Gallic shareholders support acquisition by PetromanasShareholders and warrantholders of Gallic Energy Ltd. voted to approve the acquisition of the company by Petromanas Energy Inc. in a share swap deal valued at $6.1 million including a working capital surplus of $3.9 million. Petromanas will acquire all of Gallic's class A shares in exchange for ~0.4 of a Petromanas share and all Gallic warrants will be exchanged for warrants of Petromanas. The exchange ratio represents an 11% premium to the volume weighted average price of Gallic shares for the...
Dec 31, 2012
Petromanas to buy Gallic as part of European strategyPetromanas Energy Inc. is buying Gallic Energy Ltd. in a share swap deal valued at $6.1 million including working capital surplus of $3.9 million. Gallic shareholders will receive 0.37 of a share of Petromanas for each Gallic share held. The exchange ratio represents an 11% premium to the volume weighted average price of Gallic shares for the 10 trading days prior to October 1. Petromanas expects to issue ~62.65 million common shares worth $10 million in the transaction.Gallic's current...
Oct 02, 2012
Gallic raises C$23 millionGallic Energy completed a C$23 million bought deal offering, issuing 57.5 million units at $0.40/unit. Each unit includes one common share and one half of a common share warrant. Each warrant gives holders the right to purchase one common share at $0.60/share until April 2013. The company plans to use proceeds to fund its 2011 exploration and development program and general purposes. Macquarie Capital Markets led the underwriting...
Apr 13, 2011
Gallic raises $20 million in bought-deal financingGallic Energy plans to raise $20 million by issuing 50 million units at $0.40 each. The units are one share and a warrant equal to half a share. The company plans to raise $20 million. Proceeds will go to fund the 2011 exploration and development. Macquarie Capital Markets Canada led the...
Mar 24, 2011
Canadian Dealmakers (February 2011; 15 Stories)- Edwards Land Services founders Darcy and Pam Edwards have stepped down from their respective roles of president and secretary/treasurer after 30 years.
- William Smith has joined Gallic Energy as CEO.
- Greenfields Petroleum advises A. Wayne Curzadd, VP and controller, will serve as interim CFO, replacing Mark Witt who is leaving the company to pursue other opportunities.
- Hyperion Exploration appointed Ryan J.M. Heath as VP, Land and Business...
Feb 09, 2011
Dealmakers- AJM Petroleum Consultants promoted Robin Bertram, P.Eng. to EVP.
- Daron S. Torrens P.Eng. has joined Anglo Canadian Oil Corp. as VP Operations.
- Anterra Energy appointed CEO Dr Gang Fang President of the company and Owen Pinnell, the company’s Chairman was appointed CFO until a replacement is hired.
- Big Eagle Services has brought on board two new senior management team members and reconstituted its Board of Directors. Russell J. Domville has joined Big Eagle as its EVP and Troy...
Dec 20, 2010
US & International A&D Briefs - December 9, 2013• Eaglewood Energy has executed a farm-out deal with Horizon Oil sub Ketu Petroleum for a non-op 20% participating interest at PPL 259 in Papua New Guinea's Western Province. Eaglewood will retain an operated 45% stake. Horizon's interest will increase to 45% from 25% previously but will drop to 35% once it completes the sale of 40% of its Papau New Guinea interests to Osaka Gas. Horizon is paying $3.8 million for Eaglewood's sunk costs and will cover US$5.0 million of Eaglewood's expenses for...
Dec 09, 2013
A&D News Briefs - October 25, 2012• Hong Kong-listed gas company Enviro Energy sold its wholly-owned sub, Jilin Hengli Industries to an unidentified Chinese company for US$8.0 million. Jilin owns a 50% interest in two oilfields in Qian'an, a county of northwestern Jilin province in China. Jilin's partner is PetroChina. Enviro said proceeds will fund the development of unconventional gas in Xinjiang province by another unit, TerraWest Energy.• Texas-focused Forest Oil, which recently agreed to sell all of its southern...
Oct 25, 2012
Global Marketplace Briefs - Jul. 27, 2012• London-listed Aminex Plc is eyeing the sale of a non-core asset in Egypt as well as a 50% interest in North Korea. The assets include a 10% carried interest through commercial production in the West Esh el Mellaha-2 PSC in Egypt. The ~246,116-acre block is on the southwestern onshore margin of the oil-rich Gulf of Suez Basin. In North Korea, a 50% interest in Korex Ltd., which holds the ~ 13,590-acre offshore East Sea license is available.• Gallic Energy Ltd. is looking for a partner to...
Jul 27, 2012
International Briefs - July 26, 2012• Cardiff Energy said Superior Oil & Gas, the operator of the Osage County Buzzard sand oil play in Oklahoma, has begun completion activities on the threewell Buzzard project. All three wells were drilled to ~800 ft TD. The Buzzard #10 and #12 wells have been tied in for gas production while #11 is being equipped as an oil producer. Once the existing production intervals have stabilized, Cardiff will consider further completion activity on additional zones. Cardiff is paying 50% of...
Jul 26, 2012
Drilling Briefs - May 16, 2012• Afren said the Nunya-1x exploration well in the Keta block offshore Ghana encountered thick, high-quality water-bearing reservoirs. The objective of the well was to explore a large four-way dip closed Upper Cretaceous prospect in the block. The well, drilled to 13,650 ft, intersected 459 ft of good quality sandstone reservoirs; however, they were interpreted as water bearing. Afren has a 35% carried interest in the Keta Block and is partnered with Eni (operator, 35%), Mitsui (20%) and GNPC...
May 16, 2012
Drilling Briefs - April 19, 2012• BP received consent from the UK Department of Energy and Climate Change to drill the deepwater North Uist well, 125 km northwest of the Shetland Islands. The well, in Block 213/25c, is in water depth of 3,870 ft.• Dallas-based BRS Resources said its Gallare 6d well in Italy's Po Valley, in which the company participated through its 17.35% ownership interest in operator AleAnna Resources, encountered gas shows while drilling through the targeted zones of interest. AleAnna applied for...
Apr 19, 2012
Drilling Briefs - March 27, 2012• Toronto-based CGX Energy has begun drilling its Eagle-1 well on the company's 100% owned and operated Corentyne prospecting license in the Guyana-Suriname basin offshore Guyana. The well will be drilled to 4,250 m to test the Eocene and Maastrichtian geologic zones.• Coastal Energy Co. drilled two new producing wells and a water injection well at Bua Ban North offshore Thailand. One of the wells was drilled horizontally and has been tied in. The company has two more wells to bring online...
Mar 27, 2012
Drilling Briefs - February 03, 2012• Arcis Seismic Solutions has begun field operations on a Campbell Creek 3D seismic participation survey in the Wapiti Area of northern Alberta. The program is still open for subscription. Geologically, the area possesses multiple zones for exploration and development from the Upper Cretaceous to the Lower Devonian. Parameters are designed to image all zones and provide suitable offset and azimuthal distribution to allow application of higher order processing and reservoir applications.
•...
Jan 29, 2012
Acquisition Briefs (Short Stories; July 13, 2010)- Aspen Group Resources Corp. sold its 100% WI in leases totaling 300 acres in Manitoba's Daly field for undisclosed terms.
- Huntington Exploration Inc. closed its previously announced sale of its Pine Creek property to Riley Resources for $600,000 cash. Proceeds of the sale were used to retire bank debt and for general corporate purposes.
- Sahara Energy Ltd. terminated the letter of intent with Gallic Energy Ltd. to negotiate a sale of Sahara's Alberta and Saskatchewan properties.
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Jul 13, 2010