Page 14 - NorthAmOil Week 13 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

PetroShale announces represents a major milestone to complete the
UPSTREAM with respect to the credit facility amendment
Bonterra Energy announces formal agreement with Transaction, which includes the conversion of
the outstanding preferred shares (as described
expiration of Obsidian syndicate of lenders for below) to common shares, a private placement
to the company’s two largest shareholders and
Energy unsolicited bid amendments to its credit the rights offering to the remaining common
shareholders, and is designed to significantly
Bonterra Energy acknowledges Obsidian facility and provides a improve the company’s financial flexibility
Energy press release, dated March 29, 2021, and sustainability. The gross proceeds from
which confirms that Obsidian has not recapitalisation transaction the private placement and the rights offering
extended its hostile bid, and therefore the will be between $30.0mn and $60.6mn and
hostile bid expired as of 5:00 p.m. (Mountain update will initially be applied against outstanding
Time) on March 29, 2021. borrowings under the credit facility.
As of the expiry, the hostile bid was PetroShale is pleased to announce that it The rights issued pursuant to the rights
unsuccessful and any Bonterra shares that has entered into a formal agreement with offering expire at 5:00 pm (Toronto time) on
had been tendered will be promptly returned the syndicate of lenders under its senior April 7, 2021 and eligible shareholders who
to the respective Bonterra shareholders. The secured credit facility whereby such lenders intend to participate in the rights offering,
company appreciates the ongoing support and have agreed, subject to the satisfaction of including the additional subscription privilege
feedback received from shareholders through certain conditions, including the concurrent provided thereunder, are encouraged to
the process. With ongoing efforts to generate completion of the company’s previously directly exercise such rights (in the case of
strong and sustainable free funds flow, announced recapitalisation transaction, to registered holders), or contact their securities
meaningful support from recent government (among other things) maintain the company’s broker, dealer, bank or trust company or other
programs and a board refresh underway, current borrowing base at $177.5mn and to participant that holds such holder’s rights
Bonterra believes the company is in a strong extend the maturity date of the credit facility sufficiently in advance of the expiry date of
position to pursue profitable development of to June 2023 subject to semi-annual reviews the rights offering to ensure they can properly
its high-quality, light oil weighted asset base. by the lenders to confirm the credit capacity of exercise such rights.
BONTERRA ENERGY, March 30, 2021 the company. PETROSHALE, March 30, 2021
The entering into a formal agreement
Evolution Petroleum

announces acquisition of

non-operated oil and gas
assets in the Barnett shale

Evolution Petroleum announced today that
it has entered into a definitive agreement
to acquire non-operated oil and gas assets
in the Barnett shale from TG Barnett
Resources, a wholly owned subsidiary of
Tokyo Gas Americas. The purchase price of
the transaction is $23.25mn in cash, subject
to customary purchase price adjustments and
closing conditions, with an effective date of
January 1, 2021 and an expected closing date
in April 2021.
EVOLUTION PETROLEUM, March 30, 2021
Surge Energy America

completes Midland Basin
acquisition

Surge Energy US Holdings Company
announced in the US that it, through its
subsidiary, has completed the previously
announced acquisition of leasehold interest
and producing wells from Grenadier Energy
Partners II (GEP II) in Howard County,

P14 www. NEWSBASE .com Week 13 01•April•2021