Canadian Oil Stocks

Oil Stocks and Oil Companies in Canada


Analysis Shows Calfrac Management Transaction Fails on All Metrics; Wilks Premium Ofers Remains the Superior Option

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CISCO, TX, Sept. 29, 2020 /CNW/ – Wilks Brothers LLC (“Wilks“) is pleased to announce that earlier today it posted a detailed presentation and analysis (the “Comparative Analysis”) of the “Amended” Management Transaction proposed by Calfrac Well Services Ltd. (“Calfrac” or the “Company” TSX:CFW) to the website www.afaircalfrac.com.

The Comparative Analysis convincingly demonstrates, using a variety of metrics, how each of the two proposals that have been made by Wilks, the Premium Offer and the Superior Alternative Proposal remain superior to the Amended Management Transaction.

The Comparative Analysis also sets out a side by side comparison of the … Continue Reading

Calfrac Shareholders: Ten Important Things to Keep in Mind

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CISCO, TX, Sept. 28, 2020 /CNW/ – In response to the press release issued by Calfrac Well Services Ltd. (“Calfrac”) (TSX: CFW) this morning, Wilks Brothers, LLC (“Wilks“) offers ten key points for shareholders to keep in mind when considering Calfrac’s Amended Management Transaction and Wilks’ Premium Offer.

  • Actions Speak Louder Than Words. Forced by Wilks’ actions to amend the Management Transaction, Calfrac has admitted that shareholders were in fact entitled to much more value than they were being offered in the first iteration of the transaction; value that Calfrac insiders and a self-selected group of unsecured creditors attempted
    • … Continue Reading

    Cequence Energy Announces Conclusion of CCAA Proceedings

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    CALGARY, Alberta, Sept. 28, 2020 (GLOBE NEWSWIRE) — Cequence Energy Ltd. (“Cequence” or “the Company“) announces that it has implemented the previously announced plan of compromise and arrangement (the “Plan”) of the Company, under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) which was sanctioned on September 17, 2020 by order of the Court of Queen’s Bench of Alberta (the “Court”) under the CCAA. The previous common shares of the Company have been cancelled, and the issuance of new common shares of Cequence pursuant to the terms of the Plan is now complete with distributions to creditors to be completed shortly … Continue Reading

    Just Energy Announces Evolution of its Senior Management Team to Provide Enhanced Strategic Direction and Oversight

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    Company announces addition of Michael Carter as Chief Financial Officer
    Current CFO Jim Brown to become Chief Commercial Officer
    Scott Fordham promoted to Chief Operating Officer

    TORONTO, Sept. 28, 2020 (GLOBE NEWSWIRE) —  Just Energy Group Inc. (“Just Energy” or the “Company”) (TSX:JE; NYSE:JE), a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers, today announced changes to its senior management team to provide enhanced strategic direction and oversight, including the hiring of a new Chief Financial Officer and the appointment of existing executives to new roles within … Continue Reading

    Just Energy Announces the Closing of its Recapitalization Plan and Reconstitution of the Board of Directors

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    Reconstitution of the Board of Directors with five new directors

    Financially strengthened Just Energy well-positioned for sustainable growth as an independent industry leader

    TORONTO, Sept. 28, 2020 (GLOBE NEWSWIRE) — Just Energy Group Inc. (“Just Energy” or the “Company”) (TSX:JE; NYSE:JE), a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers, today announced the closing of its previously announced recapitalization plan (the “Recapitalization”) and the reconstitution of its board of directors (the “Board”).

    Together, these actions reduce debt, increase liquidity and refresh Just Energy’s governance. The Recapitalization strengthens … Continue Reading

    X-Terra Resources prepares for the upcoming drill program

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    ROUYN-NORANDA, QC, Sept. 28, 2020 /CNW Telbec/ – X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) (“X-Terra“) is pleased to announce its exploration team has been mobilized to the Grog and Northwest properties, located in Restigouche County, New Brunswick to prepare the drill collar locations for the arrival of the drilling contractor.

    A fully funded 3,000 metre diamond drill program will be carried out over two principal targets, the Grog Target and the Rim Target (see X-Terra press release dated September 21, 2020). A drilling contract has been awarded to the Logan Drilling group based out of Stewiacke in … Continue Reading

    Inter Pipeline to Acquire Milk River Pipeline System in Exchange for Empress II and V Straddle Plants

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    CALGARY, AB, Sept. 28, 2020 /CNW/ – Inter Pipeline Ltd. (“Inter Pipeline”) (TSX: IPL) announced today that it has agreed to acquire the Milk River pipeline system from Plains Midstream Canada ULC (“Plains”), a wholly owned subsidiary of Plains All American Pipeline, L.P., in exchange for its 100 percent ownership interest in the Empress II and 50 percent ownership interest in the Empress V straddle plants. Plains will also pay Inter Pipeline cash proceeds of $35 million. Closing of this transaction is expected to occur in early 2021 following completion of customary conditions.

    “This transaction is expected to … Continue Reading

    The Ten Things That You Should Know About Calfrac’s Amended Recapitalization Transaction

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    CALGARY, AB, Sept. 28, 2020 /CNW/ – Calfrac Well Services Ltd. (“Calfrac” or the “Company“) (TSX: CFW) responded today:

    The noise and distraction around Calfrac’s improved Amended Recapitalization Transaction (the “Amended Transaction“) continues, with another set of misleading press releases from Wilks Brothers. Calfrac wants to ensure that stakeholders have the key facts and context as they consider the Amended Transaction, so here are the ten things that Calfrac stakeholders should know:

  • Calfrac is offering its Shareholders the opportunity to either receive $0.15 per Share in cash or to retain their Shares, as they prefer; plus two new Calfrac
    • … Continue Reading

    ShaMaran Atrush August Payment Received

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    VANCOUVER, BC, Sept. 28, 2020 /CNW/ – ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North Growth Market: SNM) provides the following update to stakeholders. View PDF Version

    The Company confirms that a payment of $20 million ($6.8 million net to the Company) has been received from the Kurdistan Regional Government for Atrush oil sales invoice entitlements for the month of August 2020.

    OTHER

    This information is information that ShaMaran Petroleum Corp. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of … Continue Reading

    TAG Oil Announces Director Resignation and Stock Option Grants

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    VANCOUVER, BC, Sept. 25, 2020 /CNW/ – TAG Oil Ltd. (TSXV: TAO) and (OTCQX: TAOIF) announces the following corporate updates.

    Board of Directors

    Mr. Peter Loretto has resigned from his position as a non-executive director of the Company for personal reasons. TAG’s management and its board of directors would like to sincerely thank Mr. Loretto for his many contributions and commitment during his time with the Company.

    The Company’s board of directors now consists of Messrs. Abdel (Abby) Badwi (Executive Chairman), Toby Pierce (CEO), Shawn Reynolds, Thomas Hickey, Keith Hill, and Gavin Wilson.

    Stock Options… Continue Reading

    Keyera Resumes Operations at its Wapiti Gas Plant

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    CALGARY, AB, Sept. 25, 2020 /CNW/ – Keyera Corp. (TSX: KEY) (“Keyera”) announced today that its Wapiti gas plant has resumed operations after an unplanned outage that began on August 17, 2020. Keyera recognizes the importance of the Wapiti gas plant to its customers and worked to bring the plant back online as soon as possible in a safe and efficient manner.

    ABOUT KEYERA CORP.
    Keyera Corp. (TSX:KEY) operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and … Continue Reading

    Changes to Calfrac Management Transaction Fall Woefully Short of Shareholder Recoveries Under Wilks Premium Offer

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  • Amended Management Transaction actually offers shareholders cash consideration of no more than $0.119 per share vs $0.18 per share under the Wilks Premium Offer
  • Amended Management Transaction provides shareholders with cash consideration that represents at best a 20% discount to the current market price of Calfrac shares and a 34% discount to the cash consideration available under the Wilks Premium Offer
  • Amended Management Transaction is not capable of being implemented under its amended terms without the consent of the second lien lenders, which consent will not be provided
  • Wilks’ Premium Offer does not require the consent of Calfrac or any
    • … Continue Reading