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WEF ) and Osum Oil Sands Corp. (
Osum ) are pleased to announce that a special meeting of shareholders (the
Meeting ) of Osum was held earlier today to approve the amalgamation (the
Amalgamation ) of Osum and WEF Osum Acquisition Corp. (
WOAC ), an entity wholly-owned by WEF. Osum shareholders overwhelmingly voted to approve the Amalgamation, with 97.7% of votes cast by Osum shareholders represented at the Meeting (holding 89.8% of all issued and outstanding Osum Shares) voting in favour of the Amalgamation. The Amalgamation received minority approval in accordance with Multilateral Instrument 61-101. The Amalgamation was completed following the Meeting. The amalgamated entity is now wholly-owned by WEF and will continue on business under the name Osum Oil Sands Corp. .
NationofChange
“Banks are losing money and investors are stuck in investments they can’t get rid of.”
The outlook is increasingly bleak for oil and gas companies. The
beginning of this year has seen the highest number of companies announce bankruptcy during the first quarter in five years. Eight oil and gas companies announced they were filing for bankruptcy during the first quarter of 2021.
Meanwhile, earlier this month The Financial Times noted that of 500 privately owned oil and gas companies in the U.S.,
400 are losing money and unlikely to ever pay back their large debts.
According to the Financial Times, the remaining companies are focused on
Private equity s oil amnesia | Asia Asset Management asiaasset.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from asiaasset.com Daily Mail and Mail on Sunday newspapers.
DeSmog
Analysis
Feb 3, 2020 @ 15:55
In mid-January, Adam Waterous, who operates the private equity firm Waterous Energy Fund, made a prediction about the crown jewel of the U.S. shale oil industry, the Permian shale play that straddles Texas and New Mexico.
“We think we are at or near peak Permian,” Waterous told Bloomberg. “The North American oil market has been grossly overcapitalized, which is not sustainable.”
Bloomberg reporter Simon Casey goes on to qualify that “[p]redicting peak Permian output for 2020 isn’t a mainstream view.” However, evidence is piling up that the U.S. shale industry may indeed be close to peaking as it runs out of the two things required to continue increasing oil production: money and what’s known as “tier one acreage.”