Pipestone Energy
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2020-08-05 07:55 ET - News Release
Mr. Paul Wanklyn reports
PIPESTONE ENERGY CORP. ANNOUNCES A $70 MILLION CONVERTIBLE PREFERRED SHARE FINANCING TRANSACTION TO FUND AN ACCELERATED DEVELOPMENT PLAN, AND ANNOUNCES ITS ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS
Pipestone Energy Corp. has entered into subscription agreements with Riverstone V EMEA Holdings Cooperatief UA, GMT Capital Corp. and GMT Exploration Company LLC in respect of the financing.
Pursuant to the terms of the subscription agreements, the investors have agreed to acquire convertible preferred shares in the company with an initial liquidation preference of $70-million, equivalent to 70,000 CP shares. The CP shares have a conversion price of 85 cents per common share and have a term of five years. The CP shares were sold at a price of $970 per share, and entitle the investors to an annual dividend of 6.5 per cent per year that is payable quarterly in kind, or in cash after two years from issuance, at the sole option of Pipestone Energy. At close, the expected proceeds to Pipestone Energy are approximately $67-million, net of anticipated transaction costs.
"This financing is an exceptional opportunity for Pipestone Energy, providing the company with the necessary capital to accelerate development activities in the fall of 2020," said Paul Wanklyn, president and chief executive officer of Pipestone Energy. "Pipestone can deliver attractive full cycle returns at over $40 (U.S.) WTI (West Texas Intermediate). The accelerated development program brings forward value and materially increases our future free cash flow generation capability. The significant financing commitment by our largest existing investors speaks to the high-quality nature of Pipestone's assets, as well as the support for our business plan and team."
Description of the financing
The CP shares are, subject to certain conditions, convertible into common shares of the company at a conversion price of 85 cents per common share, subject to customary adjustments. After two years, if among other things, the closing price of the common shares is above 200 per cent of the conversion price for 20 days over a 30-day trading period, the CP shares will automatically convert into common shares at the conversion price. The conversion price represents a 70-per-cent premium to the 30-day volume-weighted average trading price of the common shares on Aug. 4, 2020, the last trading day prior to entering into the subscription agreements. Holders of the CP shares will be entitled to vote on all shareholder matters alongside existing holders of the common shares on an as-converted basis. Post the financing, the CP shares will represent approximately 30 per cent of Pipestone Energy's pro forma shares outstanding on a fully diluted basis. After the five-year term the CP shares will automatically convert into common shares at either the conversion price, if the common shares are trading at a price in excess of the conversion price or, otherwise, at a price based on the previous 20-day volume-weighted average share price multiplied by 95 per cent.
While the CP shares will not be listed on any stock exchange, the company has applied to reserve the underlying common shares issuable upon conversion of the CP shares for listing on the TSX Venture Exchange and received conditional approval. Final listing approval from the TSX-V is subject to the satisfaction of certain filing requirements by the company.
Closing of the financing is subject to shareholder approval, including (i) a majority of not less than 66-2/3rds per cent of votes cast in person or by proxy and (ii) a majority of the minority vote to be held in accordance with Policy 5.9 of the TSX-V and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.
The company's board of directors, on recommendation from an independent committee of directors, has determined that the financing is in the best interest of the company and, after receiving advice from its financial and legal advisers, has unanimously approved the financing. In addition, the company's three largest shareholders, Canadian Non-Operated Resources LP (CNOR), GMT Capital and GMT Exploration, have entered into voting support agreements to support the financing. CNOR holds approximately 54.5 per cent of the outstanding common shares. GMT Capital and GMT Exploration collectively own approximately 13.8 per cent of the outstanding common shares.
The shareholder vote will be held at Pipestone Energy's annual general and special meeting to be held on Sept. 14, 2020, at 2:30 p.m. Calgary time at the Calgary Petroleum Club (McMurray Room). Further details about the financing and other annual and special items of business will be described in a management information circular to be mailed to the shareholders on or about Aug. 17, 2020.
At closing of the financing, the company will enter into: (i) a registration rights agreement with Riverstone and GMT Capital that provides customary demand and piggyback registration rights and (ii) nomination agreements with Riverstone and GMT Capital that provide for certain director nomination rights.
Strategic rationale of the financing
Highly economic drilling inventory at current commodity prices
The company has reduced drilling and completion costs approximately by 40 per cent since early 2019.
New wells are expected to generate an IRR (internal rate of return) of approximately 50 per cent and deliver a payout of less than two years on a half cycle basis at $40 (U.S.) WTI.
Optimized development and returns
Installed infrastructure capacity supports production growth from 17,000 barrels of oil equivalent per day (boe/d) currently to approximately 34,000 to 38,000 boe/d average in 2022.
Minimal infrastructure capital required to further optimize and debottleneck to 40,000 boe/d of capacity.
Significant capital investment by Pipestone Energy through a continuous drilling and completion program should result in optimized corporate returns.
The company expects to generate $75-million in annual free cash flow above maintenance capital in 2022 beyond at $44 (U.S.) WTI or $115-million at $50 (U.S.) WTI.
Enhanced scale and improved competitive positioning
Peer-leading production and cash flow per share growth and leading net debt to cash flow;
Execution of the growth plan through 2022 is expected to position Pipestone Energy as one of the larger condensate-rich Montney-focused producers.
Attractive financing terms for Pipestone Energy and its shareholders
Conversion price is an attractive premium to current common share trading price.
Execution of Pipestone Energy's accelerated development plan is expected to generate higher per share metrics on a fully diluted basis than the status quo at current commodity prices.
Materially enhances the financial liquidity available to the company.
Credit facility
In conjunction with the financing, the company has reconfirmed and executed an amendment to its $225-million reserve-based lending facility with its corporate banking syndicate, consisting of National Bank Financial Inc., Bank of Montreal, ATB Financial and Canadian Western Bank. In light of the significant equity capital injection and accelerated capital plan, the banking syndicate has agreed to forgo the normal fall borrowing base review with the next redetermination scheduled for May, 2021. In addition, the previously imposed capital spending restrictions from the June, 2020, redetermination have been removed, and Pipestone Energy has committed to implement a robust hedging program with respect to expected condensate volumes through calendar 2021.
On July 16, 2020, Pipestone Energy also closed on a $15-million unsecured letter of credit facility under Export Development Canada's performance security guarantee (PSG) program. The company has transferred its about $14-million letters of credit from its credit facility to the PSG facility, further enhancing the liquidity available under the credit facility.
Pro forma liquidity and net debt
As at June 30, 2020, the company had $183-million drawn on its credit facility, excluding letters of credit, and a $13-million working capital deficit, for a combined net debt of approximately $196-million. Pro forma, including net proceeds of $67-million from the financing, Pipestone Energy will have net debt of approximately $129-million and approximately $109-million of available capacity remaining on its credit facility.
Operations update
Throughout Q2 2020, Pipestone Energy actively managed its production in response to increased volatility in crude oil prices and condensate differentials that prevailed during the quarter. Specifically, condensate production was optimized month to month by shutting in the seven-well 6-24 pad during May and gradually bringing it back on in response to improved pricing during June. Production for the quarter averaged approximately 16,700 boe/d, based on field estimates for June, 2020, which comprised 43 per cent liquids (including 29 per cent condensate), and 57 per cent natural gas. The company benefited from strong plant run times at both the Keyera Wapiti gas plant and Tidewater Pipestone gas plant during the quarter of about 96 per cent (compared with about 70 per cent during Q1 2020). The company has significant incremental production capability with six wells recently completed and tied in on the 6-30 pad. The wells on this pad are being tested during July and August, and are expected to be brought on stream permanently by Q4 2020.
Accelerated development plan
Contingent on closing the financing, Pipestone Energy will be increasing its 2020 capital guidance from $60-million to $110-million. In September, 2020, the company expects to utilize two rigs to drill six wells on its 3-12 pad, which will be completed in November and available for production by year-end. On the 8-15 pad, one rig will drill four additional wells starting in November, 2020, which are expected to be completed and brought on stream during Q1 2021.
In 2021, the company plans to undertake a continuous drilling program, utilizing up to two rigs along the north-south gathering system. The program will be designed to optimize the infrastructure capital spent to date. In 2021, Pipestone Energy aims to bring 28 to 32 new wells on production, anticipates capital spending to be about $210-million (90 per cent of which will be on drilling, completion, and equip and tie-in costs) and expects to produce between 24,000 and 26,000 boe/d.
EXPECTED DEVELOPMENT ACTIVITY SUMMARY
No. wells No. wells No. of new wells
drilled completed on production
2019 actuals 10 16 20
H1 2020 actuals 6 6 12
H2 2020 forecast 10 6 -
2021 Forecast 30-36 30-36 28-32
THREE-YEAR CORPORATE GROWTH TRAJECTORY (1)
2020 2021 2022
Full-year production (boe/d) 16,000-17,000 24,000-26,000 34,000-38,000
Cash flow ($MM) (2) $40 $135 $205
Capex ($MM) (3) $110 $210 $215
YE net debt ($MM) $180 $255 $265
LTM debt/CF (x) 4.5x 1.8x 1.3x
(1) Three-year plan derived by utilizing, among other assumptions, historical
Pipestone Energy production performance and current capital and operating
cost assumptions held flat for illustration only. Budgets and forecast
beyond 2020 have not been finalized and are subject to a variety of factors.
Maximum total draw on the company's credit facility in the forecasts shown
would be less than $225-million.
(2) Price assumptions: remainder of 2020: $40 (U.S.) WTI; $1.90 AECO; 74 Canadian
cents; 2021: $42 (U.S.) WTI; $2.25 AECO; 74 Canadian cents; 2022: $44 (U.S.)
WTI; $2.25 AECO; 74 Canadian cents.
(3) Capital expenditures include all anticipated DCE&T (drilling, completion, equip
and tie-in expenses), infrastructure and other capital expenditures, but
excludes capitalized general and administrative expenses. Two thousand twenty
capex increased from $60-million previously.
The company anticipates that the accelerated second half 2020 and 2021E development activity that will be undertaken as a direct result of the financing will position Pipestone Energy to fill in-field infrastructure and generate significant free cash flow above maintenance requirements by year-end 2022 at $44 (U.S.) WTI, while maintaining significant liquidity and a conservative leverage profile.
Risk management
The company will continue its robust commodity price hedging program to reduce the volatility in expected future cash flow relative to the forecast capital expenditures. Currently for full year 2021, Pipestone Energy has about 30,000 gigajoules per day of AECO natural gas hedged at a weighted average price of $2.28 (Canadian)/GJ and about 2,250 barrels per day of Canadian-dollar WTI hedged at a weighted-average price of $56.37 (Canadian)/bbl.
Advisers
Peters & Co. Ltd., National Bank Financial, BMO Capital Markets, and ATB Capital Markets are acting as private placement advisers to Pipestone Energy with respect to the financing. Osler, Hoskin & Harcourt LLP is acting as Pipestone Energy's legal adviser.
Q2 2020 financial statements and conference call
Second quarter results are expected to be released before market open on Aug. 12, 2020. A conference call has been scheduled for Aug. 12, 2020, at 9 a.m. Mountain Daylight Time (11 a.m. Easter Daylight Time) for interested investors, analysts, brokers and media representatives.
Conference call details
Toll-free: 866-953-0776
International: 630-652-5852
Conference ID: 3775111
About Pipestone Energy Corp.
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das 10 Mio. erwirtschaftet wurden steht hier im Absatz:
Mit einem robusten Absicherungsprogramm...
Nicht mehr und nicht weniger habe ich behauptet.
Nicht Umsonst haben starke Hände (Investoren) der Firma nochmals 70 Mio. gegeben, dies würden sie niemals tun wenn sie nicht total davon überzeugt wären das sich die Investition für sie auch lohnen wird. Die Geldgeber wollen schließlich auch ihr Geld und Rendite wieder sehen.
https://pipestonecorp.com/newsblog/2020/8/11/...-quarter-2020-results
Pipestone Energy Corp. berichtet über die Ergebnisse des zweiten Quartals 2020
Calgary, Alberta, 12. August 2020 (PIPE - TSX-V) Pipestone Energy Corp. ("Pipestone Energy" oder das "Unternehmen") freut sich, seine finanziellen und operativen Ergebnisse für das zweite Quartal 2020 bekannt zu geben.
Paul Wanklyn, Präsident und CEO, sagte: "Pipestone Energy hat seine Produktion im zweiten Quartal als Reaktion auf die historische Volatilität der Rohstoffpreise flink gesteuert. Unsere Fähigkeit, im Laufe des Quartals trotz rekordtiefer Kondensatpreise einen positiven Cashflow vor Hedging-Gewinnen zu erzielen, ist ein Beweis für unsere Anlagenqualität. Mit der kürzlich angekündigten Finanzierung und den in diesem Quartal nachgewiesenen Kapitalkostenverbesserungen ist unser Unternehmen auf dem besten Weg, auch in den nächsten zwei Jahren ein effizientes Produktions- und Cashflow-Wachstum mit Kapitalrenditen im obersten Zehntel zu erzielen".
HIGHLIGHTS DES ZWEITEN QUARTALS 2020
Während des Quartals hat das Unternehmen seine Produktion aktiv gemanagt, um die Sammel- und Verarbeitungsverpflichtungen Dritter zu erfüllen, indem es in erster Linie seine schlankeren, höher dosierten Gasbohrlöcher an den Standorten 15-14 und 3-01 Pad durchströmt, die Produktion aus den höher dosierten Kondensatbohrlöchern auf dem Pad 6-24 begrenzt und das On-Stream-Datum des Pad 6-30 auf später in diesem Herbst verschoben hat;
Die Produktion betrug in den drei Monaten bis zum 30. Juni 2020 durchschnittlich 16.772 boe/d (bestehend aus 29% Kondensat und 43% Flüssigkeiten insgesamt).
Mit einem robusten Absicherungsprogramm realisierte das Unternehmen in den drei Monaten bis zum 30. Juni 2020 Gewinne aus der Rohstoffabsicherung in Höhe von $10,4 Millionen, die den Cashflow in diesem Zeitraum absicherten;
Das Unternehmen erwirtschaftete in den drei Monaten, die am 30. Juni 2020 endeten, trotz der niedrigen erhaltenen Rohstoffpreise Einnahmen und bereinigte Mittelflüsse in Höhe von 26,4 Millionen US-Dollar bzw. 11,2 Millionen US-Dollar; und
Während des Quartals schloss das Unternehmen sein erfolgreiches H1 2020-Abschlussprogramm wie geplant mit 6 Bohrlöchern ab, die im April 2020 am Pad-Standort 6-30 im Rahmen seines ursprünglichen Budgets um 20 % fraktioniert wurden.
Übersetzt mit www.DeepL.com/Translator (kostenlose Version)
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Gestern in Kanada ging es nochmals um 12% gen Norden - langsam kommt mal Bewegung rein in die Aktie.
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Pipestone Energy Corp. gibt die Ergebnisse der Aktionärsversammlung einschließlich der Genehmigung der Vorzugsaktien-Finanzierung bekannt
CALGARY, Alberta, 14. September 2020 (GLOBE NEWSWIRE) -- (PIPE - TSX-V) Pipestone Energy Corp. ("Pipestone Energy" oder das "Unternehmen") gibt bekannt, dass auf der Jahres- und Sonderversammlung der Aktionäre von Pipestone Energy (die "Aktionäre"), die heute um 14.30 Uhr (Calgary-Zeit) im McMurray-Raum im Calgary Petroleum Club, 319 - 5th Avenue S.W., Calgary, Alberta, stattfand, die Aktionäre jede der geänderten und neu formulierten Satzungen, den langfristigen Incentive-Plan und den Aktienkaufplan für Mitarbeiter des Unternehmens genehmigt haben. Darüber hinaus genehmigten die Aktionäre die vorgeschlagene Vorzugsaktienfinanzierung (die "Finanzierung") für erwartete Erlöse an Pipestone Energy in Höhe von etwa 67 Millionen US-Dollar, abzüglich der erwarteten Transaktionskosten. Es wird erwartet, dass die Finanzierung am 15. September 2020 abgeschlossen sein wird.
Jeder der amtierenden Direktoren von Pipestone Energy, Gordon M. Ritchie, Garth Braun, William Lancaster, John Rossall, Geeta Sankappanavar, Robert Tichio und Paul Wanklyn, wurde von den anwesenden Aktionären persönlich oder durch einen Bevollmächtigten wiedergewählt. Die detaillierten Abstimmungsergebnisse sind nachstehend aufgeführt:
Direktor Stimmen für % Zurückbehaltene Stimmen
Gordon M. Ritchie 99,93% 0,07%
Garth Braun 99,89% 0,11%
William Lancaster 99,96% 0,04%
John Rossall 99,91% 0,09%
Geeta Sankappanavar 99,94% 0,06%
Robert Tichio 99,91% 0,09%
Paul Wanklyn 99,94% 0,06%
Pipestone Energy Corp.
Pipestone Energy Corp. ist ein Öl- und Gasexplorations- und -produktionsunternehmen mit Hauptsitz in Calgary, Alberta. Das Unternehmen konzentriert sich auf die Erschließung seiner kondensatreichen Montney-Anlage im Gebiet Pipestone in der Nähe von Grande Prairie. Pipestone Energy ist bestrebt, langfristigen Wert für seine Aktionäre zu schaffen und schätzt die Partnerschaften, die es innerhalb seiner Betriebsgemeinschaft entwickelt. Die Aktien von Pipestone Energy werden unter dem Symbol PIPE an der TSX Venture Exchange gehandelt. Weitere Informationen finden Sie unter www.pipestonecorp.com.
Kontakte zu Pipestone Energy:
Paul Wanklyn
Präsident und Hauptgeschäftsführer
(587) 392-8407
paul.wanklyn@pipestonecorp.com Craig Nieboer
Finanzvorstand
(587) 392-8408
craig.nieboer@pipestonecorp.com
Dan van Kessel
VP Unternehmensentwicklung
(587) 392-8414
dan.vankessel@pipestonecorp.com §
Haftungsausschluss der TSX Venture Exchange
Weder die TSX Venture Exchange noch deren Regulierungsdienstleister (wie dieser Begriff in den Richtlinien der TSX Venture Exchange definiert ist) übernehmen die Verantwortung für die Angemessenheit oder Genauigkeit dieser Pressemitteilung.
Übersetzt mit www.DeepL.com/Translator (kostenlose Version)
aufgeschoben ist nicht aufgehoben - ab Frühjahr/Sommer 2021 gehts dann in die vollen.
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Hat zwar lang gedauert bis die Gasverarbeitungsanlage von Keyera wieder in Betrieb war (seit 21.09.2020)
Spät aber nicht zu spät. Die Gaspreise waren eh viel zu niedrig, also kein größerer Verlust.
https://stockhouse.com/companies/...symbol=v.pipe&postid=31711984
übersetzt mit Google:
Großes Engagement von Keyera
Sie haben gerade eine weitere Gasanlage in der Gegend fertiggestellt, daher scheint Keyera überzeugt zu sein, dass dies ein großartiger Ort ist, um Geld zu investieren.
Der Winter kommt, die US-Erdgaspreise sind bereits sehr hoch und Idioten verkaufen PIPE?
Stelle dir das vor?
CALGARY, AB - Keyera Corp. (TSX: KEY) („Keyera“) gab heute den Start der Pipestone-Gasanlage („Pipestone“) bekannt, fünf Monate vor dem ursprünglichen Zeitplan und zu budgetierten Kosten.
Pipestone ist eine Anlage zur Erdgasaufbereitung und Flüssigkeitsstabilisierung, die in Zusammenarbeit mit Ovintiv Inc. entwickelt wurde, um die kondensatorientierte Entwicklung von Pipestone Montney zu unterstützen. Die Gasanlage befindet sich westlich von Grande Prairie und umfasst insgesamt 200 Millionen Kubikfuß Gasverarbeitungskapazität pro Tag, 24.000 Barrel Kondensatverarbeitungskapazität pro Tag und zugehörige Wasserentsorgungsanlagen. Der Pipestone-Hub für Flüssigkeiten, der 2018 seinen Betrieb aufnahm, bietet zusätzliche 14.000 Barrel Kondensatverarbeitungskapazität pro Tag.
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Dann mal auf die HP und lesen.