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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Some workers are terrified at the prospect of returning to work at Olymel, where hundreds were infected with COVID, says a worker.
Advocate file photo
Second death linked to Olymel COVID-19 outbreak, Alberta Health confirms

A second death has been linked to the Olymel COVID-19 outbreak, Alberta… Continue reading

A health worker holds up a dose of the AstraZeneca vaccine against COVID-19 in Rome, Tuesday, Feb. 23, 2020. THE CANADIAN PRESS/AP-Cecilia Fabiano/LaPresse via AP
Health Canada approves AstraZeneca’s COVID-19 vaccine

Canada has pre-ordered 20 million doses of the AstraZeneca vaccine

A fallen Western Red cedar tree at Francis/King Regional Park in Saanich, B.C., Thursday, May 26, 2016. THE CANADIAN PRESS/Chad Hipolito
Logging delay agreement for B.C. old-growth tree stand helps endangered spotted owls

Deal announced to hold off logging watershed for a year

An arrest by Red Deer RCMP is facing online scrutiny. No charges have been laid and the incident is still under investigation. (Screenshot of YouTube video)
Red Deer RCMP investigating violent arrest caught on video

Police say officer ‘acted within the scope of his duties’

Emily Keeping of Wetaskiwin, Alta., was last seen at 4:20 p.m. on Feb. 25, 2021 at the FasGas on 49 St and 50 Ave in Wetaskiwin. Supplied/ Wetaskiwin RCMP.
UPDATE: Wetaskiwin RCMP seek assistance in locating missing 11-year-old

Emily Keeping was last seen on Feb. 25, 2021 at the FasGas on 49 St and 50 Ave in Wetaskiwin.

FILE - Cameron Forte (right) and his Fraser Valley Bandits are 2-0 at the Canadian Elite Basketball League Summer Series after being the Saskatchewan Rattlers. (CEBL photo)
CEBL releases 14-game 2021 schedule, hopes to see fans attend games in person

Season will kick off with the Edmonton Stingers and the Fraser Valley Bandits

FILE - Keegan Messing performs during the Men’s Short program at the 2020 Canadian Tire National Skating Championships in Mississauga, Ont., Friday, Jan. 17, 2020. If the world figure skating championships do go ahead in a bubble in March in Sweden, there is a good chance Canada won’t be there. THE CANADIAN PRESS/Frank Gunn
Messing leads Canadian figure skating team at world championships

Messing was the only Canadian to compete on the Grand Prix circuit this season

Nurses episode, titled “Achilles Heel,” was first aired on Global in February 2020. (Photo by THE CANADIAN PRESS)
Global pulls ‘Nurses’ episode after scene with Orthodox Jews deemed anti-Semitic

TORONTO — Global TV says it has pulled an episode of Toronto-set… Continue reading

Lady Gaga is offering a $500,000 reward for the return of her two French bulldogs. (Photo by THE ASSOCIATED PRESS)
Lady Gaga’s dog walker shot, French bulldogs stolen in LA

Dog walker expected to survive injuries

Calgary Flames defenceman Mark Giordano tries to help goaltender David Rittich stop a shot from Ottawa Senators right wing Drake Batherson during first-period NHL action Thursday, February 25, 2021 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Colin White scores two goals to lead Ottawa Senators to a 6-1 win over Calgary Flames

Colin White scores two goals to lead Ottawa Senators to a 6-1 win over Calgary Flames

Commander of the Royal Canadian Navy Vice-Admiral Art McDonald is seen during an interview with The Canadian Press in Ottawa, Wednesday, Dec. 11, 2019. THE CANADIAN PRESS/Adrian Wyld
Military reeling as new defence chief steps aside amid allegations of misconduct

Military reeling as new defence chief steps aside amid allegations of misconduct

Alberta Premier Jason Kenney speaks during a news conference in Edmonton on Feb. 24, 2020. It’s budget day in the province, and Kenney’s United Conservative government is promising more help in the fight against COVID, but more red ink on the bottom line. THE CANADIAN PRESS/Jason Franson
Alberta’s budget promises more help for COVID-19 with a hard deficit

Alberta’s budget promises more help for COVID-19 with a hard deficit

Most Read