Headlines for May 25, 2016

  1. Equity Markets Continue To Fund M&A Activity

    In 2015, the total amount of capital raised in the Canadian oil and natural gas industry was $17.0 billion, with equity financings accounting for $10.5 billion, or 61% of the total. Debt financings accounted for the remaining $6.6 billion. Early in 2015, much of the equity raised was used to reduce debt with few companies tapping the equity markets in conjunction with an announced acquisition. As the year progressed the equity markets were supportive but selective in underwriting mergers and acquisitions (“M&A”) activity; this trend continued into 2016.

  2. Continued Growth Forecast In Alberta Shale Gas Production

    Shale gas production in Alberta continued to increase in Alberta in 2015, growing by 32.1 per cent to 5.9 million cubic metres per day (208 mmcf per day) from 4.5 million cubic metres per day (159 mmcf per day) in 2014, says the Alberta Energy Regulator (AER) in its 2015 reserves and outlook report.

  3. Joint Review Panel Timeline For Teck Frontier Oilsands Project Extended

    In light of the devastating wildfires that have affected the residents and indigenous groups in the Fort McMurray area, Environment Minister Catherine McKenna has extended by three months the timeline for the Joint Review Panel to submit its report on the proposed Teck Resources Limited $20.6 billion Frontier oilsands mine project in northern Alberta.

  4. Keystone XL Issued NEB Board Order

    The National Energy Board (NEB) has issued a board order to TransCanada Keystone Pipeline GP Ltd. to ensure that environmental protection and mitigation measures continue on the Canadian segment of the Keystone XL project despite the United States government’s refusal to issue a Presidential Permit for the U.S. segment.

  5. Yangarra Closes Financing; Recently Added 15 Sections Of Cardium Land

    Yangarra Resources Ltd. has closed its recently announced bought deal financing, completed by way of a short form prospectus, for the sale of 10 million common shares of the company at a price of $1 per common share, together with an additional 1.5 million common shares at a price of $1 per common share issued pursuant to the full exercise of the over-allotment option granted to the underwriters, for aggregate gross proceeds of $11.5 million.

  6. Gibson Announces Financings

    Gibson Energy Inc. has entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 12.95 million common shares at a price of $15.45 per common share, for gross proceeds of approximately $200 million and $100 million aggregate principal amount of unsecured subordinated convertible debentures at a price of $1,000 per debenture, for aggregate gross proceeds of approximately $300 million.

  7. Marquee Shuts In Production, Seeks To Shed Further Assets

    Marquee Energy Ltd. says production declines during the first quarter of 2016 were primarily due to about 600 boe per day of shut-in non-core heavy oil and shallow gas production due to the sharp decline in commodity prices, the natural declines of existing light oil wells, and overall decreased drilling.

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