Page 9 - NorthAmOil Week 35 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM issuance of a CAD705mn 4-year term loan further advance our return of capital strategy
and increased its existing credit facility by sooner than currently forecasted.
Whitecap Resources closes CAD395mn which results in total credit WHITECAP RESOURCES, August 31, 2022
capacity of CAD3.1bn. The term loan is
previously announced XTO repayable at any time with no penalty and uses Centennial Resource
the same pricing grid as our existing credit
acquisition consolidating facility. On current strip pricing, Whitecap Development and
is expected to reach its net debt3 milestone
top tier Montney and of CAD1.8bn by year end, which would Colgate Energy complete
represent a debt to EBITDA ratio4 of 0.7 times
Duvernay assets, and and leave the company with CAD1.3bn of combination, forming
unused credit capacity.
increases production with continued outperformance on our Permian Resources
With the acquisition now closed, along
guidance base production, we are increasing our 2022 Corporation
average production guidance by 4,000 boepd
Whitecap Resources is pleased to announce to 142,000-144,000 boepd and our capital Permian Resources Corporation today
that it has successfully closed the previously spending guidance by CAD60mn to CAD670- announced the successful completion of
announced acquisition of XTO Energy 690mn. The increased capital programme will the combination of Centennial Resource
Canada. allow us to retain our current field services Development and Colgate Energy Partners III.
The closing of the acquisition adds through the winter drilling season to maintain PERMIAN RESOURCES CORPORATION,
production1 of approximately 32,000 boepd our strong capital efficiencies for the balance September 01, 2022
(30% condensate and NGLs) and over 2,000 of 2022 and into 2023. There is no change to
top tier Montney and Duvernay drilling our 2023 preliminary plans for production Ring Energy announces the
locations2 that will provide decades of long- to average 168,000-174,000 boepd on capital
term sustainable production and free funds spending of CAD900mn to CAD1.1bn and closing of the Stronghold
flow growth. The acquisition also includes we plan to release our formal 2023 budget on
100% ownership of the 15-07 gas processing September 28, 2022. Permian Basin assets
facility which is a shallow cut facility with 165 Integration of the acquired assets is well
mmcf per day of total capacity. The facility underway and expected to be seamless given acquisition
currently processes the acquired Duvernay Whitecap’s technical expertise in the area and
volumes along with third-party volumes from our ability to effectively acquire, integrate Ring Energy today announced it has
area producers. and optimise our historical acquisitions. As completed its previously announced
Whitecap is also pleased to announce our portfolio of opportunities has increased acquisition of the assets of privately held
that in conjunction with completion of significantly, we are advancing initiatives to Stronghold Energy II Operating and
the Acquisition, Whitecap has closed the achieve our net debt milestones and thereby Stronghold Energy II Royalties. Stronghold’s
operations are located primarily in
Crane County, Texas and focused on the
development of approximately 37,000 net
acres in the Permian Basin’s Central Basin
Platform (CBP).
RING ENERGY, September 01, 2022
Houston Natural Resources

raises its revenue guidance

for 2022

Houston Natural Resources (HNR)
announced today that it expects to report
strong results for the remainder of 2022,
projecting $20mn in revenue and $10m
in EBITDA for the year ending December
31,2022. The third quarter is projected to be
$5mn in revenue and $2.5m in EBITDA. The
nine months through September 30, 2022, is
projected to be $13m in revenue and $7m in
EBITDA. The increase is due to an increase in
revenues from its portfolio companies.
Furthermore, the company recently
announced a letter of intent to acquire

Week 35 01•September•2022 www. NEWSBASE .com P9