Post Tagged with: "shareholders"


Encana shareholder to vote against proposal to exit Canada

Reuters Encana Corp shareholder Letko, Brosseau & Associates Inc said on Tuesday it will vote against the oil and gas company’s proposed exit from Canada to the United States. The investment firm, which owns a nearly 4% stake in Encana, said the move will cause significant losses for Canadian investors. Encana was not immediately available for a comment. Last month, the company said it would shift base from Calgary to the United States and become Ovintiv Inc next year, the latest company to move away from Canada that is battling with pipeline capacity shortages. Concerns that some Canadian funds would be unable to invest in the company once it moves to the United States had dragged its U.S.-listed shares down over 8% on the day of the announcement. Shares were down about 4% on Tuesday. Encana, once among Canada’s largest oil companies, has been shifting its focus to the United[Read More…]

November 19, 2019 - 2:00 pm Closing Bell Story, Energy News, Oil and Gas 360 Articles
Source: PDC Energy

PDC Energy to Acquire SRC Energy

By Tyler Losier, Energy Reporter, Oil & Gas 360 PDC Energy to acquire SRC Energy in all-stock transaction valued at approximately $1.7 billion PDC Energy Inc. (stock ticker: PDCE), an independent E&P based out of Denver, has entered into a definitive agreement to acquire SRC Energy Inc. (stock ticker: SRCI), also located in Denver, in an all-stock transaction valued at approximately $1.7 billion, including SRC’s net debt of approximately $685 million as of June 30, 2019. This consideration represents a premium of 6.8% to the 30-day average exchange ratio of 0.148x. Under the terms of the two companies’ agreement, SRC shareholders will receive 0.158 shares of PDC for each share of SRC common stock owned, representing an… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Source: Ashtead Technology

Forum Energy Technologies Sells Ashtead Technology

By Tyler Losier, Energy Reporter, Oil & Gas 360 Forum Energy Technologies to sell its aggregate 40% interest in Ashtead Technology for $39 million Forum Energy Technologies Inc. (stock ticker: FET), a global oilfield products company, has entered into a definitive agreement through its subsidiaries to sell an aggregate 40% interest in Ashtead Technology, a subsea rentals company, to majority interest-owner Buckthorn Partners and other investors. Total consideration for Forum’s stake, as well as a 3 million British pound sterling (GBP) loan provided to Ashtead by Forum, will be $47.8 million. At close, Forum will receive approximately $39 million in cash proceeds, in addition to a new, approximately GBP 7 million loan with thr… Login or click here to subscribe

Source: Summit Midstream Partners LP

Summit Midstream Appoints New President and CEO

By Tyler Losier, Energy Reporter, Oil & Gas 360 Summit Midstream Partners appoints J. Heath Deneke as president, CEO and board member Summit Midstream Partners LP (stock ticker: SMLP), a master limited partnership located in The Woodlands, Texas, has appointed J. Heath Deneke to serve as its president and chief executive officer, effective September 16, 2019. Deneke was also nominated to serve on the board of directors for Summit Midstream GP LLC, the general partner of Summit Midstream Partners LP. He will replace Leonard Mallett, who has been serving as interim president and CEO for Summit since February 2019. Mallet will stay on as Summit’s chief operations officer, and will report to Deneke directly. “I am excited t… Login or click here to subscribe

Source: Abraxas Petroleum

Saltstone Capital Pens Scathing Letter to Abraxas Petroleum

By Tyler Losier, Energy Reporter, Oil & Gas 360 Saltstone Capital Management calls for special committee of the board to review strategic alternatives Billy Bailey, founder and portfolio manager for Saltstone Capital Management LLC, penned a scathing letter to Abraxas Petroleum’s (stock ticker: AXAS) board of directors this week, calling for the creation of a special committee to explore strategic alternatives and help generate free cashflow for shareholders. Saltstone Capital, which owns 2,420,000 shares in Abraxas, initially laid out a four-point plan to improve the struggling petroleum producer back in July. These improvements included a call for a significant curtailment of capital expenditures by focusing solely on Permi… Login or click here to subscribe

Source: Occidental Petroleum

Occidental Closes on Anadarko

By Tyler Losier, Energy Reporter, Oil & Gas 360 Occidental Petroleum completes its $55 billion takeover of Anadarko Petroleum Occidental Petroleum Corporation (stock ticker: OXY), led by President and CEO Vicki Hollub, has completed its acquisition of Anadarko Petroleum Corporation (stock ticker: APC) in a deal worth $55 billion, including the assumption of Anadarko’s debt. The closing of the transaction follows a special meeting held earlier today by Anadarko’s shareholders, where more than 99% of the shares voted in favor of the Occidental merger. As part of the deal, Anadarko shareholders will receive $59 in cash and 0.2934 shares of Occidental stock for every share of Anadarko common stock that they own. “With Anadarko… Login or click here to subscribe

Source: Amplify Energy

Shareholders of Amplify Energy and Midstates Petroleum Greenlight Merger

By Tyler Losier, Energy Reporter, Oil & Gas 360 Amplify Energy and Midstates Petroleum to merge after receiving shareholder approval Amplify Energy Corporation (stock ticker: AMPY), a Houston-based independent E&P, has received the necessary shareholder approval for its previously announced all-stock merger-of-equals transaction with Midstates Petroleum Company (stock ticker: MPO). Likewise, Midstates’ shareholders also signed off on the deal at the company’s annual meeting late last week as well. The transaction, expected to close on August 6, will still be subject to the satisfaction of any remaining customary closing conditions. Amplify Energy’s current assets (source: Amplify Energy) As part of the transactio… Login or click here to subscribe

Oxy Earnings Dip 25%; Anadarko Megadeal Likely to Close Aug. 8

Oxy Earnings Dip 25%; Anadarko Megadeal Likely to Close Aug. 8

From The Houston Chronicle Occidental Petroleum reported a $635 million quarterly profit that dipped 25 percent from the year prior, but the focus still remains on Oxy’s $38 billion acquisition of Anadarko Petroleum that could close in August. Houston-based Oxy said it plans to close the Anadarko deal next week after the scheduled Aug. 8 vote of Anadarko shareholders to approve the deal. In a brand-new deal though, Oxy said it formed a new Permian Basin joint venture with Colombia’s state-owned oil company Ecopetrol to develop nearly 100,000 net acres in the Permian’s Midland Basin. To help Colombia develop expertise in shale oil development, Ecopetrol will pay Oxy $750 million up front and carry another $750 million in capital into the partnership. Oxy will operate the joint venture and own 51 percent of it. “As we move toward closing the acquisition of Anadarko and combining our two companies into an[Read More…]

Harvest Oil & Gas Divests Barnett Shale

Harvest Oil & Gas Divests Barnett Shale

By Tyler Losier, Energy Reporter, Oil & Gas 360 Harvest Oil & Gas sells Barnett shale assets for $72 million Harvest Oil & Gas Corporation (stock ticker: HRST), formerly EV Energy Partners L.P., has entered into a definitive agreement with an undisclosed buyer to sell all of its interests in the Barnett shale formation for $72 million. For the first three months of 2019, the assets in question had an average production rate of 55.6 MMcfe per day, with estimated proved reserves of 276.6 Bcfe (62% natural gas, 37% NGLs, 1% crude oil) as of year-end 2018, calculated using SEC pricing. Harvest’s current assets (source: Harvest Oil & Gas) The transaction, which has an effective date of April 1, 2019, is expected … Login or click here to subscribe

Source: Occidental Petroleum

Occidental Mails Letter to Shareholders

Occidental Mails Letter to Shareholders

Oil Company Shareholders Make Methane a Priority at 2018 Annual Meetings

Oil Company Shareholders Make Methane a Priority at 2018 Annual Meetings

From Breaking Energy Last week at Chevron’s annual general meeting, a shareholder resolution calling on the company to improve its methane management and disclosure received a 45% vote. This strong vote follows a majority vote at Range Resources, where 50.3% of voting shareholders supported a similar methane disclosure resolution (up from just 20% in 2013). Oil and gas industry shareholders are sending a powerful message– methane is a material risk that companies must manage to compete in a capital- and climate-constrained world. Such resolutions are effective at driving change, even for non-majority votes like the 38% of shareholders at Kinder Morgan who supported a methane resolution. For example, last year ExxonMobil’s methane resolution received a 39% vote, and the company responded with a new methane emissions production program, which now includes a quantitative methane reduction target. Investors will be waiting to see if these companies follow ExxonMobil’s example, as well as deliver results once these programs[Read More…]

Petro River Oil Applies to List on NASDAQ Capital Market

Schedules Investor Conference Call for Thursday, April 21st NEW YORK, NY–(Marketwired – April 12, 2016) – Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”) has filed an application to list its common stock on The NASDAQ Capital Market ahead of several upcoming corporate events, including the drilling of an initial well in Northern Ireland’s Larne Basin in Spring 2016, and several wells in the Company’s development assets in Oklahoma and California later in the year. “A NASDAQ listing is an important corporate objective for the Company,” said Scot Cohen, Executive Chairman of Petro River. “Petro River has made significant progress in recapitalizing the company, building a new management team and acquiring projects in prolific US and Western European basins over the last six months. Petro River’s strategy was highlighted in a recent article published on Seeking Alpha, and our Larne Basin asset has been analyzed by a leading oil[Read More…]

April 12, 2016 - 3:07 pm Exploration and Production (E&P)
New West Energy Services Inc. Announces Private Placement Financing Approved Overwhelmingly by Shareholders

New West Energy Services Inc. Announces Private Placement Financing Approved Overwhelmingly by Shareholders

CALGARY, ALBERTA–(Marketwired – April 11, 2016) – NEW WEST ENERGY SERVICES INC. (TSX VENTURE:NWE) today announced that at the special meeting held on April 7, 2016, NWE shareholders overwhelmingly approved the previously announced proposed private placement financing and the creation of a new “control person” in William A. Rand, NWE’s Chairman. At the meeting, 45.44% of the issued and outstanding common shares were represented. After excluding the votes attaching to the common shares held by Mr. Rand and the other NWE directors who are expected to participate in the proposed financing, 97.77% of the common shares represented at the meeting were voted in favour of proposed financing and creation of a new control person.  NWE President and Chief Executive Officer, Gerry E. Kerkhoff, commented: “We are very pleased that our shareholders have so strongly endorsed New West’s strategy of strengthening its balance sheet and positioning itself to create significant shareholder value when[Read More…]

April 11, 2016 - 4:51 pm Canada