Page 16 - NorthAmOil Week 35

NorthAmOil NEWS IN BRIEF NorthAmOil

POLICY comments on the draft Terms of Reference Panhandle Oil and
for the RA Follow-up Program. The Terms
Regional Assessment of Reference will outline the objectives, Gas announces two
governance structures, legislated authorities,
of Offshore Oil and Gas and roles and responsibilities of the acquisitions
participants in the programme.
Exploratory Drilling East of and providing comments on the Ministerial Panhandle Oil and Gas today announced
Funding is also available for reviewing
that it has agreed to acquire two packages
Newfoundland and Labrador Progress Report. The Ministerial Progress of mineral and royalty assets totalling
approximately 795 net royalty acres in the
Report will track and report on the
– participant funding commitments made in the Ministerial SCOOP and Haynesville plays from Red
Stone Resources for $6.9mn in cash and stock,
Response and will be made public in spring
available 2021. subject to customary closing adjustments.
The purchase price consists of $6.4mn in cash
Applications received by September 18,
The Government of Canada is proceeding 2020, will be considered. and $0.5mn in Panhandle common stock.
with the development and implementation IMPACT ASSESSMENT AGENCY OF CANADA, Panhandle intends to raise the cash portion of
of a follow-up programme for the Regional August 27, 2020 the purchase price through an underwritten
Assessment of Offshore Oil and Gas public offering of common stock (announced
Exploratory Drilling East of Newfoundland concurrently with this release). The stock
and Labrador, which will track and report on UPSTREAM issued in connection with the acquisition will
the progress of the commitments outlined be subject to the same terms and conditions
in the Ministerial Response to the Regional Whitecap announces as the other subscribers for the offering. The
Assessment Committee’s Report. board of directors of Panhandle unanimously
The Impact Assessment Agency of Canada strategic combination with approved the acquisition. The effective date
is making funding available to assist the of the acquisition is June 1, 2020, and it is
participation of the public and Indigenous NAL Resources in all-stock expected to close in the first fiscal quarter of
groups in the Regional Assessment (RA) 2021.
Follow-up Program. transaction Chad Stephens, president and CEO,
The RA Follow-up Program will verify said: “This is an outstanding acquisition
the accuracy of the Regional Assessment’s Whitecap Resources is pleased to announce for Panhandle that fits very well with our
predictions, the effectiveness of the mitigation that it has entered into an agreement in an stated strategy to grow the company on an
measures, and consider new and emerging all-stock transaction valued at approximately accretive basis. These assets are a nice blend of
information related to offshore exploration CAD155mn with NAL Resources and a producing properties, near term development
drilling activities in the study area assessed. privately held wholly owned subsidiary opportunities and upside potential in core
The RA Follow-up Program will also ensure of Manulife Financial Corporation. NAL areas with active drilling programs by high
that the Regional Assessment remains valid has oil and gas operations in Alberta and quality and well capitalized operators. It also
and up to date and will inform decision- Saskatchewan and is currently producing marks our entry into the Haynesville play of
making regarding resource planning in approximately 27,000 boepd (55% oil and East Texas and Louisiana, which we believe
the study area. The Agency will be seeking NGLs). Whitecap will issue Manulife 58.3mn has significant potential and provides good
nominations to establish a committee to Whitecap common shares in exchange for development visibility. I am very proud of
provide advice on the development of the all the issued and outstanding NAL shares. the whole Panhandle team for executing
program at a later date. On the expected closing date of January 4, this transaction in an extremely challenging
Funding is available for eligible individuals 2021, NAL is anticipated to have no debt environment.”
and groups to assist their participation at a outstanding. PANHANDLE OIL AND GAS, August 27, 2020
future date, in order to review and provide WHITECAP RESOURCES, August 31, 2020
Whiting Petroleum

completes reorganisation

Whiting Petroleum today announced that
it has successfully completed its financial
restructuring and emerged from Chapter
11 protection. Whiting officially concluded
its reorganisation after completing all
required actions and satisfying the remaining
conditions to its plan of reorganisation.
“We are excited to begin our new chapter
at Whiting, with a focus on capital discipline
and free cash flow generation to create long-
term value for our shareholders,” said Lynn
Peterson, chief executive officer of Whiting.
“On behalf of the company and newly

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