Raise shows Q1 loss of $508K despite revenue increaseRaise Production Inc. reported a Q1 loss of $508,572 on revenue of $146,239, down from a year ago loss of $331,817 on revenue of $7,400. The company’s increased revenue stems from a distribution with Endurance Lift Solutions to market its High Angle Lift Solution (HALS) in the U.S. The startup company attributed its losses to the issue of stock-based compensation. In February, it issued 700,000 stock options at a cost of $88,370, up from an expense of $12,947 in 1Q17. The company...
Jun 08, 2018
Raise raises $2.6 million through private placementSynergy Energy Holdings has acquired 11 million shares of Raise Production Inc., aCalgary-based oilfield services company, for $0.24 each. The private placement will generate $2.6 million for Raise and will give Synergy a 9.97% stake in the horizontal artificial recovery technology developer. A second tranche of 3.6 million shares, also to be sold for $0.24 each, is expected to close as soon as the company gets approval from the TSX Venture Exchange. Once the second placement closes, Synergy...
May 18, 2018
Bellatrix's angelic buy closes, increasing borrowing and capexBellatrix Exploration Ltd. completed the acquisition of Angle Energy Inc. for $69.7 million in cash and nearly 30.2 million common shares. Bellatrix also assumed all $60 million of Angle's issued and outstanding 5.75% convertible unsecured subordinated debentures due 2016 on the basis of $1,040 in cash per $1,000 principal amount of debentures plus accrued and unpaid interest through the closing date of December 10. Former Angle director Keith Turnbull joins the Bellatrix board January 1,...
Dec 12, 2013
Angle to focus on growing Cardium light oil this yearAngle Energy Inc. plans to focus on growing production from its Cardium light oil plays for 2013. Fifteen of the 20 wells (79% WI) the company plans to drill in the first half of the year will be Cardium projects. The company is forecasting production for the year to average 11,300-11,700 boepd (55% oil and NGLs), with December volumes expected to average 12,000-13,000 boepd. The companyProduction for 4Q12 is expected to average 13,800-14,000 boepd (47% oil and NGLs). December...
Jan 09, 2013
Angle sells gas-weighted Edson assets for $74 millionAngle Energy Inc. is selling certain natural gas-weighted assets in the Edson area of Alberta for $74 million. The buyer was not disclosed.The assets being sold represent all of Angle's interests below the base of the Cardium and above the base of the Mississippian in the greater Edson area. Recent production from the assets was ~2,450 boepd (77% gas), with 2P reserves of 117.6 Bcfe (81% gas).Proceeds will be used to pay down debt and allow the company to focus spending on its...
Dec 12, 2012
Angle boost liquids weighting on Harmattan successAngle Energy Inc. drilled and rig released 10 horizontal wells (71% WI) in Q3, with 8 gross wells (64% WI) targeting Cardium light oil. The company has drilled 35 horizontal wells (83% WI) and one directional well (100% WI) so far this year. Of those, 25 (80% WI) targeted Cardium light oil, with 17 of those at Harmattan.Angle's Cardium play at Harmattan has provided significant light oil growth for the company. Cardium oil volumes at Harmattan currently being tied in are expected to...
Oct 16, 2012
Angle grows light oil, condensate production during Q1Angle Energy Inc. drilled 14 gross (12.9 net) horizontal wells and one gross (1 net) vertical well during Q1 with a 100% success rate. Light oil and condensate production grew 23% to ~2,950 bpd during the quarter. Seven additional horizontal wells (6.2 net) are currently drilling, of which six gross (6.0 net) are operated. The company will have 15 gross (14.0 net) horizontal wells awaiting completion following spring break-up.By May, the company expects to have drilled 12 of the planned...
Mar 21, 2012
Angle to spend $169 million in 2012 on light oil projectsAngle Energy Inc. is planning a $169 million capital program for 2012, including $152.2 million to drill and complete 42 gross (39 net) wells. The majority of spending will focus on two projects: Cardium light oil and Mannville condensate/light oil.The company plans to spend $134 million at Harmattan and Lone Pine Creek drilling 34.5 net wells, and $18.2 million at Ferrier and Edson drilling 4.6 net wells.Angle is forecasting 2012 production to average 15,500-16,000 boepd, a 20%...
Feb 13, 2012
Angle, Crew to sell Duvernay acreageAngle Energy Inc. and Crew Energy Inc. are selling certain Duvernay rights in the Ferrier area of central Alberta. The companies hold 100% WI in 6,240 acres (2,496 hectares). The lands are close to gas facilities with excess capacity.
The companies have retained AltaCorp Capital Inc. as their exclusive advisor in the process. AltaCorp.can be reached at (403) 539-8622. Interested parties should reference PLS Listing No. L...
Feb 09, 2012
Angle Energy enters into $44.5MM bought deal financingAngle Energy Inc. entered into a bought deal financing agreement with a syndicate of underwriters led by FirstEnergy Capital Corp. Angle plans to issue 7 million common shares at $6.35 per share for gross proceeds of ~$44.5 million.
The underwriters have also been granted an option to purchase up to an additional ~1 million common shares at the same price. If the underwriters option is fully exercised, gross proceeds from the offering will be ~$51.1 million.
The offering is scheduled to close...
Jan 11, 2012
Financing Briefs - December 03, 2013• Pursuant to its Q3 evaluation of strategic alternatives, Angle Energy has found a buyer---Bellatrix Exploration. The $576.5 million deal will include the assumption of $261 million in Angle's debt, which includes $60 million in 5.75% convertible debentures due 2016. Angle's shareholders will receive $3.85/share in cash or common shares, with the cash portion capped at $69.7 million. Angle said the buyout will be completed in mid-December.• Blackbird Energy closed a private placement...
Dec 03, 2013
Reserve Briefs - February 28, 2013• Angle Energy Inc.'s YE12 reserves totaled 32.7 MMboe (54% light oil and NGLs) 1P, down 14% YOY, and 60.9 MMboe (55% light oil and NGLs) 2P, down 17% YOY. Liquids weighting increased 14% YOY. Cardium light oil is now Angle's main asset. Angle recently sold gas-weighted assets in the Edson area of Alberta for $74 million.• Low Canadian gas prices prompted Apache Corp. to take a ceiling test writedown, driving negative reserves revisions totaling 1.79 Tcfe. Apache ended the year with...
Feb 28, 2013
People Briefs - November 06, 2012• Angle Energy Inc. said Clarence Chow has retired from the company's board.• Apache appointed Keith Josey as director, real estate and administrative services.• Huntington Exploration Inc. said Bob Verhelst has been appointed CEO.• Murphy Oil appointed Black Newson as senior landman.• New Zealand Energy Corp. said the company is moving its CFO position to New Zealand to be closer to the company's technical and accounting teams. John Hudson, NZEC's Group...
Nov 06, 2012
People & Company Briefs - July 26, 2012• Adira Energy appointed Jeffrey Walter and Richard Crist to the company's board.• Alberta Oilsands appointed Binh Vu as a director and corporate secretary. In addition, the company said Claes Palmgren has resigned as engineering VP.• Angle Energy said Elizabeth More, exploration VP, and Matthew Mazuryk, engineering VP, have left the company.• Bonterra Energy appointed Randy Jarock to its board.• Curlew Lake Resources appointed Huitt Tracey to the company's...
Jul 26, 2012
People Briefs - March 28, 2012• Angle Energy announced departure of John Gareau from its board of directors.• Aux Sable Canada appointed Charlotte Ragget, VP, business development, and Derek Ashing, VP, supply development, as officers of the company.• Curlew Lake Resources Inc. has appointed Robert Kramer and Dr. Harold Noyes to its board of directors.• Gibson Energy announced the retirement of Richard G. Taylor, executive vice president and chief financial officer on June 30. He will be replaced by...
Mar 28, 2012