Raging River Exploration Inc.Grey Market
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  • Thu, Aug. 11, 6:51 PM
    | Thu, Aug. 11, 6:51 PM
  • Wed, Jun. 8, 12:49 PM
    • Penn West Petroleum (PWE +9.9%) has received at least four bids from companies for its Viking light oil assets which could fetch more than C$500M ($395M), Reuters reports.
    • Bidders include Raging River Exploration (OTC:RRENF), Crescent Point Energy (NYSE:CPG), Whitecap Resources (OTC:SPGYF) and Teine Energy, according to the report; all four bidders have a presence in the Viking area of Saskatchewan, a light oil region that is attractive to energy producers because of its low costs to recover crude and competitive production costs.
    • PWE's Viking assets, which produce nearly 20K boe/day, are important to the company, and its willingness to sell them highlights the company's financial pressure over its large debt burden.
    | Wed, Jun. 8, 12:49 PM | 62 Comments
  • Thu, Apr. 14, 5:47 PM
    • Husky Energy (OTCPK:HUSKF) has received interest from several parties, including Raging River Exploration (OTC:RRENF) and Whitecap Resources (OTC:SPGYF), for parts of a package of western Canadian oil and natural gas assets it is selling, Bloomberg reports.
    • The properties up for sale span from northern British Columbia to southeast Saskatchewan, and amount to ~59,530 boe/day of production; the combined value of the properties is estimated by Morgan Stanley to be worth up to C$2.1B (US$1.6B).
    • Husky also is trying to sell a stake in some of its pipelines and storage terminals in Alberta and a package of royalty lands in western Canada.
    • Now read Don't get bitten by Husky Energy
    | Thu, Apr. 14, 5:47 PM
  • Mon, Mar. 21, 4:59 PM
    • Raging River Exploration (OTC:RRENF) is coveting Penn West’s (NYSE:PWE) Viking light oil development in Saskatchewan on the expectation PWE will be pushed to divest the properties this year, CEO Neil Roszell tells Bloomberg.
    • While today's sale of PWE’s Slave Point assets in Alberta may buy the company more time, Roszell thinks a Viking sale is probably inevitable as early as September.
    • PWE is among companies in talks with lenders as it anticipates breaching debt covenants by the end of Q2, while rival Raging River foresees opportunities to scoop up attractive properties as it finds itself in the opposite situation, strengthened by low debt and fresh from its latest equity financing.
    • Analysts expect PWE will need to sell more to continue operating; National Bank Financial says PWE is a “slave to asset sales,” referring to the Slave Point deal.
    | Mon, Mar. 21, 4:59 PM | 12 Comments
  • Fri, Feb. 19, 2:17 PM
    • Investors buying new shares issued by beaten-down energy companies seem to be betting that oil prices are near the bottom and that the shares are coming cheap, WSJ reports.
    • North American oil and gas producers have sold more than $5B of new shares so far this year, and the early returns on the deals have helped stoke investor interest, says energy analyst Bill Costello of Westwood Holdings. “Anybody who has played them has made money... it gives people encouragement.”
    • This week, Devon Energy (NYSE:DVN) boosted the size of its offering by 25% to more than $1.2B to meet investor interest, and Energen (NYSE:EGN) and Raging River Exploration (OTC:RRENF) also increased the amount of stock sold from their original proposals.
    • At the same point a year ago, only $2.9B had been raised through energy stock offerings but activity picked up as investors bet on rising crude prices, which of course resulting in big losses for many.
    | Fri, Feb. 19, 2:17 PM