Oilpatch Review

Canadian Insight into the oilpatch during the past week ...

Updated on Tuesday, June 22, 2021

ARC Resources Ltd. (ARX:TSX) announced a quarterly dividend amount of $0.06 per share for July 15, 2021 to shareholders of record on June 30, 2021. The ex-dividend date is June 29, 2021. At June 15, 2021, the trailing 12-month payments to shareholders total $0.24 per share.

Arc Resources is a Calgary based oil and gas company engaged in the acquisition, exploration, development, and production of conventional oil and natural gas in Western Canada. Company has a market cap of $3.2 billion and approximately 354 million shares outstanding.

Hemisphere Energy Corporation (HME:TSX) announced the results of its annual general meeting of shareholders (AGM) held Tuesday, June 15, 2021. All six individuals nominated for the board of directors were elected. Shareholders voted in favour of appointing KPMG LLP, Chartered Accountants, as auditor for the ensuing year and authorized the Directors to fix the auditors' remuneration, as well as approved the company stock option plan.

Hemisphere Energy Corporation is a Vancouver based oil and gas company. Its core operations are in Jenner and Atlee Buffalo areas in southeast Alberta. Company has a market cap of $11 million and approximately 90 million shares outstanding.

Paramount Resources Ltd. (POU:TSX) announced on June 16th that the company has acquired 4,000,000 common shares of Canadian Premium Sand Inc. at a price of $0.25 per common share for aggregate consideration of $1,000,000. The acquisition was made as part of a private placement of an aggregate of 20,799,200 Common Shares completed by CPS on June 15, 2021.The common shares acquired by Paramount pursuant to the Private Placement represent 9.51% of the 42,043,660 common shares issued and outstanding following the private placement.

Paramount Resources is a Calgary based oil and gas company with operations in Alberta and British Columbia. Company has a market cap of $955 million and approximately131 million shares outstanding.

Perpetual Energy Inc. (MT:TSX) announced that the maturity date applicable to the company's first lien credit facility has been extended to June 30, 2021 and the $20 million borrowing limit maintained. The borrowing limit is scheduled to be redetermined and the revolving credit period extended on or before June 30, 2021.

Perpetual Energy Incorporated is a Calgary based company engaged in the exploration, development, and marketing of oil and natural gas in western Canada. Company has a market cap of $21 million and approximately 60 million shares outstanding.

Secure Energy Services Inc. (SES:TSX) and Tervita Corporation (TEV:TSX) announced jointly that their shareholders have voted to support the proposed acquisition by SECURE of all the issued and outstanding common shares of Tervita by way of a plan of arrangement under the Business Corporations Act (Alberta) , as previously announced on March 9, 2021.

The completion of the Arrangement remains subject to the granting of the final order by the Court of Queen's Bench of Alberta, and the receipt of all necessary regulatory approvals as set out in the Information Circular and the Arrangement Agreement.

Whitecap Resources Inc. (WCP:TSX) announced that a cash dividend of Cdn. $0.01625 per common share in respect of June operations will be paid on July 15, 2021 to shareholders of record on June 30, 2021. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).

Whitecap Resources Inc. is a Calgary based oil and gas company with operations in western Canada. Whitecap has a market cap of $2.0 billion and approximately 414 million shares outstanding.

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Centaurus Energy Inc. (CTA:TSX) announced bi-weekly default status report in accordance with National Policy 12-203. As previously stated in the company's press releases dated April 26, 2020 and May 4, 2021, the company will be delayed in the filing of its audited annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2020. Company anticipates being able to complete the Annual Filings on or before June 30, 2021.

Centaurus Energy Inc is an Argentinean based upstream oil and gas company that engages in conventional and unconventional oil and gas operations in Argentina. Company has a market cap of $51.7 million and approximately 544 million shares outstanding.

Leucrotta Exploration Inc. (LXE:TSX) announced on June 15th it will commence operations of Phase I of the Mica Pad Development mid-July and should be on production by mid to late October. The first Pad will consist of 4 wells with 3 placed into the Lower Montney and one placed into the Basal Montney. The wells will have horizontal lengths of 2400 metres and be completed with a minimum of 130 fracs.

Leucrotta has also recently completed and tested a previously drilled Basal Montney well. The well was completed with 41 frac stages at 60 tonnes of sand per stage and was tested for 10 days. At the end of the test, the well was flowing 300 bbls/d of light oil and approximately 1 mmcf/d of gas. This was very similar to the test of the offset well in the Lower Montney and as noted above, Leucrotta will now integrate the Basal Montney into Phase I of the Mica Development using materially greater frac intensity.

Leucrotta Exploration Inc. is a Calgary based oil and natural gas company operating in Canada. It is mainly engaged in the acquisition, development, exploration, and production of oil and natural gas reserves in northeastern British Columbia. Company has a market cap of $106 million and approximately 200.5 million shares outstanding.

Osidian Energy Ltd. (OBE:TSX) announced the resignation of Maureen Cormier Jackson and William (Bill) Friley from the Board of Directors effective immediately. Mr. Friley joined the Board in 2015 and Ms. Cormier Jackson joined in 2016. As a result of their resignations, Mr. Friley and Ms. Cormier Jackson will not stand or be nominated for election to the Board at the Annual and Special Meeting to be held on June 16, 2021.

Obsidian Energy is a Calgary based oil and gas producer with strategic assets in Alberta. Company is primarily focused on the development of its largest, light oil Cardium asset. In 2017 Obsidian Energy underwent a formal name change from Penn West Petroleum. Company has a market cap of $231 million and approximately 507 million shares outstanding.

Pembina Pipeline Corporation (PPL:TSX) announced a mid-year business update, including delineation of its extensive runway of development opportunities, which collectively highlight the Company's strong momentum as it builds one of the largest and most integrated midstream energy companies in North America.

Volumes across the Pipelines and Facilities divisions have continued to grow steadily in 2021, exceeding pre-COVID levels. Over $7 billion of accretive projects identified and in various stages of development to be pursued by Pembina alone, or upon combination with Inter Pipeline Ltd.

Pembina Pipeline Corporation is a Calgary based transportation and midstream service provider that has been serving North America's energy industry for over 60 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. Company has a market cap of $22 billion and approximately 506 million shares outstanding.

Secure Energy Services (SES:TSX) announced that it has entered into a binding agreement with its syndicate of lenders to increase the size of the previously announced senior secured revolving credit facility available at closing of the business combination with Tervita Corporation from $725 million to $800 million.

Secure Energy Services Inc. is a Calgary based company which provides treatments and disposal services to the oil and gas industry. Company has a market cap of $1.5 billion and approximately 159 million shares outstanding.

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Avanti Energy Inc. (AVN:TSXV) announced on June 14th that that it has entered into binding  agreements on two additional properties totaling ~50,000 acres of land in Montana. The properties are highly prospective for the potential discovery of helium, and the Company is moving forward to complete final due diligence on the acquisitions.

The properties add ~50,000 acres to Avanti's existing helium-prospective properties. They feature several closed structural highs, ideal for the trapping of helium, that exhibit 70m to 170m of relief. Surrounding wells have helium shows in multiple Devonian and Cambrian targets with helium percentages of up to 2%. Area helium shows are associated with favorably high nitrogen percentages of up to 96%. Area well log and core analyses indicate excellent reservoir quality in Devonian and Cambrian target intervals.

Chris Bakker, Avanti Energy CEO, stated, "The acquisition of these properties is a tremendous advancement for Avanti and fits perfectly within our strategy of acquiring targeted land packages that are highly prospective for helium development. We are expanding our helium portfolio to cover over 60,000 acres and we believe properties on both sides of the border have the potential to become company makers in the years ahead."

Avanti Energy Inc. is a Vancouver based energy company focusing on developing helium reserves in Canada and US. Company has a market cap of $27 million and approximately 21 million shares outstanding.

Parkland Corporation (PKI:TSX) announced that a dividend of $0.1029 per share will be paid on July 15, 2021 to shareholders of record on June 22, 2021. The dividend will be an 'eligible dividend' for Canadian income tax purposes. The ex-dividend date is June 21, 2021.

Parkland Corporation is an Alberta based supplier of fuel and petroleum. Company operates throughout Canada, USA, and the Caribbean. Company has a market cap of $6.8 billion and approximately148 million shares outstanding.

Tourmaline Oil Corporation (TOU:TSX) announced that it has entered into a definitive agreement to acquire privately owned Black Swan Energy Limited. Total price is approximately $1.1 billion Cdn, consisting of 26 million Tourmaline common shares and the assumption of net debt(1) up to a maximum of $350 million, including all transaction costs. The transaction is expected to close in the second half of July 2021, subject to regulatory approvals.

The acquisition includes material Montney land positions at Laprise, Beg, Jedney and Sojer that complement extensive existing Tourmaline North Montney acreage positions. Black Swan had not booked material reserves on these additional, highly prospective, acreage positions.

Significant key gas processing and transportation infrastructure including operatorship and 50% working interest in the two new Black Swan gas plants at greater Aitken, with existing capacity of 265 mmcfpd, which can be expanded to 360 mmcfpd. These plants and pipelines represent important components of Tourmaline’s planned North Montney regional gas and liquid processing and transportation infrastructure complex.

Tourmaline is a Calgary based crude oil and natural gas exploration and production company focused on exploration, development, and production on its properties in the Western Canadian Sedimentary Basin. Company has a market cap of $4.9 billion and approximately 272 million shares outstanding.

Wolverine Energy and Infrastructure Inc. (WEII:TSXV) announced on June 14th an addition to the Board of Directors and provide a business update following the closing of the previously announced divestiture of the Company's Clean Energy Assets

Wolverine is excited to announce the addition of Jacquelyn Colville to our Board of Directors and the assumption of the Audit Chair role. Mrs. Colville is a CPA, CA, with extensive and successful experience in financial management, business leadership and directing strategy. Ms. Colville currently acts as Chief Financial Officer of Midnight Sun Financial.

Wolverine Energy and Infrastructure is an Edmonton based energy and infrastructure service provider in Western Canada and the U.S. It provides a wide range of services including: water management, oilfield/energy rentals, heavy equipment sales and rentals, transportation and trucking rentals, and civil/infrastructure construction. Company has a market cap of $82 million and approximately 90 million shares outstanding.

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Advantagewon Oil Corp. (AOC:CNX) announced on June 10th that it has closed the initial tranche of its previously announced non-brokered private placement financing of 3,968,333 units of the corporation at a price of $0.30 per Unitfor gross proceeds of $1,190,500 . Corporation intends to use the net proceeds of the offering for working capital and general corporate purposes.

Each Unit is comprised of one common share in the capital of the Corporation and one common share purchase warrant . Each warrant entitles the holder thereof to purchase one common share at an exercise price of $0.75 . Advantagewon Oil Corp. intends to close a second tranche of the Offering on or before June 25, 2021.

Advantagewon Oil Corp. is a Toronto based oil and gas company engaged in the acquisition, exploration, development, and production of oil and gas reserves in Texas. Company has just started its operations in Canada. Advantagewon has a market cap of $2.17 million and approximately.218 million shares outstanding.

AltaGas Ltd. (ALA:TSX) announced on July 10th that the June dividend will be paid on July 15, 2021, to common shareholders of record on June 25, 2021. The ex-dividend date is June 24, 2021. The amount of the dividend will be $0.0833 for each common share. This dividend is an eligible dividend for Canadian income tax purposes.

AltaGas Canada Ltd is a Calgary based company which owns and operates a diversified basket of energy infrastructure businesses. Company has a market cap of $1.0 billion and approximately 30 million shares outstanding.

Enbridge Inc. (ENB:TSX) announced that in collaboration with the Government of Ontario it is expanding natural gas access to rural, northern and Indigenous communities in Ontario, Canada. Enbridge will access Ontario's Natural Gas Expansion Program to support 27 projects to expand natural gas access across the province, helping to keep the cost of energy low for families, businesses and farmers.

Expanding access to natural gas will continue to play a critical role in North America's energy future. It's a lower-carbon fuel compared to other fuel choices and provides a significant opportunity to help municipalities lower their greenhouse gas emissions.

Enbridge Inc. is a Calgary based energy generation, distribution, and transportation company in the U.S. and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. Company has a market cap of 83 million and approximately 1.9 million shares outstanding.

Inter Pipeline Ltd. ((IPL:TSX) announced on June 10th that the Board of Directors unanimously recommends that shareholders support the strategic share-exchange transaction with Pembina Pipeline Corporation and reject the revised hostile takeover offer proposed by an affiliate of Brookfield Infrastructure Partners L.P.

Margaret McKenzie, Chair of the Board and the Special Committee commented, "The proposed combination with Pembina provides Inter Pipeline shareholders the ability to participate in a large, highly integrated energy infrastructure business with significant potential growth opportunities across the value chain, including additional future cash flow from the Heartland Petrochemical Complex. The strategic combination with Pembina supports an immediate increase in dividend yield and the ability to participate in meaningful anticipated commercial and operational synergies. In addition, following our thorough analysis, we expect the intrinsic value of this business combination to be in excess of $19.45 per share for Inter Pipeline shareholders, and superior to the Revised Brookfield Offer."

Inter Pipeline Ltd. is a major petroleum transportation, natural gas liquids processing, and bulk liquid storage business based in Calgary, Alberta. Company has a market cap of $8.9 billion and approximately 407 million shares outstanding.

TC Energy Corporation (TRP:TSX) confirmed that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the Keystone XL Pipeline Project.

TC Energy Corporation is a Calgary based energy transporter company. It owns and operates pipelines and power generation assets in Canada, the United States, and Mexico. Company has a market cap of $48 billion and approximately 918 million shares outstanding.

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Africa Energy Corp. (AFE:TSXV) announced on June 8th that the joint venture partners on Block 11B/12B offshore South Africa are assessing the feasibility of an early production system for a possible phased development of the Paddavissie Fairway.

Jan Maier, Africa Energy's VP Exploration, commented, "We are very encouraged by the contemplation of an early production system on Block 11B/12B to provide first gas and condensate production from Luiperd. The accelerated development timeline could significantly decrease the required capital expenditures to reach first production from Block 11B/12B.

Africa Energy Corp. is a Canadian oil and gas company with exploration assets offshore South Africa and Namibia. Company is based in Vancouver. Africa Energy has a market cap of $419 million and approximately 472 million shares outstanding.

Ballard Power Systems (BLDP:TSX) and W. L. Gore & Associates announced a multi-year fuel cell supply agreement was announced today between Ballard Power Systems and W. L. Gore & Associates. Both companies are excited about advancing this technology for applications around the globe.

Together, the two companies offer the market more than 50 years of combined know-how, as well as a mutual passion for pioneering next-level technologies.

Ballard Power Systems is a Vancouver based Canadian company engaged in proton exchange membrane fuel cell development and commercialization. Company has a market cap of $864 million and approximately 232 million shares outstanding.

Crescent Point Energy Corp. (CPG:TSX) announced that it has completed the disposition of its remaining non-core southeast Saskatchewan conventional assets which were previously identified as disposition candidates, for cash proceeds of $93 million . As a result of the Transaction, Crescent Point also reduced asset retirement obligations by approximately $220 million, or nearly 25 percent of its ARO balance as at March 31, 2021. Proceeds from the disposition have been directed to the company's balance sheet.

Crescent Point's 2021 budgeted development capital expenditures range remains unchanged, as minimal development capital was allocated to these Assets for the remainder of the year.

Crescent Point is a Calgary based oil and gas company with operations in western Canada. Majority of its assets are in Saskatchewan. Company has a market cap of $2.9 billion and approximately 550 million shares outstanding.

Enbridge Inc. (ENB:TSX) announced that a subsidiary of Enbridge has entered into a definitive agreement to sell its 38.9% non-operating minority ownership interest in Noverco Inc. to Trencap L.P. for $1.14 billion in cash, net of Noverco non-recourse debt assumed by Trencap L.P. This represents a valuation of approximately 29x reported 2020 GAAP earnings of $39 million.

Closing of the transaction is expected to occur by early 2022 and is subject to the receipt of regulatory approvals and customary closing conditions. Sale proceeds will initially be used to repay short term debt.

Enbridge Inc. is a Calgary based energy generation, distribution, and transportation company in the U.S. and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. Company has a market cap of 83 million and approximately 1.9 million shares outstanding.

Ensign Energy Services Inc. (ESI:TSX) announced the release of its inaugural Sustainability Report.Ensign's annual Sustainability Report covers performance metrics for the 2018 to 2020 calendar years and is available on the Company's website at www.ensignenergy.com/sustainability/ .

Ensign Energy Services is an oilfield services company headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally. Company has a market cap of $691 million and approximately 157 million shares outstanding.

Loon Energy Corporation (LNE.H:TSXV) announced that Danny Dalla-Longa has been appointed to the board of directors of the company, Harvey McKenzie a director with the company has been appointed Interim Chief Financial Officer and Michael Stein, currently Chief Executive Officer of the company has also been appointed President and Corporate Secretary. Paul Rose resigned as Chief Financial Officer and Norman Holton resigned as President and Corporate Secretary of the company.

Loon Energy Corporation is a Calgary based junior oil and gas company with assets in Columbia. Company operates with farming out its assets and does not do any operating on its own. Company has a market cap of $1.12 million and 24 million shares outstanding.

Obsidian Energy Ltd. (OBE:TSX) announced that it expects to start our 23 well, second half 2021 development program two weeks earlier than anticipated. In addition, following our upcoming Annual and Special Meeting on June 16, 2021, company will hold a webcast presentation that provides a corporate update from our Interim President and CEO, Mr. Stephen Loukas, and other members of management.

Obsidian Energy is a Calgary based oil and gas producer with strategic assets in Alberta. Company is primarily focused on the development of its largest, light oil Cardium asset. In 2017 Obsidian Energy underwent a formal name change from Penn West Petroleum. Company has a market cap of $231 million and approximately 507 million shares outstanding.

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Frontera Energy Corporation (FEC:TSX) announced on June 7th that the company is beginning preparations to restart production of approximately 3,600 boe/d at its CPE-6 operations in the coming days. Regular transit in and out of the area has resumed and the company has begun processing on-site inventory, rotating crews and delivering critical supplies to its CPE-6 location.

Company's CPE-6 facilities had previously been shut-in due to road blockades in the municipality of Puerto Gaitan, Colombia. Those blockades have now been lifted.

Company currently has five rigs across its portfolio including one at La Creciente, one in Quifa, one in Coralillo and two at CPE-6. In 2021, Frontera anticipates drilling 15 development wells and constructing additional water-handling facilities at CPE-6, which is expected to increase production from the block by approximately 40% compared to 2020.

Frontera Energy Corporation is a Toronto based oil and gas company with operations focused in South America. Company has a market cap of $1.06 billion and approximately 98 million shares outstanding.

Pembina Pipeline Corporation (PPL:TSX) announced on June 7th reinforces superior proposal for Inter Pipeline Shareholders through highly strategic combination. Pembina also cautioned Inter Pipeline shareholders not to tender their shares to Brookfield Infrastructure Partners L.P.'s opportunistic, hostile offer that would deny them the significant potential upside of a combined company, while also creating tax exposure.

Pembina's President and Chief Executive Officer, Mick Dilger said, "Along with the Inter Pipeline Board of Directors, we are very excited about this opportunity to combine our companies and create one of the largest infrastructure companies in Canada, with vast potential to further benefit all of our collective stakeholders."

Pembina Pipeline Corporation is a Calgary based transportation and midstream service provider that has been serving North America's energy industry for over 60 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. Company has a market cap of $22 billion and approximately 506 million shares outstanding.

Saturn Oil & Gas Inc. (SOIL:TSXV) announced it has closed the brokered and non brokered private placements for total proceeds of $32.8 million. Saturn closed a private placement of 115,000,000 subscription receipts at a price of $0.12 per Subscription Receipt for aggregate gross proceeds of $13.8 million, including exercise in full of the Agents’ 15% over-allotment option.

The gross proceeds from the sale of the Subscription Receipts, less 50% of the Agents’ fee with respect to such sale, will be held by Computershare Trust Company of Canada, as subscription receipt agent, pending satisfaction of the Escrow Release Condition pursuant to the terms of the subscription receipt agreement entered into upon closing of the Brokered Financing. A portion of the proceeds of Financings will be used to fund the purchase price of the Acquisition and related closing adjustments.

Saturn Oil & Gas Incorporated is a Calgary based oil and gas company with assets and operations in Saskatchewan. It has a market cap of $32 million and approximately 234 million shares outstanding.

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Alvopetro Energy Ltd. (ALV:TSX) announced May sales volumes, updated and improved 2021 EBITDA guidance, an operational update and plans to repay an additional $3.5 million of our outstanding credit facility balance.

May sales volumes averaged 2,353 boepd based on field estimates, including natural gas sales of 13.4 mmcfpd, associated natural gas liquids sales from condensate of 109 bopd, and oil sales of 10 bopd from our Bom Lugar field.  May sales increased 2% from our average April sales volumes of 2,313 boepd and increased 8% from our average Q1 2020 sales volumes of 2,175 boepd.

Company's 2021 capital plan includes drilling the 182-C1 and 183-B1 natural gas exploration prospects. Company had initially secured a drilling rig for these projects with plans to commence drilling later this quarter.

Following the contractual rig maintenance and acceptance period, the contracted rig was not able to meet our strict safety and performance acceptance criteria on the required timeline and is no longer an acceptable alternative. Company is evaluating multiple alternatives that would continue to allow us to drill both wells by the end of this year.

Alvopetro Energy Ltd. is an International oil and gas company with offices in Calgary and operations in Brazil. Company has a market cap of $35 million and approximately 97 million shares outstanding.

Frontera Energy Corporation (FEC:TSX) announced that due to road blockades in the municipality of Puerto Gaitan, Colombia, which have restricted the company's ability to transport its production by truck and deliver other essential operational supplies and support to its facilities, the Company has reached its on-site storage capacity and has temporarily shut-in approximately 3,600 boe/d of production at its CPE-6 operations.

Year-to-date, the company has averaged approximately 39,000 boe/d. At this time, the Company continues to maintain its production guidance of 40,500-42,500 boe/d for the year as it expects production volumes to increase in the second half of the year.

Frontera Energy Corporation is a Toronto based oil and gas company with operations focused in South America. Company has a market cap of $1.06 billion and approximately 98 million shares outstanding.

Gran Tierra Energy (GTE:TSX) announced on June 3rd the results of the Company’s semi-annual credit facility redetermination and the voting results from its annual meeting of stockholders held on June 2, 2021. Stockholders elected all eight individuals nominated by Gran Tierra. Gran Tierra’s bank-syndicated revolving credit facility has been completed, and the syndicate of lenders party to the facility has agreed to confirm the facility with no changes.

Gran Tierra Energy Inc. is a Calgary based with a focus on its operations in Calgary. Company has a market cap of $369 million and approximately 367 million shares outstanding.

Inter Pipeline Ltd. (IPL:TSX) announced on June 3rd that as previously announced on June 1, 2021, Inter Pipeline and Pembina Pipeline Corporation have entered into an arrangement agreement providing for Pembina to acquire all of the issued and outstanding common shares of Inter Pipeline in an all-share transaction.

The board of directors of Inter Pipeline continues to unanimously recommend the Pembina Transaction to Inter Pipeline shareholders, which is highly strategic for both parties. Inter Pipeline shareholders will benefit from a 175 percent increase to their monthly dividend upon closing and share in significant annual synergies.

Inter Pipeline Ltd. is a major petroleum transportation, natural gas liquids processing, and bulk liquid storage business based in Calgary, Alberta. Company has a market cap of $8.9 billion and approximately 407 million shares outstanding.

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Baytex Energy Corporation (BTE:TSX) announced that Edward LaFehr, President and CEO, will be presenting at the RBC Capital Markets 2021 Global Energy, Power & Infrastructure Virtual Conference on Tuesday June 8, 2021 at 1:20 pm EDT. Interested parties can listen to the webcast. A replay will be available on the Baytex website, www.baytexenergy.com

Baytex Energy Corp is a Calgary based company engaged in the exploration for and production of heavy crude oil, light crude oil, and natural gas in Alberta, Saskatchewan, British Columbia, and South Texas. Company has a market cap of $1.06 billion and approximately 558 million shares outstanding.

Cardinal Energy Ltd. (CJ:TSX) announced it has entered into an arrangement agreement to acquire Venturion Oil Limited a privately held company, for a purchase price of approximately $47.5 million. The consideration will consist of approximately 6.3 million Cardinal common shares.

Venturion's assets consist of approximately 2,400 boe/d of production (~83% oil) focused in central Alberta and other minor properties. The majority of the acquired assets fall into Cardinal's Wainwright operating area.

Cardinal Energy Limited is a Calgary based company. Cardinal’s principal business activity is the acquisition, exploration, and production of petroleum and natural gas in the provinces of Alberta and Saskatchewan. Company has a market cap of $294 million and approximately 117 million shares outstanding.

Inter Pipeline Ltd. (IPL:TSX) announced that it has completed the acquisition of the Milk River pipeline system from Plains Midstream Canada ULC, in exchange for its 100 percent ownership interest in the Empress II and 50 percent ownership interest in the Empress V straddle plants. Inter Pipeline also received cash proceeds of approximately $35 million, which will be used to reduce outstanding indebtedness.

The Milk River pipeline system provides an important link between Inter Pipeline's Bow River pipeline system and the U.S./Canadian border west of Coutts, Alberta. The Milk River system is primarily comprised of two 16-kilometre pipelines with throughput volume of approximately 90,000 barrels per day, the majority of which is sourced from the Bow River system.

Inter Pipeline Ltd. is a major petroleum transportation, natural gas liquids processing, and bulk liquid storage business based in Calgary, Alberta. Company has a market cap of $8.9 billion and approximately 407 million shares outstanding.

Petrus Resources Ltd. (PRQ:TSX) announced its syndicate of lenders has extended the borrowing base termination date on its senior revolving credit facility agreement from May 31, 2021 to June 14, 2021. Its second lien term loan provider has also extended the maturity date of the Company's term loan from July 31, 2021 to August 16, 2021.

Company continues to be in discussions with the bank syndicate on a one-year extension to the credit facility, as well as with its term loan provider on an additional extension to the term loan. While discussions are ongoing, there is no certainty, nor can the company provide any assurance that, any further extension to the credit facility or term loan will be completed.

Petrus Resources Ltd. is a Calgary based Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta. Company has a market cap of $31 million and approximately 49 million shares outstanding.

TAG Oil Ltd. (TAO:TSXV) announced on June 2nd a comment on its recent trading activity on its stock. Company is not aware of any material, undisclosed corporate developments and has no material change in its business or affairs that has not been publicly disclosed that would account for the recent increase in volume or price. The company will keep the market informed as required.

TAG Oil Ltd is a Calgary based Canadian oil and gas exploration, development and production company. It operates through three geographical segments including Canada, New Zealand, and Australia. Company has a market cap of $29 million and approximately 85 million shares outstanding.

 

 

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