adding new Compression 16-01-083-18W5 Keyera Sanctions Wapiti Natural Gas Gathering & Processing Complex Phase one is estimated at $470 million … Read more
FOR: TOTAL ENERGY SERVICES INC.TSX SYMBOL: TOTDate issue: June 05, 2017Time in: 12:35 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 5, 2017) – Total Energy Services Inc.
(“Total”) (TSX:TOT) announces that its Board of Directors has declared a
q…
FOR: SUNSHINE OILSANDS LTD.HKSE SYMBOL: 2012Date issue: June 05, 2017Time in: 9:14 AM eAttention:
HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – June 5, 2017) – Sunshine
Oilsands Ltd. (HKSE:2012) –
SUBSCRIPTION AGREEMENT
On June 5, 2017, the Co…
FOR: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP
Date issue: June 05, 2017
Time in: 9:00 AM e
Attention:
Columbia Acquisition Bridge Facilities to be Fully Retired
CALGARY, ALBERTA–(Marketwired – June 5, 2017) – News Release – TransCanada
Corporation (TSX:TRP)(NYSE:TRP) (TransCanada) today announced that it has
completed the sale of its remaining U.S. Northeast merchant power generation
assets to Helix Generation, LLC, an affiliate of LS Power Equity Advisors, for
approximately US$2.1 billion including a purchase price adjustment as a result
of an unplanned outage at Ravenswood prior to close. Proceeds from this
transaction will be used to fully retire the remaining acquisition bridge
facilities that partially funded the acquisition of the Columbia Pipeline Group.
The sale to Helix Generation, LLC includes four power facilities: Ravenswood,
Ironwood, Ocean State and Kibby Wind, which collectively produce close to 4,000
megawatts.
After assessing its options, the company intends to wind down its TransCanada
Power Marketing Ltd (TCPM) operations and realize the value of the remaining
marketing contracts and working capital over time. Including the closing of
this transaction, the prior sale of its hydro generation assets and the wind
down of TCPM, TransCanada expects to realize approximately US$3.7 billion from
the monetization of its U.S. Northeast merchant power business.
With more than 65 years’ experience, TransCanada is a leader in the responsible
development and reliable operation of North American energy infrastructure
including natural gas and liquids pipelines, power generation and gas storage
facilities. TransCanada operates a network of natural gas pipelines that
extends more than 91,500 kilometres (56,900 miles), tapping into virtually all
major gas supply basins in North America. TransCanada is the continent’s
leading provider of gas storage and related services with 653 billion cubic
feet of storage capacity. A large independent power producer, TransCanada
currently owns or has interests in over 6,200 megawatts of power generation in
Canada and the United States. TransCanada is also the developer and operator of
one of North America’s leading liquids pipeline systems that extends over 4,300
kilometres (2,700 miles), connecting growing continental oil supplies to key
markets and refineries. TransCanada’s common shares trade on the Toronto and
New York stock exchanges under the symbol TRP. Visit TransCanada.com and our
blog to learn more, or connect with us on social media and 3BL Media.
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is
subject to important risks and uncertainties (such statements are usually
accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”,
“should”, “estimate”, “intend” or other similar words). Forward-looking
statements in this document are intended to provide TransCanada security
holders and potential investors with information regarding TransCanada and its
subsidiaries, including management’s assessment of TransCanada’s and its
subsidiaries’ future plans and financial outlook. All forward-looking
statements reflect TransCanada’s beliefs and assumptions based on information
available at the time the statements were made and as such are not guarantees
of future performance. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it is expressed
in this news release, and not to use future-oriented information or financial
outlooks for anything other than their intended purpose. TransCanada undertakes
no obligation to update or revise any forward-looking information except as
required by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ from the
anticipated results, refer to the Quarterly Report to Shareholders dated
February 16, 2017 and 2016 Annual Report filed under TransCanada’s profile on
SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at
www.sec.gov.
– END RELEASE – 05/06/2017
For further information:
Media Enquiries:
Terry Cunha / Mark Cooper
403.920.7859 or 800.608.7859
OR
TransCanada Investor & Analyst Enquiries:
David Moneta / Stuart Kampel
403.920.7911 or 800.361.6522
COMPANY:
FOR: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170605CC0037
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: RAGING RIVER EXPLORATION INC.TSX SYMBOL: RRXDate issue: June 05, 2017Time in: 8:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 5, 2017) – Raging River Exploration Inc.
(the “Company” or “Raging River”) (TSX:RRX) is pleased to announce an…
FOR: GIBSON ENERGY INC.
TSX SYMBOL: GEI
Date issue: June 05, 2017
Time in: 8:30 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 5, 2017) – Gibson Energy Inc. (“Gibsons”
or the “Company”), (TSX:GEI), announced today that Steve Spaulding has been
named as the company’s President and Chief Executive Officer. This appointment
will be effective June 19, 2017, at which time he will also become a member of
Gibsons’ Board of Directors.
Steve is an accomplished industry veteran with more than 25 years’ experience
in the midstream space. Most recently, Steve served as Executive Vice President
of Lone Star NGL LLC, a subsidiary of Energy Transfer Partners. Based in
Dallas, Texas, Lone Star provides natural gas liquids storage, refinery,
fractionation and processing, and pipeline transportation services. During his
tenure, Lonestar’s fractionation capacity grew from zero to 540 mbpd and NGL
transport capacity grew from 125 mbpd to 800 mbpd. He was also EVP NGL’s at
Energy Transfer Partners, a $57 billion integrated midstream services provider
across crude oil, natural gas and NGL commodities, also based in Dallas.
Prior to that, Steve served as Senior Vice President, Gathering and Processing
at Crosstex Energy, which is now EnLink Midstream Partners. Steve brings
expertise in leading midstream businesses, building organizations, business
development, marketing and operations, which began with his roots of almost
twenty years spent at Chevron and Texaco.
“We are excited to have attracted a strong leader like Steve. He understands
the midstream space and brings a strategic and entrepreneurial mindset, a
strong customer focus, and a track record of driving profitable organic
growth,” said Jim Estey, Chairman of the Board. “The Board is confident that we
have identified the right leader to drive Gibson’s continued infrastructure
based growth and evolution within the North American midstream sector.”
“This is an exciting time for Gibsons. I am pleased to have the opportunity to
lead the company through its next phase of infrastructure growth and
development, supported by solid marketing and logistics capabilities,” said
Spaulding. “Gibsons has an outstanding portfolio of midstream assets and an
impressive team of employees across North America. I look forward to getting
settled in Calgary and working with the team to advance and execute the
Company’s strategy.”
Steve succeeds current President and CEO, Stew Hanlon, who will be available in
an advisory capacity to facilitate the transition into 2018. Mr. Hanlon is
retiring from the CEO role after twenty-six years of service to the company.
“I want to thank Stew on behalf of the Board and all his colleagues for his
exceptional leadership, dedication and contributions to Gibsons,” added Mr.
Estey.
About Gibsons
Gibsons is a Canadian-based midstream energy company with operations in most of
the key hydrocarbon-rich basins in North America. For over 60 years, Gibsons
has delivered integrated midstream solutions to customers in the oil and gas
industry. With headquarters in Calgary, Alberta, the Company’s North American
operations include the storage, blending, processing, transportation, marketing
and distribution of crude oil, natural gas liquids and refined products. The
Company also provides oilfield waste and water management services.
Gibson Energy Inc. shares trade under the symbol GEI and are listed on the
Toronto Stock Exchange. For more information, visit www.gibsons.com.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking
information and statements (collectively, “forward-looking statements”)
including, but not limited to, the retirement of the current President and CEO
and the appointment of his successor and management’s and the Board’s
expectations with respect to the Company’s business and financial prospects and
opportunities. These statements relate to future events or the Company’s future
performance. All statements other than statements of historical fact are
forward-looking statements. The use of any of the words “anticipate”, “plan”,
“contemplate”, “continue”, “estimate”, “expect”, “intend”, “propose”, “might”,
“may”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”,
“predict”, “forecast”, “pursue”, “potential” and “capable” and similar
expressions are intended to identify forward-looking statements. 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. No assurance can be given that
these expectations will prove to be correct and such forward-looking statements
included in this news release should not be unduly relied upon. These
statements speak only as of the date of this news release. In addition, this
news release may contain forward-looking statements and forward-looking
information attributed to third party industry sources. The Company does not
undertake any obligations to publicly update or revise any forward looking
statements except as required by securities law. Actual results could differ
materially from those anticipated in these forward-looking statements as a
result of numerous risks and uncertainties including, but not limited to, the
risks and uncertainties described in “Forward-Looking Statements” and “Risk
Factors” included in the Company’s Annual Information Form dated March 7, 2017
as filed on SEDAR.
Non-GAAP Measures
This news release refers to certain financial measures that are not determined
in accordance with International Financial Reporting Standards (“IFRS”).
Adjusted EBITDA and Pro Forma Adjusted EBITDA are not measures recognized under
IFRS and do not have standardized meanings prescribed by IFRS. Management
considers these to be important supplemental measures of the Company’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 with similar capital structures. See “Summary of Quarterly
Results” in the Company’s MD&A for a reconciliation of EBITDA to net income,
the IFRS measure most directly comparable to EBITDA, and for a reconciliation
of Adjusted EBITDA and Pro Forma Adjusted EBITDA to EBITDA. Distributable cash
flow is used to assess the level of cash flow generated from ongoing operations
and to evaluate the adequacy of internally generated cash flow to fund
dividends. See “Distributable Cash Flow” in the Company’s MD&A for a
reconciliation of distributable cash flow to cash flow from operations, the
IFRS measure most directly comparable to distributable cash flow. Investors are
encouraged to evaluate each adjustment and the reasons the Company considers it
appropriate for supplemental analysis. Investors 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 the Company’s
performance.
– END RELEASE – 05/06/2017
For further information:
Tammi Price
Vice President Finance & Corporate Affairs
(403) 206-4212
[email protected]
COMPANY:
FOR: GIBSON ENERGY INC.
TSX SYMBOL: GEI
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170605CC0033
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 — Canada’s publicly traded junior oil and gas sector has shrunk to a shadow of its former self and isn’t seen recovering any time soon, hit by the combination of soft energy prices, disinterested investors and higher-cost projects that favour large companies.
The trend marks a significant shift for an industry in which these smaller players traditionally played an outsized role in discovering and developing new oil and gas pools, often becoming takeover targets that helped grow the reserves of their bigger rivals.
At the end of March there were just 25 publicly listed junior companies producing between 500 and 10,000 barrels of oil equivalent per day, well down from 94 in late 2007, according to Iradesso Communications.
The sector lost 17 publicly traded juniors in the past 30 months as benchmark U.S. oil prices fell from over US$100 to about half as much.
“The kind of plays we’re doing now, the capital required for them is so huge,” said Brian McLachlan, CEO of junior Yoho Resources.
“You’d have to raise so much money as a tiny company to get in the game and, if you don’t have a really great currency, you’re just spinning your wheels.”
Yoho and two other small public companies — Trilogy Energy and Celtic Exploration — famously pooled resources in 2010 to drill one of the first Alberta Duvernay shale oil and gas wells using horizontal drilling and multi-stage hydraulic fracturing, the technology behind the boom in U.S. oil and gas production.
The productivity of the resulting well drew attention that helped Alberta boost proceeds from the auction of drilling rights to a record $3.5 billion in 2011.
But last fall Yoho departed public markets, selling itself for $31.5 million to private equity firm One Stone Energy Partners of New York.
“We took it private because there wasn’t a heck of a lot of support for a public company our size,” said McLachlan.
Veteran energy industry executives and observers said that experience is not uncommon.
Acumen Capital analyst Trevor Reynolds said the recent oil price crisis sent some debt-laden juniors into bankruptcy or forced sales. But many others, dismayed by share price erosion, have dumped their public listings in favour of private equity backing.
He noted a typical single Duvernay well costs $13 million to $14 million to drill and complete, an amount that could tie up a small firm’s entire annual exploration budget. Larger players have cut the average cost of a Duvernay well to $10 million or less by using manufacturing processes to drill and complete several wells at the same time, sometimes from a single well pad.
The going private trend shows no signs of slowing, according to ARC Financial Corp CEO Lauchlan Currie. ARC is one of Calgary’s largest private equity firms with $5.3 billion raised through eight funds.
“The public markets have moved upmarket to the larger companies, given the risk and lack of liquidity (of juniors),” he said.
Currie said ARC has backed eight new small producer or oilfield services companies in the past two years. He added it’s a good time to invest as share prices are low, oilfield services costs are coming down, and the exchange rate allows companies to pay costs in cheap Canadian dollars and sell their products in strong American dollars.
Aspenleaf Energy, backed by ARC and the Ontario Teachers’ Pension Plan, bought publicly traded junior Arcan Resources in June 2015 and is looking to grow from current production of about 4,000 barrels per day of light oil by buying more assets and companies.
“The general thinking now is you need to have a market cap in excess of a billion dollars (to survive),” said CEO Bryan Gould. “Typically, that means production of more than 10,000 barrels per day.”
Follow @HealingSlowly on Twitter.
Dan Healing, The Canadian Press
FOR: PETROSHALE INC.TSX VENTURE SYMBOL: PSHOTCQX SYMBOL: PSHIFDate issue: June 05, 2017Time in: 7:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 5, 2017) – PetroShale Inc. (“PetroShale”
or the “Company”) (TSX VENTURE:PSH)(OTCQX:PSHIF) is plea…
FOR: BTL GROUP LTD.
TSX VENTURE SYMBOL: BTL
Date issue: June 05, 2017
Time in: 6:56 AM e
Attention:
VANCOUVER, BRITISH COLUMBIA and LONDON, UNITED KINGDOM–(Marketwired – June 5,
2017) – BTL GROUP LTD. (TSX VENTURE:BTL) (“BTL”) is pleased to announce it is
taking steps towards a go-to production phase on its Interbit platform,
following the successful completion of its European energy trading pilot with
BP, Eni Trading & Shipping and Wien Energie. The intense, 12 week pilot
involved building out an energy trading confirmation solution on BTL’s Interbit
platform, which was successful in all 8 test scenarios. The pilot proved that
Interbit can streamline many trading and back office processes across the
energy trade lifecycle.
Along with its clients, BTL is now extending invitations to additional energy
companies who will be invited to the 6 month go-to production phase, where BTL
and participating companies would work to launch a live, commercial version of
the energy trading solution.
By running BTL’s Interbit platform in parallel with each company’s existing
systems, this phase would seek to take the completed pilot forward, with the
aim to integrate Interbit and its energy trading solution into live
environments.
The pilot has also enabled those participating companies to assess other areas
of their business in which they can use BTL’s Interbit platform, and BTL is now
actively working with select participants to explore applications of Interbit
across additional business units.
“At BTL we truly believe that, by using blockchain technology and our
proprietary platform, Interbit, there is a better and more efficient way for
enterprises to build applications,” said Guy Halford-Thompson, BTL’s Co-Founder
and CEO. “Having demonstrated the reductions in risk and cost savings that are
achievable we now have an opportunity to deliver the first successful
blockchain based application to the energy market. We are also very excited
that the pilot has enabled participating companies to better understand the
benefits of Interbit and identify other areas in their organizations where they
can apply it.”
“We are very passionate about the innovation that our technology can achieve in
the energy sector and welcome new participants to join us and other leading
global energy companies in the next phase of development, via this open
invitation,” added Hugh Halford-Thompson, BTL’s Co-Founder and CIO.
“The pilot project showed how BTL’s blockchain platform, Interbit can be used
to innovate in the field of energy trading,” said Andrew Woosey, Partner at EY,
which provided consulting support to the pilot. “Use of such technology can
help by streamlining back office processes, leading to reduced risk, better
protection against cyber threats and ultimately significant cost savings.
Further engineering and organisational effort is needed to achieve these
outcomes.”
BTL’s Interbit platform automates many back office processes such as
confirmations, actualisations, invoice generation, settlement, audit, reporting
and regulatory compliance allowing enterprises to significantly reduce risk,
costs and the threat of cyber-attack, as well as increasing their trading
opportunities.
BTL and pilot participants are working in the near term to finalize the terms
and participants of the go-to production phase, but there is no assurance that
the go-to production phase will proceed as described herein.
Companies interested in participating in the go-to production phase should
contact Hugh Halford-Thompson at [email protected] or +447789231917.
ABOUT BTL GROUP LTD. AND INTERBIT
Operating from both Canada and the UK, BTL is an enterprise technology platform
provider that is developing Interbit, a proprietary private blockchain. Via the
Interbit platform, BTL can help companies greatly reduce risks and costs by
securely streamlining existing IT infrastructures. To date, BTL has
successfully demonstrated how Interbit can innovate system processes for
leading companies in the finance, energy and gaming sectors.
Interbit is a fast, encrypted and scalable multi-chain technology platform. Via
its suite of APIs and smart contracts, Interbit allows businesses from across
the world to improve efficiency in trading and operations, accelerate
development of internal systems, and embrace new revenue generating
opportunities, while providing the high levels of security, resilience and
auditability required in regulated enterprise environments.
BTL’s current focus is advancing the development of Interbit, with a Beta
release scheduled for Q3 of this year.
With offices in Vancouver and Canary Wharf in London, BTL is positioning itself
as a front-runner in the blockchain ecosystem, partnering with and enabling
enterprises on Interbit in order to improve their existing IT systems.
Website: www.btl.co
Twitter: https://twitter.com/blockchainltd
Certain statements in this release are forward-looking statements, which
include further development of BTL’s business relationships and business and
the development and success of BTL’s technologies and products, including the
ability to attract other participants to the go-to production phase of the
energy pilot, that the go-to production phase will actually proceed, and other
matters. Forward-looking statements consist of statements that are not purely
historical, including any statements regarding beliefs, plans, expectations or
intentions regarding the future. Such information can generally be identified
by the use of forwarding-looking wording such as “may”, “expect”, “estimate”,
“anticipate”, “intend”, “believe” and “continue” or the negative thereof or
similar variations. Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the plans,
intentions or expectations upon which they are based will occur. By their
nature, forward-looking statements involve numerous assumptions, known and
unknown risks and uncertainties, both general and specific, that contribute to
the possibility that the predictions, estimates, forecasts, projections and
other forward-looking statements will not occur. These assumptions, risks and
uncertainties include, among other things, the state of the economy in general
and capital markets in particular, the development of competitive technologies,
the marketplace acceptance of BTL’s technologies and products, as well as those
risk factors discussed or referred to in BTL’s annual Management’s Discussion
and Analysis for the year ended December 31, 2016 available at www.sedar.com,
many of which are beyond the control of BTL. Forward-looking statements
contained in this press release are expressly qualified by this cautionary
statement.
The forward-looking statements contained in this press release are made as of
the date of this press release. Except as required by law, BTL disclaims any
intention and assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Additionally, BTL undertakes no obligation to comment on the expectations of,
or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service 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 – 05/06/2017
For further information:
Angus Campbell
Inquiries
+44 (0) 20 7100 0850
[email protected]
OR
Guy Halford-Thompson
CEO
+1 855 256 5246
[email protected]
COMPANY:
FOR: BTL GROUP LTD.
TSX VENTURE SYMBOL: BTL
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170605CC0012
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.
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MINNEAPOLIS — Minnesota regulators are getting ready to open a series of 22 public meetings on an oil pipeline project that opponents have dubbed the next Dakota Access pipeline struggle.
Enbridge Energy is seeking approval to replace its aging Line 3 pipeline across northern Minnesota. The meetings along the proposed route are meant to give the public a chance to comment on the draft environmental review for the project, which was released last month. The first two meetings are scheduled for Tuesday, and a final decision from Minnesota isn’t expected until next year.
A look at some of the key issues:
___
THE PIPELINE
Calgary, Alberta-based Enbridge built Line 3 in the 1960s to carry Canadian crude to its terminal in Superior, Wisconsin. It runs from Hardisty, Alberta, to Enbridge’s terminal in Clearbrook in northwestern Minnesota, to Superior. Most of the U.S. portion of the route is in Minnesota, though it also clips a corner of North Dakota. Enbridge proposed the $7.5 billion replacement project because the deteriorating pipeline is now restricted to 390,000 barrels per day. The replacement would restore the original capacity of 760,000 barrels per day.
The company says the existing Line 3 is in a corridor that’s already crowded. It says the best way to replace it is to follow the existing path as far as Clearbrook, then take a new more southerly route to Superior. The draft review looks at the proposed route as well as four alternative paths but does not recommend one over the other.
The new route would cut through Mississippi River headwaters region and the pristine lake country of northern Minnesota where Native Americans harvest wild rice and hold treaty rights.
___
THE OBJECTIONS
Tribal groups say Enbridge’s preferred route risks oil spills in sensitive areas, and the six Ojibwe bands in the Minnesota Chippewa Tribe are preparing their own environmental impact statement.
Environmental groups also oppose the project because Line 3 carries Canadian tar sands crude, which takes more energy to produce than conventional oil.
A leading opponent is Winona LaDuke, executive director of Honor the Earth, based on the White Earth Reservation. LaDuke depicts Line 3 as the next Dakota Access fight, and there are parallels in the ways that Native American concerns have fueled the opposition to both projects. The Standing Rock Sioux tribe considers Dakota Access a threat to its water supply. That pipeline began shipping oil for customers Thursday.
Protests over Line 3 have been on a much smaller scale than the protests over Dakota Access, which brought thousands of people to North Dakota and resulted in 761 arrests.
___
THE ARGUMENTS FOR LINE 3
Enbridge says Line 3 is a vital link in its system, and the replacement would help it continue to meet the demand for Canadian oil from refineries in Minnesota, Wisconsin and elsewhere. The project is already fully approved in Canada and Wisconsin. Permits are pending in North Dakota.
Line 3’s supporters include the Jobs for Minnesotans coalition of business and labour groups, which tout the more than 1,500 construction and related jobs it would bring to the state, and the tax benefits.
___
THE MEETINGS AND NEXT STEPS
The Minnesota Department of Commerce is hosting public meetings that begin Tuesday in Bagley and Grand Rapids and finish June 22 in Gully and Bemidji. Regulators will consider meeting testimony and written comments in shaping the final version of the environmental impact statement. That will be followed by more hearings in September and October.
The Minnesota Public Utilities Commission will then decide whether to grant the certificate of need and route permit for the project. The commission is expected to hold hearings on those questions in November and make a final decision next April.
___
Online:
Minnesota Department of Commerce Line 3 site: https://mn.gov/commerce/energyfacilities/line3
Enbridge Energy Line 3 site: http://www.enbridge.com/Line3ReplacementProgram.aspx
Honor the Earth: http://www.honorearth.org
Steve Karnowski, The Associated Press
FOR: ROOSTER ENERGY LTD.
TSX VENTURE SYMBOL: COQ
Date issue: June 02, 2017
Time in: 7:30 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 2, 2017) – ROOSTER ENERGY LTD.
(www.roosterenergyltd.com) (TSX VENTURE:COQ) announced today that all of its
U.S. subsidiaries, Rooster Energy, L.L.C., Rooster Petroleum, LLC, Rooster Oil
& Gas, LLC, Probe Resources US Ltd., Cochon Properties, LLC and Morrison Well
Services, LLC (together, the “Company”) each filed a voluntary petition for
relief under Chapter 11 of the United States Bankruptcy Code (the “Code”). The
Company has requested that all cases be consolidated only for administrative
purposes. Motions have also been filed for entry of interim and final orders:
(i) authorizing post-petition use of cash collateral; (ii) granting adequate
protection to pre-petition secured parties; (iii) modifying the automatic stay
imposed by section 362 of the Code; (iv) scheduling a final hearing; and (v)
granting related relief. The Company anticipates that it will file for
recognition of any orders entered under Chapter 11 of the Code under the
Companies’ Creditors Arrangement Act (“CCAA”).
The commencement of Chapter 11 reorganization proceedings follows previously
disclosed discussions between the Company and the holders of its Senior Secured
Notes to restructure the terms and conditions of the related Note Purchase
Agreement. The Company and the holders of the Senior Secured Notes have been
unable to reach agreement on these matters. The Company has been left without
access to sufficient cash collateral, limiting the long-term ability of the
Company to operate its businesses. It is the intention of the Company to
continue to operate during the proceedings.
ABOUT ROOSTER ENERGY LTD.
Rooster Energy Ltd. is a Houston, Texas, based independent oil and natural gas
exploration and production company focused on the development of resources in
the shallow waters of the Gulf of Mexico and the delivery of well intervention
services, including well plugging and abandonment.
Investors are welcome to contact the following for all corporate updates and
investor inquiries:
/T/
Kenneth F. Tamplain, Jr.
Chief Executive Officer
Rooster Energy Ltd.
16285 Park Ten Place, Suite 120
Houston, Texas, USA 77084
Telephone: (832) 772-6313
/T/
Forward-Looking Information and Statements
Certain statements and information in this press release may constitute
“forward-looking information” or statements as such terms are used in
applicable Canadian securities laws. Any statement that expresses, involves or
includes expectations of the Chapter 11 and CCAA filings, continued operations,
ability to meet obligations to employees and suppliers, projections,
objectives, assumptions or future events that are not statements of historical
fact should be viewed as “forward-looking statements”. Forward-looking
information is based on opinions, expectations and estimates of the Company as
at the date such statements are made and are subject to a variety of known and
unknown risks and uncertainties. Events or circumstances may cause actual
results to differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are
beyond the control of the Company. These risks include, but are not limited to,
the decisions of the courts’ in the United States and Canada, the uncertainties
of the Chapter 11 and the CCAA processes, the financial condition of the
Company, retention of key personnel, continued operations of the Company and
general economic conditions. Industry related risks could include, but are not
limited to, operational risks in exploration, development and production,
delays or changes in plans, risks associated with the uncertainty of reserve
estimates, or reservoir performance, health and safety risks and the
uncertainty of estimates and projections of production, costs and expenses. The
reader is cautioned not to place undue reliance on any forward-looking
statement in this press release. The Company disclaims any intention or
obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise, except as required by
applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
– END RELEASE – 02/06/2017
For further information:
Rooster Energy Ltd.
Kenneth F. Tamplain, Jr.
Chief Executive Officer
(832) 772-6313
COMPANY:
FOR: ROOSTER ENERGY LTD.
TSX VENTURE SYMBOL: COQ
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170602CC0052
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.
DALLAS — President Donald Trump’s decision to withdraw the United States from the Paris climate accord may have only limited immediate impact on many U.S. companies, according to analysts.
In part that is because the Paris agreement only went into effect last year, it’s voluntary, and doesn’t carry penalties for countries that fall short of emissions-cutting targets.
“What you have is a president making a nonbinding withdrawal from a nonbinding agreement,” said Kevin Book, an analyst with ClearView Energy Partners. “And that’s not likely to change fundamentals very much at all.”
Many big companies in industries such as autos and aviation have already committed to reducing emissions and are spending billions to do it. They aren’t likely to change course.
A study mentioned by Trump estimated that if the U.S. meets its Paris goal for reducing carbon emissions it will cost 2.7 million U.S. jobs by 2025. The study, commissioned by a pro-industry group, projected the sharpest declines in coal, cement, and iron and steel, and the loss of 440,000 manufacturing jobs.
Coal and cement producers say the Paris accord would put them at a competitive disadvantage and that they too are taking steps to cut emissions.
The American Coal Council said more than 90 per cent of U.S. coal plants are equipped with advanced emissions controls, and that advances in technology will lead to further improvement. Cement makers say they use alternative fuels for 15 per cent of their power needs.
However, many economists think Paris would be roughly a trade-off — fewer jobs in polluting industries would be offset by more in renewable energy. The chief economist of business-research group The Conference Board said the potential number of jobs that might be created in fossil fuels is limited, while the potential for job growth in green technologies is much greater.
There are already more than twice as many U.S. jobs in solar energy than coal, about 374,000 to 160,000, according to the Energy Department.
Some corporations that had supported the Paris agreement were quick to signal that Trump’s decision would not change their plans.
“Our position on climate change has not changed … we publicly advocate for climate action,” said General Motors. The company reiterated its support for various climate pledges, and it boasted about its Chevrolet Bolt EV, an electric vehicle priced under $30,000.
Rebecca Lindland, an executive analyst with Kelley Blue Book, said Trump’s decision won’t have an immediate impact on automakers, who had no specific targets to meet under the Paris agreement.
Separately, the Trump administration is reviewing fuel-economy standards that were reaffirmed in the final days of President Barack Obama’s tenure. A weakening of those standards might help sell more SUVs to U.S. consumers, but automakers still have to design and build electric and other fuel-efficient cars to meet mileage standards in California, China, Europe and elsewhere, Lindland said.
Oil prices fell Friday on concern that the U.S. exit from Paris could lead to increased production and a continuation of the glut of crude. Several large oil companies including Exxon Mobil and Royal Dutch Shell had urged Trump not to withdraw.
In a statement, Exxon stressed that the accord included emissions-reduction pledges from China and India, developing countries that are major polluters. The company said the U.S. is in good position to compete internationally because of an abundant natural gas supply.
New drilling methods have made gas cheaper, allowing it to replace coal in many U.S. power plants. Now, Exxon and others are gearing up to export more liquefied natural gas.
Exxon also faces pressure from shareholders, who voted this week for more disclosure about the impact of climate-change regulation on Exxon’s business.
Jason Bordoff, an energy-policy expert at Columbia University, said withdrawing from the Paris agreement would make no difference to the U.S. energy outlook or economy.
“The outlook for U.S. energy production will be determined far more by market conditions, like the price of oil and gas, than by scrapping the Obama-era environmental regulations,” Bordoff said.
The president’s decision should have very little impact on airlines because it’s still in their financial interest to fly cleaner — lower emissions are the result of burning less fuel. Airlines have been spending billions on new, more fuel-efficient planes — fuel is an airline’s second-biggest expense after labour.
“No one is going to go back to (Boeing) 707s that leave a big smoke trail in the air just because you can,” said Robert Mann, an aviation consultant and former airline executive. “The (financial) objective is to be efficient.”
Whatever the industry, companies will be reluctant to change plans based solely on the withdrawal from the climate agreement because the pendulum could swing back.
“It’s easy to imagine a future administration that wants to re-engage in an activist role on climate,” said Book, the energy analyst. “Any long-term investment is going to have to consider the world after Trump.”
___
Dee-Ann Durbin in Detroit, Paul Wiseman in Washington and Ken Sweet and Paul Harloff in New York contributed to this report.
David Koenig, The Associated Press
FOR: EPCOR WATER (USA) INC.
Date issue: June 02, 2017
Time in: 5:02 PM e
Attention:
Acquisition Expands EPCOR’s Natural Gas Business to the United States
PHOENIX, ARIZONA–(Marketwired – June 2, 2017) – EPCOR Water (USA) Inc. (EPCOR
USA), a wholly owned subsidiary of EPCOR Utilities Inc. (EPCOR), today
announced that it has acquired Hughes Gas Resources Inc. (Hughes).
The acquisition of Hughes adds natural gas services to EPCOR USA’s business
platform and expands the company’s Texas-based operations.
“Acquiring Hughes fits well with our growth strategy and our desire to grow and
diversify our U.S. business platform,” said Joe Gysel, President of EPCOR USA.
“We are excited to bring natural gas into our U.S. operations and to expand our
footprint in the state of Texas, and we look forward to delivering the
high-quality service EPCOR is known for to our newest customers.”
Hughes is located in Pinehurst, Texas, north of the Houston metropolitan area.
EPCOR USA acquired 100 percent of the stock in Hughes and its subsidiaries.
Hughes’ regulated operations include natural gas utility service to
approximately 4,300 connections and wholesale natural gas transmission services
to local distribution utilities. Hughes is EPCOR USA’s ninth acquisition since
entering the United States in 2011.
“It has been a pleasure and an honor to develop Hughes into the business it is
today and to provide natural gas service to the people and businesses in our
area,” said Frank Hicks, President of Hughes. “EPCOR has the same core values
of providing service that is safe and reliable and they are committed to
continuing the Hughes tradition of delivering these values to our customers,
employees, and community.”
Commenting on EPCOR USA’s entry into the natural gas market, Gysel noted,
“EPCOR has deep experience in utility system development and operations.
Leveraging this expertise for our U.S. business platform is a natural next step
and follows EPCOR’s pending entry into Ontario, Canada’s natural gas market as
announced last year.”
EPCOR’s North American footprint includes 125 years of expertise in utility
operations, distribution and transmission, delivering power and water service
to more than 1.9 million people in 100 communities. In November 2016 the
company announced the expansion of its business with an agreement to acquire a
natural gas distribution utility in Ontario, Canada, which is anticipated to be
completed later this year. Hughes is the company’s first natural gas
acquisition in the United States.
Today, EPCOR USA is among the largest private water utilities in the Southwest.
In addition to natural gas operations in Texas, through its subsidiaries, EPCOR
USA delivers regulated water and wastewater service to more than 350,000 people
in Arizona and New Mexico and delivers wholesale water services to
municipalities in the Austin metropolitan area.
Forward-looking information
Certain information in this news release is forward-looking within the meaning
of Canadian securities laws as it relates to anticipated financial performance,
events or strategies. When used in this context, words such as “will”,
“anticipate”, “believe”, “plan”, “intend”, “target” and “expect” or similar
words suggest future outcomes. The purpose of forward-looking information is to
provide investors with management’s assessment of future plans and possible
outcomes and may not be appropriate for other purposes. Forward looking
information in this news release includes, or is related to, but is not limited
to expectations regarding the completion of an acquisition of a natural gas
utility in Ontario and the timing thereof.
These statements involve certain assumptions, inherent risks and uncertainties,
including but not limited to the company’s assessment of government and
regulatory environments in which it operates. Readers are cautioned not to
place undue reliance on forward-looking statements as actual results could
differ materially from the plans, expectations, estimates or intentions
expressed in the forward-looking statements. These statements speak only as of
the date of this media release and, except as required by law, EPCOR disclaims
any intention and assumes no obligation to update any forward-looking statement
even if new information becomes available, as a result of future events or for
any other reason.
About EPCOR USA
EPCOR USA is an indirect, wholly owned subsidiary of EPCOR Utilities Inc.
Headquartered in Phoenix, Arizona, EPCOR USA’s wholly owned subsidiaries build,
own and operate water, wastewater and natural gas facilities and infrastructure
in the southwestern United States.
About EPCOR Utilities Inc.
EPCOR, through its subsidiaries, builds, owns and operates electrical
transmission and distribution networks, and water and wastewater treatment
facilities and infrastructure in Canada and the United States. The company also
provides electricity, natural gas and water products and services to
residential and commercial customers. EPCOR, headquartered in Edmonton,
Alberta, is an Alberta Top 70 employer. EPCOR’s website address is
www.epcor.com.
– END RELEASE – 02/06/2017
For further information:
Rebecca Stenholm
Director, Public & Government Affairs
EPCOR Water USA
O 623.445.2424
C 602.390.5662
[email protected]
COMPANY:
FOR: EPCOR WATER (USA) INC.
INDUSTRY: Energy and Utilities – Utilities, Energy and Utilities –
Pipelines
RELEASE ID: 20170602CC0048
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: ATCO LTD.
TSX SYMBOL: ACO.X
TSX SYMBOL: ACO.Y
AND ATCO BLUE FLAME KITCHEN
Date issue: June 02, 2017
Time in: 3:52 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 2, 2017) – We’re celebrating our 70-year
history with ATCO Blue Flame Kitchen’s 2017 From Our Roots cookbook. Complete
with mouth-watering photography, nutritional analysis and easy-to-follow
instructions, this year’s summer cookbook shares timeless dishes rooted in
Alberta’s rich and diverse agricultural industry.
“The recipes in From Our Roots are not only delicious, they offer readers a
deeper understanding of where their food comes from,” said J.P. Gerritsen,
Supervisor, Culinary Programs, ATCO Blue Flame Kitchen. “As part of this
journey from farm to table, our cookbook also recognizes some of the
hard-working farmers who contribute so much to Alberta’s economic prosperity
and the communities where our people live and work.”
From Our Roots shares the stories of 10 exceptional Alberta farmers throughout
a diverse collection of recipes, from the barn, garden and field to the
pasture, orchard, root cellar and mill. Put your Alberta roots on display with
Citrus Roasted Beets, Pot Roast Beef Dip with Caramelized Onions, Flourless
Black Bean Brownies with Cream Cheese Frosting and more.
From Our Roots is on sale now for $25 plus GST and is available at Chapters and
Save On Foods. It is also available online at chapters/indigo.ca, amazon.ca and
atcoblueflamekitchen.com or by calling the cookbook order line toll-free at
1-877-420-9090.
Join the thousands of people that connect with the ATCO Blue Flame Kitchen
every day through atcoblueflamekitchen.com, social media – Twitter, Facebook,
Instagram, YouTube and Pinterest – or by downloading the ATCO Blue Flame
Kitchen smartphone and tablet app available for Apple and Android devices at
the iTunes and Google Play stores. You can also stay updated on upcoming
classes, new cookbooks and special offers by subscribing to the What’s Hot
newsletter.
With approximately 7,000 employees and assets of $20 billion, ATCO is a
diversified global corporation delivering service excellence and innovative
business solutions in Structures & Logistics (workforce housing, innovative
modular facilities, construction, site support services, and logistics and
operations management); Electricity (electricity generation, transmission, and
distribution); Pipelines & Liquids (natural gas transmission, distribution and
infrastructure development, energy storage, and industrial water solutions);
and Retail Energy (electricity and natural gas retail sales). More information
can be found at www.ATCO.com.
Find Us:
Twitter: www.twitter.com/ATCOBlueFlame
Facebook: www.facebook.com/ATCOBlueFlameKitchen
YouTube: www.youtube.com/user/TheBlueFlameKitchen
Pinterest: www.pinterest.com/atcoblueflame/
Instagram: www.instagram.com/atcoblueflame/
– END RELEASE – 02/06/2017
For further information:
Media Inquiries:
Joanne Ellard
Sr. Manager, Marketing & Customer Engagement
403-245-7625
COMPANY:
FOR: ATCO LTD.
TSX SYMBOL: ACO.X
TSX SYMBOL: ACO.Y
AND ATCO BLUE FLAME KITCHEN
INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Utilities, Manufacturing and Production – Packaging and Containers,
Energy and Utilities – Pipelines
RELEASE ID: 20170602CC0044
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: TRICAN WELL SERVICE LTD.
TSX SYMBOL: TCW
AND CANYON SERVICES GROUP INC.
TSX SYMBOL: FRC
Date issue: June 02, 2017
Time in: 3:26 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 2, 2017) – Trican Well Service Ltd.
(“Trican”) (TSX:TCW) and Canyon Services Group Inc. (“Canyon”) (TSX:FRC) are
pleased to announce the closing of the previously announced plan of arrangement
under the Business Corporations Act (Alberta) (the “Transaction”).
Pursuant to the Transaction, Trican has acquired all of the issued and
outstanding common shares (“Canyon Shares”) of Canyon and holders (“Canyon
Shareholders”) of Canyon Shares received 1.70 common shares (“Trican Shares”)
in the capital of Trican for each Canyon Share held. The Canyon Shares are
expected to be delisted from the Toronto Stock Exchange within approximately
two days of the closing of the Transaction.
Effective upon closing of the Transaction, Bradley Fedora, President and Chief
Executive Officer of Canyon, has been appointed to the board of directors of
Trican. In addition, David Westlund, VP Sales and Marketing and Robert
Skilnick, VP and Corporate Controller as well as a number of Canyon’s senior
operations personnel will be joining Trican’s management team. Brad, Dave and
Rob are expected to strengthen an already strong Trican management team and
board of directors with their wealth of industry experience, capital markets
knowledge and strategic thinking.
The Transaction, which was announced on March 22, 2017, was approved by Canyon
Shareholders at Canyon’s annual and special meeting of shareholders held on May
31, 2017 and Canyon obtained a final order in respect thereof from the Court of
Queen’s Bench of Alberta on June 1, 2017.
Holders of Trican Shares approved the issuance of Trican Shares to Canyon
Shareholders in connection with the Transaction at Trican’s annual and special
meeting held on May 31, 2017.
“We are pleased with the approval of the Transaction by the shareholders of
each company,” said Dale Dusterhoft, President and Chief Executive Officer of
Trican. “The overwhelming support by each shareholder base demonstrates the
confidence in the future direction of Trican as a combined entity.”
“The combination of the two companies creates a Western Canadian based leading
energy services firm that owns the premier asset base in Canadian pressure
pumping and related services. We expect to continue Trican’s and Canyon’s focus
on customer needs and provide best-in-class safety performance, service quality
and technology that each company has become known for in the pressure pumping
industry. In addition, this combination provides the opportunity to drive
meaningful value to all of our stakeholders as we further our focus on cost
efficiencies expected to be produced by our combined supply chain efforts and
other efficiency initiatives.”
“We also believe the combined company provides a long-term platform for
continued growth. We are encouraged by the growing demand for our services and
expect to bring a significant volume of parked equipment back to work during
the second half of the year. Our strong balance sheet, access to capital and
attractive capital markets position is expected to provide Trican with
additional opportunities to grow in the future.”
“I would like to thank all of the Trican and Canyon employees for their efforts
during the pre-closing period. A significant amount of planning and work has
been performed and we have already made significant progress on the integration
plan for the two companies. I am confident that we have a solid plan that will
allow for seamless service to our customers and will prepare our operations to
function as one company as soon as is practical. We are excited by the
prospects of the combined company and are looking forward to welcoming the
Canyon employees to the Trican family.”
About Trican
Headquartered in Calgary, Alberta, Trican provides a comprehensive array of
specialized products, equipment and services that are used during the
exploration and development of oil and gas reserves.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws and is based on
the expectations, estimates and projections of management of Trican and Canyon
as of the date of this news release unless otherwise stated. The use of any of
the words “expect”, “may”, “will”, “believe” and similar expressions are
intended to identify forward-looking statements or information. More
particularly and without limitation, this news release contains forward-looking
statements and information concerning the anticipated benefits of the
anticipated for post-Transaction Trican and the delisting of the Canyon Shares
from the TSX.
Forward-looking statements in this news release are based on certain key
expectations and assumptions made by Trican and Canyon, including among other
things, timing for delisting of the Canyon Shares, customer demand for
post-Transaction Trican’s services, the availability and cost of labour and
services, that future results of operations will be consistent with past
performance and management expectations in relation thereto, counterparties to
material agreements will continue to perform their obligations in a timely
manner. Although Trican and Canyon believe that the expectations and
assumptions on which such forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking statements because
the parties can give no assurance that they will prove to be correct.
Accordingly, readers should not place undue reliance on the forward-looking
statements and information contained in this news release.
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.
Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on other factors that could affect the operations or
financial results of the parties, and the combined company, are included in
reports on file with applicable securities regulatory authorities, including
but not limited to Trican’s Annual Management’s Discussion and Analysis for the
year ended December 31, 2016 and Canyon’s Annual Management’s Discussion and
Analysis for the year ended December 31, 2016, each of which may be accessed on
Trican’s and Canyon’s respective SEDAR profiles, at www.sedar.com.
The forward-looking statements and information contained in this news release
are made as of the date hereof and Trican and Canyon undertake 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 – 02/06/2017
For further information:
Trican Well Service Ltd.
Dale Dusterhoft
Chief Executive Officer
(403) 266-0202
(403) 237-7716 (FAX)
[email protected]
OR
Trican Well Service Ltd.
Michael Baldwin
Senior Vice President, Finance & CFO
(403) 266-0202
(403) 237-7716 (FAX)
[email protected]
www.tricanwellservice.com
COMPANY:
FOR: TRICAN WELL SERVICE LTD.
TSX SYMBOL: TCW
AND CANYON SERVICES GROUP INC.
TSX SYMBOL: FRC
INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170602CC0041
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.
TORONTO — Kinder Morgan Canada won’t make further concessions on its Trans Mountain pipeline expansion, the company’s president said Friday, setting the stage for a showdown with British Columbia’s potential government-in-waiting.
Ian Anderson said he is willing to meet with the provincial NDP and Greens, who have vowed to immediately stop the $7.4-billion development should they oust the Liberals from power through an alliance.
But moments after toasting Kinder Morgan Canada’s debut earlier this week on the Toronto Stock Exchange, Anderson had a blunt message for the two parties.
“We’ll continue to listen,” Anderson said after opening the market Friday morning.
“But I don’t have any concessions planned for any further discussion at this point.”
B.C. Green Leader Andrew Weaver said in a statement he’d be delighted to meet with Anderson to discuss his concerns, adding he served as an intervener in the National Energy Board process and felt he didn’t get satisfactory answers to some problems he posed.
“I have been clear on my position that B.C. cannot afford the risks associated with the transportation of diluted bitumen in our coastal waters,” Weaver said.
The majority of voters in the province recently sided with parties opposed to Trans Mountain, he added.
The NDP and Greens formalized an alliance earlier this week to form B.C.’s next government after the Liberal party failed to secure a majority in the May 9 election. The Liberals won 43 seats, the NDP 41 and the Greens three.
An official with the provincial NDP said Saturday that since the New Democrats aren’t in government yet they don’t want to get ahead of themselves.
The Trans Mountain expansion, which already has federal approval, could begin construction in September. The project would see a current pipeline that runs from Edmonton to Burnaby, B.C., twinned, effectively tripling its capacity to 890,000 barrels per day.
Despite the uncertain political environment in B.C. — not to mention myriad protests and legal challenges — Anderson brushed off concerns the project would be delayed and said he doesn’t see any possibility of it being shelved.
“I’m not foreseeing any, any difficulty in the construction start this fall,” he said.
The company will be respectful of peaceful protests, he added, calling them “fair game for anybody.” However, if people choose to break the law, Kinder Morgan will have the authorities take care of it, he said.
“We are well-prepared.”
In the U.S., protesters camped out for several months to oppose the Dakota Access oil pipeline but ultimately failed to stop the project from going ahead.
Last year, the federal government and National Energy Board recommended approval of the Trans Mountain expansion, subject to 157 conditions, including various environmental and safety considerations.
Neither the NDP nor Greens have specified what they would do to stop the project, though experts have said they could delay or deny road access and other permits needed to proceed with construction.
Kinder Morgan Canada shares started trading Tuesday after an initial public offering of $1.75 billion. In midday trading Friday, its stock was at $16.65, up 1.3 per cent from Thursday’s close.
Follow @AleksSagan on Twitter.
Aleksandra Sagan, The Canadian Press
ST.PETERSBURG, Russia — The head of Russia’s state-controlled Rosneft oil giant says that that a rise in shale oil output in the U.S. would likely offset the effect from OPEC production cuts.
Speaking Friday at an economic forum in St.Petersburg, Rosneft CEO Igor Sechin said thanks to increasing efficiency U.S. shale oil producers would likely deliver an additional 1.5 million barrels of crude a day to the market in 2018.
OPEC and 10 other countries led by Russia agreed last week to extend for nine months, to March, a production cut of 1.8 million barrels a day initially agreed on in November. The move is a bid to shore up oil prices.
Sechin said the cuts fall short of “systemic measures that would lead to long term stabilization.”
The Associated Press
FOR: UNITED HUNTER OIL & GAS CORP.
TSX VENTURE SYMBOL: UHO
FRANKFURT SYMBOL: A118VK
Date issue: June 02, 2017
Time in: 12:54 PM e
Attention:
TORONTO, ONTARIO–(Marketwired – June 2, 2017) – United Hunter Oil & Gas Corp.
(“UHO” or the “Corporation”) (TSX VENTURE:UHO)(FRANKFURT:A118VK) announces that
the Corporation, through its US subsidiary, United Hunter Texas, LLC (“UHT”),
has reached an mutual agreement with Vesta Resources, LLC and others to acquire
a working interest operatorship in two producing wells and 100% working
interest in eight additional prospects in multiple South Texas Counties for an
all-inclusive cost of $400,000. The purchase price paid to the sellers will go
towards clearing other working interest owners’ interests in title and any
pending debts that are owed.
UHT’s working interest in the producing wells will vary between 25% and 43% and
will acquire a net revenue interest between 18.75% and 35%. The additional
prospects that are being acquired will be conveyed at 100% working interest and
75% net revenue interest. Several leases have already been acquired and some
prospects have had the drill sites cleared and prepared for drilling. All of
these prospects are categorized as exploitation or development prospects and
further defined as in close proximity or adjacent to either existing or
previously existing production.
UHT will conduct its due diligence activities over the next several weeks. The
final Purchase and Sale Agreements, to be executed by UHT, is subject to
completion of its due diligence, including negotiation of, and any adjustments
to, the purchase price, UHO board approval, financing and TSX Venture Exchange
approval.
Timothy Turner, the Corporation’s CEO and the Managing Director of UHT, stated
that “we are very excited to begin operations in Texas and aim to grow
production and shareholder value, through the addition of complementary
low-cost producing assets. The acquisition of these assets will allow UHT to
continue to assess similar acquisitions and we look forward to growing our
asset base as we implement our business strategy of acquiring low-cost projects
with predictable and promising revenues.” Mr. Turner’s business also owns a
quarter interest in Vesta Resources, LLC.
Further details will be provide as they become available.
Certain statements in the documents referred to in this press release may
constitute forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements include, but are not limited to,
statements concerning (i) the acquisition of the Property Interest; and (ii)
potential results from the Property Interest. Forward-looking statements
generally can be identified by the use of forward looking terminology such as
“outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”,
“anticipate”, “believe”, “should”, “plans” or “continue”, or similar
expressions suggesting future outcomes or events. Such forward-looking
statements reflect management’s current beliefs and are based on information
currently available to management. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from those
contemplated by such statements. Such forward-looking statements are subject to
risks and uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the statements
including, without limitation, the risks that: (1) UHO may not achieve the
results currently anticipated; and (2) UHO may not be able to obtain financing
in the future. Although UHO believes that the expectations reflected in its
forward-looking information are reasonable, undue reliance should not be placed
on forward-looking information because UHO can give no assurance that such
expectations will prove to be correct. In addition to other factors and
assumptions which may be identified in this press release, assumptions have
been made regarding and are implicit in, among other things, the timely receipt
of required regulatory approvals. Details of the risk factors relating to UHO
and its business are discussed under the heading “Risk Factors” in the
Management Discussion & Analysis dated November 22, 2016, a copy of which is
available on UHO’s SEDAR profile at www.sedar.com. Readers are cautioned that
the foregoing list is not exhaustive of all factors and assumptions which have
been used. Forward-looking information is based on current expectations,
estimates and projections that involve a number of risks and uncertainties
which could cause actual results to differ materially from those anticipated by
UHO and described in the forward looking information. The forward-looking
information contained in this press release is made as of the date hereof and
UHO undertakes no obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events or
otherwise, unless required by applicable securities laws. The forward looking
information contained in this press release is expressly qualified by this
cautionary statement.
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 – 02/06/2017
For further information:
Timothy Turner
CEO
(832) 487-0813
[email protected]
COMPANY:
FOR: UNITED HUNTER OIL & GAS CORP.
TSX VENTURE SYMBOL: UHO
FRANKFURT SYMBOL: A118VK
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170602CC0032
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: ITHACA ENERGY INCTSX SYMBOL: IAELSE SYMBOL: IAEDate issue: June 02, 2017Time in: 12:47 PM eAttention:
ABERDEEN, SCOTLAND–(Marketwired – June 02, 2017) – Ithaca Energy Inc. (TSX:
IAE) (LSE: IAE)
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHO…
FOR: NEWFOUNDLAND POWER INC.
Date issue: June 02, 2017
Time in: 12:46 PM e
Attention:
ST. JOHN’S, NEWFOUNDLAND AND LABRADOR–(Marketwired – June 2, 2017) –
Newfoundland Power Inc. announced today the closing of $75 million, 3.815 per
cent First Mortgage Sinking Fund Bonds, due June 1, 2057. The net proceeds from
the private placement will be used by the Company to repay its short-term
borrowings, which were incurred principally to fund capital expenditures and
for general corporate purposes.
Newfoundland Power is the primary distributer of electricity on the island
portion of Newfoundland and Labrador, and purchases 93% of its energy needs
from Newfoundland and Labrador Hydro. With a customer base of approximately
264,000 accounts, Newfoundland Power is committed to safety, dedicated to the
highest level of customer service and delivers reliable electricity at the
lowest possible cost. For more information on Newfoundland Power’s programs,
services and community partnerships, please visit www.newfoundlandpower.com.
– END RELEASE – 02/06/2017
For further information:
Newfoundland Power Inc.
Paige London
Vice President, Finance & Chief Financial Officer
(709) 737-5409
www.newfoundlandpower.com
COMPANY:
FOR: NEWFOUNDLAND POWER INC.
INDUSTRY: Energy and Utilities – Oil and Gas , Energy and Utilities
– Utilities
RELEASE ID: 20170602CC0030
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: ENBRIDGE INC.
TSX SYMBOL: ENB
NYSE SYMBOL: ENB
Date issue: June 02, 2017
Time in: 12:07 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 2, 2017) – In the news release, “Enbridge
Mid-Year 2017 Investor Update Meeting Webcast,” issued earlier today by
Enbridge Inc. (TSX:ENB)(NYSE:ENB), please be advised that the date and time of
the meeting has been updated to “Thursday, June 8th, 2017 at 9:00 a.m. ET (7:00
a.m. MT) to 12:00 p.m. ET (10:00 a.m. MT)”. Complete corrected text follows.
Enbridge Inc. (TSX:ENB)(NYSE:ENB) (Enbridge or the Company) will hold a
Mid-Year 2017 Investor Update Meeting on Thursday, June 8th in Toronto and
Friday, June 9th in New York. Now 3 months post-acquisition of Spectra Energy,
Enbridge executives will provide the investment community with a high level
strategic update, an overview of the competitive positioning of the combined
businesses as well as a general update on the progress of the integration.
The session in Toronto on June 8th will be webcast live at Enbridge.com.
Details of the event are as follows:
When:
Thursday, June 8th, 2017
9:00 a.m. ET (7:00 a.m. MT) to 12:00 p.m. ET (10:00 a.m. MT)
Webcast: sign-up
The webcast format will be listen-only with the Q&A portion of the event held
on-site in Toronto.
Presentations and supporting materials will be posted to Enbridge’s website in
‘Events and Presentations’ after markets close on June 7th; participants are
encouraged to download the materials prior to the event.
A webcast replay and podcast will be available approximately two hours after
the conclusion of the event and a transcript will be posted to Enbridge’s
website in ‘Events and Presentations’ approximately 24 hours after the event.
About Enbridge Inc.
Enbridge Inc. is North America’s premier energy infrastructure company with
strategic business platforms that include an extensive network of crude oil,
liquids and natural gas pipelines, regulated natural gas distribution utilities
and renewable power generation. The Company safely delivers an average of 2.8
million barrels of crude oil each day through its Mainline and Express
Pipeline, and accounts for nearly 64% of U.S.-bound Canadian crude oil
production, and moves approximately 20% of all natural gas consumed in the U.S.
serving key supply basins and demand markets. The Company’s regulated utilities
serve approximately 3.5 million retail customers in Ontario, Quebec, New
Brunswick and New York State. Enbridge also has a growing involvement in
electricity infrastructure with interests in more than 2,500 MW of net
renewable generating capacity, and an expanding offshore wind portfolio in
Europe. The Company has ranked on the Global 100 Most Sustainable Corporations
index for the past eight years; its common shares trade on the Toronto and New
York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel people’s quality of life. For
more information, visit www.enbridge.com.
– END RELEASE – 02/06/2017
For further information:
Enbridge Inc. – Media
Suzanne Wilton
(403) 231-7385 or Toll Free: (888) 992-0997
Email: [email protected]
OR
Enbridge Inc. – Investment Community
Jonathan Gould
Toll free: (800) 481-2804
Email: [email protected]
COMPANY:
FOR: ENBRIDGE INC.
TSX SYMBOL: ENB
NYSE SYMBOL: ENB
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170602CC0026
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: XTREME DRILLING CORP.
TSX SYMBOL: XDC
Date issue: June 02, 2017
Time in: 11:33 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 2, 2017) – Xtreme Drilling Corp.
(“Xtreme”, the “Company”) (TSX:XDC) today announced the preliminary results of
its “modified Dutch auction” substantial issuer bid (the “Offer”) to purchase
for cancellation up to CAD$25 million of its common shares (“Shares”), which
expired at 5:00 pm. (Eastern time) on June 1, 2017. All the terms and
conditions of the Offer have been complied with and, based on a preliminary
count by Computershare Trust Company of Canada, as depositary for the Offer
(the “Depositary”), Xtreme expects to take up and pay for approximately
10,416,666 Shares at a purchase price of CAD$2.40 per Share (the “Purchase
Price”).
The Shares expected to be purchased under the Offer represent approximately
12.24% of the Shares issued and outstanding prior to giving effect to the
Offer. After giving effect to the Offer, the number of issued and outstanding
Shares is expected to be approximately 74,674,701. Shareholders of Xtreme had
the opportunity to tender Shares until 5:00 p.m. (Eastern time) on June 1,
2017, by electing an auction tender at a price of their choice between CAD$2.40
and CAD$2.80 per Share (in increments of CAD$0.05 per Share) or, alternatively,
by electing a purchase price tender at which they could sell their Shares at
the Purchase Price determined by the Corporation pursuant to the Offer.
Approximately 18,207,008 Shares were properly tendered to the Offer and not
withdrawn at the Purchase Price. As the Offer was oversubscribed, Xtreme will
purchase Successfully Tendered Shares (as defined in the Offer) on a pro rata
basis following determination of the final results of the Offer, except that
“odd lot” tenders (of holders beneficially owning fewer than 100 Shares) will
not be subject to pro-ration. Xtreme expects that tendering shareholders
subject to pro-ration will have approximately 57% of their tendered Shares
purchased by Xtreme under the Offer.
The number of Shares to be purchased under the Offer, the pro-ration factor and
the Purchase Price are preliminary and are subject to verification by the
Depositary. Xtreme expects to be able to release the final results of the
Offer, including the final Purchase Price and pro-ration factor, on or before
June 7, 2017.
A complete description of the Offer is contained in the offer to purchase and
issuer bid circular dated April 18, 2017 and other related documents and
schedules, including any amendments thereto, filed with the applicable Canadian
Securities Administrators. The Offer documents are available free of charge on
SEDAR at www.sedar.com or Xtreme’s website at www.xdccorp.com. Payment for the
purchased Shares will be made by the Depositary in accordance with the Offer
and applicable law. Any Shares tendered and not purchased will be returned to
shareholders promptly by the Depositary.
This news release contains forward-looking statements that are not historical
facts, including our expectations regarding the actual number of Shares to be
taken up and paid for in connection with the Offer, the final Purchase Price,
the pro-ration factor, the approximate number of Shares expected to be issued
and outstanding after completion of the Offer, and the timing of payment for
Shares purchased under the Offer. Such forward-looking statements are
predictive in nature and may be based on current expectations, forecasts or
assumptions involving risks and uncertainties that could cause actual outcomes
and results to differ materially from the forward-looking statements
themselves, including assumptions regarding the completeness and accuracy of
information provided by the Depositary in respect of the Offer and Xtreme’s
share capital. Such forward-looking statements may, without limitation, be
preceded by, followed by, or include words such as “believes”, “expects”,
“anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”,
“potential”, “possible”, “contemplate”, “seek”, or similar expressions, or may
employ such future or conditional verbs as “may”, “might”, “will”, “could”,
“should” or “would”, or may otherwise be indicated as forward-looking
statements by grammatical construction, phrasing or context. For those
statements, we claim the protection of the safe harbor for forward-looking
statements contained in applicable Canadian securities laws. Forward-looking
statements are not guarantees of future performance and are subject to
significant risks, uncertainties and changes in circumstances, many of which
are beyond the control of Xtreme, and could cause actual results to differ
materially from conclusions, forecasts or projections expressed in such
statements, including, among others, risks related to: Xtreme’s future capital
requirements, market and general economic conditions, demand for our customers’
products and unforeseen legal or regulatory developments. In addition, our
actual results may differ materially from those expressed or implied by such
forward-looking statements, including as a result of changes in global,
political, economic, business, competitive, market and regulatory factors.
These and other risks and uncertainties, as well as other information related
to Xtreme, are discussed in our various public filings at www.sedar.com and,
including in our interim MD&A, and our Annual Information Form filed with the
Canadian Securities Administrators. Forward-looking statements are provided for
the purpose of assisting readers in understanding management’s current
expectations and plans relating to the future. Readers are cautioned that such
information may not be appropriate for other purposes. Except as required by
applicable law, we disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
About Xtreme
Xtreme Drilling Corp. (“XDC” on the Toronto Stock Exchange) designs, builds,
and operates a fleet of high specification AC drilling rigs featuring
leading-edge proprietary technology. Currently Xtreme operates one service line
– Drilling Services (XDR) under contracts with oil and natural gas exploration
and production companies and integrated oilfield service providers in Canada
and the United States. For more information about the Company, please visit
www.xdccorp.com.
– END RELEASE – 02/06/2017
For further information:
Xtreme Drilling Corp.
Matt Porter
President and Chief Executive Officer
+1 281 994 4600
[email protected]
www.xtremecoil.com
COMPANY:
FOR: XTREME DRILLING CORP.
TSX SYMBOL: XDC
INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170602CC0025
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: PENGROWTH ENERGY CORPORATIONTSX SYMBOL: PGFNYSE SYMBOL: PGHDate issue: June 02, 2017Time in: 8:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 2, 2017) – Pengrowth Energy Corporation
(TSX:PGF) (NYSE:PGH) is pleased to report that it has c…
FOR: PETROLYMPIC LTD.TSX VENTURE SYMBOL: PCQDate issue: June 02, 2017Time in: 8:19 AM eAttention:
TORONTO, ONTARIO–(Marketwired – June 2, 2017) – Petrolympic Ltd. (TSX
VENTURE:PCQ) (the “Company”) announces that a total of 1,100,000 options to
purcha…
Since commodity prices plummeted in mid-2014, oil and gas producer’s operating costs have declined substantially over the last three years. Driven out of necessity, this achievement reflects a combination of the significant strides in reducing producers’ capital costs, lower service costs resulting from reduced industry activity, and pricing concessions from service providers. As the graph … Read more
BISMARCK, N.D. — The $3.8 billion Dakota Access pipeline began shipping oil for customers on Thursday, as Native American tribes that opposed the project vowed to continue fighting.
Dallas-based Energy Transfer Partners announced that the 1,200-mile line carrying North Dakota oil through South Dakota and Iowa to a distribution point in Illinois had begun commercial service. The Dakota Access pipeline and the Energy Transfer Crude Oil Pipeline from Illinois to the Gulf Coast together make up the $4.8 billion Bakken Pipeline system, which ETP said has commitments for about 520,000 barrels of oil daily.
“The pipeline will transport light, sweet crude oil from North Dakota to major refining markets in a more direct, cost-effective, safer and more environmentally responsible manner than other modes of transportation, including rail or truck,” the company said in a statement.
Grow America’s Infrastructure Now, a coalition of businesses, trade associations, and labour groups that benefit from infrastructure development, issued a statement saying projects such as Dakota Access “are key components to unlocking our nation’s economic potential and creating jobs.”
Four Sioux tribes in the Dakotas are still fighting in federal court in Washington, D.C., hoping to persuade a judge to shut down the line. Tribes and environmental groups fear it might pollute water sources. More than half a year of protests in North Dakota resulted in 761 arrests before President Donald Trump’s administration and the courts allowed the pipeline to be completed earlier this year.
“Now that the Dakota Access pipeline is fully operational, we find it more urgent than ever that the courts and administration address the risks posed to the drinking water of millions of American citizens,” Standing Rock Sioux Chairman Dave Archambault said in a statement. “This pipeline became operational today, yet it has already leaked at least three times.”
The leaks came as the line was being prepared for service. The Dakota Access pipeline and a feeder line leaked more than 100 gallons of oil in western North Dakota in separate incidents in March, and the Dakota Access line leaked 84 gallons of oil in northern South Dakota in April. No waterways were affected.
___
Follow Blake Nicholson on Twitter at: http://twitter.com/NicholsonBlake
Blake Nicholson, The Associated Press
FOR: SEVEN GENERATIONS ENERGY LTD.
TSX SYMBOL: VII
Date issue: June 01, 2017
Time in: 5:20 PM e
Attention:
Founder Pat Carlson to retire, Marty Proctor to lead Senior Executive
Leadership Team
CALGARY, ALBERTA–(Marketwired – June 1, 2017) – The Board of Directors of
Seven Generations Energy Ltd. (TSX:VII) has approved a CEO transition plan that
will see founding Chief Executive Officer Pat Carlson retire on June 30, 2017.
Marty Proctor, President & Chief Operating Officer, will become President &
Chief Executive Officer on July 1, 2017, which reflects a succession plan that
was envisioned when Marty joined 7G in 2014. 7G’s Senior Executive Leadership
Team will be led by Marty Proctor and include fellow executives Glen
Nevokshonoff, Susan Targett and Chris Law. This Senior Executive Leadership
Team has been preparing to take over leadership of the company under the
guidance of the Board, Pat Carlson and a global corporate leadership
development firm. The team will share day-to-day oversight and the long-term
management responsibilities for 7G.
“Pat Carlson is an insightful founder who built a differentiated energy company
by starting with a blank sheet of paper ten years ago. He assembled and led a
talented and innovative team that grounded business in dedicated service to
stakeholders. Pat’s entrepreneurial vision grew Seven Generations from ideas
and concepts into a $10 billion enterprise that ranks among Canada’s top 10
producers. Through largely organic growth and during one of the longest
downturns in the oil and natural gas industry’s history, Pat’s work at Seven
Generations is an extraordinary achievement, especially in such a short period
of time,” said Kent Jespersen, Chair of 7G’s Board of Directors.
“The Board of Directors has full confidence that Marty and the other members of
the Senior Executive Leadership Team will continue Pat’s well-established
tradition of value creation through differentiated stakeholder service,”
Jespersen said.
“I am pleased to be turning over a company with leading quality resources, the
development capability to match and, most importantly, a strong focus on
serving the public. I have had the very good fortune and opportunity to build a
company and to turn it over to a team that I recruited and saw develop. The
Senior Executive Leadership Team is assembled to continue our differentiation
by pursuing long-term objectives such as expanding market access, engaging
stakeholders throughout projects and ongoing technical innovation. I have every
confidence that our senior leaders and the entire 7G team are exceedingly
capable of making Seven Generations stronger, and a better servant of the
public and shareholders,” Carlson said.
“Pat has defined a unique benchmark for how companies compete and create value
by serving people and the environment. By researching and unlocking
leading-edge technology that produces highly competitive, low-supply-cost
natural gas in an oversupplied market, then framing company culture in a Code
of Conduct that serves seven stakeholders, Pat’s progressive, distinct and
human approach to business has differentiated Seven Generations,” Proctor said.
Carlson will continue as a 7G director, chairing the Risk Management Committee
and serving on the HSE and Community Engagement Committee and the Reserves
Committee of the Board of Directors.
Seven Generations Senior Executive Leadership Team
As President & CEO, Marty, a Professional Engineer, will have a primary focus
on culture, staff development, market development and strategy. Glen
Nevokshonoff, a Professional Geoscientist, will become Chief Operating Officer,
leading day-to-day drilling, completions, production and construction
operations. Susan Targett, a Professional Landman, becomes Executive Vice
President, Corporate, continuing her focus on land, indigenous people and
community and government relations. Chris Law, MBA, continues as Chief
Financial Officer responsible for finance, treasury, corporate planning, and
information technology. Comprehensive biographical information and strategic
discussions by each of the senior executives are in three recent publications:
Annual Strategic Update – January 2017, 2016 Annual Report and Generations 2017
– posted on the 7G website home page: 7genergy.com.
Seven Generations’ Code of Conduct, or Level 1 Corporate Policy, was authored
by Pat Carlson and the founding employee team and stands as the guiding
document for the company.
Seven Generations Code of Conduct
We believe that companies have only the rights given to them by society. While
people have a natural entitlement to basic rights, corporations are an
instrument created by society to provide its needs and ought to have no
expectation of basic entitlements other than equitable rights with other
corporations, including those wholly owned by a person. We recognize that
rights, sufficient to build and operate an energy project, can be granted and
taken away by society. Over the longer term, companies can only expect to
thrive if they serve the legitimate needs of society in which they exist. To
thrive, companies must differentiate; rise above the pack, standout as being
among the best with all of their stakeholders. At Seven Generations Energy
Ltd., we acknowledge this granted entitlement and accept from our stakeholders
a duty to thrive and an understanding of the need to differentiate.
Specifically, in acceptance of this challenge to differentiate with all
stakeholders, we acknowledge:
/T/
— The need of society for us to conduct our business in a way that
protects the natural beauty of the environment and preserves the
capacity of the earth to meet the needs of present and future
generations;
— The need of Canada and Alberta for us to obey all regulations and to
proactively assist with the formulation of new policy that enables our
company and our industry to better serve society;
— The need of the communities where we operate to be engaged in the
planning of our projects and to participate in the benefits arising from
them as they are built and operated;
— The need of our business partners and infrastructure customers to be
treated fairly and attentively;
— The need of our suppliers and service providers to be treated fairly and
paid promptly for equipment and services provided to us and to receive
feedback from us that can help them to be competitive and thrive in
their businesses;
— The need of our employees to be compensated fairly and provided a safe,
healthy and happy work environment including a healthy work life –
outside life balance; and
— The need of our shareholders and capital providers to have their
investment managed responsibly and ethically and to earn strong returns.
/T/
We see ourselves as being in the service business, serving the needs of our
stakeholders. We seek satisfaction for all stakeholders. Differentiation is
imperative. We support an open and competitive business environment,
recognizing in the competitive world that we envision, only those who best
serve their stakeholders can expect the support required to survive for the
longer term.
Seven Generations Energy
Seven Generations is a low-cost, high-growth Canadian natural gas developer
generating long-life value from its liquids-rich Kakwa River Project, located
about 100 kilometres south of its operations headquarters in Grande Prairie,
Alberta. 7G’s corporate headquarters are in Calgary and its shares trade on the
TSX under the symbol VII.
Seven Generations Energy Ltd. is also referred to herein as Seven Generations,
Seven Generations Energy, 7G and the company.
– END RELEASE – 01/06/2017
For further information:
Investor Relations
Chris Law, Chief Financial Officer
Brian Newmarch, Vice President, Capital Markets
403-718-0752
[email protected]
OR
Media Relations
Alan Boras
Director, Communications and Stakeholder Relations
403-767-0772
[email protected]
OR
Seven Generations Energy Ltd.
Suite 4400, 525 – 8th Avenue SW
Calgary, AB T2P 1G1
www.7genergy.com
COMPANY:
FOR: SEVEN GENERATIONS ENERGY LTD.
TSX SYMBOL: VII
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170601CC0120
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.
Spring and Summer energy industry events are in full swing. Tradeshows, seminars, lunch & learns, breakfasts, golf tournaments, dinners and more. Love it or hate it, networking is an important part of business generation and career development. In an increasingly insular, digital world, face-to-face conversation is somewhat of a lost art and daunting for some, … Read more
FOR: JUST ENERGY GROUP INC.NYSE SYMBOL: JETSX SYMBOL: JEDate issue: June 01, 2017Time in: 8:00 AM eAttention:
TORONTO, ONTARIO–(Marketwired – June 1, 2017) – Just Energy Group Inc. (“Just
Energy”) (NYSE:JE)(TSX:JE) filed notice with the Toronto Stock…
FOR: CLEARSTREAM ENERGY SERVICES INC.
TSX SYMBOL: CSM
Date issue: June 01, 2017
Time in: 7:45 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 1, 2017) – ClearStream Energy Services
Inc. (“ClearStream”) (TSX:CSM) is pleased to announce the renewal of a five
year operational workforce management contract with a major oilsands producer
in the Fort McMurray region. This contract is expected to generate
approximately $240 million of revenue over the five-year term of the contract.
ClearStream’s continued commitment to customer service and focus on safety,
quality and operational execution all contributed to the successful renewal of
this operational workforce management contract. When combined with
ClearStream’s existing Fort McMurray operations and customer contracts, this
renewal is expected to strengthen ClearStream’s position as a business leader
in the Fort McMurray region for years to come.
About ClearStream Energy Services Inc.
ClearStream provides maintenance and turnarounds, facilities construction,
welding and fabrication, and transportation services to customers across
Western Canada. For more information about ClearStream, please visit
www.clearstreamenergy.ca.
Forward Looking Statement
Certain information included in this presentation may constitute
forward-looking information within the meaning of securities laws. In some
cases, forward-looking information can be identified by terminology such as
“may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”,
“predict”, “potential”, “continue” or the negative of these terms or other
similar expressions concerning matters that are not historical facts.
Forward-looking information in this press release includes the expected benefit
to be derived from ClearStream from the renewal of the contract and
ClearStream’s operations and position as a business leader in the Fort McMurray
region. Such forward-looking information reflects management’s current beliefs
and is based on information currently available to management of ClearStream.
Forward-looking information involves significant risks and uncertainties. A
number of factors could cause actual events or results to differ materially
from the events and results discussed in the forward-looking information
including risks related to Clearstream’s ability to fulfill its obligations
under the contract, conditions of capital markets, economic conditions,
dependence on key personnel, limited customer bases, interest rates, regulatory
change, ability to meet working capital requirements and capital expenditures
needs, factors relating to the weather and availability of labour. These
factors should not be considered exhaustive. Risks and uncertainties about
ClearStream’s business are more fully discussed in ClearStream’s disclosure
materials, including its annual information form and MD&A, filed with the
securities regulatory authorities in Canada and available at www.sedar.com. In
formulating forward-looking information herein, management has assumed that
business and economic conditions affecting ClearStream will continue
substantially in the ordinary course, including without limitation with respect
to general levels of economic activity, regulations, taxes and interest rates.
Although the forward-looking information is based on what management of
ClearStream consider to be reasonable assumptions based on information
currently available to it, there can be no assurance that actual events or
results will be consistent with this forward-looking information, and
management’s assumptions may prove to be incorrect.
This forward-looking information is made as of the date of this release, and
ClearStream does not assume any obligation to update or revise it to reflect
new events or circumstances except as required by law. Undue reliance should
not be placed on forward-looking information. Forward-looking statements are
provided for the purpose of providing information about management’s current
expectations and plans relating to the future. Readers are cautioned that such
information may not be appropriate for other purposes.
– END RELEASE – 01/06/2017
For further information:
John W. Cooper
President and Chief Executive Officer
ClearStream Energy Services Inc.
587-318-1001
[email protected]
OR
Gary Summach
Chief Financial Officer
ClearStream Energy Services Inc.
587-318-1003
[email protected]
COMPANY:
FOR: CLEARSTREAM ENERGY SERVICES INC.
TSX SYMBOL: CSM
INDUSTRY: Financial Services – Personal Finance, Financial Services
– Venture Capital
RELEASE ID: 20170601CC0030
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: CANADIAN WESTERN BANKTSX SYMBOL: CWBDate issue: June 01, 2017Time in: 7:00 AM eAttention:
Positive loan growth and strong growth of relationship-based branch-raised
deposits
Higher net interest margin compared to last year and last quarter
Adjust…
The financial results for each of the last eight quarters are summarized above.
In general, CWB’s performance reflects a relatively consistent trend, although
the second quarter contains three fewer revenue-earning days in non-leap years,
and two fewer days in leap years such as 2016. Common shareholders’ net income
in the second quarter of 2016 reflects the impact of the credit performance of
oil and gas production loans. Results of Discontinued and Combined Operations
for the third quarter of fiscal 2015 include divestiture gains.
For additional details on variations between the prior quarters, refer to the
summary of quarterly results section of CWB’s MD&A for the year ended October
31, 2016 and the individual quarterly reports to shareholders which are
available on SEDAR at www.sedar.com and on CWB’s website at www.cwb.com.
Taxable Equivalent Basis (teb)
Most banks analyze revenue on a taxable equivalent basis to permit uniform
measurement and comparison of net interest income. Net interest income (as
presented in the Consolidated Statement of Income) includes tax-exempt income
on certain securities. Since this income is not taxable, the rate of interest
or dividends received is significantly lower than would apply to a loan or
security of the same amount. The adjustment to taxable equivalent basis
increases interest income and the provision for income taxes to what they would
have been had the tax-exempt securities been taxed at the statutory rate. The
taxable equivalent basis does not have a standardized meaning prescribed by
IFRS and, therefore, may not be comparable to similar measures presented by
other financial institutions. Total revenues, net interest income and income
taxes are discussed on a taxable equivalent basis throughout this quarterly
report to shareholders.
Non-IFRS Measures
CWB uses a number of financial measures to assess its performance. These
measures provide readers with an enhanced understanding of how management views
the results. Non-IFRS measures may also provide readers the ability to analyze
trends and provide comparisons with our competitors. Taxable equivalent basis,
adjusted cash earnings per common share, return on common shareholders’ equity,
adjusted return on common shareholders’ equity, return on assets, efficiency
ratio, net interest margin, common equity Tier 1, Tier 1 and total capital
adequacy ratios, and average balances do not have standardized meanings
prescribed by IFRS and therefore may not be comparable to similar measures
presented by other financial institutions. The non-IFRS measures used in this
MD&A are calculated as follows:
/T/
— taxable equivalent basis – described above;
— pre-tax, pre-provision income – total revenue (teb) less non-interest
expenses, excluding the pre-tax amortization of acquisition-related
intangible assets (see calculation below);
— adjusted cash earnings per common share – diluted earnings per common
share excluding the acquisition-related amortization of intangible
assets and contingent consideration fair value changes, net of tax (see
calculation below). Excluded items are not considered to be indicative
of ongoing business performance;
— return on common shareholders’ equity – annualized common shareholders’
net income divided by average common shareholders’ equity;
— adjusted return on common shareholders’ equity – annualized common
shareholders’ net income excluding the acquisition-related amortization
of intangible assets and contingent consideration fair value changes,
net of tax (see calculation below), divided by average common
shareholders’ equity;
— return on assets – annualized common shareholders’ net income divided by
average total assets;
— efficiency ratio – non-interest expenses, excluding the pre-tax
amortization of acquisition-related intangible assets, divided by total
revenues, (see calculation below);
— net interest margin – net interest income divided by average total
assets;
— operating leverage – total revenue (teb) growth less growth of non-
interest expenses, excluding the pre-tax amortization of acquisition-
related intangible assets;
— common share dividend payout ratio – common share dividends declared
during the past twelve months divided by common shareholders’ net income
earned over the same period;
— Basel III common equity Tier 1, Tier 1, Total capital, and leverage
ratios – in accordance with guidelines issued by OSFI; and
— average balances – average daily balances.
Adjusted Financial
Measures
For the three months ended
—————————————-
Change from
April 30 January 31 April 30 April 30 2016
(unaudited) 2017 2017 2016
($ thousands)
—————————————————————————-
Non-interest
expenses $ 84,139 $ 82,815 $ 78,461 7%
Adjustments (before
tax):
Amortization of
acquisition-
related
intangible assets (1,899) (1,852) (1,605) 18
—————————————————————————-
Adjusted non-
interest expenses $ 82,240 $ 80,963 $ 76,856 7%
—————————————————————————-
Common
shareholders’ net
income $ 47,594 $ 49,542 $ 32,213 48%
Adjustments (after-
tax)
Amortization of
acquisition-
related
intangible assets 1,399 1,364 1,182 18
Contingent
consideration
fair value change 3,392 3,184 – 100
—————————————————————————-
Adjusted common
shareholders’ net
income $ 52,385 $ 54,090 $ 33,395 57%
—————————————————————————-
Adjusted Financial
Measures
For the six months ended
————————–
Change from
April 30 April 30April 30 2016
(unaudited) 2017 2016
($ thousands)
—————————————————————————-
Non-interest
expenses $ 166,954 $ 154,014 8%
Adjustments (before
tax):
Amortization of
acquisition-
related
intangible assets (3,751) (2,783) 35
—————————————————————————-
Adjusted non-
interest expenses $ 163,203 $ 151,231 8%
—————————————————————————-
Common
shareholders’ net
income $ 97,136 $ 84,345 15%
Adjustments (after-
tax)
Amortization of
acquisition-
related
intangible assets 2,763 2,051 35
Contingent
consideration
fair value change 6,576 – 100
—————————————————————————-
Adjusted common
shareholders’ net
income $ 106,475 $ 86,396 23%
—————————————————————————-
/T/
Pre-tax, pre-provision (PTPP) income
/T/
For the three months ended
——————————————
(unaudited) January 31 April 30 Change from
April 30 2017 2017 2016 April 30 2016
($ thousands)
—————————————————————————-
Total revenue (teb)$ 173,026 $ 175,843 $ 164,484 5%
Less:
Adjusted non-
interest
expenses 82,240 80,963 76,856 7
—————————————————————————-
Pre-tax, pre-
provision income $ 90,786 $ 94,880 $ 87,628 4%
—————————————————————————-
For the six months ended
—————————-
(unaudited) April 30 April 30 Change from
2017 2016 April 30 2016
($ thousands)
—————————————————————————-
Total revenue (teb) $ 348,869 $ 323,217 8%
Less:
Adjusted non-
interest
expenses 163,203 151,231 8
—————————————————————————-
Pre-tax, pre-
provision income 185,666 $ 171,986 8%
—————————————————————————-
Consolidated
Balance Sheets
As at As at As at As at Change
(unaudited) April 30 January 31 October 31 April 30 from April
($ thousands) 2017 2017 2016 2016 30 2016
—————————————————————————-
Assets
Cash Resources
Cash and non-
interest
bearing
deposits with
financial
institutions $ 67,963 $ 46,778 $ 11,490 $ 6,271 nm%
Interest
bearing
deposits with
regulated
financial
institutions
(Note 3) 722,075 403,925 890,516 169,997 325
Cheques and
other items in
transit 15,708 – 18,050 19,844 (21)
—————————————————————————-
805,746 450,703 920,056 196,112 311
—————————————————————————-
Securities
(Note 3)
Issued or
guaranteed by
Canada 725,527 1,330,814 1,142,798 1,522,143 (52)
Issued or
guaranteed by
a province or
municipality 173,268 349,646 291,947 360,837 (52)
Other debt
securities 88,614 275,628 154,648 173,040 (49)
Preferred
shares 141,925 144,921 119,201 131,437 8
—————————————————————————-
1,129,334 2,101,009 1,708,594 2,187,457 (48)
—————————————————————————-
Securities
Purchased
Under Resale
Agreements – – 163,318 142,915 (100)
—————————————————————————-
Loans (Notes 4
and 6)
Personal 4,475,620 4,177,551 4,063,552 3,699,902 21
Business 17,852,517 17,705,173 18,001,584 17,675,776 1
—————————————————————————-
22,328,137 21,882,724 22,065,136 21,375,678 4
Allowance for
credit losses
(Note 5) (112,947) (109,275) (103,788) (127,673) (12)
—————————————————————————-
22,215,190 21,773,449 21,961,348 21,248,005 5
—————————————————————————-
Other
Property and
equipment 56,131 56,557 57,330 59,053 (5)
Goodwill 85,669 85,669 84,762 84,488 1
Intangible
assets 149,134 148,901 149,312 143,580 4
Derivative
related (Note
8) 5,437 8,456 10,370 28,308 (81)
Other assets 170,927 189,934 167,459 146,983 16
—————————————————————————-
467,298 489,517 469,233 462,412 1
—————————————————————————-
Total Assets $24,617,568 $24,814,678 $25,222,549 $24,236,901 2%
—————————————————————————-
Liabilities and
Equity
Deposits
Personal $12,694,328 $13,096,585 $13,223,702 $12,463,248 2%
Business and
government 7,779,411 7,586,775 7,970,851 7,877,677 (1)
—————————————————————————-
20,473,739 20,683,360 21,194,553 20,340,925 1
—————————————————————————-
Other
Cheques and
other items in
transit 54,192 49,444 27,683 122,309 (56)
Securities sold
under
repurchase
agreements
(Note 7) 102,553 108,480 – 99,003 4
Derivative
related (Note
8) 9,470 13,243 7,172 7,757 22
Other
liabilities 401,228 363,029 382,130 338,938 18
—————————————————————————-
567,443 534,196 416,985 568,007 –
—————————————————————————-
Debt
Debt securities
(Note 7) 917,217 909,050 943,198 885,202 4
Subordinated
debentures 250,000 325,000 325,000 325,000 (23)
—————————————————————————-
1,167,217 1,234,050 1,268,198 1,210,202 (4)
—————————————————————————-
Equity
Preferred
shares (Note
10) 265,000 265,000 265,000 265,000 –
Common shares
(Note 10) 725,912 724,252 718,377 565,927 28
Retained
earnings 1,413,324 1,384,221 1,354,966 1,305,522 8
Share-based
payment
reserve 26,878 26,932 31,276 30,014 (10)
Other reserves (23,050) (37,747) (27,579) (49,054) (53)
—————————————————————————-
Total
Shareholders’
Equity 2,408,064 2,362,658 2,342,040 2,117,409 14
Non-controlling
interests 1,105 414 773 358 209
—————————————————————————-
Total Equity 2,409,169 2,363,072 2,342,813 2,117,767 14
—————————————————————————-
Total
Liabilities
and Equity $24,617,568 $24,814,678 $25,222,549 $24,236,901 2%
—————————————————————————-
/T/
FOR: ONESOFT SOLUTIONS INC.
TSX VENTURE SYMBOL: OSS
Date issue: June 01, 2017
Time in: 7:00 AM e
Attention:
EDMONTON, ALBERTA–(Marketwired – June 1, 2017) – OneSoft Solutions Inc. (the
“Company” or “OSS”) (TSX VENTURE:OSS)(OTCQB:OSSIF), a North American developer
of cloud-based software solutions provides a business update and announces its
financial results for the fourth quarter and year ended February 28, 2017.
Please refer to the Audited Consolidated Financial Statements and Management’s
Discussion and Analysis (“MD&A”) filed on SEDAR for more information.
VISION, STRATEGY AND BUSINESS UPDATE
OneSoft’s vision, through its wholly owned subsidiary, OneBridge Solutions Inc.
(“OneBridge”), is to replace legacy, desk top software applications that are
historically cumbersome to deploy and costly to operate, to a more cost
efficient software as a service (“SaaS”) business model utilizing cutting edge
new technologies that operate on Microsoft’s Cloud platform and services. We
believe that our proprietary Machine Learning algorithms provide significantly
greater capability and functionality, and may represent a higher value
proposition for oil and gas pipeline operators than legacy desktop systems that
currently serve the industry provide today.
We believe our solutions may assist the pipeline operator to predict pipeline
failures and thereby save lives, protect the environment, reduce operational
costs and address regulatory compliance requirements. OneBridge utilizes a
single geo-spatial database that accommodates pipe-centric, structured and
unstructured big data, with capability to address the key functions that
pipeline companies require to manage, operate and maintain their pipeline
assets. OneBridge’s products are: Cognitive Integrity Management (“CIM”); and
Safety Management Systems and Compliance Analytics (“SMS/CA”); all of which
will be deployed as SaaS solutions that leverage Data Science, Azure Machine
Learning, HoloLens, Microsoft BI and other components of the Microsoft Cloud
platform and services.
OneSoft’s technology strategy is closely aligned with Microsoft, as OneSoft’s
management (“Management”) believes Microsoft’s Cloud platform will be the
global cloud platform of choice for business customers in the future. OneSoft
has incorporated components of Microsoft’s cloud technology and services into
its CIM products to create what we believe is cutting-edge software. We use
Machine Learning (“ML”), a form of artificial computing intelligence to analyze
the vast quantities of data (“big data”) recorded in inline inspection data
sets created by pipeline inspection gauges (“pigs”) inspecting hazardous oil
and gas pipelines during the past two decades. Our plan is to continue to
develop and enhance our proprietary ML algorithms to have the capability to
assess other data sets that might correlate with pipeline deterioration such as
pipe coating failure, soil types, seismic, moisture and other environmental
information to determine the patterns that contribute to the deterioration and
ultimate failure of hazardous pipelines. We anticipate that we will continue to
evolve our solution in accordance with our technology roadmap which
incorporates our pipeline data management expertise, certain components of
Microsoft’s cloud platform and services, and customer input and feedback
regarding product features and functionality they desire to manage their
pipeline assets as smart infrastructure.
Our proprietary ML algorithms are key and unique intellectual properties (“IP”)
embodied in our software solutions and they continued to be enhanced and
optimized following the commercial release of CIM to the marketplace in January
2017. Our product development efforts were supplemented through a collaborative
working arrangement with a Canadian University who assigned two of its
engineering Ph.D. candidates to research, develop and improve algorithms for
our IP, under our direction. The University received funding grants from the
Natural Sciences and Engineering Research Council of Canada and from Microsoft
for this project, which commenced November 1, 2016 and continued through April
30, 2017. We also worked with a professor and his Ph.D. student candidate from
a U.S. University during the year to progress our algorithms. These projects
have been helpful to us and OneBridge will retain full and sole ownership or
access to the intellectual property developed in these programs. During the
year, we also addressed numerous requests made by our private preview customers
and added new functionality and capability to our software solution.
The Company is now transitioning from its R&D phase, during which time only
limited revenue associated with early adopter use of our solutions was earned,
to a revenue generation phase which we anticipate will accelerate revenues as
we attract and engage new customers. Please refer to the Management Discussion
and Analysis report (MD&A) for more details in this regard.
Marketing and sales initiatives for CIM commenced following the commercial
release of the CIM solution in January 2017. This followed a four-month
technology development sprint during the first half of calendar 2016 wherein we
worked collaboratively with Microsoft teams in their first Accelerator program
for Machine Learning and big data, and subsequently an extensive private
preview program with two US-based pipeline operators which took place during
the second half of calendar 2016. We believe that the value proposition of the
OneBridge solutions is well understood by these private preview customers, and
expect that the support and assistance we gained in the last year to engage new
customers during our next fiscal year will continue.
Our CIM and HoloLens solutions were demonstrated to an international audience
of industry attendees at the annual Pipeline Pigging and Integrity Management
tradeshow (“PPIM”) held this year in Houston, Texas between February 27 and
March 3, 2017. On March 29, 2017, OneBridge presented its solutions at a
Pipeline Asset Management Workshop hosted by Microsoft at their Technology
Center in Houston, which was attended by senior managers from approximately 30
companies who are responsible for pipeline integrity roles including
engineering, integrity management, maintenance, data science, analytics and
information technologies. OneBridge had a trade booth at the Banff 2017
Pipeline Workshop held at the Banff Centre from April 3-6, 2017, which was
attended by more than 850 participants which focused on various aspect of the
oil and gas pipeline industry including regulatory and standards development;
inspection; corrosion; integrity, risk and asset management; geohazards and
emergency preparedness and response. Microsoft sales teams worked
collaboratively with OneBridge by donating computer hardware, personnel and
other resources which assisted our presence at these venues.
We are encouraged by the input and feedback received from numerous potential
customers who had the opportunity to investigate our solutions, and we are now
actively engaged in follow-up discussions and actions with potential new
customers. Our two main challenges appear to be (1) long sales cycles which we
anticipate will be six months or more; and (2) the pervasive reluctance and
skepticism to embrace a new automated solution to replace legacy practices. Our
sales process has generally involved senior executives of the prospective
customers, as our solutions operate much differently than the status quo
processes and products that serve the industry today. We have found that
numerous successive meetings are required with prospective customers to analyze
the benefits of cloud versus desk-top systems and to determine, articulate,
educate and fully communicate the higher value proposition that OneBridge
solutions can provide over legacy systems.
To address these sales challenges, OneBridge has created a Pilot Project
program which we anticipate will encourage new customers to engage the use of
CIM on a trial basis. The Pilot Project program is designed to operate as a
“fast succeed/fast fail” initiative, wherein potential customers will provide
data for a small portion of their pipeline, and within a week or two have it
analyzed and reported on by the CIM solution so prospects can understand and
experience the value proposition of using CIM first-hand. The Pilot Projects
will be revenue generating for OneBridge and their pricing is expected to be
within the financial authorization levels of integrity management personnel,
thus alleviating the need for multi-level approval which lengthens sales
cycles. We believe the value of using CIM, once it can be applied to, and
demonstrated with a customer’s specific data, will be seen as highly compelling
leading to quicker purchase of full subscriptions to use the product.
Exposition of the OneBridge solutions at the three conference venues attracted
interest from certain industry vendors who currently provide services based on
legacy solutions to their customers. We are following up with several of these
to explore alternatives such as joint sales projects, third party licensing
arrangements or other means to enable them to utilize OneBridge solutions as
part of the services they provide to their customers.
We believe once key industry participants who have embraced our solution share
their experience with their industry peers at industry gatherings, work-shops
and conventions, our CIM solution will gain traction as a compelling
alternative to the on-premise desktop solutions that serve the industry today.
In the year, the Company also completed several small public awareness
consulting contracts with new pipeline customers and also completed a large
Public Awareness contract to identify and mail safety brochures to all the
structures in the buffer zone of a pipeline. These Public Awareness contracts
and related revenue will not repeat in the next fiscal year as we have elected
to postpone further evolution of our SMS/CA software products during the next
few quarters in order to devote full operational focus to our CIM solution.
We believe that the combination of (i) OneSoft’s alignment with Microsoft cloud
deployment strategies; (ii) our deep domain expertise with respect to the
pipeline industry and development expertise regarding cloud computing; (iii)
the high degree of interest and motivation of oil and gas pipeline customers to
improve their safety practices; and (iv) the need for hazardous pipeline
operators to comply with increasingly stringent operational, safety and
regulatory requirements have potentially positioned the Company for significant
future growth and opportunity. We believe that our solutions are ideally poised
to provide comprehensive, cost-effective functionality and capability that
legacy desk-top systems are not able to replicate, and that our solutions are
sufficiently revolutionary to be disruptive to legacy systems typically used in
the industry today.
Our corporate development strategy continues to encompass pursuit of
initiatives that support value creation for our shareholders, potentially
including joint ventures and M&A scenarios that are synergistic and supportive
of our objectives.
Q4 AND FISCAL YEAR FINANCIAL HIGHLIGHTS
Financial results are summarized as follows:
/T/
—————————————————————————-
(in $,000)’s,
per share in $ Three months ended February Year ended February
————————————————————
Increase / Increase /
2017 2016 (Decrease) 2017 2016 (Decrease)
—————————————————————————-
Continuing
Operations $ $ % $ $ %
————————————————————
—————————————————————————-
Revenue 243 142 71.1 571 405 41.0
—————————————————————————-
Net loss (655) (321) 104.2 (1,642) (2,240) (26.7)
—————————————————————————-
Discontinued
operations:
—————————————————————————-
Net (loss)
income (66) 1 (6,762.9) 178 (91) 296.0
—————————————————————————-
Consolidated net
loss (721) (320) 125.5 (1,464) (2,331) (37.2)
—————————————————————————-
Weighted average
common shares
outstanding –
basic and fully
diluted (OOO)’s 66,726 47,074 65,426 40,553
—————————————————————————-
Per share:
—————————————————————————-
Continuing
operations –
loss (0.01) (0.01) – (0.03) (0.06) (50.0)
—————————————————————————-
Discontinued
operations –
income – – – – – –
—————————————————————————-
Consolidated net
loss (0.01) (0.01) – (0.03) (0.06) (50.0)
—————————————————————————-
/T/
Revenue for the quarter and the year increased from the comparable prior
periods based on Management’s decision to focus on oil and gas pipeline
software in the current year, the precursor of which was the selling of the
OneNFP accounting software product line in the prior fiscal year. This new
focus also resulted in higher gross profit of $450,230 for the current year and
$159,965 for the current quarter (compared to $38,170 and $3,039 in the prior
comparable periods). The reduction of $722,935 in the consolidated net loss for
the current year compared to the previous year was a result of the increase in
gross profit, capitalization of software development costs of $965,944 and
settlement of the Sylogist litigation as noted below offset by an increase of
$553,043 in operating expenses, expense of $178,379 revaluing contingently
issuable shares and a net reduction of $125,242 in net income tax recovery. In
Q4 of this fiscal year, the Company recorded $463,978 in non-cash expenses
including $209,388 in stock-based compensation, $129,100 in impairment charges
relating to two intangible products, $82,571 in amortization and depreciation
and $42,919 to increase the value of contingently issued shares. The
consolidated net loss for the quarter was $720,695 versus $319,592 for the
comparable quarter last year.
During Fiscal Q4 this year, certain warrant holders exercised 907,000 warrants
to generate cash proceeds of $93,552. Subsequent to the fiscal year end, on
March 6, 2017, certain insiders sold some of their shares and used a portion of
the sale proceeds to exercise warrants to replace the shares sold, which raised
$1,822,389 for the Company without incurring the further dilution that a new
private placement would have caused. These funds and anticipated cash from
operations is felt sufficient to allow the Company to execute its business plan
as envisioned for fiscal 2018.
On October 21, 2016, the Company and Sylogist Limited finalized a settlement
agreement whereby all matters associated with OneSoft’s statement of claim
against Sylogist, and Sylogist’s counterclaims against OneSoft, its
subsidiaries and its senior executives and directors were resolved, without
admission of liability by either side. The agreement is a compromise of the
disputed claims and all actions have been discontinued on a without costs
basis. OneSoft received $244,306 in cash and forgiveness of unpaid accrued
royalties of $88,269 as part of the settlement terms. Terms of the settlement,
except for those which relate to financial disclosure to meet regulatory
compliance requirements, are confidential.
On March 31, 2016, the Company announced the closing of an over-subscription to
its non-brokered private placement of 3,333,333 units at a price of $0.075 per
Unit for gross proceeds of $250,000. Each unit sold was comprised of one common
share and one Common Share purchase warrant. Each warrant entitles the holder
to purchase one additional Common Share at a price of $0.15 per Common Share
for a period of twenty-four months following the date of closing. After four
months and one day following the closing date, the Company will have the right
to accelerate the expiry date of the Warrants if the closing price of the
Company’s common shares is equal to or exceeds $0.50 for twenty consecutive
trading days. The Company raised a total of $1,250,000 under the Private
Placement, including the initial subscriptions of 13,333,333 Units, with the
same terms, for gross proceeds of $1,000,000 which closed on February 25, 2016.
About OneSoft Solutions Inc.
OneSoft Solutions Inc. has developed software technology and products that have
capability to transition legacy, on premise licensed software applications to
operate on the Microsoft Cloud, in conjunction with Office 365, CRM Online,
Microsoft BI and Microsoft Azure Machine Learning. OneSoft’s business strategy
is to seek opportunities to convert legacy business software applications that
are historically cumbersome to deploy and costly to operate, to a more cost
efficient subscription based business model utilizing the Microsoft Cloud
platform and services, with accessibility through any internet capable device.
Visit www.onesoft.ca for more information.
About OneBridge Solutions Inc.
OneSoft’s wholly owned subsidiary, OneBridge Solutions Inc., is developing
revolutionary new applications for the Oil & Gas pipeline industry, which we
believe may allow the pipeline operator to predict pipeline failures and
thereby save lives, protect the environment, reduce operational costs and
address regulatory compliance requirements. OneBridge utilizes a single
geo-spatial database that accommodates pipe-centric, structured and
unstructured big data, with capability to address the key functions that
pipeline companies require to manage, operate and maintain their pipelines.
OneBridge solutions are designed to address two key areas of functionality –
Cognitive Integrity Management (“CIM”) and Safety Management Systems and
Compliance Analytics (“SMS/CA”) solutions, all of which will be deployed as
SaaS solutions that leverage Data Science, Azure Machine Learning, HoloLens,
Microsoft BI and other components of the Microsoft Cloud platform and services.
Visit www.onebridgesolutions.com for more information.
ON BEHALF OF THE BOARD OF DIRECTORS
ONESOFT SOLUTIONS INC.
Douglas Thomson, Chair
Forward-looking Statements
This news release contains forward-looking statements relating to the future
operations and profitability of the Company and other statements that are not
historical facts. Forward-looking statements are often identified by terms such
as “may”, “should”, “anticipate”, “expects”, “believe”, “will”, “intends”,
“plans” and similar expressions. Any statements that are contained in this news
release that are not statements of historical fact may be deemed to be
forward-looking statements. Such forward-looking information is provided for
the purpose of providing information about management’s current expectations
and plans relating to the future. Investors are cautioned that reliance on such
information may not be appropriate for other purposes, such as making
investment decisions.
In respect of the forward-looking information and statements the Company has
placed reliance on certain assumptions that it believes are reasonable at this
time, including expectations and assumptions concerning, among other things:
interest and foreign exchange rates; planned synergies, capital efficiencies
and cost-savings; applicable tax laws; the sufficiency of budgeted capital
expenditures in carrying out planned activities; the availability and cost of
labour and services; the success of growth projects; future operating costs;
that counterparties to material agreements will continue to perform in a timely
manner; that there are no unforeseen events preventing the performance of
contracts; and that there are no unforeseen material development or other costs
related to current growth projects or current operations. Accordingly, readers
should not place undue reliance on the forward-looking information contained in
this press release. Since forward-looking information addresses future events
and conditions, such information by its very nature involves 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 risks associated with the industries in which the Company
operates in general such as: costs and expenses; interest rate and exchange
rate fluctuations; competition; ability to access sufficient capital from
internal and external sources; and changes in legislation, including but not
limited to tax laws.
Readers are cautioned that the foregoing list of factors is not exhaustive.
Forward-looking statements contained in this news release are expressly
qualified by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news release,
and the Company undertakes no obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly required by
Canadian securities law.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
– END RELEASE – 01/06/2017
For further information:
OneSoft Solutions Inc.
Dwayne Kushniruk
CEO
(780) 437-4950
[email protected]
www.onesoft.ca
COMPANY:
FOR: ONESOFT SOLUTIONS INC.
TSX VENTURE SYMBOL: OSS
INDUSTRY: Computers and Software – Software
RELEASE ID: 20170601CC0029
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