BJ Energy Solutions Announces Successful Strategic Restructuring

Source: www.gulfoilandgas.com 10/28/2024, Location: North America

BJ Energy Solutions, LLC ("BJES" or the "Company") is pleased to announce that in a series of recent transactions two significant corporate modifications have been achieved. First, BaiWin Financing LLC ("BaiWin" - a related-party to an existing BJES owner) have agreed to convert the entirety of their term-debt (approximately $170MM) into equity of Company. The decision to convert comes after consideration of BJES' long-term prospects for its TITAN next-generation fracturing technology. In exchange for the conversion, BaiWin and its related affiliates will own approximately 80% of the Company. Second, the resulting change in ownership percentage among existing holders drove the decision to separate BJES from its former parent (Kanaci Technologies, LLC).

The completion of these transactions strengthens the Company's balance sheet and enhances BJES' financial flexibility in a period of softness in the natural gas market. With the support of a majority owner that not only believes in the long-term viability of the technology but also in the capability of Company's leadership team, BJES is now in a positioned for further growth and innovation.

Stephen Greak, BJES Chairman and a BaiWin principal said, "We maintain a positive long-term view on the North American energy markets and believe that our commitment to the series of transactions that were recently completed underscores our confidence in the market opportunity for BJES."

"The Company remains committed to providing cost effective solutions while delivering safe and efficient operations to our clients. With a strengthened financial position and unwavering support from our stakeholders, BJES is poised to achieve new milestones in the Oil & Gas sector," said Warren Zemlak, CEO.


Canada >>  11/4/2024 - Gran Tierra Energy Inc. announces that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to make a normal course issuer bid (the...
Canada >>  11/4/2024 - STEP Energy Services Ltd. (“STEP” or the “Company”) is pleased to announce that it has entered into a definitive arrangement agreement (the “Arrangeme...

Canada >>  11/4/2024 - A financing agreement with the Canada Infrastructure Bank (CIB) to reduce transmission costs for customers was approved by the Alberta Utilities Commi...
Canada >>  11/4/2024 - STORAGEVAULT CANADA INC. (“StorageVault”) is pleased to announce that it has acquired two complementary stores, located in Barrie and North Bay, ON fo...

Canada >>  11/4/2024 - Pine Cliff Energy Ltd. ("Pine Cliff" or the "Company") has declared a regular monthly dividend of $0.005 per common share to be paid November 29, 2024...
Canada >>  11/4/2024 - Enabling Indigenous ownership in British Columbia’s clean energy transition
Nlaka’pamux ownership in the project acknowledges and recognizes Indi...





Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.