Source Energy Services Ltd. together with its affiliates, completed its recapitalization transaction pursuant to a plan of arrangement dated Nov. 25, 2020, under the Canada Business Corporations Act.
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Source Energy Services Sees Increase in Sand Volumes
Source Energy Services reported results for the third quarter of 2020 that reflect a rebound in activity levels in the WCSB, favorably impacting sand sales volumes which increased by 11% compared to the third quarter of 2019. While higher volumes were achieved, sand revenue and total sales revenue were lower by $2.4 million and $1.3 million, respectively, for the third…
Read MoreSource Energy Announces Recapitalization Transaction
Source Energy Services Ltd. has proposed a recapitalization transaction to provide the company with a stronger, long-term capital structure to withstand current industry challenges and build on its position as the largest frac sand provider in the Western Canadian sedimentary basin (WCSB).
Read MoreSource Reports First-Quarter Results
Source Energy Services Ltd. reported that for the three months ended March 31, the impacts of COVID-19 on the industry lead to the company recognizing a net loss of $185.3 million or $(3.08) per share, including non-cash pre-tax charges for impairment and deferred tax asset write-down of $180.0 million.
Read MoreSource Extends Contract with Shell in Canada
Source Energy Services Ltd. has extended and expanded its contract with Shell Canada Limited. Under the revised agreement, Source will continue to provide Northern White frac sand to Shell for its Duvernay wells.
Read MoreSource Energy Services Offers Business Update
Source Energy Services Ltd. Reported preliminary results for the three months ended March 31. For the first quarter of 2020, Source achieved quarterly volumes of 762,322 metric tons (Mt) and revenue between CAD$93 million and CAD$98 million.
Read MoreSource Energy Services Reports Increased Sand Sales
Source Energy Services Ltd. announced its 2019 first quarter financial results, including:
Read MoreSource Energy Services Looks Ahead
Source Energy Services said it has confidence that its 2019 sales volumes should improve from those seen in 2018 due to the addition of Montney and Duvernay customer contracts that help provide a broader customer base and more balanced sales portfolio, refreshed capital budgets from E&P companies and continued positive economics for Montney and Duvernay production.
Read MoreSource Energy Services Issues Update
Source Energy Services Ltd. issued an update on its acquisition of its second unit-train capable production facility in Wisconsin; its Canadian terminal expansion program; and the expansion of its wellsite solutions fleet.
Read MoreThis Week’s Market Buzz
According to Oil Pro, oil prices rose toward $34/bbl, amid growing chatter about the possibility of OPEC and non-OPEC producers meeting to discuss cutting production levels to support prices. Brent hit $35/bbl after the Russian Energy Minister said Saudi Arabia had proposed cutting oil output by up to 5 percent by each country in order to bolster oil prices. Brent…
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