Take stock – March 24

NAL Oil & Gas Trust (TSX:NAE.UN) has struck a deal to take over Alberta Clipper Energy Inc. (TSX:ACN) in a transaction valued at $115 million including $78 million of assumed debt.

NAL Oil & Gas Trust takes over Alberta Clipper Energy

NAL Oil & Gas Trust (TSX:NAE.UN) has struck a deal to take over Alberta Clipper Energy Inc. (TSX:ACN) in a transaction valued at $115 million including $78 million of assumed debt. The deal announced Monday included an injection of $52.5 million from Manulife Financial (TSX:MFC) which will take advantage of Alberta Clipper’s tax pools. The companies said NAL will issue 5.7 million trust units at a deemed price of $6.45 per unit, a total of $37 million. Under the deal, Alberta Clipper shareholders will receive 0.078875 NAL trust units for each Alberta Clipper share. Alberta Clipper shares closed down 4.5 cents or 8.3 per cent at 49.5 cents, while NAL units were up 18 cents at $6.77 on the Toronto Stock Exchange. Concurrent with the arrangement, NAL said Manulife is taking a half-interest in the assets of Alberta Clipper. The $52.5 million from Manulife will be used to pay down debt assumed by the trust in the transaction. Alberta Clipper has current production of 3,100 barrels of oil equivalent per day, 65 per cent natural gas, with proved and probable reserves of 8.6 million boe and tax pools valued at $268 million. It offers a “strategic fit within NAL’s core areas at Sylvan Lake and west-central Alberta and the addition of new gas-focused assets in northeast British Columbia at Trutch and Beg,” the joint statement said. It added that partnering with Manulife “allows NAL to maintain balance sheet strength and financial flexibility to complete future transactions.”

Deepwell Energy services trust names Jay simmons CEO

Deepwell Energy Services Trust (TSX:DWL.UN) named Jay Simmons as chief executive of Deepwell Energy Services Ltd., the operating company for the trust on Monday. Simmons, chairman of DWL Ltd. and a trustee of the trust, succeeds Bob Ritchie, who has decided to pursue other interests, the trust said.

Just Posted

Councillors want to represent Red Deer at AUMA

City council approves endorsement

Cannabis smoke raises health concerns

Smoke Free Bylaw returns to Red Deer city council Sept. 4

Avid Penhold climber Catlin Hannah’s death a reminder of the dangers of scrambling

Hannah never returned from his Mount Smuts attempt on Aug. 12.

Children, elderly at risk as smoke from distant fires hangs over parts of B.C.

VANCOUVER — Thick smoke blanketing British Columbia communities far from any flames… Continue reading

WATCH: Medicine River Wildlife Centre opens new playground

The grand opening of the playground was Saturday morning

Police chiefs want new data-sharing treaty with U.S. as privacy questions linger

OTTAWA — Canada’s police chiefs are pressing the Trudeau government to sign… Continue reading

Pope on sex abuse: “We showed no care for the little ones”

VATICAN CITY — Pope Francis issued a letter to Catholics around the… Continue reading

Ottawa announces $189M to extend employment insurance for seasonal workers

ESCUMINAC, N.B. — Ottawa has announced $189 million for an employment insurance… Continue reading

Trudeau formally announces he’ll run again in next year’s election

MONTREAL — Justin Trudeau will run again in the 2019 federal election.… Continue reading

Smoke from B.C. wildfires prompts air quality advisories across Western Canada

VANCOUVER — More smoky, hazy air is expected to blanket much of… Continue reading

Anti-pipeline protesters released days before weeklong jail sentences end

MAPLE RIDGE, B.C. — Several pipeline protesters were released from a British… Continue reading

All eyes on Andrew Scheer as Conservative convention set for Halifax

OTTAWA — After a week of internal caucus squabbles, Conservative Leader Andrew… Continue reading

Trump says his White House counsel not a ‘RAT’ like Nixon’s

BRIDGEWATER, N.J. — President Donald Trump insisted Sunday that his White House… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month