Energy

Parex Resources Inc. announced today that the Toronto Stock Exchange has approved the Company commencing a normal course issuer bid . Pursuant to the Bid, Parex will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 12,868,562 common shares of the Company. The Bid will commence on December 23, 2020 and will terminate on December 22, 2021 or such earlier time as the Bid is ...

Parex Resources Inc. (" Parex " or the " Company ") (TSX:PXT) announced today that the Toronto Stock Exchange (the " TSX ") has approved the Company commencing a normal course issuer bid (the " Bid ").

Pursuant to the Bid, Parex will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 12,868,562 common shares of the Company. The Bid will commence on December 23, 2020 and will terminate on December 22, 2021 or such earlier time as the Bid is completed or terminated at the option of Parex.

The maximum number of common shares to be purchased pursuant to the Bid represents 10% of the public float, as of December 10, 2020. Purchases pursuant to the Bid will be made on the open market through the facilities of the TSX and/or alternative trading systems. The number of common shares that can be purchased pursuant to the Bid is subject to a daily maximum of 135,276 common shares (which is equal to 25% of the average daily trading volume from June 1, 2020 to November 30, 2020). The price that Parex will pay for any common shares under the Bid will be the prevailing market price on the TSX at the time of such purchase. Common shares acquired under the Bid will be cancelled.

Peters & Co. Limited has agreed to act on the Company's behalf to make purchases of common shares pursuant to the Bid.

A copy of the Form 12 Notice of Intention to Make a Normal Course Issuer Bid filed by the Company with the TSX can be obtained from the Company upon request without charge.

Parex believes that the common shares have been trading in a price range which does not adequately reflect their value in relation to the Company's current operations and its growth prospects, and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.

As of the close of business on December 10, 2020, the Company had 131,887,770 common shares issued and outstanding and a public float of 128,685,624.

Under a previous notice of intention to conduct a normal course issuer bid, the Company sought and received approval of the TSX to purchase 13,986,994 Common Shares for the period from December 23, 2019 to December 22, 2020. From December 23, 2019 to the December 17, 2020, the Company has purchased 13,678,000 Common Shares on the open market at a weighted average price of $16.65 per Common Share.

Further, the Company has entered into an automatic share purchase plan with Peters & Co. Limited in order to facilitate repurchases of its common shares. Under the Company's automatic share purchase plan, Peters & Co. Limited may repurchase shares under the normal course issuer bid during the Company's self-imposed blackout periods. Purchases will be made by Peters & Co. Limited based upon the parameters prescribed by the TSX and applicable securities laws and the terms of the plan and the parties' written agreement. The automatic share purchase plan has been approved by the Toronto Stock Exchange and will be implemented effective January 4, 2020.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction.
For more information please contact:

Michael Kruchten
Senior Vice President, Capital Markets & Corporate Planning
Parex Resources Inc.
Phone: (403) 517-1733
Investor.relations@parexresources.com
Kenneth G. Pinsky
Chief Financial Officer & Corporate Secretary
Parex Resources Inc.
Phone: (403) 517-1729

Advisory on Forward Looking Statements

Certain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", "intend", "believe", "should", "anticipate" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Many factors could cause Parex's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex. In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to the anticipated advantages to shareholders of the Bid, commencement date of the automatic share purchase plan. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the risk that the anticipated benefits of the Bid may not be achieved. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things, the ability of the Company to achieve the benefits of the Bid. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Not for distribution to US Newswire Services or for dissemination in the United States

PDF available: http://ml.globenewswire.com/Resource/Download/463ad4ff-6f91-45a2-a632-b95e3c6c5764


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

Southern Energy Corp. Announces Director Share Purchase

Southern Energy Corp. Announces Director Share Purchase

Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU)(AIM:SOUC) announces the following purchases of Company common shares. The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the applicable transaction

1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Steven Smith
2. Reason for the notification
a) Position/status Director
b) Initial notification /Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Southern Energy Corp.
b) LEI 213800R25GL7J3EBJ698
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Common shares in Southern Energy Corp.
Identification code CA8428133059
b) Nature of the transaction Purchase of common shares on the open market
c) Price(s) and volume(s) 200,000 common shares at a price of CAD0.4088
d) Aggregated information N/A
e) Date of the transaction 18 January 2022
f) Place of the transaction Toronto Stock Exchange

For further information, please contact:

Keep reading... Show less
Southern Energy CEO Ian Atkinson

Southern Energy CEO Ian Atkinson: Redeveloping and Recapitalizing Reservoirs for the Clean Energy Market

Southern Energy (TSXV:SOU) is pivoting away from burning coal to generate power, and Southern Energy CEO Ian Atkinson says the company's strategy focuses on the conventional nature of some undercapitalized assets.

Keep reading... Show less

Ovintiv to Host its 2021 Fourth Quarter and Year-end Results Conference Call and Webcast on February 25, 2022

 Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its 2021 fourth quarter and year-end results conference call at 9:00 a.m. MT on Friday, February 25, 2022 . The Company plans to release its financial and operating results after market close, Thursday, February 24, 2022 . In addition to the release, supplemental slides and financial statements will be available on the Company's website, located at www.ovintiv.com .

Keep reading... Show less

Imperial sets 2030 oil sands emission intensity reduction goal; expects to meet 2023 objective

  • Oil sands greenhouse gas emissions intensity expected to decrease by 30 percent
  • Reaffirms goal to achieve net zero emissions in oil sands operations by 2050 through collaboration with governments and other industry partners
  • Emissions reduction plan includes game-changing in situ technologies, efficiency improvements, and carbon capture and storage

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) said today it plans further reductions in greenhouse gas emissions intensity over the next decade to help support Canada's net zero goals.

By the end of 2030, Imperial anticipates reduced Scope 1 and 2 greenhouse gas emissions intensity of its operated oil sands facilities by 30 percent, compared with 2016 levels. The company plans to achieve this through implementation of lower greenhouse gas next generation technologies at its Cold Lake operation, efficiency improvements at its facilities, and the use of carbon capture and storage.

Keep reading... Show less

Suncor Energy Provides Q4 2021 Safety and Production Update

Suncor (TSX: SU) (NYSE: SU) today is providing an update on recent incidents and fourth quarter 2021 production.

We are deeply saddened by the fatality at our Base plant mining operations on January 6, 2022. We extend our thoughts and condolences to the family, friends and colleagues of the deceased worker.

Keep reading... Show less
barrels of oil

VIDEO — Eric Nuttall: Oil in Multi-year Bull Market, Supply Crisis Coming

Eric Nuttall: Oil in Multi-year Bull Market, Supply Crisis Coming youtu.be

Supply and demand fundamentals show oil is in a multi-year bull market with a supply crisis in the works.

That's according to Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners. He manages the firm's Ninepoint Energy Fund, which he said was the best-performing energy fund of 2021.

"The risk/reward for me in the sector is incredible," he told the Investing News Network in an interview. "My biggest challenge is everything looks good — large caps look good, small caps look good. Oil looks good, natural gas looks good. Services look good, offshore drilling looks good — everything looks good."

Keep reading... Show less

Latest Press Releases

Related News

×