Page 12 - NorthAmOil Week 26 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

the NCIB based on parameters set by Imperial based on a closing share price of $13.51 on of its Stanley Oil & Gas business to Pipeline
in accordance with the share purchase plan, June 24, 2022, both subject to customary Technique, a leading provider of solutions
TSX rules and applicable securities laws. The closing adjustments. The effective date to the energy industry. The pending sale
plan has been pre-cleared by the TSX and will of the Titus acquisition will be August 1, of Stanley Oil & Gas encompasses pipeline
be implemented effective June 29, 2022. 2022, with closing anticipated in the third services and equipment businesses including
Consistent with the company’s balance quarter of 2022. The cash portion of the CRC-Evans Pipeline International, Pipeline
sheet strength, low capital requirements and consideration is expected to be funded Induction Heat and Stanley Inspection,
strong cash generation, this announcement with cash on hand and borrowings under which generated combined revenues of
reflects the company’s priority and capacity the company’s senior secured revolving approximately $140mn in 2021.
to return cash to shareholders. The NCIB credit facility. In conjunction with the Don Allan, Stanley Black & Decker’s
represents a flexible and tax-efficient way of Titus Acquisition, Earthstone has obtained president and CFO, stated: “The sale of our
distributing surplus liquidity to shareholders $400mn of incremental commitments oil and gas business builds on our strategic
who choose to participate by selling their from existing lenders, increasing elected commitment to streamlining our company
shares. In addition, the NCIB will be used commitments under the credit facility from to focus on our core Tools & Outdoor
to eliminate dilution from shares issued in the current $800mn to $1.2bn upon closing. and Industrial businesses. The portfolio
conjunction with Imperial’s restricted stock Earthstone’s current borrowing base is $1.4bn simplification is designed to leverage our
unit plan. and is expected to increase with the Titus leadership positions to drive innovation,
ExxonMobil will be permitted to acquisition. organic growth and margin expansion, as well
sell its shares to Imperial outside of, but EARTHSTONE ENERGY, June 28, 2022 as generate significant long-term value for our
concurrent with, the NCIB in order to shareholders. On behalf of the entire Stanley
maintain its proportionate share ownership Lucero Energy confirms Black & Decker organisation, I want to thank
at approximately 69.6%. ExxonMobil advised our Stanley Oil & Gas team members for their
Imperial that it intends to participate, as it $180mn credit facility valuable contributions over the years.”
has in prior years, and has established an Stanley Black & Decker expects to incur
automatic share disposition plan to facilitate Lucero Energy is pleased to announce the a pre-tax, non-cash charge of approximately
the sale of its shares concurrent with the company’s senior secured credit facility has $125-200mn related to the write-down of the
NCIB. been set at $180mn, providing Lucero with Oil & Gas net assets, which will be excluded
IMPERIAL OIL, June 27, 2022 significant financial liquidity. The maturity from adjusted earnings. The results of the
date of the credit facility is May 2024, subject Oil & Gas business will remain in continuing
Earthstone Energy to semi-annual reviews by the lenders to operations and will not be reclassified as
confirm the credit capacity of the company,
discontinued operations. The transaction
announces Northern which will occur no later than May 31 and is subject to regulatory approval and other
November 30 annually.
customary closing conditions.
Delaware Basin asset CIBC (as sole bookrunner and lead arranger), STANLEY BLACK & DECKER, June 28, 2022
The credit facility syndicate will include
acquisition for ~$627mn Bank of Montreal, Royal Bank of Canada, CWC Energy Services
National Bank of Canada and ATB Financial.
Earthstone Energy today announced that LUCERO ENERGY, June 28, 2022 announces acquisition
it has entered into an agreement to acquire
the New Mexico assets of Titus Oil & Gas of three high-spec AC
Production and Titus Oil & Gas Production SERVICES
II and their affiliates located in the northern triple drilling rigs further
Delaware Basin. Titus is privately held with Stanley Black & Decker
sponsorship by investment funds managed by expanding its US presence
NGP Energy Capital Management. reaches agreement to sell
The aggregate purchase price of CWC Energy Services is pleased to announce
the Titus Acquisition is approximately its oil and gas business that its wholly owned subsidiary, CWC
$627mn consisting of $575mn in cash and Energy Services (USA), has closed the
approximately 3.9mn shares of Earthstone’s Stanley Black & Decker today announced it acquisition of three high-spec AC triple
Class A common stock valued at $52mn has signed a definitive agreement for the sale drilling rigs and critical spare components

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