Oilpatch Review

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

Updated on Wednesday, January 27, 2021

Bengal Energy Ltd. (BNG:TSX) announced on January 25th the execution of a binding agreement with its senior secured lender Westpac Banking Corporation in respect of the settlement all indebtedness and liabilities owing by Bengal's wholly owned subsidiary Bengal Energy (Australia) Pty Ltd. to Westpac.

Bengal, Bengal Pty and Westpac have agreed to settle all principal amount outstanding under the Facility. Closing of the transactions contemplated by the Debt Settlement Agreement is expected to occur on the date that is five business days after the date on which Bengal confirms in writing to Westpac that all closing conditions under the Debt Settlement Agreement in Bengal's favour have been satisfied, subject to an outside date of February 28, 2021.

Bengal Energy Ltd is engaged in the exploration of oil and natural resource business activities. It involved in development and production of crude oil and natural gas. It derives its revenues from the sale of the exploration business and has operations spread across Canada. Company has a market cap of $7.7 million and approximately 102 million shares outstanding.

Obsidian Energy Ltd. (OBE:TSX) announced on January 25th that it has extended the expiry of its offer to purchase all of the issued and outstanding common shares of Bonterra Energy Corp. (TSX – BNE) until 5:00 p.m. (Mountain Daylight Time) on Monday, March 29, 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.

Paramount Resources Ltd. (POU:TSX) announced om January 25th amendments to its senior secured revolving bank credit facility to remove prior conditions on Facility availability in excess of $900 million. As a result, the full $1.0 billion Facility capacity is now available.

The $135 million of additional liquidity from the Facility amendments and issuance of debentures provides the company with ample financial flexibility as it moves forward with its 2021 capital plans as previously announced.

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. (PMT:TSX) announced that it has completed its previously announced arrangement involving the exchange of its 8.75% senior unsecured notes due January 23, 2022 for new 8.75% secured third-lien notes due January 23, 2025 pursuant to a Court-approved plan of arrangement

At a special meeting of noteholders and a special meeting of shareholders held today, the Note Exchange Arrangement was overwhelmingly approved by 99.85% of votes cast by noteholders and 99.77% of votes cast by shareholders. Following the meetings, Perpetual obtained the final order of the Court approving the Note Exchange Arrangement.

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.

PetroTal Corp. (TAL:TSXV) announced on January 25th that Gran Tierra Resources Limited has sold an aggregate of 109,006,250 common shares in the company.

PetroTal and Gran Tierra Resources are parties to a Relationship Agreement dated December 17, 2018, in accordance with the Company's AIM admission process. The Relationship Agreement primarily covered that, as long as Gran Tierra Resources owned more than a 20% ownership of PetroTal, PetroTal and Gran Tierra Resources maintain business independence, arms' length relationships and that Gran Tierra Resources voting rights were restricted to 30%, notwithstanding if the actual ownership was higher. As a result of the share sale transaction, the Relationship Agreement will automatically terminate in 56 days.

PetroTal Corporation is a Calgary based international oil and gas company. It has assets and operations in Peru. Company has a market cap of $140 million and approximately 538 million shares outstanding.

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Cenovus Energy Inc. (CVE:TSX) announced that the company will release its planned 2021 capital expenditure and production guidance on Thursday, January 28, 2021. A conference call and webcast to discuss the budget will be held for the investment community at 9 a.m. MT (11 a.m. ET). To participate in the webcast, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 (Toronto) approximately 10 minutes prior to the start. The conference call webcast link will be available at company's website.

Cenovous Energy Limited is a Calgary based company focused on oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and British Columbia. Company has a market cap of $15 billion and approximately 1.22 billion shares outstanding.

Connacher Oil and Gas Limited (CLL:TSX) announced an update and a pipeline project. Connacher advanced several key initiatives in the second half of the year to position the Company for the future. Earlier in the year, following the precipitous drop in crude oil prices caused by the COVID-19 pandemic, Connacher significantly reduced production from its Great Divide operations in order to preserve cash. As prices began to recover, production was safely ramped back up to pre-COVID levels towards the end of the second quarter.

In 2020, Connacher began two new initiatives and continued a third to improve profitability, enhance the Company's competitiveness and position it for the future. Company exited 2020 in a relatively strong position to take advantage of an improving economy post-COVID and enhanced market access as major pipeline projects come into service.

Connacher engaged with pipeline companies to explore alternatives to improve the transportation and marketing of its product. On December 21, 2020, Connacher received AER approval to build this sales oil pipeline lateral from its Great Divide project. The pipeline is expected to be completed by the second half of 2022 and will provide Connacher with efficient access to a liquid market hub for the sale of its product.

Connacher Oil and Gas Limited is a Calgary based exploration, development and production company active in the production and sale of bitumen in the Athabasca oil sands region. Connacher's shares used to trade on the Toronto Stock Exchange, but it was de-listed in 2016, after filing for bankruptcy. .

Trillion Energy International Inc. (TCF:CNX) announced an update on the Company’s planned activities for 2021. Company expects oil and gas prices to continue to rebound during 2021 as the economy strengthens. 2020 was a challenging year for the oil and gas sector, with historic negative oil prices due to a sharp drop in demand as a result of COVID and temporary over-supply concerns abounded. Oil prices have now returned to pre-COVID levels, the current price of oil received is over US $50/bbl, a $20/bbl improvement. Natural gas currently sells for US $5.52/mcf.

Company's two producing oil and gas fields continue to generate revenue. The Cendere Oil Field is producing 150 bopd and generating about US $230,000/month for Trillion and the SASB Gas Field is producing 705 mcf/d and generating about US $38,000/month for Trillion. Company's mandate for 2021 is to commence redevelopment of the SASB Gas field which was delayed from 2020 due to the associated slowdowns, COVID and energy markets conditions, which have only recently recovered.

Trillion is currently in discussions with drilling and services companies to carry out the Phase III development work program. Several jack-up rigs are available in the region and the Company is in the process of securing a timetable for work commencement. A jack-up rig is required as the SASB gas field is located in shallow water. Company has plans to fund the work through a combination of debt and equity capital to which it is currently evaluating opportunities to acquire same.

Trillion Energy International Inc. is a Vancouver base international oil and gas company with assets and operations in Europe and Turkey. Company has a market cap of $6.2 million and approximately 88 million shares outstanding.

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Birchcliff Energy Ltd. (BIR:TSX) announced its 2021 capital program and updated five year plan. Total F&D capital expenditures are estimated to be $210 million to $230 million, which represents a 23% reduction from 2020 mainly as the result of one-time facilities and infrastructure projects completed by Birchcliff in 2020. Annual average production in 2021 is expected to be in the range of 78,000 to 80,000 boe/d.

Birchcliff’s 2021 drilling program is focused on developing its low-cost natural gas and liquids-rich production in Pouce Coupe and Gordondale. Approximately 73% of the program is directed towards drilling, completions, equipping and tie-in ) activities, with a total of 27 (27.0 net) wells expected to be drilled and 33 (33.0 net) wells expected to be brought on production in 2021.

Birchcliff currently has 3 drilling rigs at work, with 1 rig in the Gordondale area and 2 in the Pouce Coupe area. Year-to-date, Birchcliff has drilled:

Birchcliff has a market cap of $593 million and approximately 266 million shares outstanding Birchcliff Energy Ltd. Is a Calgary based natural gas company. Company conducts its drilling program in resource plays located in the Peace River Arch region of Alberta.

Falcon Oil & Gas Ltd. (FO:TSXV) announced an operation update. Company has submitted a notification of discovery and an initial report on discovery to the Department of Industry, Tourism and Trade of the Northern Territory on the Kyalla 117 N2-1H ST2 well in the Beetaloo Sub-basin, Australia.

The Australian Government announced last week that it would invest A$217m in economic enabling infrastructure and upgrades to remote roads in the Northern Territory. These upgrades will provide quality infrastructure to support gas development and other industries in and around the Beetaloo Sub-basin. This is in addition to the A$50m being provided by the Australian Government to accelerate exploration activity in the Beetaloo announced last December.

Falcon Oil & Gas Ltd is an international oil & gas company based in Dublin Ireland. Company is engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd has a market cap of $113 million and approximately 69 million shares outstanding.

Tourmaline Oil Corp. (TOU:TSX) announced that it has agreed to issue $250 million aggregate principal amount of senior unsecured notes due January 25, 2028. The Notes will be issued at par for aggregate gross proceeds of $250 million and will bear interest at a fixed rate of 2.077% per annum, payable semi-annually on the 25th day of January and July of each year, commencing on July 25, 2021.

Tourmaline believes this inaugural issuance of investment-grade debt is an important step towards diversifying its sources of low-cost capital and continuing its progression as one of the largest, most efficient producers of oil and gas in Canada. The Notes have been assigned a provisional rating of BBB, with a stable trend, by DBRS Limited.

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.

TransGlobe Energy Corporation (TGL:TSX) announced an operations update. Production averaged 12.4 MBoepd in Q4, 2020 and 13.5 MBoepd for the year ended 2020, meeting updated guidance of 13.3 to 13.8 MBoepd provided on August 11, 2020.

Company production met the lower end of production guidance for 2020 of 13.3 to 13.8 MBoepd. This is principally due to delayed Egypt well maintenance, reflecting the weak economics of the fiscal terms of the pre-consolidation concession agreements, and was in line with the Company’s focus on maintaining the Company’s balance sheet strength in 2020. Canadian production met expectations.

TransGlobe Energy Corporation is Calgary based oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe has a market cap of $175 million and approximately 72 million shares outstanding.

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Bengal Energy Ltd. ( BNG:TSX) announced an update on ongoing operational matters. The Cuisinier pilot project is scheduled to commence active water injection in late January 2021. This program is designed to begin increasing pressure in the pool and thereby increase the expected oil recovery in both productivity and reserves. As injected volumes ramp up the project is expected to benefit from decreased water disposal fees.

Company's share of total production in calendar Q4 2020 was 19,423 bbls, which is a 25% decline from the 25,758 bbls produced in calendar Q4 2019. Production in calendar fourth quarter of 2020 averaged 211 bbls/d compared to 280 bbls/d produced in the same period in the prior calendar year. Normal production declines, reduced capital spending and conversion of the C24 well from a producer to a water injection well all contributed to the production decline.

Bengal Energy Ltd is engaged in the exploration of oil and natural resource business activities. It involved in development and production of crude oil and natural gas. It derives its revenues from the sale of the exploration business and has operations spread across Canada. Company has a market cap of $7.7 million and approximately 102 million shares outstanding.

Bonterra Energy Corp. (BNE:TSX) announced on January 20th that the Board of Directors reiterates its recommendation that shareholders reject Obsidian Energy Ltd.'s conditional unsolicited bid to acquire all of the issued and outstanding common shares of Bonterra in exchange for shares of Obsidian (the "Hostile Bid") and continues to strongly recommend that Bonterra shareholders take no action and reject the hostile bid by not tendering their shares.

Bonterra Energy Corp. is a Calgary based conventional oil and gas producer with operations in Alberta, Saskatchewan and British Columbia. Company has a market cap of $228 million and approximately 33 million shares outstanding.

Enbridge Inc. (ENB:TSX) announced that it will host a conference call and webcast to provide a business update and review 2020 fourth quarter and full-year results on February 12, 2021 at 7:00 a.m. MT (9:00 a.m. ET). Enbridge will announce its financial results before markets open on February 12, 2021. A webcast replay will be available approximately two hours after the conclusion of the event and a transcript will be posted to Enbridge's website approximately 24 hours after the event.

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.

PetroTal Corp. (TAL:TSX) announced that it has executed final agreements with PETROPERU S.A. to complete the restructuring (the "Arrangement") of the contingent liability referenced in PetroTal's June 12, 2020 press release and to extend the oil sales contract with Petroperu ("Oil Sales Contract") for an additional two years.

Pursuant to the Arrangement, PetroTal and Petroperu have agreed to resolve the entire contingent liability that arose due to the significant reduction in oil prices in early 2020, on a one‐time basis that will result in the obligation being paid evenly over a three year period, together with interest at an annual rate of 6.12%. From the total of 2.4 million barrels of oil that gave rise to the contingent liability, approximately 575,000 barrels were sold between July and November 2020, and the remaining 1.8 million barrels of oil are either in the pipeline or storage tanks.

PetroTal Corporation is a Calgary based international oil and gas company. It has assets and operations in Peru. Company has a market cap of $140 million and approximately 538 million shares outstanding.

TC Energy Corporation (TRP:TSX) announced on January 20th that the company is disappointed with the expected action to revoke the existing Presidential Permit for the Keystone XL pipeline. The decision would overturn an unprecedented, comprehensive regulatory process that lasted more than a decade and repeatedly concluded the pipeline would transport much needed energy in an environmentally responsible way while enhancing North American energy security. The action would directly lead to the layoff of thousands of union workers and negatively impact ground-breaking industry commitments to use new renewable energy as well as historic equity partnerships with Indigenous communities

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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Enerplus Corporation (ERF:TSX) announced on January 19th that a cash dividend in the amount of CDN$0.01 per share will be payable on February 16, 2021 to all shareholders of record at the close of business on January 29, 2021. The ex-dividend date for this payment is January 28, 2021.

Enerplus is a Calgary based independent North American exploration and production company focused on its crude oil and natural gas assets in Canada and the United States. Company has a market cap of $2.8 billion and approximately 244 million shares outstanding.

Keyera Corp. (KEY:TSX) announced that it expects to release its 2020 year-end results before markets open on Wednesday, February 10, 2021. A conference call and webcast have been scheduled for Wednesday, February 10, 2021 at 8:00 AM Mountain Time (10:00 AM Eastern Time). A live webcast of the conference call can be accessed on Keyera's website.

Keyera Corporation is a Calgary based company with extensive interconnected assets and depth of expertise in delivering midstream energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing. Company has a market cap of $5.8 billion and approximately 210 million shares outstanding.

MEG Energy Corp. (MEG:TSX) announced on January 19th its preliminary estimates of expected ranges of certain financial and operating data for the three months and year ended December 31, 2020. Based on estimated results for the fourth quarter of 2020, MEG anticipates achieving results largely in line with its previously disclosed 2020 guidance.

Meg Energy plans to commence a private offering of US$600 million in aggregate principal amount of senior unsecured notes due 2029 . MEG intends to use the net proceeds of the offering, if completed, and cash on hand to (i) redeem in full its US$600 million aggregate principal amount of 7.0% senior unsecured notes due March 2024 , and (ii) pay fees and expenses related to the offering.

MEG Energy Corp. is a Calgary based company focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta. Company has a market cap of $1.6 billion and approximately 297 million shares outstanding.

Pembina Pipeline Corporation (PPL:TSX) announced on January 19th that PKM Cochin ULC and Pembina Cochin LLC have launched an open season to obtain binding commitments for the transport of light condensate on the Cochin Pipeline. The open season begins January 19, 2021 at 8:00 a.m. MST and closes on February 18, 2021 at 5:00 p.m. MST.

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.

Vermilion Energy Inc. (VET:TSX) announced its 2021 exploration and development capital budget and associated production guidance. Company plans to have a capital budget of $300 million. Additional capital projects will be considered for drilling later in the year if market conditions are supportive.

Company forecasts annual average production guidance of 83,000 to 85,000 boe/d. Vermilion expects to generate in excess of $200 million of free cash flow with a payout ratio less than 65%, including the impact from existing hedges.

Vermilion will discuss its 2021 capital budget and production guidance in a conference call and webcast presentation on Tuesday, January 19, 2021 at 7:00 AM MT (9:00 AM ET). To participate, call 1-888-231-8191 (Canada and US Toll Free) or 1-647-427-7450 (International and Toronto Area). A recording of the conference call will be available for replay by calling 1-855-859-2056 and using conference ID 3783416 from January 19, 2021 at 10:00 AM MT to February 2, 2021 at 9:59 PM MT.

Vermilion Energy Inc. is a Calgary based international energy producer that seeks to create value through the acquisition, exploration, development and optimization of producing properties in North America, Europe and Australia. Company has a market cap of $4.4 billion and approximately 153 million shares outstanding.

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Cardinal Energy Ltd. (CJ:TSX) announced that its Board of Directors has approved an operating and capital budget for 2021 that will focus on debt reduction, maintaining production levels and abandonment and reclamation expenditures.

Cardinal's 2021 budget is expected to produce adjusted funds flow of approximately $70 to $75 million and assumes an average royalty rate of 15%, a West Texas Intermediate oil price of US$52/bbl, US/CAD exchange rate of 0.78 and a $2.52/mcf AECO natural gas price.

During 2021, Cardinal's operating expenses are forecasted to average approximately $18.00/boe however expensed well reactivations will add approximately $2.00/boe of operating costs in 2021 as the Company plans to increase the workover and well reactivation program that was suspended in 2020 due to low oil prices.

Cardinal has allocated approximately $5 million of its 2021 budget for ARO expenditures which will complement the $18.4 million of government subsidies received to date from the Alberta Site Rehabilitation Program and the Saskatchewan Accelerated Site Rehabilitation Program through its service provider applications.

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.

Reconnaissance Energy Africa Ltd. (RECO:TSXV) announced that, it has commenced the permitting process for the acquisition of 450 kilometers of 2D seismic data in the deep Kavango Basin in the Kalahari Desert of North East Namibia. To execute the program, the company has contracted Polaris Natural Resources Inc, based in Calgary, Alberta, Canada.

Company intends to conduct, process, and interpret 450 km of 2D seismic that will tie to the active three well drilling program. The proposed seismic survey will be conducted along existing roads and tracks. The Environmental Impact Assessment process for this operation has begun with the posting of public sessions.

Reconnaissance Energy Africa Ltd, formerly Lund Enterprises Corp is a Vancouver based oil and gas company engaged in the exploration and development of oil and gas in Namibia. Company has a market cap of $31 million and has approximately 61 million shares outstanding.

TC Energy Corporation (TRP:TSX) announced a new sustainable energy initiative for the Keystone XL Project. The company will achieve net zero emissions across the project operations when it is placed into service in 2023 and has committed the operations will be fully powered by renewable energy sources no later than 2030. This announcement comes after an extensive period of study and analysis, and as part of the company’s ongoing commitment to sustainability, thoughtfully finding innovative ways to reduce greenhouse gas emissions, while providing communities with reliable energy needed today.

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.

Trican Well Service Ltd. (TCW:TSX) announced on January 18th the appointment of Michael J. McNulty to its Board of Directors, effective January 18, 2021. Mr. McNulty will also serve as a member of the Audit Committee.

Mr. McNulty is currently a Managing Partner at Pillar Four Capital. His distinguished career of over 40 years in the global energy services sector began at Schlumberger. Thereafter, he held executive positions with Precision Drilling Ltd., Saxon Energy Services Ltd. and Calfrac Well Services Ltd.

Trican Well Services Ltd. Is a Calgary based company which provides a comprehensive array of specialized products, equipment and services that are used in exploration and development of oil and gas reserves. Company has a market cap of $210 million and approximately 284 million shares outstanding.

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Obsidian Energy Ltd. (OBE:TSX) substantiated its reasons for combining Bonterra and Obsidian Energy. Company claims that it is in their best interests through increased shareholder value. Obsidian Energy urges Bonterra shareholders to be part of a stronger company with a far superior future by accepting the company's offer

Obsidian Energy's Interim President and CEO stated, "The pace of consolidation in the industry has increased substantially with recent deal announcements in both the mid and large cap space, which the market has rewarded with significant share price appreciation. It is becoming clear that companies who do not act may be left behind to the detriment of their shareholders. Notwithstanding these obvious market trends, Bonterra's management team and board has refused to engage. As a result, if Bonterra shareholders truly want to protect and grow the value of their investment, they need to take matters into their own hands."

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.

Parkland Corporation (PKI:TSX) announced that a dividend of $0.1012 per share will be paid on February 15, 2021 to shareholders of record on January 22, 2021. The dividend will be an 'eligible dividend' for Canadian income tax purposes. The ex-dividend date is January 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.

Perpetual Energy Inc. (PMT:TSX) announced that the Alberta Court of Queen's Bench has summarily dismissed the balance of the Statement of Claim filed by PricewaterhouseCoopers Inc. LIT , in its capacity as trustee in bankruptcy of Sequoia Resources Corp. against Perpetual, Perpetual Operating Trust, Perpetual Operating Corp. and Susan Riddell Rose, the company's President and Chief Executive Officer. These claims relate to a transaction that involved the sale by Perpetual of legacy shallow gas properties in October 2016 to an arm's length third party purchaser after an extensive and lengthy marketing, due diligence and negotiation process

The Court has struck or summarily dismissed all other claims by PwC against the Perpetual Entities and Ms. Rose. PwC contested the previous decision. The appeal was heard by the Court of Appeal of Alberta on December 10, 2020 and its decision is still pending. The written reasons for the Court's decision on the BIA Claim have been posted to the company's website.

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.

Whitecap Resources Inc. (WCP:TSX) announced that a cash dividend of Cdn. $0.01425 per common share in respect of January operations will be paid on February 15, 2021 to shareholders of record on January 31, 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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Keyera Corp. (KEY:TSX) announced a cash dividend for January 2021 of 16.00 cents per common share. The dividend will be payable on February 16, 2021, to shareholders of record on January 22, 2021. The ex-dividend date is January 21, 2021. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada). For non-resident shareholders, Keyera's dividends are subject to Canadian withholding tax.

Keyera Corporation is a Calgary based company with extensive interconnected assets and depth of expertise in delivering midstream energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing. Company has a market cap of $5.8 billion and approximately 210 million shares outstanding.

Pembina Pipeline Corporation (PPL:TSX) announced that it has priced an offering of $600 million of 4.80% Fixed-to-Fixed Rate Subordinated Notes, Series 1 due January 25, 2081. Offering is expected to close on or about January 25, 2021, subject to customary closing conditions. Pembina expects to use the net proceeds of the Offering to redeem or repurchase its outstanding cumulative redeemable minimum rate reset Class A Preferred Shares, Series 11 and its cumulative redeemable minimum rate reset Class A Preferred Shares, Series 13 , to repay other outstanding indebtedness, as well as for general corporate purposes.

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.

Petrus Resources Ltd. (PRQ:TSX) announced its first quarter capital budget and outlook for 2021. Petrus’ Board of Directors has approved a first quarter 2021 capital budget of $9.0 million to drill three (2.1 net) Cardium wells in the Ferrier area.

Petrus ended 2020 with $77.5 MM drawn on its revolving credit facility which had a borrowing base maximum size of $83.0 MM at December 31, 2020. Management believes the Company has adequate liquidity to execute the Petrus business plan over the coming year.

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.

ShaMaran Petroleum Corp. (SNM:TSX) announced the issuance today of a Summons for Written Resolution from Nordic Trust AS as Bond Trustee to all Bondholders of the company's 12% senior unsecured bonds due 2023 setting out the details of the Proposal with a voting period ending on January 26, 2021.

Company has been in discussions with the informal Ad Hoc Committee representing approximately more than 50% of the Bondholders to amend the cash sweep mechanism agreed in the July 2020 amended and restated bond terms to better utilize its "free cash" to buy back its Bonds in the market and today is pleased to report that an agreement has been reached.

The buy back of the Bonds, will enable the company to further reduce its debt obligations on commercially attractive terms as and when they exist in the market.

ShaMaran Petroleum Corp. is a Vancouver based international company. It is a Kurdistan focused oil development and exploration company with interests in the Atrush oil discovery. Company has a market cap of $184 million and approximately 2.2 billion shares outstanding.

Trican Well Service Ltd. (TCW:TSX) announced that Robert Skilnick, Trican's Chief Financial Officer, has resigned in order to pursue another business opportunity. Mr. Skilnick plans to remain with the Company to complete the year-end financial reporting process and to provide for an orderly transition period, which is anticipated to be completed in March 2021. Company has initiated an executive search process, including a review of strong internal candidates. Further information will follow once an appointment is made.

Trican Well Services Ltd. Is a Calgary based company which provides a comprehensive array of specialized products, equipment and services that are used in exploration and development of oil and gas reserves. Company has a market cap of $210 million and approximately 284 million shares outstanding.

 

 

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