Transforms Penn West Into A Leading Alberta Oil Producer

 

CALGARY, June 10, 2016  - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE.BC) ("Penn West", the "Company", "we", "us" or "our") is pleased to announce that it has entered into a definitive agreement for the sale of all of its Saskatchewan assets, including its Dodsland Viking area, for cash consideration of $975 million, subject to normal closing adjustments. The Saskatchewan assets are split approximately evenly between medium and heavy oil properties in the West and the Dodsland light-oil properties in the East. The purchaser is Teine Energy Ltd., a Viking producer backed by the Canada Pension Plan Investment Board.

 

This transaction, together with additional Alberta asset dispositions for proceeds of approximately $140 million, is expected to close in the second quarter. The total cash consideration from asset dispositions to date in 2016 is approximately $1.3 billion, reducing our pro forma Net Debt to approximately $600 million from $2.1 billion at year-end 2015. As a result, we expect to be comfortably in compliance with all of our financial covenants at the end of the second quarter and the remainder of 2016.

CALGARY, June 10, 2016 - Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX–CFW) announced today that it has closed a debt-with-warrants financing with Alberta Investment Management Corporation ("AIMCo"). 

 

AIMCo, on behalf of certain of its clients, has provided Calfrac aCDN$200 million second lien senior secured term loan facility (the "Term Loan"). The Term Loan will mature on September 30, 2020, and will bear interest at the rate of 9% per annum, paid quarterly. Amortization payments equal to 1% of the original principal amount are payable annually, in equal quarterly installments, with the balance due on the final maturity date. Calfrac may elect to pay interest "in kind" or defer payment of interest for up to eight quarterly periods over the term of the loan, with such "in kind" or deferred interest then carrying a 12% per annum interest rate. The proceeds from the Term Loan were made available in a single draw, and amounts borrowed under the Term Loan that are repaid or prepaid will not be available for reborrowing.

DALLAS -- New Concept Energy, Inc. (NYSE MKT: GBR), (the “Company” or “NCE”), a Dallas-based oil and gas company, today reported a net loss for the three months ended March 31, 2016 of $296,000 or ($0.15) per share, compared to net income of $314,000 or $0.16 per share for the three months ended March 31, 2015.

 

In March 2015 the Company recorded a $738,000 recovery of a note receivable which had been fully reserved in a prior year.

 

For the three months ended March 31, 2016, the Company recorded oil and gas revenues of $219,000 as compared to $172,000 for the comparable period of 2015. The increase in oil and gas revenue for the three months ended March 31, 2016 was $47,000. The increase is due to the production of more gas in 2016 than 2015. During 2016 the Company has reduced the production of oil from wells that were unprofitable due to the market price of oil.

TORONTO, ON--(Jun 7, 2016) -MCW Energy Group Limited ("MCW"), (TSX VENTURE: MCW) (http://ir.mcwenergygroup.com/quote-tsx) (MCWEF) (http://irmcwenergygroup.com/quote-otc),  a company involved in the development and implementation of oil sands technologies, today announced details of two recently commissioned feasibility reports by independent mining consultants, JT Boyd Company and energy advisory firm, Nexant, Inc., which have confirmed the viability of MCW's plans in order for the Company to move forward with its 2,500 bbl/day scale-up extraction plant project in Utah, now in the funding stage.

 

The JT Boyd Report confirmed very attractive mining costs for the Asphalt Ridge oil sands ore, based on a detailed economic analysis of all major mining functions (drilling, blasting, overburden removal, oil sands mining and mine reclamation, maintenance). Based upon three separate scenarios, mining costs are estimated to range between $ 5.35 and $ 5.76 per ton of oil sands ore. Low mining costs are due, in part, to the fact that MCW's oil sands resource is directly at, or just beneath the surface so that minimal overburden (non-ore material) removal is required. These low mining costs, combined with low processing costs by MCW's proprietary, closed-loop, solvent-based process will result in significantly lower per barrel production costs than the costs for traditional hot water-based oil sands extraction technologies.