CS - Cequence $11.2MM private placement gives rise to new power - July 2019Calgary-based private investor G. A. Cumming now owns about 20% of Cequence
Energy Ltd. after buying over 7.7 million, or about 45%, of new CDE flow-through common
shares issued via a private placement that closed June 27. This adds to his existing 2.4%
stake in the company. Cumming said he paid $5,029,120 for the 7,737,108
common shares he acquired through the placement, while the company said
it realized gross proceeds from the entire
placement of $11.2 million at $0.65 a...
Jul 10, 2019
Canadian companies report higher productionA recovery in world oil prices as well as the narrowing of the discount for Canada’s heavy crude has led to a surge in production for nearly all of the country’s heavy oil producers. SunCor’s Fort Hills production ramped up ahead of schedule (PG 1), and Cenovus Energy reported Q2 production up 19% YOY (PG 3). Husky Energy was an exception, reporting a 7.5% decline in production from a year ago (PG 1). Prairie Provident Resources saw a 30% increase in production (PG 4), while Pulse Oil...
Aug 02, 2018
People & Companies - August 02, 2018Cequence Energy announced Kevin Nielson has joined the company as Contract Interim CFO. Nielson has 19 years of public accounting and financial reporting experience. Most recently, he was Audit and Assurance Partner at an international accounting firm, where he specialized in serving upstream oil and gas companies.Imperial Oil announced the appointment of Miranda Hubbs to its board, effective, July 26. Hubbs is an independent director of Nutrien Ltd. and the Public Sector Pension...
Aug 02, 2018
Cequence talking to $60MM noteholder about alternativesCequence Energy Ltd. said it is actively pursuing strategies to improve its liquidity picture as it struggles with the ongoing weakness in Canada’s natural gas market. It has been holding ongoing discussions with CPPIB Credit Investments, the sole holder of $60 million in senior notes due this October, while it copes with a $14.5 million working capital deficiency. At the end of Q1, Cequence had net debt of $74.5 million, up about 4% YOY.Cequence said its management hopes to be able to...
Jun 08, 2018
People & Companies - April 25, 2018Advantage Oil & Gas Ltd. has
named David Sterna as VP, Marketing
and Commercial. Sterna has more
than 20 years of executive and senior
management experience, most recently at
Progress Energy Canada, a subsidiary
of Malaysia’s Petronas. Bird River Resources announced
that Ty Pfeifer, President of High Point
Oil, has joined the company’s board as an
independent director. Pfeifer has nearly
40 years of oil and gas experience across
western Canada and internationally.
Shane Shodine has...
Apr 25, 2018
Cequence says ‘Bye bye BC,’ incurs $8.8MM in chargesCequence Energy Ltd. incurred
$8.8 million of asset abandonment and
reclamation obligations to British Columbia
at the end of 2017 in connection with the
disposal of its remaining assets in the
northeastern part of the province. These
costs represented 23% of Cequence’s total
reported YE17 liability of $38.5 million.
In Q4 the company produced about 663
boe/d from the BC assets and lost $172,000.
But now, Cequence is a pure-play Alberta
operating entity and has an energy regulatory
liability...
Apr 25, 2018
Cequence sells non-core BC assetsWestern Canada-focused Cequence
Energy Ltd. completed two asset sales
for total proceeds of $4.3 million. The
dispositions include the sale of a noncore
property located
in B.C. which is
producing ~100 boe/d and the sale of 25
sections of Lower Montney rights in the
Simonette area. As part of the Simonette
deal, the buyer will drill and complete
a Lower Montney horizontal well prior
to the end of 2018. Cequence retains its
82 net sections of Upper Montney rights
and 57 net sections of Lower...
Jan 17, 2018
Capex budgets based on stronger commodity pricesAfter most Canadian energy companies reported their Q3 earnings, they began announcing capital expenditure budgets for 2018, often based on assumptions that oil and gas prices would continue to improve. MEG Energy’s capex budget calls for $510 million funded from internally generated cash flow and cash on hand (PG 1). Husky Energy announced plans to boost its 2018 capex 33% to a midpoint of $3.0 billion (PG 1). Enbridge Inc. announced a strategic...
Dec 13, 2017
Cequence lenders lower ceiling of credit facility to $12MMA syndicate of lenders has lowered the credit facility for Cequence Energy Ltd. from $20 million to $12 million. The company has $4.1 million in outstanding letters of credit, but its facility is otherwise undrawn.The company’s capital structure comprises shareholders’ equity, demand credit facilities, senior notes and working capital. In its Q3 update, the company reported $68.4 million in net debt, up from $64 million at YE16.At Sept. 30, Cequence had net debt...
Dec 13, 2017
CanadianCapital - People & Companies - November 30, 2016Arc Resources appointed David Collyer to its board. Collyer has more than 40 years of experience in the oil and gas industry and was president of CAPP from 2008-2014. 32 Degrees Capital named Trent Baker as managing partner. Baker will lead the deal team in sourcing, due diligence and investment monitoring. He has been with 32 Degrees for nine years in progressively senior roles. Bellatrix Exploration President and CEO Raymond G. Smith has taken a temporary leave of absence to...
Nov 30, 2016
CS - People Briefs - March 05, 2019Cequence Energy has hired Allan
Mowbray as CFO, effective March 15.
Mowbray is a CPA with more than 25
years of experience. Most recently, he was
CFO at a publicly traded oil field services
company. Kevin Nielsen was interim
contract CFO during the company’s
financial restructuring in 2018. ClearStream Energy Services Inc.
named Karl Johannson to the company’s
board. Johannson has extensive
operational experience in upstream and
midstream, including natural gas pipelines
and in...
Mar 05, 2019
CS - News Briefs - November 07, 2018Cuda Oil and Gas plans to raise
up to $12 million through two private
placements of up to 3.9 million common
shares. The company will use net proceeds
from the offering for exploration and
development activities, acquisitions and
working capital. The offering is expected
to close by Nov. 6. The additional capital
represents nearly 21% of the company’s
current shares. The first placement
includes 3.3 million common shares for
$3.05 each to raise up to $10 million. Pulse Oil Corp will...
Nov 07, 2018
People Briefs - August 15, 2018Obsidian Energy named
Aaron Smith as the company’s VP,
Development. Smith has more than
20 years of engineering
expertise in positions of VP,
Production at a diversified
oil and natural gas company based in
Calgary. In addition, Mark Hodgson has
transitioned to the role of VP, Operations
and E&P Services, and Andrew Sweerts
has assumed the role of VPm, Business
Development and Commercial. Permex Petroleum Corp. has
named Peter Dorrins and Dianna
Goldstein as advisory board...
Aug 15, 2018
People Briefs - May 02, 2018MEG Energy announced the
retirement of president and CEO Bill
McCaffrey after 19 years with the
company. He will also retire from the
board following MEG’s May 31 annual
meeting. Board member Harvey Doerr
will act as interim CEO during the search
process for a permanent replacement.Kelt Exploration elected Michael
Shea as a director of the company and
announced the retirement of board member
Eldon McIntyre after he served
for five years. Kelt also named
David Gillis finance VP....
May 02, 2018
Midstream A&D Briefs - June 23, 2015Cequence Energy Ltd. completed the sale of a 50% stake in its Simonette gas compression and dehydration facility to Kanata Energy Group Ltd. for C$34 million. The deal paves the way for an earlier reported JV to enhance the 13-11-62-27W5M facility with a shallow-cut refrigeration system and connection to TransCanada’s NGTL system. Cequence said that the refrigeration plant’s processing volume of 120 MMcf/d of liquids-rich natural gas will cover its drilling development plans for several...
Jun 23, 2015