New explorer Long Run sells $180MM in non-core assetsLong Run Exploration Ltd. has signed a deal to sell certain non-core assets for ~$180 million in cash prior to adjustments. Cormark Securities Inc. acted as financial advisor to Long Run in the deal. The buyer was not identified.The assets consist of the company's Viking interests in the Plato/Dodsland/Lucky Hills areas of Saskatchewan. Production from the properties is currently ~1,900 boepd of oil and 600 Mcfd of gas. The sale is slated to close by December 14, with proceeds used to...
Nov 15, 2012
Galleon to sell Alberta, Saskatchewan assetsGalleon Energy Inc. has launched a process to sell certain oil and gas assets in Alberta and Saskatchewan. The assets consist of properties in Edam, Senex, Dawson and Minor with combined August 2011 production of ~1,190 boe/d (60% liquids).
Request PLS Listing No. PP 14610PKG (summary) for more information or contact Paul Walmsley, managing director of Scotia Waterous Inc. at (403)...
Oct 03, 2011
Explorers (Short Stories; September 21)- Aroway Energy Inc. appointed Dave Contrada manager of engineering.
- Base Oil & Gas Ltd. intends to seek approval of shareholders at its September 13 annual meeting to change its name to Marquee Petroleum Ltd.
- Bayshore Petroleum Corp. appointed Anna Lentz CFO.
- Bengal Energy Ltd. appointed Garrett Wilson vice president, engineering and operations; John Jackson Australia country advisor; J.L. Narasimham advisor of Indian operations; Richard Edgar executive vice president and Gordon...
Sep 21, 2011
Dealmakers (Short Stories; August 29)- Blacksteel Energy Inc. said Robert Leslie has resigned as a director of the company.
- Edge Resources Inc. has named Nathan Steinke as CFO. Steinke replaces Ian Thomson who will remain as a consultant.
- The B.C. Oil & Gas Commission said Alex Ferguson has resigned from the OGC.
- Galleon Energy Inc. said Bill Andrew is joining the company as executive chairman and a director.
- HSE Integrated Ltd. said David Yager has stepped down as chief
executive officer of the company to pursue a...
Aug 29, 2011
Galleon posts soft quarter, CEO resignsGalleon Energy Inc. recorded a net loss of $13.3 million in Q1, which included a non-cash unrealized loss from financial derivatives of $19 million. The loss compared with net earnings of $18.8 million in the 2010 first quarter.
Quarterly revenues of $48 million and funds flow from operations of $26.8 million were generated from average production of 13,048 boe/d (32% oil and liquids and 68% natural gas), compared with revenues of $46 million, funds flow from operations of $21.2 million and...
May 25, 2011
Galleon Energy announces normal course issuer bidGalleon Energy Inc. will make a normal course issuer. Under the NCIB, Galleon may purchase for cancellation up to a maximum of 2 million Class A shares of the corporation or approximately 2.4% of the issued and outstanding shares. Purchases will be made on the open market. Galleon is limited to a maximum daily purchase of 132,981 shares which equates to 25% of Galleon's average daily trading volume trading volume for the six months prior October 31, 2010. The average daily trading volume for...
Dec 14, 2010
Galleon maintains production, increases drillingGalleon Energy Inc.’s Q3 production remained flat from Q2 at 13,850 BOEPD. However, the company did drill and case seventeen wells in Q3, an increase over Q2’s thirteen wells. And the 95% success rate of last quarter ticked up to a solid 100% this quarter.
In addition, there are 7.0 wells in the process of being completed which are expected to be tied in during Q4 2010.
Capital expenditures during the second half of 2010 are allocated 80% toward moving reserves from probable to proven...
Oct 05, 2010
People Briefs - December 13, 2011• CNOOC Ltd., China's largest offshore oil firm, appointed Li Fanrong CEO. Former CEO Yang Hua will become a non-executive director and a vice chairman of the board to focus on company strategy.
• ConocoPhillips, which will focus on exploration and production after it completes the spinoff of its refining arm in 2Q12, named former Exxon Mobil Corp. executive Alan Hirshberg executive vice president of technology and projects. Former Nexen Inc. executive Matt Fox has been named executive vice...
Dec 13, 2011
Stock Briefs (Short Stories; November 3, 2011)- EnerVest Diversified Income Trust has renewed its normal course issuer bid with the Toronto Stock Exchange. Under the NCIB EnerVest may purchase up to ~8.8 million of its issued and outstanding units on the open market through the facilities of the TSX at the prevailing market price, representing 10% of the public float. EnerVest may not purchase more than~1.8 million units during any 30-day period, equivalent to 2% of the issued and outstanding units. Any units purchased by the company
-...
Nov 03, 2011
Closings Briefs (Short Stories; October 2011)- Atikwa Resources Inc. has closed its previously announced private placement financing consisting of the issuance of flow-through units and units for aggregate gross proceeds of ~ $2.8 million. Atikwa issued ~35.7 million flow-through units at a purchase price of $0.07 per
flow-through unit and ~$5 million units at $0.06 per unit. The company plans to use the proceeds to fund further drilling at its light oil Spearfish play in the Pierson area of Manitoba and its light oil Bakken play in...
Oct 07, 2011
Financing Briefs - September 16, 2011- Burgeonvest Bick Securities Limited of Toronto will attempt to sell on a best efforts basis up to 9.1 million units of Anterra Energy Inc. for $0.22 per unit. Proceeds will be used for exploration projects including 3-D seismic and drilling in Saskatchewan and Alberta. Each unit consists of one Class A flow-through share and a half a one-year warrant to purchase a share of Class A stock at $0.27.
- Birch Lake Energy Inc. plans a non-brokered private placement of up to 2.5 million common...
Sep 16, 2011
People Briefs - September 16, 2011- Douglas "Brant" Bannion, former president of Hycal Energy, passed away September 6.
- H. Clayton Peterson resigned from Lone Pine Resources' board of directors. Peterson, a former Mariner Energy director, and his son Drew Peterson pleaded guilty to insider trading. Both men agreed to give up the profits made by trading on the knowledge that Apache Corp. was bidding for Mariner. The crimes carry jail sentences of up to 25 years and fines up to $5 million.
- Baytex Energy Corp. named...
Sep 16, 2011
People Briefs - June 23, 2011- Base Oil and Gas Ltd. said that Henry Sykes and Don Cameron have resigned as directors of the company and Mr. Cameron, vice president exploration, and Don Van Tetering, vice president operations, have resigned as officers
of the company as part of a previously announced recapitalization agreement. In addition, Richard Thompson has been appointed CEO and Hany Beshry has been appointed executive vice president, exploration. M. Elizabeth Burke-Gaffney has been appointed vice president,...
Jun 23, 2011
Company News Briefs - January 20, 2011Avatar Energy Ltd granted options to directors, officers and consultants to buy 1,400,000 shares at $0.50 each.
Baytex Energy Trust received the go-ahead from unitholders to convert to a corporation.
Blackdog Resources renegotiated its credit facility, increasing it from $800,000 to $2 million and reducing its interest rate by 0.5%.
Bonavista Energy completed its conversion to a corporation.
Canadian Spirit Resources reported higher losses in Q3 and the company is continuing to move...
Jan 20, 2011
Canadian Briefs (Short Stories; Oct 6, 2010)- Courts approved Compton Petroleum Corp.'s plan of arrangement. The company will exchange all of the outstanding US$450.0 million 7 5/8% Senior Notes due 2013 for a combination of cash and 10% Senior Notes due 2017 of Compton Finance.- Holders of Enerplus Resources Fund will vote on the conversion to a corporation on December 9. Management expects to complete the conversion by January 1, 2011.- Peyto Energy Trust will convert...
Oct 06, 2010