A rig operator works on a multi-well pad near Fort McMurray, Alta.Kevin Van Paassen
Our roundup of Canadian small-caps making news and on the move today. This post will be updated through the morning.
Junior oil and gas company Kelt Exploration Ltd. has agreed to acquire Artek Exploration Ltd. in a deal valued at about $307-million (Canadian).
Kelt is offering 0.34 of a common share for each Artek share. This reflects a value of approximately $2.76 per Artek share based on a five-day volume weighted average trading price of $8.10 per Kelt Share and represents a 61 per cent premium, the companies said in a statement.
"This transaction provides Artek shareholders with a significant premium to the current share price," said Darryl Metcalfe, president and CEO of Artek. "Artek's board of directors and management believe that the world class platform they have built in Northeast British Columbia over the last five years with their partner, Kelt, can be more efficiently and rapidly developed in the larger better capitalized combined entity."
The deal is subject to regulatory and shareholder approvals.
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Parkland Fuel Corp., Canada's largest independent marketer of fuel and petroleum products, today announced that it has agreed to acquire 11 Chevron-branded service stations from Chevron Canada Ltd. for approximately $17.1-million.
The acquisition is anticipated to contribute approximately $3 million of annualized EBITDA and is expected close in the second quarter of 2015. Parkland already acquired 12 Chevron-branded service stations in northern British Columbia from Chevron in 2014.
Parkland will now have a total of 33 Chevron-branded service stations in its network.
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First Majestic Silver Corp. reported fourth-quarter revenue of $72.5-million, up 23 per cent from a year earlier, and right inline with analyst expectations. Adjusted earnings per share was 4 cents, down a penny from a year earlier, and also matching Street expectations.
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Bankers Petroleum Ltd. announced a subsidiary has reached "a full and final settlement" with BP Oil International Ltd. in connection with a 2013 lawsuit initiated by BP against the company.
The settlement calls for Bankers Petroleum to pay BP $16.5-million (U.S.). The lawsuit involved a long-term oil supply contract.
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Capital Power Corp. said its fourth-quarter funds from operations were $102-million in the fourth quarter of 2014, a decrease of 7 per cent from $110-million in the fourth quarter of 2013. Normalized earnings attributable to common shareholders were $17-million, or $0.20 per share, compared with $32-million, or $0.40 per share, in the comparable period of 2013.
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WPT Industrial REIT announced the completion of its previously announced acquisition of six distribution facilities in Memphis, Tenn. The purchase price for the 2.3-million-square-foot portfolio was approximately $86.3-million (U.S.) excluding closing costs. "This acquisition marks our entry into the Memphis market and further strengthens and diversifies the REIT's overall property portfolio," said Scott Frederiksen, WPT's CEO.
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Sandstorm Gold Ltd. met its production guidance for 2014 of 44,821 ounces of gold, the company said. This year, the company expects to produce between 36,000 and 44,000 ounces. Sandstorm is expecting to release its full fourth quarter financials by March 31.
Darcy Keith