MI - Debt market and China deals start 2020 with a bang - January 2020Energy businesses seem to spend millions like Mardi Gras parades toss around beads. But 2020 started with billions—billions in debt, billions from China and the continuing breakup of assets from a multibillion merger. Midstream companies issued $14 billion in senior notes, preferred units or bonds in the first 10 days of January—more than they did in the first five months of 2019. The transactions were focused on refinancing existing debt instead of funding a new surge in projects...
Jan 23, 2020
CM - Moss Creek Resources places $500MM in notes privately - May 2019Moss Creek Resources Holdings, Inc. placed $500 million aggregate principal
amount of 10.5% senior unsecured notes due 2027 privately with qualified institutional
buyers in an April 26 sale under guidelines of Securities & Exchange Commission Rule
144A and Regulation S. The notes will initially be guaranteed by each of the company's
two subsidiaries, Moss Creek Resources, LLC and Surge Operating, LLC. Dallasbased MCRH, which is currently drilling in the Permian Basin, is a wholly...
May 09, 2019
CS - Surge to issue $30MM in subordinated debentures - May 2019Surge Energy will issue $30 million of five-year convertible unsecured subordinated
debentures with a syndicate of 12 underwriters led by National Bank Financial
Inc. The debentures in the bought-deal financing will have a coupon of 6.75% and a
conversion price of $2.25 per common share. Proceeds from the financing will
be used to pay a portion of the
company’s debt.
Surge has granted the underwriters
an over-allotment option to buy an additional $4.5 million aggregate principal...
May 07, 2019
CS - People & Companies - March 26, 2019Baytex Energy announced that as
part of ongoing board renewal process, Ray
Chan and Gary Bugeaud have decided to
not stand for election as directors at next
annual shareholders meeting in May. Also,
Rick Ramsay, EVP and COO, elected to
retire on April 5. Ramsay, who has been
with Baytex since January 2010, will be
succeeded by Jason Jaskela. Jaskela was
COO of Raging River from March 2014
until last August and VP for production
from March 2012 until March 2014. Corey Bieber, SVP,...
Mar 26, 2019
US LNG set for huge 2019 but China tensions may dent FIDsThe US LNG industry is on track for a historic 2019 as the number of export facilities should double by year’s end. Export capacity is expected to reach 8.9 Bcf/d by YE19, putting the US behind only Australia and Qatar. More than $20 billion worth of final investment decisions should be announced in H1 though a flare-up of US-China trade tensions could dampen those plans.Leading the pack will be Sempra energy, which intends to start production at three 4-mtpa trains at its Cameron LNG...
Jan 15, 2019
KLXE bullish in Q4 after Motley acquisitionKLX Energy Services is predicting 37% revenue growth in its fiscal Q4 while other
oilfield service companies expect stagnation or decline. KLXE is basing its forecast on
its October acquisition of large-diameter coiled tubing provider Motley Services and
new products such as a line of dissolvable plugs.
In its first quarterly earnings report since its spinoff from KLX Inc., KLXE posted
revenue of $123 million and a net loss of $9.9 million for Q3, which ended on Oct. 31.
KLXE said the first...
Dec 11, 2018
CS - People & Companies - September 05, 2018Richard Gonzalez has been
appointed CEO of Petro Victory Energy,
replacing Patrick Yeghnazar, who resigned
as director and CEO. Gonzalez is a founder
of the company and has been executive
chairman. Yeghnazar was named CEO in
August 2017 and a directory in July 2017. Bayshore Petroleum
Corp named Ellen Yu to the
company’s board at its annual
shareholders meeting. Yu is
an experienced accountant in Hong Kong
who has worked as a controller for a large
international conglomerate....
Sep 06, 2018
People & Companies - August 02, 2018Cequence Energy announced Kevin Nielson has joined the company as Contract Interim CFO. Nielson has 19 years of public accounting and financial reporting experience. Most recently, he was Audit and Assurance Partner at an international accounting firm, where he specialized in serving upstream oil and gas companies.Imperial Oil announced the appointment of Miranda Hubbs to its board, effective, July 26. Hubbs is an independent director of Nutrien Ltd. and the Public Sector Pension...
Aug 02, 2018
People & Companies - July 25, 2018AltaCorp Capital has named Jon
Horsman as its new chairman and CEO.
Horsman previously served as the co-head
of parent ATB Financial’s Corporate
Financial Services team. He takes over
from Paul Sarachman, who had been
serving as co-CEO since late 2017.
Sarachman remains president of AltaCorp. Drakkar Energy and Blacksteel
Energy announced a change in
management after the two companies
complete their announced reverse
merger. Keith Macdonald, Chairman
and President of privately-held...
Jul 25, 2018
Capital from Private Equity and Canada support activityUpstream capital raises in Canada were relatively scarce this news cycle, but one of the most significant was a relatively uncommon private equity deal. Warburg Pincus committed $180 million to Artis Exploration (PG 1). SunCor filed a shelf registration for up to US$3.0 billion in securities (PG 5).Frontera Energy announced plans to offer up to US$500 million in senior notes due 2023 to qualified investors (PG3). Crown Point raised $12 million through a follow-on equity offering (PG 3)....
Jun 08, 2018
People & Companies - January 12, 2018Scott Megaffin has resigned as CFO
of Bengal Energy Ltd. and was replaced
by Matthew Morman. Moorman was
CFO for Green Life Can
Corp. and CFO of Tuscany
International Drilling Inc.
Megaffin was CFO since 2017 and was
an associate of Peters & Co Ltd and
prior to that was manager of business
development at Pengrowth Energy Corp. Continental Energy Corp.
announced its CFO, Robert Rudman,
stepped down effective Dec. 31, but
will remain on the Vancouver-based
company’s board of directors...
Jan 12, 2018
Crescent Point made its seventh acquisition of 2012The largest deal in November 2012 was Crescent Point Energy’s purchase of privately held Ute Energy Upstream Holdings LLC for US$861 million. The acquisition was Crescent Point’s seventh of 2012 and its first in the Uinta Basin, where it gained acreage between two main oil-bearing plays within the basin, Monument Butte and Altamont-Bluebell, both of which have been producing for more than 50 years.Crescent Point would make several major acquisitions from November 2012 to the present...
Nov 29, 2017
Surge Energy issues $40 million in five year debenturesSurge Energy Inc. issued $40 million in 5.75% subordinated unsecured debentures due December 2022. The debentures are convertible into common shares at $2.75/share, or a ratio of 363.6364 shares per $1,000 principal amount of debentures. The debentures are callable after December 2021 at a redemption price of 100% plus accrued and unpaid interest. Proceeds from the issue will be used to repay debt. Calgary-based Surge Energy has 233 million outstanding shares with a market...
Nov 20, 2017
CS - Finance Briefs - May 29, 2019Granite 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...
May 29, 2019
People Briefs - July 19, 2018AltaCorp Capital has named Jon
Horsman as its new chairman and CEO.
Horsman previously served as the co-head
of parent ATB Financial’s Corporate
Financial Services team. He takes over
from Paul Sarachman, who had been
serving as co-CEO since late 2017.
Sarachman remains president of AltaCorp. Drakkar Energy and Blacksteel
Energy announced a change in
management after the two companies
complete their announced reverse
merger. Keith Macdonald, Chairman
and President of privately-held...
Jul 19, 2018