Canada’s Whitecap boosts Montney position
Apr 5, 2021 3:50:pm
Summary
by: Dale Lunan
Canadian producer Whitecap Resources said April 5 it had entered into an agreement to indirectly acquire Montney producer Kicking Horse Oil & Gas for C$300mn (US$239.6mn) in total, .
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CALGARY, Alberta (Reuters) - ARC Resources Ltd’s C$2.7 billion ($2.1 billion) bid to buy Seven Generations Energy Ltd will create the largest oil and gas producer in Canada’s Montney region, and may re-energize development in one of North America’s top shale plays.
The combined company will have more financial strength to develop its 1.1 million net acres of land in a region that investors and drillers say has so far struggled to meet its full potential.
The deal could also spur further acquisitions in a play that boasts attractive drilling economics and huge resource potential as oil and gas prices tentatively recover.
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Calgary, Alberta (Newsfile Corp. - February 5, 2021) - Athabasca Minerals Inc. (TSXV: AMI) ( Athabasca , the Corporation or AMI ) is pleased to announce the following:
AMI has bought out the at arm s length partners of Privco1 and Privco2 to secure 100% ownership of each company, which respectively hold the Montney and Duvernay premium domestic sand deposits. These transactions were combined and concluded for eight million AMI shares (plus $1.00), to be issued in three milestone installments and valued at $2.0 million in total.
The Corporation is also using AMI shares to make one final Annual Minimum Royalty ( AMR ) payment for Privco1, relating to the Montney deposit, valued at $200,000, with three corresponding milestone installments.
Oil driller Ovintiv faces proxy battle threat from Kimmeridge
Scott Deveau, Bloomberg
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Ovintiv used cube development at its RAB Davidson lease in the Permian Basin.Courtesy Ovintiv
Kimmeridge Energy Management Co. said it’s prepared to nominate directors to the board of Ovintiv Inc. if the oil and gas producer fails to take the necessary steps to improve its performance and restore investor confidence.
The private equity firm, which said it owns a 2.4% stake in Ovintiv, argues in a new 18-page presentation that the company is falling behind its peers as a result of its misguided spending, expensive acquisitions, poor governance and inadequate environmental stewardship. Kimmeridge also outlines a strategy to address investor concerns by better aligning executive compensation with performance, selling non-core assets and shifting spending to the Permian Basin, among other measures.