Canadian Acquirer - People & Companies - October 11, 2017Brion Energy has changed its name
to PetroChina Canada, a change which
stresses its origin as a wholly owned
subsidiary of PetroChina Company Ltd.
On December 1, the company started
producing from the plant at its MacKay
River Commercial Product. On August
1, the company reached mechanical
completion of the project. The first phase
is expected to produce 35,000 bbl/d with
ultimate production of 150,000 bbl/d. Connacher Oil and Gas named Jeff
Beeston as the company’s CFO, a role he...
Oct 11, 2017
People & Companies - October 6, 2017Saturn Oil + Gas has named Scott
Newman, who sits on the board and is
the company’s COO, as its interim CFO,
replacing Scott Davis, who resigned in
August to focus on other business ventures.
The board will name a permanent
replacement “in due course and without
urgency.” Newman was named COO in
November 2016 and prior to that, he was
VP of Navis Resources Corp. Precision Drilling named the
addition of Susan MacKenzie to its
board. MacKenzie has over 30 years
of experience in the...
Oct 06, 2017
Canadian stocks slide as interest rates climbCanadian equity markets slide (PG 11) as the Bank of Canada raises interest rates for the first time in seven years (PG 10). Energy executives are concerned the increase will increase the cost of borrowing at a time when oil prices remain under $50/bbl. Enbridge Inc. closed on US$1 billion in subordinated unsecured notes due 2077. In addition, its subsidiary Spectra Energy Capital, holds a tender offer to refinance $760.9 million in notes. (PG 1).Encana Corp. posted a solid Q2...
Jul 27, 2017
Manitok finalizes credit facility to fund acquisitionManitok Energy Inc has negotiated a $132.2 million credit facility to refinance current debt and to fund its $55.4 million acquisition of Questfire Energy Corp. The credit facility includes a $117.2 million secured term loan bearing a consolidated coupon rate of 11.3% and warrants to purchase 10% of the combined company’s fully diluted shares after the acquisition. The exercise price of the warrants will equal the 30-day volume-weighted average price of Manitok shares prior to the...
Jul 27, 2017
Manitok raises $3MM minimum through best efforts saleManitok Energy Inc. said it launched a best efforts offering to raise a minimum of $3.0 million in gross proceeds from the sale of its common shares, CDE flow-through common shares and CEE flow-through common shares. A syndicate co-led by Integral Wealth Securities and Raymond James that includes GMP Securities and Industrial Alliance Securities sold the shares during the last week of November. The company said “the availability of flow-though capital from certain existing shareholders”...
Nov 17, 2016
Manitok's Q3 production up 500% YOY to 2, 525 boepdManitok Energy Inc. expects to exit 2012 with production of ~3,800 boepd (60% oil and NGLs). Q3 production averaged 2,525 boepd (49% oil and NGLs), up 46% sequentially and up 501% YOY. Production for the year is expected to average ~2,430 boepd (39% oil and NGLs).The company expects $53 million in capital spending for this year; $39.5 million net of the non-core heavy oil asset at Swimming, Alberta, the company sold in August. Manitok altered its drilling program during the year as the...
Nov 26, 2012
Manitok's latest Stolberg well tests at 508 bopdManitok Energy Inc.'s ninth Cardium well of its 2012 drilling program at Stolberg tested at 508 bopd of 48° API oil with no measurable associated natural gas over a continuous 41 hour period. The well was free-flowing to surface during the entire test and the estimated well draw down was ~20%. The company plans to shut in the well for a week to collect downhole pressure data, after which it will flow the well with temporary facilities while permanent facilities are constructed.The...
Nov 13, 2012
Manitok to focus activity on Stolberg over next two yearsManitok Energy Inc.'s second well (79% WI) of its 2012 program, a horizontal well along the Stolberg trend, is currently flowing at ~840 boepd (82% light oil) while being choked back by about 20%. Due to the results the company has achieved along the Stolberg trend to date, Manitok plans to focus spending on wells along the trend for the rest of this year and next year. The company is drilling the horizontal leg of the ninth well of its 2012 capital program and plans to provide results...
Oct 30, 2012
Manitok Energy raises 2012 capital budget to $53 millionManitok Energy Inc. has increased its projected capital budget for the year to $53 million from a previously forecast $47.8 million, mainly due to increased working interests in each of the last five wells of its 2012 program to 75% from 70%. The increase is due to farming-in to a partner's interests and choosing to drill higher working interest wells in Stolberg instead of Brown Creek.As a result of an ~$18 million equity offering in October and its success in the Stolberg trend,...
Oct 30, 2012
People & Companies Briefs - September 1, 2016Africa Hydrocarbons has appointed Andrew Male and Stephan Fabian to its board. Male is CEO of two TSX Venture Exchange-listed companies, while Fabian is a mining engineer with more than 25 years of experience in the resources sector. David Antony and Binh Vu have both resigned as directors.Manitok Energy has appointed former Raimount Energy CEO Greg Vavra as EVP, business development, in the wake of its acquisition of Raimount. Manitok also appointed Rodger Perry as VP, land. Perry...
Sep 01, 2016
Financing Briefs - December 03, 2013• Pursuant to its Q3 evaluation of strategic alternatives, Angle Energy has found a buyer---Bellatrix Exploration. The $576.5 million deal will include the assumption of $261 million in Angle's debt, which includes $60 million in 5.75% convertible debentures due 2016. Angle's shareholders will receive $3.85/share in cash or common shares, with the cash portion capped at $69.7 million. Angle said the buyout will be completed in mid-December.• Blackbird Energy closed a private placement...
Dec 03, 2013
People Briefs - November 06, 2013• Canadian Overseas Petroleum announced the departure of chief accounting officer Aleksandra Owad.• Genoil appointed Bengt Koch to the board, replacing Ron Hutzal. Slobodan Puhalac has been appointedas vice chairman. CEO David K. Lifschultz has been appointed as CFO, succeeding Brian Korney.• Huntington Exploration appointed Sharon Evans CFO. Prior to joining the company Evans worked at Thiessen & Company for more than 18 years consulting for a variety of oil and gas...
Nov 06, 2013
People Briefs - September 11, 2013• Blacksteel Energy announced the resignation of Curtis Hartzler as president and CEO, who will remain on the board. Les Treitz has replaced him on an interim basis.• Iona Energy appointed John Baillie as VP, developments. He previously served as director, reservoir management and technology at Dana Petroleum.• Manitok Energy appointed Yvonne McLeod as VP, drilling and facilities. McLeod has been with Manitok for 18 months, most recently as drilling manager.• Oil...
Sep 11, 2013
Financing Briefs - July 03, 2013• Alvopetro completed the second tranche of a $5.0 million non-brokered private placement of up to 20 million common shares at $0.25 per share. The company raised $575,000 by issuing 2.3 million shares, bringing the total raised so far to $2.0 million. Proceeds will be used for working capital and to finance the company's operations in Brazil. Alvopetro, formerly Fortress Energy, sold the majority of its Canadian oil and gas assets in 2010 to focus on shale/tight oil opportunities in...
Jul 03, 2013
Production Briefs - Jun. 07, 2012• Dejour Energy Inc., an independent company operating in the Piceance basin and Peace River Arch regions, said production from the Halfway E pool in the Woodrush field, northern British Columbia, averaged 254 bopd in the first two weeks of May. Production was up 15% compared with that in March. The company expects production from the field to reach ~1,000 boepd (70% oil) by the end of the year.• Manitok Energy's Q1 production averaged 2,209 boepd (24% oil and NGLs), up 891% YOY. The...
Jun 07, 2012