Page 17 - NorthAmOil Week 22

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM consisting of a 25% non-operating interest MIDSTREAM
in Eddy County, New Mexico, located in the
TORC Oil & Gas announces Wolfcamp shale of the Northern Delaware Pembina Pipeline
Basin. The investment was acquired at
extension of bank line a significant discount to its estimated Corporation announces
pre-COVID-19 valuation of $5.0mn and
redetermination date demonstrates HomeBound’s ability to quickly closing of CAD500mn public
acquire premium assets from distressed
TORC Oil & Gas has executed an agreement sellers. The investment was made on behalf note offering
with its syndicate of lenders to extend the of an energy-focused investment fund,
Company’s annual redetermination date sponsored by HomeBound and managed Pembina Pipeline Corporation is pleased to
under its credit agreement to June 30, 2020. by Resolute Capital Partners, that invests announce that it has closed its previously
The purpose of the extension is to permit in productive regions with known oil and announced offering of CAD500 mn of senior
additional time to assess market dynamics, gas fields that are too complex for small unsecured medium-term notes. The offering
including the proposed Export Development companies and not large enough for many was conducted in two tranches consisting of
Canada and Business Development Bank public companies. CAD400 mn in senior unsecured medium-
programmes initiated by the federal “At HomeBound, we work to take term notes, series 16 having a fixed coupon
government and develop a renewal that advantage of market downturns and seek of 4.67% per annum, paid semi-annually, and
provides TORC with flexibility through the opportunities in oil and gas acquisitions maturing on May 28, 2050; and CAD100 mn
current environment. during times when other corporations principal amount issued through a re-opening
The extension includes an amendment to are forced to sell,” said Stefan Toth, CEO of the company’s 3.71% medium-term notes,
require unanimous consent of the lenders for of HomeBound Resources. “The wake of series 7, due August 11, 2026. The gross
any advance that would result in the aggregate COVID-19 and the oil trade war has created proceeds of the offering were CAD505 mn.
principal amount outstanding under the one of the best buying opportunities in The net proceeds will be used to repay
credit facility to exceed CAD425 mn. As at modern history, and HomeBound intends to indebtedness of the company under its
March 31, 2020 TORC was drawn CAD309 take advantage of the discounted pricing. Our unsecured CAD2.5bn revolving credit facility
mn on the company’s CAD500 mn credit highly-skilled and dynamic team, coupled due May 2024 incurred in connection with
facility. with advanced technology, enables us to the acquisition of the U.S. portion of the
TORC OIL & GAS, May 28, 2020 generate current positive cash-flows with Cochin Pipeline system, as well as to fund
potentials for high gains of profit during these Pembina’s capital programme and for general
HomeBound Resources times of unprecedented low energy prices.” corporate purposes.
The investment interests are located in the
PEMBINA PIPELINE CORPORATION, May 28,
announces $1.4mn Wolfcamp section of the northern Delaware 2020
Basin, which along with the overlying Bone
investment in the Northern Spring shale hold an estimated 46.3bn Taproot Energy Partners
barrels of oil, according to a US Geological
Delaware Basin, Eddy Survey. The site consists of nine wells that are adds additional acreage
equipped with 2-mile Wolfcamp laterals. We
County, New Mexico expect drilling to be complete in Q4 of 2020, dedication to its midstream
and the wells on-line by early 2021.
HomeBound Resources announced today the HOMEBOUND RESOURCES, May 27, 2020 infrastructure in the DJ
company completed a $1.4mn acquisition,
Basin

Taproot Energy Partners, LLC announced
today that its affiliate, Taproot Rockies
Midstream, has secured a long-term acreage
dedication from Mallard Exploration, an
established crude oil and natural gas producer
within the northeast extension of the DJ
Basin. Taproot will provide Mallard with
best-in-class crude oil and produced water
midstream gathering and transportation
services in exchange for an acreage dedication
of approximately 60,000 acres.
Taproot’s existing Baja System and soon-to-
be-completed Rattlesnake expansion include
over 110 miles of crude oil, produced water
and freshwater pipelines. Mallard’s acreage
position is located near existing Bison Oil
& Gas, Verdad Resources, and Bonanza
Creek dedicated acreage and is a natural

Week 22 04•June•2020 www. NEWSBASE .com P17