First glimpse of 2017 capital spending programs emergesThe past few weeks have been relatively quiet in the capital markets, although we got the first glimpse of what the capital spending environment might look like for next year. Crescent Point Energy has set a preliminary capital budget for 2017 at $1.4 billion, up 27% from the updated $1.1 billion budget the company is planning for this year. Spending plans consist of $450 million in growth capital on top of $950 million of sustaining capital. Crescent Point spent $1.6 billion on capital...
Sep 22, 2016
Deal markets crash as oil prices search for a bottomAlmost a month into 2015, low oil and gas prices have brought upstream deal activity to a near standstill. In Canada only two YTD deals have been struck for a total of $21.4 million. (See the Lightstream and Maple Leaf stories on page 2; other deals in this issue occurred during 4Q14 but were reported in January.) The same slowdown is occurring globally, with just nine transactions with disclosed values totaling US$260 million. For comparison, from 2010 through 2014 the number of global...
Jan 26, 2015
Canadian M&A stays strong in Q2Upstream deal activity in Canada continued its comeback during Q2, racking up C$8.1 billion in 56 transactions (45 with disclosed values). Although dealmaking backed off somewhat vs. Q1 in terms of both total value (down 16% from $9.6 billion) and transaction count (down 10% from 62 deals), the Q1 value was skewed by one curve-wrecking $3.1 billion deal. That was Canadian Natural Resources Ltd.'s mid-February acquisition of Devon Energy's conventional Canadian portfolio. Backing out the...
Jul 25, 2014
Not just a rebound: Canadian M&A set for further growthUpstream oil and gas deal activity in Canada for 2014 to date has now surpassed the entire $11.8 billion total transaction value reported in 2013 by 10%, and a number of signs point to a sustained improvement in the M&A market. Halfway through Q2 on May 15, the YTD total stood at $13.0 billion according to research using our Global M&A Database. Key drivers in the rebound appear to be a resurgent financial market, the ascendance of domestic dividend-plus growth companies, consolidation among...
May 29, 2014
Lightstream sells non-core assets for $141 millionPart of a plan to sell $600 million in non-core assets by YE15, Lightstream Resources entered an agreement to sell royalty interests and ~200,000 acres in Southeast Saskatchewan and Manitoba for $141 million, with the majority going to publicly-listed Freehold Royalties Ltd. ($111 million) and the rest to privately-held Canpar Holdings ($30 million). Both Freehold and Canpar are managed by Rife Resources Management Ltd.Freehold is acquiring 71,700 acres of mineral title...
Apr 14, 2014
Lightsteam sells non-core assets for $112 millionAs part of an ongoing effort to reduce debt and improve its debt-to-cash-flow ratio, Lightstream Resources Ltd. (formerly PetroBakken) announced it has soldor is finalizing negotiations for the sale of $112 million in non-core assets. The divested assets consist of 10 MMcfed (66% gas), 18 Bcfe of proved plus probable reserves and 41,000 net acres. The assets are located in Alberta and British Columbia and include gas rights on Lightstream's Cardium leases in southwestern Alberta. (Lightstream...
Mar 03, 2014
PetroBakken drilling efforts focus on West PembinaCardium development---particularly in the Pembina area---continued to be the focus of PetroBakken Energy's drilling activity during Q1 and will remain so for the rest of the year. The company drilled 23 Cardium wells in Q1 and placed 17 on production (out of 53 and 40 wells company-wide). In contrast it drilled only 15 Bakken wells.The company's changing focus is highlighted by a proposal from the management and board to change to company's name to Lightstream Resources Ltd. Since...
Apr 15, 2013
Canadian Scout - People & Companies Briefs - January 27, 2017Blue Sky Energy appointed corporate secretary Neil Said as VP and to the board following its acquisition of Sonoro Energy’s Iraqi E&P assets. The company also changed its name in July from Brookwater Ventures and began trading on the TSX Venture exchange as BSI. CGX Energy shook up its board. Four of its seven members resigned: cochairman Serafino Iacono, Ronald Pantin, Marino Ostos and Michael Galego. All were nominated to the board of Pacific Rubiales when it acquired CGX. Pacific...
Jan 27, 2017
CanadianAcquirer - People & Companies Briefs - January 11, 2017Calgary-based Baytex Energy appointed Ed LaFehr, President, to succeed James Bowzer as CEO in May 2017. LaFehr joined Baytex in July 2016 as President with responsibility for the company’s Canadian and US business operations and corporate development. Bowzer has served as CEO since September 2012 and will remain on the board. Blue Sky Energy appointed corporate secretary Neil Said as VP and to the board following its acquisition of Sonoro Energy’s Iraqi exploration and development...
Jan 11, 2017
People Briefs - January 28, 2016Lightstream Resources announced that Craig Lothian has resigned from the board. No replacement has been named. Lothian is president of Lex Capital Management and is an active investor and entrepreneur. He is also head of Keystone Royalty Corp. and a founder of Villanova 4 Oil Corp. Lightstream is a Canadian E&P focused on the Bakken and CardiumShawcor announced that chairman John Petch is retiring from the board. He has been a director of the company since 2005 and chair of the board...
Jan 28, 2016