Perpetual plans up to 40 heavy oil wells this year

Comstock Resources, Inc. said that it signed a new $2.5 billion revolving credit facility with 18 banks, concurrent with the completion of its purchase of Covey Park Energy on July 16. BMO is leading the five-year revolving credit facility. Though the facility has an initial borrowing base of $1.575 billion, the company elected to set the committed borrowing base at $1.5 billion. Interest is payable at either LIBOR plus a spread ranging 175-275 bps or a base rate plus 75-175 bps...

Perpetual Energy Inc. is seeking a judicial review of the previous New Democratic Party government’s guidelines on how municipal governments assess the values of linear property, machinery and equipment. The company believes the rules, published Dec. 13, are unreasonable and do not reflect actual value, especially for mature assets. The review comes a few months after the Supreme Court of Canada ruled that energy companies must fulfill their environmental end-of-life obligations ahead...

Energy Transfer issued $700 million in preferred units to raise money to pay down its revolving credit facility and for general partnership purposes. The public offering was for 28 million of 7.600% Series E fixed-to-floating rate cumulative redeemable perpetual preferred units at a price of $25.00 per unit, with underwriters holding a 30-day greenshoe of 4.2 million units. The offering was by Energy Transfer Operating LP, formerly Energy Transfer Partners LP. In October, Energy...

Jones Energy, Inc. found its way to the US Bankruptcy Court for the Southern District of Texas with a Chapter 11 petition on April 15 to support a prepackaged restructuring plan that will turn all its debt into equity. The company said that holders of about 92% of the principal amount of first lien notes and 83% of the principal amount of its unsecured notes approved the plan. Jones said it has an expedited timeline for court approval of its plan and if approved on the May 1 deadline,...

Permian-focused Lilis Energy, Inc. announced March 5 that it will exchange its second lien term loan that has about $133.6 million currently outstanding for a combination of preferred and common stock. Concurrent with the swap, and in line with its spring redetermination, the company’s borrowing base under its credit facility will go up to $125 million. The balance of the second lien notes is being exchanged for $60 million in Series E convertible perpetual preferred stock with an 8.25%...

CenterPoint Energy, Inc. closed concurrent public offerings on Sept. 27 of 69,633,027 common shares at $27.25 each and 19,550,000 depositary shares at $50 each, including their underwriters' overallotment options. The depositary shares each represent a one-twentieth interest in a share of CenterPoint’s 7% Series B mandatory convertible preferred stock. Both securities trade on the NYSE.The company will use net proceeds from both offerings, amounting to about $1.85 billion for the...

BP once again returned to the global debt market— its third visit in 2018— to issue its sixth and seventh bonds of the year. This time the supermajor sold $2.0 billion via two tranches of $1.0 billion each of 3.796% Guaranteed Notes due 2025 and 3.937% Guaranteed Notes due 2028, both at 100. BofA Merrill Lynch, Citigroup, Goldman Sachs, HSBC, Mizuho and MUFG were underwriters for the Sept. 18 offerings.BP has raised almost $5.67 billion YTD through a mix of US, Canadian, and...

Gulfport Energy Corp. named Deborah Adams to the company’s board. Adams was SVP, Health and Safety, Projects and Procurement, with Phillips 66 from May 2014 until her retirement in October 2016. Prior to that, she was President of Transportation for Phillips 66 and ConocoPhillips. In 2005, she served as general manager and Chief Procurement Officer for ConocoPhillips. HighPoint Resources. expanded its board from 6 to 11 members and added the following new members: Mark Berg, EVP and...

Crew Energy named James Taylor SVP and COO. Taylor has 20 years of progressive operational, engineering and management experience with both Imperial Oil and ExxonMobil in conventional and resource plays across North America, most recently in the Duvernay and Montney as Vice President and Engineering Manager of Exxon sub. XTO Canada. Whitecap Resources has named Ken Stickland, one of its independent directors since 2013, as its new chairman, replacing the former chairman,...

FirstElement Fuel Inc., a producer of hydrogen for fuel cell electric vehicles, announced on June 16 that it raised $48 million in a financing round with Japanese investors. Mitsui & Co. invested $25 million while $23 million came from the investment arm of the Japan Bank for International Cooperation. The Newport Beach, California-based company has retail hydrogen stations in the state, and sells products under the True Zero brand. Renewable fuels transporter Green Plains Partners...

Berry Petroleum Co. filed a $500 million shelf registration Aug. 16 covering common and preferred stock, debt securities and their guarantees. As of Aug. 19, it had 81 million common shares, no preferred, and almost $400 million in debt. Berry’s private investors include Oaktree Capital Management and Western Asset Management Co. Black Ridge Oil & Gas, Inc. announced Aug. 12 the closing of its 2017 blank-check company Black Ridge Acquisition Corp.’s business combination. It opted...

Granite Oil Corp. announced that its lenders maintained its $50 million borrowing base in a recent credit facility redetermination. The facility consists of a $45 million revolving demand credit facility and a $5 million revolving demand operating facility. Granite, which owns 98% of an aggregate of over 129,000 net undeveloped acres in the Alberta Bakken, said it had sufficient liquidity and financial flexibility to run its business plan. Obsidian Energy engaged Pareto Securities to...

Brigham Exploration Co, LLC announced March 18 that its BEXP I, LP subsidiary closed on equity commitments from institutional and private investors. The company did not disclose terms, amounts or identities of the counterparties in the deal. It was founded in 2017 by Ben M. “Bud” Brigham, who is leading Brigham Minerals towards a possible IPO (PG.1). Diamondback Energy, Inc. launched an offer March 22 to exchange up to $750 million aggregate principal amount of its registered 4.75%...

Middle-market mezzanine capital provider Yukon Partners and Sentinel Capital Partners teamed up to invest in Houston-based water and environmental services firm Apex Companies. Though the investment sum and terms were undisclosed, partners from Yukon and Sentinel both expressed excitement at the prospect of working with Apex, which offers comprehensive services to assess, prevent, and cure environmental issues related to water, ground, facilities and air quality for industries that include oil...

DCP Midstream, LP priced an offering of 4.0 million 7.95% Series C fixed-to-floating rate cumulative redeemable perpetual preferred units at $25 each, and granted underwriters a 600,000- unit overallotment option. The offering is expected to close Oct. 4 and DCP expects net proceeds of about $96.1 million from the sale to be used for general partnership purposes, including capex funding and the repayment of revolver debt. Joint bookrunners are RBC, Merrill Lynch, JP Morgan and Wells Fargo....