Plano, Texas-based Torchlight met the requirement for compliance on July 25.
The company's results on July 26 missed expectations, with analysts surprised by higher corporate charges, including administrative costs relating to Gulf of Mexico oil spill liabilities, and a lower contribution from its stake in Rosneft.
Instead of seeing $60 a barrel, which would support an increase in production, the demand questions, and ongoing supply concerns, mean oil could fall further. U.S. crude settled at $43.13 on July 25, after earlier hitting a three-month low.
Vinson & Elkins LLP was CWEI’s legal adviser, and Kirkland & Ellis LLP was legal adviser to Ares.
Highlands will retain full working interest and will receive 80% of the revenue generated by the wells drilled on the farm-in acreage.
Farms outside the city of Prince Albert, Saskatchewan, that rely on city water have had supplies cut off, Reuters reported.
U.S. crude-by-rail volumes were 427,000 barrels per day (Mbbl/d) in April, down from a peak of 1.1 MMbbl/d in 2014, Reuters reported.
If the RSA is completed, Atlas Resource Partners’ debt will be reduced by about $900 million, and its interest expense will be reduced by $80 million, per year.
The total cash consideration for the Redwater acquisition was CA$25.8 million, financed with part of the proceeds from the CA$81.6 million bought deal equity financing that closed on July 12.
A Hague arbitration court awarded the U.S. company $96 million in 2011 in a dispute stemming from a 1973 deal that called for Texaco, later acquired by Chevron, to develop fields in exchange for selling oil to Ecuador at below-market rates.
The heavy oil and diluent leaked from Husky Energy Inc.'s Saskatchewan gathering system pipeline on July 21, flowing into the North Saskatchewan River.
The Canadian oil and gas earnings season kicked off with signs of an industry recovery as Encana and Precision Drilling outlined plans to boost activity. Analysts said the uptick in optimism might be mirrored by some U.S. shale companies.