New Stratus buys Colombia oil producer Vetra for $123MMA pair of former execs from one-time Latin American upstream powerhouse Pacific Rubiales Energy are returning to the sector with an acquisition in Colombia valued at US$123 million. Calgary-based New Stratus Energy signed a binding LOI to acquire private Colombian oil producer Vetra Energia for $88.5 million cash plus $34.5 million in assumed net debt, giving it operated stakes in four producing fields and four exploration blocks. New Stratus also announced plans to elevate board members Jose...
Jun 20, 2018
Patagonia to spend $117 million in ArgentinaPrivately held Patagonia Oil Corp. has signed binding agreements totaling US$116.6 million to acquire oil and gas assets in Argentina including $12 million to be paid from production revenue, Toronto-listed PMI Resources reported. PMI agreed in March to acquire Patagonia from investment firm Blue Pacific Assets Corp. for $10,000 cash. At the time, Patagonia’s acquisitions were at the preliminary or LOI stage.Besides the cumulative purchase price, PMI also provided previously undisclosed...
May 17, 2017
Pacific rejects another takeover bid, advances Catalyst dealBankrupt South America-focused oil producer Pacific E&P spurned a last-minute US$575 million takeover bid led by Mexican investor Fernando Chico Pardo and a shareholder group called the O’Hara Administration and is moving forward with its debt-to-equity deal struck in April with private equity fund Catalyst Capital Group and other creditors. A Canadian court and more than 97% of Pacific creditors greenlighted the Catalyst deal, which will convert $5.3 billion of debt into a 58.2% equity stake...
Aug 30, 2016
Pacific rebuffs takeover bid to advance Catalyst dealBankrupt South America-focused oil producer Pacific E&P spurned a last-minute US$575 million takeover bid led by Mexican investor Fernando Chico Pardo and a shareholder group called the O’Hara Administration and is moving forward with its debt-to-equity deal struck in April with private equity fund Catalyst Capital Group and other creditors. An Ontario court and more than 97% of Pacific creditors approved the Catalyst deal, which will convert $5.3 billion of debt into a 58.2% equity stake in...
Aug 30, 2016
Pacific rejects another takeover bid, advances Catalyst dealBankrupt South America-focused oil producer Pacific E&P spurned a last-minute US$575 million takeover bid led by Mexican investor Fernando Chico Pardo and a shareholder group called the O’Hara Administration and is moving forward with its debt-to-equity deal struck in April with private equity fund Catalyst Capital Group and other creditors. An Ontario court and more than 97% of Pacific creditors approved the Catalyst deal, which will convert $5.3 billion of debt into a 58.2% equity stake in...
Aug 30, 2016
US bankruptcies can open doors for international firmsThe international upstream sector has been significantly less volatile than in the US and Canada, which have logged a record number of bankruptcies. There have been a few in Latin America as well, most notably Pacific E&P (formerly Pacific Rubiales), which agreed to a debt buyout led by Catalyst Capital Group, and BPZ Energy which was liquidated last year.International production is in general less reliant on capital-intensive unconventional production than US and Canadian operators....
Jun 16, 2016
Bankruptcies may offer opportunities in USThe current down cycle has pressured international E&P companies, forcing them to slash drilling and at times bringing deal activity to a near-standstill. However, in terms of corporate restructurings, the international upstream sector has seen significantly less upheaval than in the US and Canada. There have been a few notable exceptions, particularly in Latin America: Peru-focused BPZ Energy was liquidated late last year, and Colombia producer Pacific E&P (formerly Pacific Rubiales) has...
Jun 03, 2016
EIG’s Harbour tries to scuttle Pacific’s Catalyst dealOne day after Calgary-based Pacific E&P reported it had more than 75% creditor support for a debt buyout led by private equity fund Catalyst Capital Group, jilted suitor EIG returned with a new bid for the Colombia-focused oil producer. EIG said its latest offer on behalf of Harbour Energy, an oil and gas company it formed with Asian commodities trader Noble Group in mid-2014, provides a higher creditor recovery, implied enterprise value, sponsor equity contribution and total cash contribution...
May 10, 2016
International Scout - People & Companies Briefs - January 19, 2017Neil Said, currently Blue Sky Energy’s corporate secretary, was appointed VP after the Canadian company acquired Sonoro Energy’s Iraqi E&P assets. Blue Sky, formerly known as Brookwater Ventures, also changed its name in July. CGX Energy shook up its board. Seven members resigned: co-chairman Serafino Iacono, Ronald Pantin, Marino Ostos and Michael Galego. All four were then nominated to the board of Pacific E&P after that company, formerly known as Pacific Rubiales, acquired CGX. CGX...
Jan 27, 2017
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
International Capital - People & Companies Briefs - January 20, 2017Blue Sky Energy appointed corporate secretary Neil Said as VP and to the board following its acquisition of Sonoro Energy’s Iraqi exploration and development assets. The company changed its name in July from Brookwater Ventures and began trading on the TSX Venture exchange as BSI. Cairn Energy plc announced the appointment of Nicoletta Giadrossi as an independent non-executive director starting Jan. 10. She will join the remuneration committee. Giadrossi is currently an independent...
Jan 20, 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
International Deals - People & Companies Briefs - January 3, 2017Toronto-listed 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 assets. The company changed its name in July from Brookwater Ventures and began trading on the TSX Venture exchange as BSI. South America-focused CGX Energy announced a board shakeup with four of its seven members resigning: co-chairman Serafino Iacono, Ronald Pantin, Marino Ostos and Michael Galego. All four were...
Jan 03, 2017
People & Companies Briefs - August 29, 2016Americas Petrogas is changing its name to GrowMax Resources as part of a strategy to exit the oil and gas sector in Argentina. Instead, the company will focus on Peruvian phosphate and potash mining and is selling or relinquishing its remaining hydrocarbon assets in Argentina.Anadarko named former Sasol president and CEO David Constable to its board as an independent director. Constable was hired to lead Sasol in 2011 and left in June, but continues to serve as an advisor. Before...
Aug 29, 2016
International Deals - People & Companies Briefs - August 12, 2016Americas Petrogas is changing its name to GrowMax Resources in line with its new strategic direction focused on Peruvian phosphate and potash mining rather than Argentine oil and gas production. The company’s trading symbol on the TSX Venture Exchange will change from BOE to GRO. It has been working to reduce its personnel and G&A expenses in Argentina and plans to sell or relinquish its remaining oil and gas assets there (see story on page 2).Anadarko Petroleum named former Sasol...
Aug 12, 2016