BlendForce selling Swan Hills tank farm & disposal wellBlendForce Energy Services has hired NRG Divestitures to assist with the sale of its surface equipment at an oilfield chemical blending facility, as well as a Class 1B disposal well, in the Swan Hills area of Central Alberta that it acquired from Arcan Resources Ltd. in a 2014 deal that coincided with the formation of the company. The tank farm site has 11-750 bbl fiberglass acid tanks, a 1.0-400 bbl steel internal coated tank and a storage capacity of 1,200 bbl. The disposal well is...
May 16, 2017
People & Companies - April 06, 2017Activist investor Seymour Schulich holds 40 million shares of Birchcliff Energy after acquiring an additional 2.5 million shares on March 27, 500,000 shares on April 3, and 2.0 million shares on April 6, increasing his stake in the company to 15%. The move comes after Schulich bought another 26 million shares of Pengrowth Energy in late February, increasing his ownership to 80 million shares. The former mining executive led the fight last year against Suncor’s initial takeover offer Canadian...
Apr 06, 2017
Q2 upstream deal activity driven by corporate takeoversWhile still relatively quiet overall, there was a steady trickle of deals in the Canadian upstream deal market during Q2. The main story of the quarter was uncertainty in the future, both from ongoing weakness in commodity prices and regulatory doubts following a surprising leftward lurch in the government of Alberta. This led a number of smaller producers to find certainty by selling themselves to larger organizations, while buyers narrowed their attention to the highest-quality assets,...
Jul 10, 2015
Aspenleaf strikes again with $360 million Coral Hill dealMarking its second attempt to gain a foothold in the light oil-producing Swan Hills area of north-central Alberta, privately held Aspenleaf Energy has signed an arrangement agreement to acquire Coral Hill Energy Ltd. Coral Hill shareholders will be able to choose $2.80 or 2.8 Class A Aspenleaf common shares per Coral Hill share held, subject to a maximum of ~115.8 million Aspenleaf shares. Coral Hill is being advised by FirstEnergy Capital, which puts the deal value at $360 million on its...
Dec 09, 2014
Arcan sets $52 million capexArcan Resources Ltd. approved a $26 million capital expenditure budget for the first half of 2013 and forecasts spending for the full year at $52 million, a fourth of what the company expected to spend last year. In June 2012, the company had forecast 2012 spending at $175-200 million.The 2013 budget will focus on developing the company's light oil resource in the Swan Hills area of northern Alberta, and includes drilling an estimated 13 wells (72% WI). The company expects...
Jan 14, 2013
PetroBakken boosts stake in Arcan Resources to 17%PetroBakken Energy Ltd. has acquired ~7.1 million common shares of Arcan Resources Ltd. at an average price of $0.89 per share, representing 7.2% of Arcan's outstanding shares. The buy brings PetroBakken's holdings in Arcan to ~16.6 million shares or ~17% of outstanding stock.Arcan is focused on developing the light oil resource play in the Swan Hills area of northwest Alberta. Arcan said in a statement it views this deal and others as "providing further evidence of the significant...
Dec 03, 2012
Arcan hits exit rate target of 6,000 boepdArcan Resources Ltd. exited 2011 with production of more than 6,000 boepd, meeting the company's estimates. Current production is ~6,400 boepd. Arcan continues to utilize three drilling rigs and expects to fracture and complete four additional new Beaverhill Lake horizontal wells a month during the first quarter of 2012.
The company drilled 32 and completed 31 horizontal wells in the Swan Hills area in 2011, with most of the activity concentrated around the Ethel development area. Arcan is...
Jan 27, 2012
InternationalDeals - People & Companies Briefs - October 17, 2016London investment firm Clayton, Dubilier & Rice hired former BG and Statoil CEO Helge Lund as an operating advisor to its funds. Lund oversaw BG’s sale to and integration with Shell. During his 10 years with Statoil, he oversaw the US$30 billion acquisition of Norsk Hydro’s oil and gas unit. He also served as CEO of engineering and construction firm Aker Kvaerner and as COO and CFO of the pharmaceutical business of healthcare and energy firm Hafslund Nycomed.ExxonMobil VP and...
Oct 17, 2016
People Briefs - March 31, 2015Antrim Energy is appointing CEO Anthony Potter to the board. Potter is a chartered accountant with over 26 years of experience in the oil and gas business including extensive involvement with Canadian companies that have operations in Argentina, the United Kingdom and Eastern Europe. Antrim is a Calgary-based junior with assets in Ireland and the UK North Sea.Arcan Resources announced that Murray Hinz has resigned as a director of the company. Arcan is active in the Sawn Hills area of...
Mar 31, 2015
Financing Briefs - June 18, 2014• Americas Petrogas sold over 19 million units at $0.90 each for almost $17.25 million through a syndicate led by Mackie Research Capital, RBC, Dominion, TD Securities and Cormark. Each unit consists of one common share and half a warrant for another common share at $1.125 each for three years.• After a review by Alberta Treasury Branches, Arcan Resources' credit facility was amended downward by $10 million to $180 million, where it will stay until May 28, 2015. The facility is...
Jun 18, 2014
Drilling & Production Briefs - January 23, 2014• Having completed the commissioning of its new Parkland/Tower gas processing and liquids handling facility in northeast British Columbia, ARC Resources plans to added the production of 26 existing wells during Q1. Additional wells are planned to fill the facility during the next 12 to 18 months. The plant is designed for capacity of 60 MMcfd and 8,000 boepd.• Following two separate third-party pipeline outages in December, Arcan Resources has fully restored production. Additionally,...
Jan 23, 2014
Closing Briefs - January 31, 2013• Arcan Resources closed the sale of 1¾ sections of undeveloped land in the Swan Hills area of northern Alberta for $10 million. The land sold was located in the southernmost area of the company's Swan Hills acreage, did not have any associated production and was isolated from its existing core production and infrastructure. Arcan's strategy continues to be to maximize and extract value in the forms of strategic sales or farm-outs without sacrificing its development inventory.• Avatar...
Jan 31, 2013
Earnings Briefs - December 07, 2012• Arcan Resources Ltd. recorded a loss of $27.5 million in Q3 vs. net income of $776,000 in 3Q11, primarily due to a $25.0 million loss on the sale of non-core assets in the Hamburg area of northern Alberta. The company recognized negative funds from operations of $1.6 million vs. $10.5 million in the year-ago period due to a one-time $8.0 million inventory settlement loss recognized in the quarter.• Delphi Energy Corp. ran a $9.2 million loss in Q3 vs. net income of $4.1 million in...
Dec 07, 2012
Acquisition Briefs - May 03, 2012• Arcan Resources acquired the 24% WI the company did not already own in the Morse River Unit #1 in the Swan Hills complex in north central Alberta for $5 million. The interest consists of ~30 boepd of light oil production. The transaction is effective as of August 2011.• Blackhawk Resource signed an LOI to sell one of its Bodo, Alberta, properties to an arm's length party for ~$6 million. The property, which holds one producing well, has average net production of 56.5 bopd barrels of...
May 03, 2012
Production Briefs - Apr. 26, 2012• Alberta Star Development Corp.'s newly drilled well (50% WI) on its Landrose property in west central Saskatchewan has been producing at 140 bpd (net of a 7% water cut). The company has also applied for a license to re-enter a shut-in well (50% WI) in the Landrose area during Q2 12. Alberta Star plans to target the untapped MacLaren formation.• Arcan Resources Ltd. drilled 16 wells since the beginning of its 2011/2012 Ethel winter drilling program, including 11 wells drilled in 1Q12....
Apr 26, 2012