Page 10 - NorrthAmOil Week 43 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM of CAD4.3mn. The aggregate gross proceeds corporate direction and resolute mission.
from the Equity Financing and concurrent As a result of the acquisition, United
Topaz Energy closes private placement totalled approximately Energy adds immediate production of
CAD177.4mn, with the proceeds used to fund
approximately 1,000 mcfd and approximately
previously announced a portion of the Weyburn Royalty Acquisition 30 bod. This asset base includes hundreds
of opportunities to restore production
purchase price.
Weyburn Royalty TOPAZ ENERGY, October 26, 2021 through re-work of existing wellbores,
recompletions of behind pipe formations,
acquisition and equity United Energy announces water-floods of existing oil fields, and new
drilling opportunities of proven undeveloped
financing including update to major acquisition locations to offset existing production.
Combined with its reactivation of several
exercise in full of over- Today United Energy announces it has compressor sites and leases from its existing
assets, United Energy is confident the
reached an agreement to acquire the
allotment option remaining 51% of properties located in company will reach its production target of
Nowata, Washington, Rogers, and Tulsa
2,500 mcfd by Q4.
Topaz Energy is pleased to announce it has Counties in Oklahoma and Montgomery UNITED ENERGY, October 27, 2021
completed its previously announced bought- County in Kansas, also known as the
deal equity financing of common shares Cherokee Basin. “This acquisition gives
and acquisition of a newly created 5% gross United Energy 100% control of its DOWNSTREAM
overriding royalty interest on Whitecap operations and was a key essential step in
Resources’ working interest in the Weyburn our developmental plans and growth in PBF Energy announces
Unit for CAD188.0mn in cash. shareholder value,” Brian Guinn, UE CEO.
Pursuant to the equity financing, Topaz On October 4, United Energy announced it third-quarter 2021 results
issued 10,120,000 common shares, including had acquired 49% non-operated ownership in
1,320,000 common shares issued pursuant to 200,000 acres of oil and natural gas leasehold PBF Energy today reported third quarter
the exercise in full of an over-allotment option in Northeastern Oklahoma and Southeastern 2021 income from operations of $100.9mn
granted to the underwriters. The common Kansas including approximately 2,200 wells as compared to loss from operations of
shares were issued at a price of CAD17.10 and 1,000 miles of natural gas pipelines and $342.7mn for the third quarter of 2020.
per common share for total gross proceeds gathering systems. Excluding special items, third quarter 2021
of CAD173.1mn. The equity financing was The majority of these assets were income from operations was $101.0mn
made through a syndicate of underwriters purchased by Constellation Energy Partners as compared to a loss from operations of
co-led by Peters & Co. Limited and National from Newfield Exploration Company for $374.2mn for the third quarter of 2020.
Bank Financial Inc. and included BMO $128mn in 2007. The newly acquired assets PBF Energy’s financial results reflect the
Nesbitt Burns, Scotia Capital, RBC Dominion once reached peaked production of 20,000 consolidation of PBF Logistics, a master
Securities, ATB Capital Markets, Desjardins mcfd in 2005 and peak oil production of 325 limited partnership of which PBF Energy
Securities, Raymond James, Stifel Nicolaus bopd in 2014. indirectly owns the general partner and
Canada and TD Securities. The dynamic of rising natural gas demand approximately 48% of the limited partner
Concurrent with the closing of the Equity and historic low inventories makes United interests as of quarter-end.
Financing and Weyburn Royalty Acquisition, Energy’s entry into this region a significant The company reported third quarter
certain directors, officers and employees of strategic decision. Natural gas prices have 2021 net income of $78.7mn and net income
the Company and their associates purchased doubled in recent months which continue attributable to PBF Energy Inc. of $59.1mn
a total of 251,490 Common Shares at a to prove the company’s value proposition. or $0.49 per share. This compares to net loss
price of CAD17.10 per common share on a Profitability. Responsibility. Sustainability. of $397.8mn, and net loss attributable to
private placement basis for gross proceeds These are the hallmarks of United Energy’s PBF Energy Inc. of $417.2mn or $(3.49) per
share for the third quarter 2020. Non-cash
special items included in the third quarter
2021 results, which increased net income by a
net, after-tax benefit of $45.6mn, or $0.37 per
share, consisted of a gain on extinguishment
of debt related to the repurchase of a portion
of the outstanding unsecured notes, a net
tax benefit on remeasurement of deferred
tax assets, and change in fair value of
the contingent consideration associated
with earn-out provisions related to both
the Martinez Acquisition and PBFX CPI
Operations LLC acquisition. Adjusted fully
converted net income for the third quarter
2021, excluding special items, was $14.0mn,
or $0.12 per share on a fully exchanged, fully
diluted basis, as described below, compared to

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