Oilpatch Review

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

Updated on Thursday, October 29, 2020

Africa Oil Corp. (AOI:TSX) announced that it has received its fifth dividend from Prime Oil and Gas B.V. , a company that holds interests in deepwater Nigeria production and development assets. Prime has distributed a US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50% interest. The company will apply US$12.1 million of this dividend to reduce the outstanding balance of the BTG term loan to US$164.8 million. Company has received a total dividends amount of US$162.5 million since the closing of the Prime acquisition on 14 January 2020.

Africa Oil Corp. is a Vancouver based Canadian oil and gas company with assets in Kenya and Ethiopia and has recently signed an agreement to acquire an interest in a producing asset in deepwater Nigeria. Company has a market cap of $485 million and approximately 471 million shares outstanding.

Ensign Energy Services Inc. (ESI:TSX) announced that it will release its third quarter 2020 results before the markets open on Thursday, November 5, 2020. A conference call and webcast has been scheduled for 10:00AM MST (12:00PM EST) on Thursday, November 5, 2020. A live webcast of the conference call can be accessed via Ensign's website.

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.

Highwood Oil Company Ltd. (HOCL:TSXV) announced that its Board of Directors has initiated a process to identify, examine and consider strategic and financial alternatives available to the Company with the ultimate view of enhancing shareholder value.

The Board of Directors has established a Special Committee comprised of independent directors to oversee the process and National Bank Financial Inc. have been retained to assist the Special Committee and the Company with the Strategic Review.

Company's current intention not to disclose developments with respect to the Strategic Review process until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate.

Highwood Oil Company is a Calgary based company with operations in western Canada. It has operations and assets in Nipisi/Jarvie, and Red Earth Creek. Company has a market cap of $149 million and approximately1.3 million shares outstanding.

MEG Energy Corp. (MEG:TSX) announced its third quarter of 2020 operational and financial results. Company reported adjusted funds flow of $27 million ($0.09 per share), impacted by lower sales volumes due to major planned turnaround activities. Revenue during the third quarter was $1.5 million and a loss of $(373,000).

MEG remains well positioned from a financial liquidity perspective, benefiting not only from its significant 2020 hedge book and the term and structure of its outstanding indebtedness and credit facility.

MEG expects to release its 2021 capital budget in December. While the development of the 2021 capital budget remains in progress, it will be designed to be fully funded with internally generated funds.

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.

Tethys Petroleum Limited (TPL:TSXV) announced on October 27th that it has filed its Interim Results for the three months ended September 30, 2020 and for the nine months ended September 30, 2020. The full Interim Results together with Management's Discussion and Analysis have been filed with the Canadian securities regulatory authorities. Copies of the filed documents may be obtained via SEDAR.

The spudding of the AKK-33 and AKD-12 wells have taken place and management expects to receive a test result by the end of November on both wells. Management does not anticipate drilling any more wells in the Klymene field until after the 3D seismic and interpretation is acquired (expected by June, 2021).

Tethys Petroleum is an international oil and gas company based on the Cayman Islands. Company has operations in Central Asia and Caspian Region. Company has a market cap of $35.6 million and approximately 87 million shares outstanding.

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Cenovus Energy Inc. (CVE:TSX) and Husky Energy (HSE:TSX) announced jointly their proposed transaction to create a new integrated Canadian oil and natural gas company.

The proposed agreement would create a new integrated Canadian oil and natural gas company with an advantaged upstream and downstream portfolio that is expected to provide enhanced free funds flow generation and superior return opportunities for investors.

The companies have entered into a definitive arrangement agreement under which Cenovus and Husky will combine in an all-stock transaction valued at $23.6 billion, inclusive of debt. The combined company will operate as Cenovus Energy Inc. and remain headquartered in Calgary, Alberta. The transaction has been unanimously approved by the Boards of Directors of Cenovus and Husky and is expected to close in the first quarter of 2021.

Husky shareholders will receive 0.7845 of a Cenovus share plus 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share. Anticipated quarterly dividend of $0.0175 per share (upon Board approval) and positioned for consistent growth.

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.

Husky Energy Inc. is a Calgary based oil and gas company with operations in western Canada, the United States, and the Asia-Pacific and the Atlantic region of Canada. Company has a market cap of $14.8 billion and approximately 1.0 billion shares outstanding.

Point Loma Resource (PLX:TSXV) it has been reported that BDO Canada Limited was appointed as the receiver and manager for the company pursuant to an Order of the Court of Queen’s Bench of Alberta. The Receiver has engaged Sayer Energy Advisors to assist it with a sale of all of Point Loma’s oil and natural gas properties located in Alberta..

The Receiver was appointed by the Court pursuant to the application made by the Orphan Well Association and intends to divest the Properties, in whole or in part.  All offers received at the bid deadline will be reviewed by the Receiver and the most acceptable offers may be accepted by the Receiver, subject to Court approval.

Point Loma ceased operations and shut-in operated production in May 2020. Prior to shut-in, average production net to Point Loma from the Properties for 2019 was approximately 625 boe/d, consisting of 2.5 MMcf/d of natural gas and 205 barrels of oil and natural gas liquids per day.

Terra Nova Resources Inc. (TENO:CNX) announced that the company has received notice from Armour Energy Limited (Armour) that Armour intends to exercise its option right to acquire the company’s remaining 20.6667% participating interest in Petroleum Exploration Licenses 112 and 444 in the Cooper-Eromanga Basins in South Australia.

To exercise the Option Right, Oilex was required to issue to the company an additional 20,666,700 ordinary shares of Oilex at a deemed price of A$0.003 per share or A$62,000. In lieu of the Oilex ordinary shares, the company has agreed to accept payment of A$62,000 in cash in payment of the option exercise price.

The divestiture of our remaining interests in Australia will allow the Company to now strategically focus on the digital health and wellness sector, and our transaction with WellteQ, a leading provider of corporate wellness solutions within Asia-Pacific” stated Mark Lawson, TNR’s Chief Executive Officer and Director.

Terra Nova Resources Inc. is a Toronto based oil and gas company with several licenses in the western flank of the state of South Australia. Company has a market cap of $1.6 million and approximately 18 million shares outstanding.

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Africa Oil Corp. (AOI:TSX) announced on October 23rd that it will host a virtual town hall meeting on Thursday, October 29, 2020, at 18:00 CEST (12:00 EDT). Mr. Keith Hill, President and CEO, and Mr. Pascal Nicodeme, CFO, will present an update on the company's operations and take part in a Q&A session with investors.

Africa Oil Corp. is a Vancouver based Canadian oil and gas company with assets in Kenya and Ethiopia and has recently signed an agreement to acquire an interest in a producing asset in deepwater Nigeria. Company has a market cap of $485 million and approximately 471 million shares outstanding.

Crescent Point Energy Corp. (CPG:TSX) announced that it plans to report its third quarter 2020 financial and operating results via press release prior to the opening of markets on Thursday, October 29, 2020. Crescent Point's management will hold a conference call at 10:00 a.m. MT (12:00 p.m. ET) the same day to discuss the company's results and outlook.

Webcast will be archived for replay and can be accessed on Crescent Point's website. The replay will be available approximately one hour following the completion of the call.

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.

Frontera Energy Corporation (FEC:TSX) announced that its third quarter results will be released after market on Wednesday, November 4, 2020 followed by a conference call for investors and analysts on Thursday, November 5, 2020 at 8:00 a.m. (MST) and 10:00 a.m. (EST/GMT-5). A replay of the conference call will be available until 11:59 p.m. (EST/GMT-5) Thursday, November 12, 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.

Hunter Oil Corp. (HOC:TSXV) announced that, in connection with the company's previously announced change of business pursuant to which the company will become a Tier 2 Technology Issuer, the company's filing statement is now filed and available under the Company's profile on SEDAR

Company expects the Change of Business, including the company's previously announced forward-split of common shares in the capital of the company , change of the company's name to "Hunter Technology Corp." and financing of post-Split common shares in the capital of the company to close on November 2, 2020.

All shareholders of record on October 26, 2020 will be entitled to participate in the Split and will receive three post-Split common shares of the Company for every two pre-Split common shares held as of the record date. The Company's common shares will trade on a due bill basis from October 23, 2020 to November 4, 2020, being the effective date for the Split, inclusively.

Hunter Oil Corporation is a Vancouver based oil and gas company with assets and operations in Canada and US.. Hunter Oil has a market cap of $2.7 million and approximately 13.3 million shares outstanding.

Tamarack Valley Energy Ltd. (TVE:TSX) announced the completion of its inaugural Sustainability Report, outlining the company’s continued focus on environmental, social and governance practices and the increasingly vital role these factors play in Tamarack’s strategy. Company has set commitments and goals related to the focus areas of governance, health and safety, community engagement, indigenous partnerships, people, land and biodiversity preservation, water management and emissions management.

Tamarack’s 2020 Sustainability Report covers performance metrics for the 2017 to 2019 calendar years and aligns with guidance set forth by the Sustainability Accounting Standards Board (SASB), the Task Force on Climate-related Financial Disclosure and the Global Reporting Initiative with consideration for the United Nations Sustainable Development Goals .

Tamarack Valley Energy is a Calgary based oil and gas exploration and production company with operations in the Western Canadian Sedimentary Basin. Tamarack has a market cap of $569 million and approximately 228 million shares outstanding.

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Falcon Oil & Gas Ltd. (FO:TSX) announced on October 21st that it has been informed that the Bankruptcy Estate of Petrohunter Energy Corporation is the beneficial owner of 48,101,000 common shares of Falcon, representing 4.90% of Falcon’s issued and outstanding Shares. Sweetpea Petroleum Pty Ltd. is no longer a beneficial owner of Falcon Shares.

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.

Hunter Oil Corp. (HOC:TSXV) announced that it has received conditional approval from the TSX Venture Exchange for the company's previously announced change of business to a Tier 2 Technology Issuer. The company has also received conditional approval for its previously announced forward-split of the Company's common shares and the change of the company's name to "Hunter Technology Corp."

The common shares will begin trading on the TSXV on a Split adjusted basis on November 4, 2020, at which time, the Company's common shares will no longer carry an entitlement to additional common shares. The due bill redemption date will be November 3, 2020.

Company intends to complete the Name Change on November 2, 2020 and the common shares are expected to begin trading on the TSXV under the Company's new name, "Hunter Technology Corp.", at the opening of the markets on November 4, 2020.

Hunter Oil Corporation is a Vancouver based oil and gas company with assets and operations in Canada and US.. Hunter Oil has a market cap of $2.7 million and approximately 13.3 million shares outstanding.

NGX Energy International Corp. (GASX:TSX) announced that it has accepted an offer from Compańia Argentina de Comodoro Rivadavia Explotacion de Petróleo S.A. and Financier S.A. (the to acquire 100% of NGX's oil and gas interests in Alianza Petrolera Argentina S.A. , the Argentine subsidiary through which NGX operates the Sur de Rio Deseado Este block and holds interest in Estancia La Mariposa block.

Under the terms of the purchase offer, the Purchaser will acquire Alianza and assume all rights and responsibilities relating to the oil and gas assets and general operations of Alianza. The purchaser has granted a royalty of 7% to the company calculated on the future production result of the Sur de Rio Deseado Este block, up to total royalty payments of $100,000.

NGX Energy International Corporation is a Vancouver based oil and gas company engaged in oil and gas exploration and development in Columbia and Argentina. Company has a market cap of $66 million and approximately 70 million shares outstanding.

Topaz Energy Corp. ((TPZ:TSXV) announced that it has it has obtained a receipt for its final base PREP prospectus filed with the securities regulatory authorities in each of the provinces of Canada and has entered into an underwriting agreement in respect of its initial public offering consisting of a treasury offering by the company and a secondary offering by its majority shareholder Tourmaline Oil Corp. of an aggregate of 17,731,000 common shares at a price of $13.00 per common share for gross proceeds to the company and the selling shareholder of approximately $217.5 million and $13.0 million, respectively.

Offering is expected to close on October 26, 2020. Completion of the Offering is subject to customary closing conditions and the receipt of customary approvals, including regulatory approvals. The Offering is only made by the Prospectus. The Prospectus contains important information about the securities being offered. Potential investors should read the Prospectus prior to making an investment decision.

Topaz Energy Corporation is a Calgary based royalty energy company. Topaz has not established a market cap as it has only begun trading.

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Canadian Spirit Resources Inc. (SPI:TSX) announced that it has engaged Industrial Alliance Securities Inc. as its exclusive financial advisor to identify and consider various strategic alternatives and their potential to maximize shareholder value, including a reverse merger, recapitalization, reorganization or takeover of the company, or the sale of some or all of the assets of the company, or any other alternatives that are considered to be in the best interests of the company’s shareholders.

Canadian Spirit Resources Inc. is a Calgary based natural gas producer with assets and operations in western Canada. Company has a market cap of $9 million and approximately 175 million shares outstanding.

Enerplus Corporation (ERF:TSX) announced that a cash dividend in the amount of CDN$0.01 per share will be payable on November 16, 2020 to all shareholders of record at the close of business on October 30, 2020. The ex-dividend date for this payment is October 29, 2020.

The CDN$0.01 per share dividend is equivalent to approximately US$0.01 per share if converted using the current Canadian/US dollar exchange rate of 0.7596. Dividends paid by Enerplus are considered an "eligible dividend" for Canadian tax purposes.

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.

MEG Energy Corp. (MEG:TSX) announced that it will release its third quarter results on October 26th after the markets close.

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.

Reconnaissance Energy Africa, Ltd. (RECO:TSXV) announced on October 20th an operations update on the Company's initial programs opening the deep Kavango Basin in the Kalahari Desert of North East Namibia and North West Botswana.

Company is now making significant progress on executing the first drilling and seismic programs, to open this new sedimentary basin," stated Scot Evans, Chief Executive Officer. "The following is an update of active and planned operations in both Houston, Texas and Namibia.

Spudding the important 6-2 well, the first of the initial three wells, is scheduled for late December, 2020. While there can still be some delays, largely COVID-19 related, we are confident any delays will be measured only in days.

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.

Tervita Corporation (TEV:TSX) announced that its preliminary unaudited financial and operating results for the three months ended September 30, 2020 with full year Adjusted EBITDA guidance and provided an update on the Company's Credit Facility amendment. Company reported a cash flow of $45 million and an adjusted EBITA of $56 million in the third quarter of 2020.

Tervita has received commitments from its lending syndicate to increase the existing facility from $275 million to a minimum of $325 million and extend the term to December 2022.

Tervita Corporation is a Calgary based company focused on waste management and environmental solutions. It is a provider offering waste processing, treating, recycling, and disposal services to customers in the oil and gas, mining, and industrial sectors. Company operates in Canada and the United States. Company has a market cap of $809 million and approximately 117 million shares outstanding.

Trican Well Service Ltd. (TCW:TSX) announced that it intends to release its Third Quarter 2020 results on Friday, November 6, 2020 before the opening of the market. Company will host a conference call on Friday, November 6, 2020 at 10:00 a.m. MT (12:00 p.m. ET) to discuss the Company's results for the 2020 Third Quarter.

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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AltaGas Ltd. (ALA:TSX) announced that AltaGas Idemitsu Joint Venture Limited Partnership and SAM Holdings Ltd. have entered a definitive agreement with respect to the put process surrounding Petrogas Energy Corp., which was originally announced on January 2, 2020.

AltaGas is indirectly acquiring an additional 37% of Petrogas' equity for total consideration of approximately $715 million. This consideration includes the acquisition of 4,751,733 shares of Petrogas and incorporates working capital normalization and certain other factors.

AltaGas plans to initially fund the transaction with short-term debt from the Company's approximate $4 billion of current estimated liquidity, and to later repay such draw through the strong free cash flow from the asset base

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.

Calfrac Well Services Ltd. (CFW:TSX) announced Calfrac's Shareholders and Unsecured Noteholders have overwhelmingly approved the company's Amended Recapitalization Transaction to be implemented pursuant to a Plan of Arrangement under Section 192 of the Canada Business Corporations Act.

At the meeting of Shareholders held each of the resolutions in connection with the approval of the Amended Recapitalization Transaction was approved. Excluding Common Shares voted by Wilks Brothers, LLC, no more than 4% of the issued and outstanding Common Shares were voted against any of such resolutions.

Calfrac Well Services Ltd is a Calgary based company which provides specialized oilfield services, including hydraulic fracturing, coiled tubing, cementing and other well completion services to the oil and natural gas industries in Canada, the United States, Russia, Mexico and Argentina Company has a market cap of $400 million and approximately 145 million shares outstanding.

Canadian Spirit Resources Inc. (SPI:TSX) announced that it has engaged Industrial Alliance Securities Inc. as its exclusive financial advisor to identify and consider various strategic alternatives and their potential to maximize shareholder value, including a reverse merger, recapitalization, reorganization or takeover of the company, or the sale of some or all of the assets of the company, or any other alternatives that are considered to be in the best interests of the company’s shareholders.

The company holds 10,727 net hectares (41.4 net sections) of delineated, contiguous land blocks in the Montney formation at Farrell Creek, Altares and Attachie in NE British Columbia that have strategic option value for future LNG development. A resource assessment by GLJ Petroleum Consultants shows 9.0 TCF (net) TPIIP on Canadian Spirit Resources Inc. lands.

Canadian Spirit Resources Incorporated is a Calgary based natural gas producer with assets and operations in western Canada. Company has a market cap of $9 million and approximately 175 million shares outstanding.

Delphi Energy Corp. (DEE:TSX) announced the completion of the previously disclosed restructuring which was implemented pursuant to a plan of compromise and arrangement under the Companies’ Creditors Arrangement Act and the Canada Business Corporations Act . The Plan was sanctioned by order of the Court of Queen’s Bench of Alberta under the CCAA granted on September 11, 2020.

All previously outstanding common shares, warrants and options of the company were cancelled and extinguished for no consideration and without any return of capital. Company indebtedness was reduced by approximately $176.0 million. As a result of the completion of the restructuring, there are 6,088,724 New Shares issued and outstanding.

Delphi Energy Corporation is a Calgary based natural gas producer focused on its high quality Montney property, uniquely positioned in the Deep Basin of Bigstone, in northwest Alberta. Company has a market cap of $73 million and approximately 186 million shares outstanding.

Shoal Point Energy (SHP:CNX) announced the results of its AGM meeting. All directors slated for reelected were elected. Crowe MacKay LLP was appointed as auditor of the Issuer for the ensuing year and the directors are authorized to set the remuneration. The stock option plan of the Company was approved for the ensuing year.

Shoal Point Energy Ltd is a petroleum exploration and development company with offices in St. John's, Toronto and Vancouver, Canada. The Company entered into a farm in agreement with Shelby Resources LLC to explore and develop Mount Evans oil and gas prospect in Kansas. Company has a market cap of $9.1 million and approximately 43.5 million shares outstanding.

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Africa Energy Corp. (AFE:TSX) announced that it held a special meeting of shareholders. At the special meeting, disinterested shareholders were asked to consider and, if deemed appropriate, approve matters related to the recently announced transactions with Impact Oil & Gas Limited and Arostyle Investments Proprietary Limited through which the Company will increase its effective interest in Block 11B/12B offshore South Africa from 4.9% to 10%, subject to certain consents and approvals.

Shareholders overwhelmingly approved, with 99.91% of shares represented at the meeting voting in favour of the ordinary resolution as set forth in the management information circular dated September 18, 2020. Company anticipates completion of the Transactions in the coming weeks. Company will provide a further update once closing of the Transactions has taken place or as may otherwise be required in accordance with the policies of the TSXV and applicable law.

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.

AltaGas Ltd. (ALA:TSX) announced on October 16th that AltaGas Idemitsu Joint Venture Limited Partnership and SAM Holdings Ltd. have entered a definitive agreement with respect to the put process surrounding Petrogas Energy Corp. Pursuant to the agreement, AltaGas is indirectly acquiring an additional 37% of Petrogas' equity for total consideration of approximately $715 million.

Upon closing AltaGas plans to fully consolidate Petrogas' financial results, where previously the company only captured Petrogas' historical performance through an equity pick up via AltaGas' non-controlling interest and preferred dividends received. AltaGas plans to initially fund the transaction with short-term debt from the company's approximate $4 billion of current estimated liquidity, and to later repay such draw through the strong free cash flow from the asset base and expected proceeds from non-core asset sales targeted over 2021.

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.

Husky Energy (HSE:TSX) announced that it will release its third quarter 2020 results before markets open on Thursday, October 29, 2020. A conference call will be held the same day beginning at 10 a.m. Mountain Time (12 p.m. Eastern Time). CEO Rob Peabody, CFO Jeff Hart and other members of the senior executive team will participate in the call.

Husky Energy Inc. is a Calgary based oil and gas company with operations in western Canada, the United States, and the Asia-Pacific and the Atlantic region of Canada. Company has a market cap of $14.8 billion and approximately 1.0 billion shares outstanding.

Razor Energy Corp. (RZE:TSX) announced the appointment of Mr. Sean Phelan to its Board of Directors, effective October 15, 2020. Mr. Phelan is an independent businessman with over 30 years of finance experience in the oilfield services industry. He was co-founder and Vice President, Finance and Administration for Matrix Drilling Fluids Ltd. from 2004 to 2020 where he was responsible for all accounting, finance, corporate governance, banking, insurance, IT and HSE related functions. Mr. Phelan is a Chartered Professional Accountant and has completed the Queen’s University Executive Program

Razor is a Calgary based oil and gas development and production company focused on acquiring, and subsequently enhancing, producing oil and gas properties primarily in Alberta. Company has a market cap of $37 million and approximately 18 million shares outstanding.

Whitecap Resources Inc. (WCP:TSX) announced that a cash dividend of Cdn. $0.01425 per common share in respect of October operations will be paid on November 16, 2020 to shareholders of record on October 31, 2020.  This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).

In addition, Whitecap announces that it intends to release its 2020 third quarter results before market open on Thursday, October 29, 2020 and has scheduled a conference call and webcast to begin promptly at 9:00 am MT (11:00 am ET) on Thursday, October 29, 2020.

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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Journey Energy Inc. (JOY:TSX) announced a corporate update. Company reported a further extension to the forbearance agreement with its banking syndicate.

Journey reports that it has reached an agreement with its syndicate of lenders to extend the current forbearance period until October 30, 2020 to enable the company and its lending syndicate to continue discussions regarding the repayment of outstanding bank borrowings. The company will issue another update on or before October 30, 2020 as discussions progress.

Journey Energy Inc. is a Calgary based exploration and production company focused on oil-weighted operations in western Canada. Journey's strategy is to grow its production base by drilling on its existing core lands, implementing waterflood projects, and by executing on accretive acquisitions. Company has a market cap of $69 million and 39 million shares outstanding.

Loon Energy Corporation (LNE.H:TSXV) announced that it is has entered into debt settlement agreements with its directors and officers in respect of an aggregate of US$202,216 owing as bonuses awarded and payable since February 21, 2017 and certain notes payable issued in exchange for funds loaned to the company in the aggregate amount of US$587,941.

The directors and officers have agreed to forgive an aggregate of US$143,841 of the Bonuses Payable and settle the balance of the Bonuses Payable and the Notes Payable, in aggregate US$646,316, by way of issuance of common shares at a price per share of CDN$0.05 or otherwise in accordance with the policies of the TSX Venture Exchange.

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.

 

 

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