Page 16 - NorthAmOil Week 28

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NEWS IN BRIEF
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UPSTREAM
Tamarack Valley Energy announces strategic asset acquisition in West Central, Alberta and updated 2020 pro forma guidance
Tamarack Valley Energy is pleased to announce it has entered into a purchase agreement to acquire assets located in
West Central, Alberta. e assets include approximately 2,500 boepd (52% oil and natural gas liquids, NGLs) of low-decline production supported by a high-quality, multi-zone light oil and liquids rich gas drilling inventory and approximately 105,000 net acres of land, acquired for total cash consideration of CAD4.25mn. e acquisition continues to advance Tamarack’s strategy of enhancing its overall sustainability and free adjusted funds ow pro le under current commodity prices and features attractive acquisition metrics.
TAMARACK VALLEY ENERGY, July 09, 2020
California Resources Corporation agrees on comprehensive balance sheet restructuring with key creditors
California Resources Corp. (CRC), an independent California-based oil and
natural gas exploration and production company, today announced it has entered into a restructuring support agreement (RSA) with holders of approximately 84% of the company’s 2017 term loans, 51% of the company’s 2016 term loans and its Elk Hills midstream joint venture partner, Ares Management. To implement the terms of the RSA, the company and certain of its subsidiaries have led a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. Upon plan con rmation, the implementation of the RSA would reduce CRC’s debt substantially, enabling the company to operate safely through the current downturn in commodity prices and establishing a solid nancial foundation to enhance future value creation.
“We have consistently operated within cash ow, signi cantly reducing the outsized debt burden we inherited from Occidental Petroleum at our December 2014 spin-o . However, today’s unprecedented market conditions, including oversupply and reduced demand due to COVID-19, require that we further reduce our debt through a Chapter
11 process,” said Todd A. Stevens, president and chief executive o cer of CRC. “CRC
will emerge from Chapter 11 as a strong, healthy company committed to providing Californians with safe, a ordable, reliable and locally produced energy, good-paying jobs and millions of dollars in annual government revenues for vital public services for many years to come. We take this role very seriously, and our commitment to ensuring a safe, diverse and resilient supply of energy from California resources will not change.”
Stevens continued: “CRC’s portfolio of world-class, low-decline assets and
our integrated infrastructure provide us signi cant operational exibility which, coupled with our commitment to displace imported energy with our oil and natural
gas production under the most stringent regulations, continues to distinguish us from many oil and gas operators. We have a track record of disciplined nancial and operational decisions and, with our strong balance sheet, we won’t need to rely on higher commodity prices to be successful.”
CALIFORNIA RESOURCES CORPORATION, July 15, 2020
Cycle Energy purchases Harvest Petroleum
Cycle Energy Industries signs purchase agreement for 100% of the issued and outstanding shares of Harvest Petroleum. e purchase agreement states Cycle will purchase all of the issued and outstanding shares of Harvest Petroleum for an aggregate value of $1,000,000.00 with a combination of cash, common stock and preferred shares.
As part of the transaction Mr. Robert Harvey will join the board of directors of Cycle Energy Industries.
Cycle Energy’s CEO Mr. Michael McLaren states, “ e purchase of Harvest Petroleum
is a strategic acquisition for Cycle as we aggressively move forward into the US market having a trusted partner as well as an o cer of our company.” Mr. Michael McLaren further stated: “Cycle Energy is excited for Harvest
to be part of our group. is purchase will instil greater drive and motivation into Cycle’s expanding assets in the oil and gas, oil and
gas services, and eld proven Cycle Energy technologies.”
CYCLE ENERGY INDUSTRIES, July 14, 2020
MIDSTREAM
Enterprise co-loads export vessels at Houston Ship Channel terminals in industry first
Enterprise Products Partners today announced that it has successfully loaded combination cargoes of natural gas liquids (NGLs) and ole ns on the same vessel. During the month of July, Enterprise completed the simultaneous loading of propane and polymer grade propylene into separate compartments on a VLGC at the Enterprise Houston Ship
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Week 28 16•July•2020