Cardium
Acquisitions & Divestitures , Trends , Mergers
Energy A&D Transactions from the Week of Dec. 9, 2020
Here’s a snapshot of recent energy deals including the closing of the sale of bankrupt Permian Basin producer Lilis Energy to Ameredev plus a $430 million all-stock combination of Canadian producers.
Public Capital , Exploration & Production , Acquisitions & Divestitures , Mergers
Whitecap Resources to Buy TORC Oil & Gas in $430 Million All-stock Deal
Under the deal announced on Dec. 8, shareholders of TORC Oil & Gas will receive 0.57 Whitecap Resources shares in exchange for each TORC share, representing a discount of about 4.3% to the last closing price of TORC shares.
Unconventional , Acquisitions & Divestitures , Lease Sales
Petrus Will Acquire Ferrier Cardium Interests
A non-brokered private placement of about 1.58 million common shares priced at CA$2.53 each—for gross proceeds of about CA$4 million—will help fund the purchase price alongside credit facilities.
Unconventional , Policy & Regulations , Midstream
Alberta Introduces Bill For Oil Sands Emissions Cap Law
Alberta's oil sands are the world's third-largest crude reserves after Saudi Arabia and Venezuela and Canada's fastest-growing source of greenhouse gas emissions.
Unconventional , Acquisitions & Divestitures , Lease Sales
Bellatrix Unloads Noncore Cardium Assets To Tackle Debt
As part of the deal, Bellatrix has retained formation rights above and below the Cardium on the Pembina, Alberta, acreage, including the Notikewin, Falher and Wilrich members of the Spirit River Formation.
Unconventional , Acquisitions & Divestitures , Lease Sales
Bonavista Will Acquire Gas-Weighted Deep Basin Assets Through Asset Swap
On the acquired assets in the Wilrich, Notikewin, Glauconite and Bluesky formations, about 149 gross (104.1 net) horizontal locations have been identified.
Unconventional , Acquisitions & Divestitures , Lease Sales
ARC Resources Boosted Pembina Cardium Production Through Acquisition
During the second quarter, ARC continued its noncore asset divestment program, divesting the remainder of low-netback operated shallow gas assets in southern Alberta.
Business , Unconventional , Policy & Regulations , Technology
Alberta's Two New Energy Royalty Programs Encourage Output
Alberta's NDP government, elected in a sweeping majority last year, unsettled producers when it first announced plans to review oil and gas royalties to ensure the province received its fair share of hydrocarbon revenues.
Field Development , Unconventional , Crude Oil , Technology
Repair Crews Assess Canada Wildfire Damage, Oil Firms Plan Restart
In one encouraging sign for the oil and gas industry, Shell said on May 9 it restarted production at a reduced rate at its Albian oil sands mining operation in Alberta, adding it plans to fly staff in and out.
Business , Unconventional , Crude Oil , Technology
Oil Rises After Canada Wildfire Knocks Out Production
The lost capacity is equivalent to well over a third of the country's typical daily production, and almost all of Canada's crude from oil sands is exported to the U.S.