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
Pace, AvenEx & Charger combine to form dividend payerIn the latest transaction to form a dividend-paying corporation, Pace Oil & Gas Ltd., AvenEx Energy Corp. and Charger Energy Corp. are merging to form Spyglass Resources Corp. Shareholders will receive 1.30 Spyglass shares for each outstanding common share of Pace, one Spyglass share for each outstanding common share of AvenEx and 0.18 Spyglass shares for each outstanding Class A share of Charger.Based on the December 19 closing prices, the exchange represents $4.32 for each Pace...
Dec 20, 2012
Renegade closes deal for Saskatchewan light oil assetsRenegade Petroleum Ltd. closed its acquisition of light oil assets in southeast Saskatchewan from a senior Canadian producer for $405 million. The assets include 3,600 boepd of high working interest, high operatorship production (94% light oil) and up to 219 sq km of 3D seismic and 599 km of 2D seismic. The property also includes infrastructure, including processing facilities, water disposal and storage capacity within Renegade's core southeast Saskatchewan areas.Renegade also...
Dec 17, 2012
Bonterra snatches Spartan in $468.8 million dealAfter Pinecrest Energy Inc. struck a deal to acquire Spartan Oil Corp., Bonterra Energy Corp. stepped in with a bid of its own, winning the battle to acquire the company and creating a Pembina powerhouse. Bonterra offered 0.1169 Bonterra shares for each Spartan share held. Based on Bonterra's December 10 closing price of $42.10, the unsolicited bid values the company at $4.92 a share. Spartan has 83.4 million shares outstanding. Including Spartan's working capital surplus of $20.9 million,...
Nov 21, 2012
Whitecap transforms into high-dividend producerIn what may be part of a growing trend for smaller players seeking financing in a tight capital market, Whitecap Resources plans to transition to an intermediate light oil producer focused on paying dividends.The company will pay out an initial $0.05 monthly dividend beginning in January, with the first payment slated for mid- February. Based on Whitecap's December 6 close of $8.81, the implied yield is 7%.Whitecap's projected capital budget of $150-$155 million for 2013 is...
Nov 20, 2012
Renegade deals transform company into high-yield payerRenegade Petroleum Ltd. undertook a series of transactions at the end of October designed to transform the company into a dividend paying corporation. The transactions consist of a takeover of a subsidiary of Canadian Phoenix Resources Corp., a $70.7 million bought deal financing and the purchase of $405 million in energy assets.The deals will leave Renegade with ~8,000 bpd (95% light oil) of production, double the 4,400 bpd the company had expected to produce this year. The deal will...
Oct 30, 2012
A&D News Briefs - February 12, 2014• Brenham Oil & Gas acquired a 332-acre lease (100% WI) containing one well at Inez field on the Texas Gulf Coast. Drilled in January 1990, the Roberts Unit-1 well in Victoria Co. was completed in the Yegua B zone at 8,498-8,510 ft and demonstrated flow potential of 9.39 MMcfed (4% condensate) but was later shut in after encountering mechanical problems. Brenham plans to sidetrack or drill a new well targeting the Yegua and coring several intervals in the overlying Jackson shale...
Feb 12, 2014
People Briefs - October 31, 2013• Athabasca Oil Corp. announced the resignation of Ian Atkinson as thermal oil SVP. Light oil SVP Rob Broen has been appointed as COO.• Canadian Overseas Petroleum Ltd. announced the departure of chief accounting officer Aleksandra Owad. • Genoil appointed Bruce Abbott as president, COO and board member, succeeding Thomas F. Bugg. Eric Rinker has been appointed VP of North America. Chairman and CEO David K. Lifschultz has been appointed CFO, succeeding Brian Korney.• Huntington...
Oct 31, 2013
A&D News Briefs - April 8, 2013• Blackbird Energy subsidiary Ruger Energy is buying certain oil and gas assets from Home Quarter Resources Ltd. for $115,000 in cash. The assets, known as the Marengo-Mantario Project, comprise 16,000 acres (100% WI) located near Ruger's two current oil production facilities in the Alsask and the Flaxcombe area of Saskatchewan.• Renegade Petroleum has entered into a deal to sell non-core assets for $13 million in cash. Proceeds will be used to pay down debt.• Swedish-firm...
Apr 08, 2013
Capital Market Briefs - February 18, 2013• Griffiths Energy agreed to settle a US$10 million fine by the Court of Queen's Bench on a corruption charge for bribing the ambassador of Chad and his spouse in exchange for consulting contracts between August 2009 and February 2011. Griffiths said that an internal investigation by a committee of independent board directors concluded that no influence was obtained as result of the bribery, and that the award of its production sharing contracts was not connected to the improper benefits...
Feb 18, 2013
People Briefs - January 10, 2013• Adira Energy appointed Orit Lietman as an independent Israeli director.• Big Sky Petroleum appointed T. Arden McCraken to its board.• Blackbird Energy Inc., in conjunction with its acquisition of Ruger Energy, appointed Ruger executives Darrell Denney, Murray Scalf and Sean Campbell to its board. The new directors replace Robert Booth, Dennis Paterson and Michael Sweatman. Denney also assumed the COO post.• Carmen Energy Inc.'s board approved a resolution to change the...
Jan 10, 2013
Stock Briefs - October 10, 2012• Bellatrix Exploration Ltd. has begun trading on the NYSE MKT under the symbol "BXE."• Blacksteel Energy Inc. granted a total of ~1.7 million stock options to directors of the company. The options are exercisable at $0.10 for 10 years from the date of the grant.• Canadian Phoenix Resources Corp. plans to make a normal course issuer bid beginning September 25 to buy for cancellation up to ~3.8 million of its common shares, or 10% of its public float. The company plans to fund...
Oct 10, 2012
People Briefs - June 07, 2012• Albion Petroleum Ltd. has appointed Pablo Mir to its board of directors. He is replacing the departing Walter Romanchuk.• Bonnett's Energy Corp. appointed Michael Rapps as a director.• ConocoPhillips appointed Ken Lueers president of its Canadian operations. Lueers formerly served as the company's senior vice-president of its Western Canada Gas business unit.• Contact Exploration appointed Robert B. Hodgins to the company's board.• Enform, the industry's safety...
Jun 07, 2012
People Briefs - June 06, 2012• Albion Petroleum Ltd. has appointed Pablo Mir to its board of directors, replacing the departing Walter Romanchuk.• Baytex Energy President and CEO Anthony Marino is leaving the company. Executive chairman Raymond Chan will act as interim CEO.• Canadian Spirit Resources appointed Alfred Sorensen as CEO effective immediately. Former CEO Donald Gardner will remain as board director.• Cancen Oil Canada Inc. has appointed Stonecap Securities Inc. to serve as a financial...
Jun 06, 2012
A&D News Briefs - May 30, 2012• Abraxas Petroleum acquired ~20,000 net acres in an emerging oil shale play in Alberta. The company believes the play has similar characteristics to the oil window in the Eagle Ford.• Antrim Energy and Crown Point Ventures said the required notice period to Antrim's partners in the company's assets in Tierra del Fuego, which provided them with the opportunity to exercise their contractual rights of first refusal to buy those assets, has expired without any rights being exercised. The...
May 30, 2012