CS - Bellatrix opts for CCAA protection, will attempt to sell itself - October 2019Bellatrix Exploration Ltd. announced that it has put itself up for sale under a courtsupervised restructuring process. The company announced CCAA protection on Oct. 2 and said that BMO would assist in the sale and investment solicitation process. CEO Brent Eshelman said the company had to file for protection from creditors because of “prolonged and continued poor natural gas and natural gas liquids prices” as well as general industry conditions facing Western Canada energy companies....
Oct 23, 2019
CS - People & Companies - September 11, 2019Baytex Energy named Jennifer Maki to its board. She served as CEO of the Canadian subsidiary of global mining company Vale SA, as well as executive director of the parent, from 2014 to 2017. Bellatrix Exploration announced the resignation of EVP and CFO Maxwell Lof to focus on ongoing health issues. His replacement is Shane Abel, who most recently served as CFO at Calgary-based High Ground Energy. Gear Energy Ltd. named Greg Bay and Wilson Wang to its board. Bay is a managing...
Sep 11, 2019
CS - Bellatrix’s plan to cut $110MM in debt gains support - May 2019Bellatrix Exploration Ltd. announced that its plan to recapitalize under the Canada
Business Corporations Act has thus far been approved by the Ontario Superior Court
of Justice. In addition, a majority of holders of its 8.5% senior unsecured notes
due 2020 and 6.75% convertible
debentures due 2021 have also
approved the transaction. The plan would
exchange $196 million outstanding of the 2020 notes for US$50 million of new second
lien notes due September 2023; US$50 million of new...
May 29, 2019
CS - Bellatrix Exploration unveils recapitalization transaction - April 2019On March 29, Bellatrix Exploration Ltd. announced a recapitalization transaction that
would reduce its outstanding debt by $110 million, or 23%; reduce annual cash interest
payments by $12 million until YE21; and address debt maturities so that the company would
have no maturities on non-revolving debt until 2023. Bellatrix has been exploring strategic
alternatives since early 2018.
The company is proposing
an exchange of all outstanding
8.5% senior unsecured notes due 2020 for US$50...
Apr 16, 2019
Bellatrix drills four operated wells at Spirit River in 4Q18Bellatrix Exploration Ltd. approved a 2019 capital budget of $40-50 million, a range designed to maintain production volumes of 204-216 MMcfe/d, down just under 2% at midpoint from the expected 2018 production. The company plans to fund its 2019 capital budget primarily through cash flow from operating activities. The capital budget is based on forward pricing expectations of US$65/bbl for WTI, $1.60/GJ at AECO, and an exchange rate of $1.34/USD. Bellatrix said it participated in five...
Jan 22, 2019
Bellatrix consolidates core Ferrier area in $13MM buyAs it consolidates operated production and acreage within its core Cardium Ferrier area of west central Alberta, Bellatrix Exploration struck a deal to acquire the remaining JV assets held by partner Grafton Energy Co. I Ltd. Bellatrix previously acquired a portion of the assets in June 2016. Upon completion of the deal, expected in Q4, the JV will be terminated and each company will release the other from all claims and obligations. The $13 million total deal value consists of $7.66 million in...
Oct 17, 2018
Husky/MEG deal dominates Q3 upstream M&A in CanadaThere were $8.14 billion in upstream M&A transactions across 28 deals in Q3, modestly down from $10.3 billion and 23 deals in Q2. Like the previous quarter, the oil sands continued dominating deal values, making up 80% of the total with $5.3 billion in transactions. In terms of deal volume, conventional plays led the quarter with 64% of all Q3 deals with 14 transactions, on par with Q2. The largest deal of Q3 was announced on the last day of the quarter, with Husky Energy’s $6.4 billion offer...
Oct 17, 2018
Bellatrix Exploration to refinance US$80MM debtBellatrix Exploration Ltd. plans to
issue US$72 million of 8.5% second lien
notes due 2023. In addition, the
company will issue between
US$30 million and US$40
million of second lien notes to current
debtholders. Proceeds from both issues
will be used to pay off US$80 MM 8.5%
senior unsecured notes due...
Aug 15, 2018
What the Analysts are Saying About A&D - July 03, 2018Paramount Resources Ltd (TSX: POU; $14.50-June 21; Hold; PT: $18)POU shares should outperform today thanks to the Resthaven disposition announcement for C$170MM in cash and C$170MM of shares (along with 8.5MM, 10 year warrants) in private company Strath Resources. We are not anticipating any changes to POU's $C600MM capital program and estimate back half 2018 production falls by 5mboepd putting full year 2018 production in the 89mboepd range. Cash proceeds lower our 2019 Net Debt/EBITDA...
Jul 03, 2018
What the Analysts are Saying About Canadian Capital - June 28, 2018Advantage Oil & Gas (TSX: AAV; $4.08 – June 21; Buy; PT: $5.0)With AAV trading near a historical low EV/EBITDA multiple on an all-time low AECO strip we think it presents one of the most skewed risk/return profiles we've seen in a long time. We calculate a NTM EV/EBITDA multiple of 5.2x (equal to consensus) on a C$1.55/mcf AECO price (US$1.20), more than 2 turns below the 3-year average historical multiple of 7.5x. Additionally, at strip pricing to 2021 and a terminal AECO price of...
Jun 28, 2018
People & Companies - August 31, 2017Bellatrix Exploration named Lynn
Kiss independent director. She will also
serve on the board’s reserves, safety and
environmental committee. Kiss
currently sits on the board of
Painted Pony Energy and was
previously SVP at Ryder Scott Company,
VP at AJM Petroleum Consultants
and engineering and planning VP with
Pengrowth Energy.
Montney-focused Blackbird
Energy appointed Allan Dixon business
development manager, where he will
be responsible for investor relations,
communication...
Aug 31, 2017
Canadian stocks slide as interest rates climbCanadian equity markets slide (PG 11) as the Bank of Canada raises interest rates for the first time in seven years (PG 10). Energy executives are concerned the increase will increase the cost of borrowing at a time when oil prices remain under $50/bbl. Enbridge Inc. closed on US$1 billion in subordinated unsecured notes due 2077. In addition, its subsidiary Spectra Energy Capital, holds a tender offer to refinance $760.9 million in notes. (PG 1).Encana Corp. posted a solid Q2...
Jul 27, 2017
CS - Exploration & Production Briefs - August 2019Bellatrix Exploration Ltd. is hoping to get back into the field by September to drill two to five net wells on its liquids-rich Spirit River lands in Alberta. The company drilled five wells in Q1 and none in Q2. During its Q2 earnings call, CEO Brent Eshleman said drilling would be dependent on AECO strip pricing, but if Bellatrix drills more wells this year they can be drilled in under 10 days by using existing pad sites. The company’s Q2 production was 35,917 boe/d (71% gas). Husky...
Aug 21, 2019
CS - News Briefs - March 26, 2019Calgary’s Toscana Energy Income Corp. announced March 15 that it
acquired additional interest in producing
assets in Marten Creek in western Alberta
for $226,880 in Q4 from an undisclosed
seller. That acquisition followed two other
2018 purchases. In August, the company
acquired Cortona Energy Ltd., a privately
held independent with assets near
Toscana’s Carmangay Barons oil pool in
southern Alberta. That was preceded in Q2
by the acquisition of 50% WI in producing
wells in the Bigoray area of...
Mar 26, 2019
CS - News Briefs - February 12, 2019Bellatrix Exploration has decided
to voluntarily delist its shares from the
New York Stock Exchange but will keep
its listing on the Toronto Stock Exchange.
The board decided to delist to reduce
listing fees and internal administration
costs and reduce costs associated with
US reporting requirements. Bellatrix’
common shares will continue to trade on
the TSX under the ticker BXE and the
company remains in compliance with all
TSX listing requirements. DXI Energy Inc. announced plans
to...
Feb 12, 2019