cyries energy
cyries energy inc. in connection with its $ 1 billion strategic business combination with iteration energy ltd .
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iteration energy ltd. brian l. illing president and chief executive officer (403) 290 - 4867 or iteration energy ltd. sean johnson chief financial officer (403) 290 - 4904 website: urltoken or cyries energy inc. don archibald chairman and chief executive officer (403) 232 - 4157 website: urltoken
the share - price downturn - on a day the overall tsx energy group lost more than 5% - will likely be short - lived, page said, noting that cyries had recently been removed from the s & p / tsx energy index .
cequence energy ltd. , as lead counsel, in connection with the recapitalization and reorganization of sabretooth energy ltd. and a concurrent $ 46 million equity financing
under the deal announced monday, iteration is to issue 1. 475 shares for each share of cyries, which will become an iteration subsidiary, although cyries shareholders will own 54% of the combined company .
c algary (cp) - - the merger of calgary juniors iteration energy ltd. [ tsx: itx ] and cyries energy inc. [ tsx: cys ] is seen as putting the combined company in a good position to pick off more oil and gas assets .
brendan is a professional geologist and a member the association of professional engineers and geoscientists of alberta (apega). over his quarter - century - long career, he has held senior management positions in the area of oil and natural gas exploration with cyries energy, cypress energy and cequel energy. brendan holds a b. sc. in geology from the university of alberta .
cyries energy must be tired, judging from all the energy it expends on exploring for oil and natural gas. the drilling company primarily focuses on exploring the western canada region, with approximately 70% of its production coming from the deep basin / peace river arch area in ...
charger energy corp. , as lead counsel, in connection with its $ 300 million strategic business combination with pace oil & gas and avenex energy to form spyglass resources corp .
ms. thorson has been the controller of cequence since january 2009; prior thereto ms. thorson was the chief financial officer and controller of cyries energy inc. from june 2004 to march 2008; prior thereto ms. thorson was the controller of cequel energy inc. from august 2003 to june 2004; prior thereto ms. thorson was the accounting manager of cequel energy inc. from february 2002 to july 2003 .
cyries energy, inc. explores oil and natural gas. the company also engaged in the acquisition, development, exploration for oil and natural gas reserves in the province of alberta. the company is headquartered in calgary, canada .
cyries insiders controlling 13% of the company have undertaken to accept the arrangement, which carries a break fee of c $ 13. 25 million .
mr. archibald has been an independent businessman since march 2008. mr. archibald is also a director of progress energy resources corp. , ember resources inc. , chinook energy inc. , all of which are public oil and gas companies as well as sea ng, a private company. prior thereto mr. archibald was the chairman and chief executive officer of cyries energy inc. , a public oil and gas company, from june 2004 until march 2008; prior thereto mr. archibald was the president and chief executive officer of cequel energy inc. from january 2002 to june 2004 prior thereto mr. archibald was the president and chief executive officer of cypress energy inc. from april 1996 to march 2001 .
marquee petroleum ltd. , as lead counsel, in connection with its $ 40 million strategic business combination with skywest energy corp .
iteration ceo brian illing is to be chief executive of the combined company, which will use the iteration corporate name, while cyries chairman don archibald will be chairman the board .
martin is the founding ceo of boulder energy ltd. , sister company to granite, formed out of the asset division of deethree exploration ltd. in may 2015. previously martin co - founded deethree and led the company through its growth from negligible production into the intermediate producer class. martin brings more than 30 years of energy industry experience to granite, having founded and led several companies prior to deethree, including dual exploration inc. and devlan exploration inc. , both of which were acquired by cyries exploration inc. martin has also served on numerous energy companies’ boards of directors .
cequence energy ltd. , as lead counsel, in connection with its $ 60 million high - yield notes financing involving cppib credit investments inc .
the proposal - valuing cyries' equity at c $ 429 million, plus c $ 134 million in assumed debt - offers a premium of about 5% based on friday' s closing tsx prices .
mr. soby has been the vice president, land of cequence since its merger with temple energy inc. in september 2010. previously, mr. soby was vice president, land and business development of temple energy inc. since july 2004. prior thereto mr. soby was vice president, land and business development of temple exploration inc. from december 2001 to july 2004 and vice president land of equatorial energy inc. from august 2000 to december 2001 .
peter bannister is the president of destiny energy inc. , a privately - owned oil and gas company. mr. bannister is also currently chairman of the board of crescent point energy corp. ; a director of cequence energy ltd. and surge energy inc. until its sale in february 2007, mr. bannister was vice president exploration and a director of mission oil and gas inc. until its sale in december 2009, mr. bannister was a director of breaker energy ltd. prior to joining mission oil and gas, he was vice president exploration of starpoint energy inc. before its conversion to a royalty trust and president and a director of impact energy inc. mr. bannister previously held the position of vice president corporate development of startech energy until it was acquired by arc resources at the end of 2000 and also held positions as vice president exploration and development and director of both boomerang resources ltd. and laurasia resources limited, both publicly traded oil and gas companies. mr. bannister’s experience prior to his involvement in public oil and gas companies was as a partner of sproule associates limited, a worldwide petroleum consulting firm specializing in the evaluation of oil and gas properties where he spent 12 years specializing in oil and gas property evaluations and managing private equity investments in the oil and gas business in western canada .
michael is a professional engineer with 23 years of engineering and management experience in the oil and natural gas industry. prior to becoming granite’s founding president and ceo, he was executive chairman of deethree exploration ltd. since 2009. prior to joining deethree as a director in late 2008, michael was chief operating officer and vice president operations of cyries energy inc. , positions he held from its inception in july 2004 to its sale in march 2008. at cyries, he was responsible for the company’s production, exploitation and acquisition activities, and was instrumental in its growth from 1, 000 boe per day to 12, 000 boe per day .
subsequent to the business combination with temple energy inc. , mr. crone is the executive vice president & chief operating officer and director of cequence. previously, mr. crone was president & chief executive officer of cequence since may 2009. prior thereto mr. crone was an independent businessman from july 2004 to may 2009; prior thereto mr. crone was the vice - president and chief operating officer of cequel energy inc. , a public oil and gas company, from august 2003 to june 2004; prior thereto mr. crone was the vice - president, operations and chief operating officer of cequel energy inc. from january 2002 to august 2003; prior thereto mr. crone was the vice - president and chief operating officer of cypress energy inc. (“cypress”), a public oil and gas company, from april 1996 to march 2001 .
archibald said the combination'' represents a logical and attractive step in the evolution of cyries,'' which since its inception in july 2004 has grown production to 11, 400 barrels of oil equivalent per day, with an undeveloped land base of over 1, 800 square kilometres .
mr. robinson has been vice president, geology of cequence since its merger with temple energy inc. in september 2010. previously, mr. robinson was vice president and chief geologist of temple energy inc. since july 2004. prior thereto mr. robinson was vice president and chief geologist of temple exploration inc. from december 2001 to july 2004 and senior geologist of canadian hunter exploration ltd. from may 1985 to december 2001 .
stock in cyries, whose third - quarter loss was c $ 890, 000 on sales of c $ 41. 9 million, fell 6. 5% to c $ 6. 91, with a 52 - week range between c $ 13. 58 and c $ 5. 40 .
cequence energy ltd. , as lead counsel, in connection with the concurrently announced $ 225 million business combination with temple energy inc. by way of a plan of arrangement, $ 44 million short - form prospectus offering, $ 10 million private placement of flow - through shares, $ 6 million private placement of common shares to insiders, $ 85 million acquisition of assets in the deep basin area of alberta, and $ 37 million disposition of properties in the sinclair area
subject to approval by two - thirds of cyries shareholders, the new company is expected to be producing 21, 000 boe per day by the end of the first quarter, after combined first - quarter capital expenditure of c $ 77 million, one - third of the year' s anticipated total, illing said .
'' this gives them more tools in the toolbox to go out and do what they do best,'' kim page of wellington west capital markets said monday, noting that a lot of attractive properties are coming on the market as energy trusts struggle to raise capital .
kevin is the portfolio manager of energy investments with gmt capital corp. , a private investment company based in atlanta, georgia. a graduate of the masters of business administration program from regis university in denver, colorado, kevin is also a chartered financial analyst who has spent the past two decades with various investment management companies .
henry owns and operates a number of private companies in the grande prairie region of alberta, including prudential lands corporation, a land development company formed in 1995, and dirham homes inc. , a home building company formed in 1976. henry also owns and operates prudential energy services inc. , an oil and gas service company .
mr. gilbert graduated from the university of manitoba in 1973 with a bachelor of science degree in civil engineering. mr. gilbert is a professional petroleum engineer and is the former president and ceo of gilbert laustsen jung associates ltd. , now glj petroleum consultants ltd. , a major independent petroleum evaluation consulting firm based in calgary. after a 26 year career at glj, he retired from the professional consulting field in early 2005. mr. gilbert is currently a managing director of jog capital inc. , a private equity energy investment management firm. he also serves as a director of several energy related public entities including penn west petroluem ltd. and altagas ltd. he is currently a memeber of the association of petroleum engineers, geologists and geophysicists of alberta, the society of petroluem engineering and the society of petroleum evaluation engineers .
joined cequence energy ltd in august 2014. prior to cequence, mr. brown held senior positions at both large and junior producers including coo roles at touchstone exploration and pace oil and gas from november 2011 to august 2014. from april 2002 to nov 2011, mr. brown held various team lead positions at encana corporation both in canada and in the usa. mr. brown has over 20 years of technical, operational, and management experience in the north american oil and gas industry .
mr. brown joined cequence energy ltd in august 2014. prior to cequence, mr. brown held senior positions at both large and junior producers including coo roles at touchstone exploration and pace oil and gas from november 2011 to august 2014. from april 2002 to nov 2011, mr. brown held various team lead positions at encana corporation both in canada and in the usa. mr. brown has over 20 years of technical, operational, and management experience in the north american oil and gas industry .
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mr. felesky has been the vice chairman, investment banking of credit suisse securities (canada) inc. , an investment banking firm, since february 2011. prior thereto, from july 2006 to february 2011, mr. felesky was counsel to the law firm of felesky flynn llp. prior thereto, from april 1978 to july 2006, mr. felesky was a partner of felesky flynn llp. mr. felesky serves as a director on the boards of epcor power lp, precision drilling trust, resin systems inc. and various private companies. mr. felesky is a queen' s counsel and member of the order of canada .
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'' they' re combining to get bigger to go out and take advantage of asset acquisitions,'' page said.'' i think they will become a consolidator.''
the combined corporation' s production in alberta and northeast british columbia will total about 20, 000 barrels of oil equivalent per day, 70% natural gas .
iteration, which lost c $ 2 million on sales of c $ 22. 1 million in the third quarter, saw its stock decline more than 8% to c $ 4. 80 in midday tsx trading, with a 52 - week high and low of c $ 6. 32 and c $ 4. 35 .
the combined company will almost certainly be added back to the index, which'' should be positive for the stock over time,'' page said .
'' you may get some weakness here in the interim, but we think it will be reverse trade in march when the companies combine.''
iteration, much of whose executive team previously had technical roles at canadian natural resources ltd. [ nyse: cnq; tsx: cnq ], began in march 2005 with the business of the former hawker resources and has production of 8, 250 boe per day and a land base of about 1, 000 square kilometres .
the combined gas - levered producer will be focused in the peace river arch, east - central alberta, southeast alberta and northeast british columbia, with'' an excellent asset overlap and synergies.''
'' this is very much a combination of two strong companies,'' illing told a conference call .
the combined enterprise'' will be stronger than the two halves,'' he said, with combined debt of c $ 193 million and available credit of c $ 270 million, along with'' high - quality technical teams working in much the same areas,'' and enough size to be active in the domestic acquisition market .
'' as a company, we' re poised to be opportunistic around the (western canada sedimentary) basin,'' illing said .
'' both of us are in the middle of significant winter programs right now.''
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kirk litvenenko practises in the areas of m & a and corporate finance. mr. litvenenko' s m & a practice is focused on providing practical advice to clients in the structuring and implementation of mergers and acquisitions. he has acted as lead corporate counsel to a number of clients involved in complex multi - party business combinations, hostile take - overs and recapitalization and reorganization transactions .
mr. litvenenko' s corporate finance practice is broad based with experience in both public and private offerings of debt and equity. recently, he has been involved with a number of complex private equity financings, advising companies in structuring the terms of private equity investment as well as sponsors and investors in the formation and negotiation of private equity funds and co - investment transactions. he has experience advising boards of directors and special committees on governance matters and substantive transactions in both friendly and contested situations .
mr. litvenenko is the corporate secretary of a number of public and private oil and gas companies .
ll. b. , university of saskatchewan, 1998 b. a. , university of saskatchewan, 1997
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practising capital discipline. applying technology to maximize long - term resource recovery. pursuing low - risk development of recent discoveries .
great reservoir rock. large oil - in - place. established eor program. extensive delineation and growth opportunity .
strong cash flow with disciplined capital investment. steady production growth. focused on dividend sustainability for years to come .
michael has a b. sc. degree in mechanical engineering from the university of alberta and is a member of the association of professional engineers and geoscientists of alberta (apega) .
bradley was a co - founder of deethree exploration ltd. , granite’s predecessor company. since the sale of dual exploration inc. in 2006, bradley has been an independent businessman serving as a board member for a number of private corporations in the service and producing sectors of the oil and natural gas industry. he has over 30 years of diverse oil and natural gas experience. prior to co - founding deethree, bradley was executive vice president and director of dual exploration inc. from july 2005 to the company’s sale in december 2006. from 1996 to july 2005, he was executive vice president and director of devlan exploration inc .
kathy is a chartered accountant and is vice president and chief financial officer of peyto exploration and development. kathy holds a b. com. in accounting and finance from the university of calgary and is a member of the canadian institute of chartered accountants.
cyries energy inc. , was a public company headquartered in calgary , alberta , canada engaged in exploration , development and production of crude oil and natural gas in the province of alberta . during the year ended december 31 , 2006 , approximately 62 % of the company ’s drilling program was concentrated in the deep basin/peace river arch area of northwestern alberta . in 2008 , the company merged into iteration energy ltd , becoming a wholly owned subsidiary . 
cyries energy inc., was a public company headquartered in calgary, alberta, canada engaged in exploration, development and production of crude oil and natural gas in the province of alberta. during the year ended december 31, 2006, approximately 62% of the company ’s drilling program was concentrated in the deep basin/peace river arch area of northwestern alberta. in 2008, the company merged into iteration energy ltd, becoming a wholly owned subsidiary.
cyries energy inc., was a public company headquartered in calgary, alberta, canada engaged in exploration, development and production of crude oil and natural gas in the province of alberta. during the year ended december 31, 2006, approximately 62% of the company ’s drilling program was concentrated in the deep basin/peace river arch area of northwestern alberta. in 2008, the company merged into iteration energy ltd, becoming a wholly owned subsidiary.