•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Sunshine Oilsands closes CDN$200M syndicated credit facility

    Sunshine Oilsands

    Calgary based Sunshine Oilsands Ltd. has closed a CDN$200 million syndicated secured credit facility. 

    The co-lead institutions that arranged the credit facility were Alberta Treasury Branches and Bank of China (Canada), supported by Bank of America, N.A., Canada Branch; HSBC Bank Canada; Morgan Stanley Senior Funding, Inc.; Scotiabank; The Toronto-Dominion Bank; UBS AG Canada Branch; and Industrial and Commercial Bank of China (ICBC) (Canada).  Alberta Treasury Branches was the agent for the lenders.

    The credit facility will be used to complete the final construction of the ongoing West Ells project, to fund the front end portion of the Thickwood project and to advance program and regulatory development to expand capacity for the West Ells, Thickwood and Legend Lake projects. The capacity of the West Ells, Thickwood and Legend Lake is expected to be 200,000 barrels per day of production when fully completed.

    John Zahary, president and CEO, said "We are very pleased to complete this facility with a very high quality syndicate of Asian, global and Canadian banks. It shows strong validation of the company's business plan and establishes a strong platform for future growth."

    Sunshine also wishes to announce that it has terminated its share repurchase program, as announced on September 16, 2012.  Pursuant to the share repurchase program, Sunshine repurchased, for cancellation, a total of 61,172,000 Class "A" Voting Common Shares at an average price of HKD $3.08 per share.

    Sunshine Oilsands Ltd. is a large, non-partnered holder of oil sands leases in the Athabasca oil sands region. Since the company's incorporation on in February 2007, Sunshine has secured over 464,897 hectares (1,148,785 acres) of oil sands leases (equal to approximately 7% of all granted leases in this area).

    Most Popular

    Related Articles

    Hydraulic fracturing market projected to continue growth

    06/26/2015 Transparency Market Research has released a new market report titled "Hydraulic Fracturing Market – Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2014 – 2022&qu...

    Wood Mackenzie: Western Canadian liquids production on upward trajectory starting in 2016

    06/19/2015 Wood Mackenzie's breakeven review of more than 180 individual company assets in Western Canada reveals variations in the economics of each core area. The results show many of the Canadian plays yie...

    ConocoPhillips achieves first steam at Surmont 2 oil sands project

    06/02/2015

    ConocoPhillips achieved a milestone at its Surmont oil sands project in Canada with the on-schedule start of first steam at Phase 2 on May 29.

    Cenovus confirms executive retirements and promotions

    05/27/2015

    Cenovus Energy Inc. confirms that four Cenovus executives have made the decision to retire. The company has also announced three promotions.

    ExxonMobil’s Cold Lake project expansion starts production on schedule

    05/12/2015

    Exxon Mobil Corp. says that bitumen production began on schedule at the $2 billion Cold Lake Nabiye project expansion in northeastern Alberta, Canada.

    Wood Mackenzie: Lower Canadian costs offer competitiveness with US LNG

    05/01/2015 The huge gas resource base in North America offers potential for liquefied natural gas (LNG) exports, but currently it is the US, not Canada, that is building an LNG export industry, according to W...

    More Oil & Gas Financial Articles

    Hydraulic fracturing market projected to continue growth

    Fri, Jun 26, 2015

    Transparency Market Research has released a new market report titled "Hydraulic Fracturing Market – Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2014 – 2022" that says the global hydraulic fracturing market stood at 21.34 MHHP in 2013 and is expected to reach 33.97 MHHP by 2022 at a CAGR of 5.30% from 2014 to 2022. In terms of revenue, the global hydraulic fracturing market was valued at US$38,320 million and is estimated to reach US$66,059.42 million at a CAGR of 6.12% from 2014 to 2022.

    Wood Mackenzie: Western Canadian liquids production on upward trajectory starting in 2016

    Fri, Jun 19, 2015

    Wood Mackenzie's breakeven review of more than 180 individual company assets in Western Canada reveals variations in the economics of each core area. The results show many of the Canadian plays yielding comparable returns to key producing plays in the US Lower 48.

    ConocoPhillips achieves first steam at Surmont 2 oil sands project

    Tue, Jun 2, 2015

    ConocoPhillips achieved a milestone at its Surmont oil sands project in Canada with the on-schedule start of first steam at Phase 2 on May 29.

    Cenovus confirms executive retirements and promotions

    Wed, May 27, 2015

    Cenovus Energy Inc. confirms that four Cenovus executives have made the decision to retire. The company has also announced three promotions.

    ExxonMobil’s Cold Lake project expansion starts production on schedule

    Tue, May 12, 2015

    Exxon Mobil Corp. says that bitumen production began on schedule at the $2 billion Cold Lake Nabiye project expansion in northeastern Alberta, Canada.

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ