Page 13 - NorthAmOil Week 37

NorthAmOil
NEWS IN BRIEF
NorthAmOil
MOVES
Pembina Pipeline
and Kinder Morgan
Canada agree to amend
arrangement agreement
to include preferred
shareholders
Pembina Pipeline today announced that it
has agreed with Kinder Morgan Canada (KML) to amend and restate the previously announced arrangement agreement dated August 20, 2019 to include the preferred shares of KML in the arrangement transaction pursuant to which Pembina will acquire KML. If requisite approval by the holders of KML preferred shares is obtained, upon closing
of the Transaction, each outstanding KML preferred share of a series will be exchanged for one preferred share of Pembina with
the same commercial terms and conditions
as that series of KML preferred shares. The inclusion of KML preferred shares in the transaction is subject to approval by at least 66 2/3 percent of the votes cast by holders of KML preferred shares, voting together as a single class, present in person or represented by proxy at the special meeting of the holders of KML preferred shares to be held to approve the Transaction, but is not a condition to closing of the Transaction. If KML preferred shareholders do not approve the Transaction but all other conditions to closing are satisfied or waived by the applicable party, the KML preferred shares will remain outstanding
as shares in the capital of KML, which will be part of the Pembina group following completion of the transaction.
Further information regarding the transaction will be contained in a proxy statement of KML that it will prepare, file and mail to its shareholders in due course in connection with KML voting and preferred special shareholders meetings.
PEMBINA PIPELINE, September 10, 2019
Hatch rounds out oil and gas portfolio with acquisition of Upside Engineering
Hatch is pleased to announce that Upside Engineering has joined Hatch, bringing together the largest oil and gas process team
for complex upstream and downstream flowsheet development in Canada with a well- established firm that specialises in midstream hydrocarbon business.
“Together, we will take on and solve
the toughest oil and gas challenges, from consultancy and feasibility through to operations, to serve the entire value chain,” said Hatch’s Chairman and CEO John Bianchini. “We look forward to bringing positive change to the oil and gas industry by leveraging Hatch’s unique blend of technology and process excellence in upstream and downstream oil and gas, combined with Upside Engineering’s proven track record of delivering midstream projects.”
Supported by Hatch’s global network
of 9,000 professionals, Hatch and Upside Engineering are both privately-held, Canadian-founded firms that have respectively served Western Canada’s oil and gas sector for over 30 years. The combined operations in Alberta will also accelerate
the recent growth of oil and gas studies and projects for existing Hatch-based teams in Newfoundland, Canada; Houston, USA; London, UK; Johannesburg, South Africa; Brisbane, Australia; Abu Dhabi, United Arab Emirates; and Colombia.
“Being equipped with a fully integrated project delivery capability and capacity
will allow our joint organisation to create stronger alliances in Alberta and beyond,” said Chris Read, president, Upside Engineering. “Drawing on Hatch’s global and diverse network, we are excited to expand our service offering to our clients, while continuing to grow our market share.”
HATCH, September 11, 2019
Yuma Energy announces
third-party purchase of
senior secured bank debt
Yuma Energy today announced that an affiliate of Red Mountain Capital Partners
has purchased all of Yuma’s outstanding senior secured bank indebtedness and related liabilities totalling approximately $35mn
from the company’s lending group, led by Société Générale. The purchase includes a principal balance of the company’s credit facility of $32.8mn, plus accrued interest of $1.3mn, and the release or purchase of losses associated with the company’s prior hedging arrangements totalling approximately $1.1mn.
In anticipation of a contemplated comprehensive debt restructuring, Red Mountain and Yuma have signed a non- binding letter of intent broadly outlining
the terms that the parties expect to pursue
in an effort to restructure the company’s balance sheet and position the company for growth. The letter of intent contemplates
that Red Mountain would enter into a forbearance agreement with respect to the senior secured debt and provide Yuma with funding on a senior secured basis for certain capital expenditures. In addition, the letter of intent contemplates that Red Mountain and Yuma would work towards a restructuring approved by Yuma’s Board of directors by September 30, 2019, which would provide for the modification of the senior secured debt on mutually agreeable terms and, subject to obtaining applicable stockholder approval, the exchange of the Senior Secured Debt for debt convertible into a mutually agreed amount of newly issued Yuma common stock and the
Week 37 17•September•2019
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