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Alberta

National Indigenous Cultural Expo welcomes tens of thousands to YEG

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The National Indigenous Cultural Expo (NICE) is welcoming tens of thousands of First Nations, Inuit, and Metis people from Canada to Edmonton for the biggest weekend cultural expo in North America!

September 28th-30 NICE will bring together the distinct cultures of First Nations, Inuit, and Metis Peoples of Canada and the US in a fun-filled weekend celebration filled with food, dancing, a trade show, an Indigenous fashion show and a gala.

Hundreds of dancers are registered in a competition with the largest contest prize in North America.

The Expo begins Friday, September 28 with a spectacular Grand Entry at 1 p.m. featuring dignitaries and dancers in full regalia.

The Fashion Gala Fundraiser on September 29, 2018, features music by Juno nominated Nathan Cunningham and will showcase North American, Indigenous fashion designers, including Jamie Medicine Crane.

The trade show will feature hundreds of Indigenous businesses and artisans from North America.

At the heart of this event is National Orange Shirt Day on September 30th, which raises awareness of residential schools.

 

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Alberta

Bonavista to be delisted from exchange after completing shares-for-debt deal

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CALGARY — Bonavista Energy Corp. says it has completed a recapitalization plan that will result in a nickel-per-share payout for its shareholders and its delisting from the Toronto Stock Exchange.

CEO Jason Skehar says the transaction removes crippling debt and means the oil and gas producer will be able to “pledge sustainability” in almost any commodity price environment.

Bonavista announced in June an agreement with lenders that would eliminate about half of its outstanding debt but leave existing shareholders with only seven per cent of the company.

The proposal, since approved by shareholders, debtholders and the courts, is designed to reduce total debt by about $483 million or 56 per cent and lower annual cash interest payments by $16 million or 43 per cent.

Under the deal, existing shareholders were given the option to sell their shares to G2S2 Capital, a company controlled by director and 16 per cent shareholder George Armoyan, for five cents each.

Bonavista recently reported second-quarter production of 65,300 barrels of oil per day, down two per cent from the first quarter mainly due to the voluntary curtailment of 1,150 boe/d due to volatile pricing.

This report by The Canadian Press was first published Aug. 12, 2020.

Companies in this story: (TSX:BNP)

The Canadian Press

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Alberta

Australian oilfield buoys Total Energy Q2 report despite North American weakness

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CALGARY — Shares in Total Energy Services Inc. are up after it reported a 68 per cent decline in revenue in the second quarter due to a near collapse in oilfield activity in North America but beat analyst estimates for adjusted income.

The Calgary-based drilling company’s stock rose by as much as 7.7 per cent or 17 cents to $2.37 in early trading in Toronto on Wednesday.

Total reported adjusted earnings of $12.9 million on revenue of $70.8 million in the three months ended June 30, was down from $17.5 million on $212.7 million in the year-earlier period.

Adjusted earnings beat analyst expectations of $7.3 million despite revenue coming in well below forecasts of $100.7 million, according to financial data firm Refinitiv.

Total said utilization of its drilling rig fleet dropped to one per cent in Canada, where it has 80 rigs, and three per cent in the United States, where it has 13 rigs. Its five rigs in Australia, in contrast, operated at 72 per cent utilization.

The company suspended its dividend and cut its 2020 capital budget from $23 million to $10 million to deal with the lower North American activity. It said it received $4.5 million in grants under the Canada Emergency Wage Subsidy program in the quarter.

“Our strategy to diversity geographically and operationally paid off during the tremendously challenging period,” said chief financial officer Yuliya Gorbach on a conference call on Wednesday.

“Reductions in North American revenues were somewhat offset by relatively stable revenues from Australia during the second quarter of 2020.”

This report by The Canadian Press was first published Aug. 12, 2020.

Companies in this story: (TSX:TOT)

The Canadian Press

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august, 2020

fri07augAll Daymon17WALK TO BREATHE from Calgary to Edmonton(All Day)

thu27aug(aug 27)12:00 amsun30(aug 30)11:59 pmHUGE Garage Sale for Crime Prevention12:00 am - 11:59 pm (30) PIDHERNEY CURLING CENTRE, RED DEER, AB, 4725 43 St, Red Deer, AB T4N 6Z3 Event Organized By: The Central Alberta Crime Prevention Centre

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