Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

PHX Energy Services Corp. (T:PHX)

Business Focus: Oil & Gas Drilling

Sep 15, 2021 07:15 am ET
PHX Energy Services Corp. Announces Quarterly Dividend
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") is pleased to announce that its Board of Directors has declared a quarterly cash dividend of $0.05 per common share designated as an “eligible dividend” within the meaning of subsection...
Aug 11, 2021 07:30 am ET
PHX Energy Receives TSX Approval for Renewal of Normal Course Issuer Bid
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) today announced that the Toronto Stock Exchange ("TSX") has accepted PHX Energy's notice of intention to renew its normal course issuer bid for a further one-year term (the...
Aug 04, 2021 05:24 pm ET
PHX Energy Announces: Record Adjusted EBITDA and Net Earnings, Increased 2021 Capital Expenditure Program, Preliminary 2022 Capital Expenditure Program & 100% Increase to its Quarterly Dividend
Financial ResultsFor the three-month period ended June 30, 2021, the Corporation realized adjusted EBITDA from continuing operations of $14.2 million (2020 - $4.6 million), the highest adjusted EBITDA achieved in any second quarter since the...
Jul 20, 2021 04:22 pm ET
PHX Energy Services Corp. Announces Strategic Investment in Geothermal Power Developer DEEP Earth Energy Production Corp.
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) is pleased to announce it has made a strategic investment in geothermal power developer, DEEP Earth Energy Production Corp. (“DEEP”). DEEP is currently developing a geothermal...
Jun 15, 2021 07:30 am ET
PHX Energy Services Corp. Announces Quarterly Dividend
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") is pleased to announce that its Board of Directors has declared a quarterly cash dividend of $0.025 per common share designated as an “eligible dividend” within the meaning of subsection...
May 07, 2021 05:53 pm ET
PHX Energy Announces Annual Meeting Voting Results for Election of Directors
PHX Energy Services Corp. ("PHX Energy") is pleased to announce the voting results for the election of directors at its annual meeting of shareholders held on May 7, 2021 (the "Meeting"). The following seven nominees were elected as directors of...
May 05, 2021 06:26 pm ET
PHX Energy Announces Its Operating and Financial Results for the First Quarter of 2021
Financial ResultsIn the first quarter of 2021, PHX Energy reported improved adjusted EBITDA as a percentage of revenue and earnings from continuing operations despite the ongoing effects of the COVID-19 pandemic. For the three-month period...
Apr 09, 2021 08:09 am ET
PHX Energy Announces Increase to its 2021 Capital Expenditure Program
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) announces that its Board of Directors (the “Board”) has approved a $10 million increase to the Corporation’s 2021 capital expenditure program (the “2021 Program”) and...
Mar 25, 2021 07:34 am ET
PHX Energy Services Corp. Announces It Has Entered a Technology Partnership With National Energy Services Reunited Corp.
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) is pleased to announce it has entered into a technology partnership (the “Partnership”) with National Energy Services Reunited Corp (“NESR”) (NASDAQ: NESR). Pursuant to the...
Mar 15, 2021 08:16 am ET
PHX Energy Services Corp. Announces Quarterly Dividend
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") is pleased to announce that its Board of Directors has declared a quarterly cash dividend of $0.025 per common share designated as an “eligible dividend” within the meaning of subsection...
Mar 11, 2021 07:14 pm ET
PHX Energy Services Announces Inaugural ESG and Sustainability Report
PHX Energy Services Corp. ("PHX Energy" "we" "our" or the "Corporation") (TSX: PHX) is pleased to announce the release of our inaugural Environmental, Social and Governance (“ESG”) and Sustainability Report, highlighting our performance,...
Feb 24, 2021 06:12 pm ET
PHX Energy Announces Its Operating and Financial Results for the Fourth Quarter and Year Ended 2020
In 2020, PHX Energy strengthened its financial position, eliminated all bank loans, re-purchased shares under its Normal Course Issuer Bid (“NCIB”), operated with positive margins, and achieved positive adjusted EBITDA that was only 23 percent...
Dec 14, 2020 07:30 am ET
PHX Energy Announces Agreement for the Sale of Russian Operations
PHX Energy Services Corp. ("PHX Energy" "we" "our" or the "Corporation") (TSX: PHX) announced today that it has entered into a preliminary sale and purchase agreement with Well Tech Services Ltd (the "Purchaser"), a company incorporated under the...
Dec 07, 2020 08:30 am ET
PHX Energy Announces 2021 Capital Expenditure Program & Reinstatement of Quarterly Dividend
PHX Energy Services Corp. ("PHX Energy" "we" "our" or the "Corporation") (TSX: PHX) is pleased to provide an operational update as well as announce that its Board of Directors (the “Board”) has approved the reinstatement of a quarterly dividend...
Nov 04, 2020 06:29 pm ET
PHX Energy Announces Its Operating and Financial Results for the Third Quarter of 2020
Financial ResultsIn the third quarter of 2020, despite the ongoing challenges presented by the COVID-19 pandemic, the Corporation continued to achieve positive adjusted EBITDA.  For the three-month period ended September 30, 2020, PHX Energy...
Aug 11, 2020 06:00 am ET
PHX Energy Receives TSX Approval for Renewal of Normal Course Issuer Bid
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) today announced that the Toronto Stock Exchange ("TSX") has accepted PHX Energy's notice of intention to renew its normal course issuer bid for a further one-year term (the...
Aug 06, 2020 06:59 pm ET
PHX Energy Announces Annual & Special Meeting Voting Results for Election of Directors
PHX Energy Services Corp. ("PHX Energy") is pleased to announce the voting results for the election of directors at its annual and special meeting of shareholders held on August 6, 2020 ("the "Meeting").  The following seven nominees were...
Aug 05, 2020 06:39 pm ET
PHX Energy Announces Its Operating and Financial Results for the Second Quarter of 2020
Overall PerformanceFor the three-month period ended June 30, 2020, PHX Energy realized adjusted EBITDA of $5.3 million (11 percent of revenue) as compared to $11 million (13 percent of revenue) in the corresponding 2019-quarter. Adjusted EBITDA...
May 13, 2020 06:41 pm ET
PHX Energy Announces Its Operating and Financial Results for the First Quarter of 2020
Overall Performance PHX Energy realized adjusted EBITDA of $18.7 million in the first quarter of 2020, the highest quarterly adjusted EBITDA reported since the third quarter of 2014 and 63 percent higher than the...
Feb 25, 2020 07:42 pm ET
PHX Energy Announces Its Operating and Financial Results for the Fourth Quarter of 2019
Overall Performance In the 2019-year, the Corporation achieved its highest adjusted EBITDA since 2014, despite declines in North American industry activity. This is the third consecutive year that the...
Oct 30, 2019 07:12 pm ET
PHX Energy Announces Its Operating and Financial Results for the Third Quarter of 2019
Financial Results For the three-month period ended September 30, 2019, PHX Energy achieved adjusted EBITDA of $15.5 million, which is the highest quarterly result since the third quarter of 2014. Consolidated revenue for the...
Sep 06, 2019 05:00 pm ET
PHX Energy Announces Increase to its 2019 Capital Expenditure Program
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) announces that its Board of Directors (the “Board”) has approved a $5 million increase to the Corporation’s 2019 capital expenditure program (the “Program”). With this...
Aug 06, 2019 04:30 pm ET
PHX Energy Receives TSX Approval for Renewal of Normal Course Issuer Bid
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) today announced that the Toronto Stock Exchange ("TSX") has accepted PHX Energy's notice of intention to renew its normal course issuer bid for a further one-year term (the...
Jul 31, 2019 07:42 pm ET
PHX Energy Announces Its Operating and Financial Results for the Second Quarter of 2019
Financial ResultsFor the three-month period ended June 30, 2019, the Corporation realized adjusted EBITDA of $11 million the highest second quarter adjusted EBITDA (see “Non-GAAP Measures”) achieved in PHX Energy’s history. This level of adjusted...
May 07, 2019 05:00 pm ET
PHX Energy Announces Annual Meeting Voting Results for Election of Directors
PHX Energy Services Corp. ("PHX Energy") is pleased to announce the voting results for the election of directors at its annual and special meeting of shareholders held on May 7, 2019 ("the "Meeting").  The following seven nominees were re-elected...
May 02, 2019 06:00 pm ET
PHX Energy Announces Its Operating and Financial Results for the First Quarter of 2019
Financial ResultsPHX Energy’s consolidated revenue in the first quarter of 2019 grew by 30 percent to $92.1 million from $70.8 million in the comparative 2018-quarter. The Corporation’s consolidated activity levels increased by 4...
Apr 08, 2019 08:30 am ET
PHX Energy Announces an Increase to its 2019 Capital Expenditure Program
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) announces that its Board of Directors (the “Board”) has approved a $10 million increase to the Corporation’s 2019 capital expenditure program (the “2019 Program”). With this...
Feb 27, 2019 07:49 pm ET
PHX Energy Announces Strong Operating and Financial Results for the 2018 Fourth Quarter & Year
Financial Results For the year-ended December 31, 2018, the Corporation achieved its highest adjusted EBITDA since 2014. In the 2018-year, PHX Energy realized adjusted EBITDA of $45.4 million (14 percent of revenue), which is more than double the...
Nov 05, 2018 06:40 pm ET
PHX Energy Services Corp. Purchases Fleet of PowerDrive Orbit Rotary Steerable Systems and Announces Preliminary 2019 Capital Expenditure Program
PHX Energy Services Corp. ("PHX Energy" or the “Corporation”) (TSX: PHX) announces that it has entered into a Purchase Agreement (the “Agreement”) to purchase an initial fleet of Schlumberger PowerDrive Orbit1 Rotary Steerable Systems (“RSS”). The...
Oct 31, 2018 07:46 pm ET
PHX Energy Announces its Third Quarter Results, Reporting Strong Profitability and Growth in the US
Financial Results For the three-month period ended September 30, 2018, the Corporation generated its highest quarterly earnings per share and net earnings since the third quarter of 2014. The Corporation recognized earnings per...
Aug 02, 2018 05:54 pm ET
PHX Energy Announces its Second Quarter Results, Reporting the Highest Second Quarter Adjusted EBITDA in its History
Financial Results For the three-month period ended June 30, 2018, the Corporation achieved its highest second quarter adjusted EBITDA (see “Non-GAAP Measures”) in PHX Energy’s history. For the three-month period ended June 30, 2018, the...
Jul 04, 2018 05:01 pm ET
PHX Energy Announces Operations Update and Further Increase to its 2018 Capital Expenditure Program
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX:PHX) announces that its Board of Directors (the “Board”) has approved a $15 million increase to the Corporation’s 2018 capital expenditure program (the “program”). With this...
May 30, 2018 05:15 pm ET
PHX Energy Announces Increased 2018 Capital Expenditure Program to Support New Atlas Power Rental Division and Continued Growth in the Permian Basin
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX:PHX) announces that its Board of Directors (the “Board”) has approved an increase to the Corporation’s 2018 capital expenditure program (the “program”) by $8 million to $18.5...
May 09, 2018 05:05 pm ET
PHX Energy Announces Annual Meeting Voting Results for Election of Directors
PHX Energy Services Corp. ("PHX Energy") is pleased to announce the voting results for the election of directors at its annual meeting of shareholders held on May 9, 2018 (the "Meeting").  The following seven nominees were re-elected as directors...
May 03, 2018 07:27 pm ET
PHX Energy Announces its First Quarter Results, Reporting Improved Profitability
Financial Results For the three-month period ended March 31, 2018, PHX Energy’s (TSX:PHX) consolidated operating and financial results continued to strengthen, building upon the 2017-year’s positive momentum. The Corporation generated...
Feb 28, 2018 09:57 pm ET
Dec 13, 2017 05:00 pm ET
PHX Energy Announces 2018 Capital Expenditure Program
CALGARY, Alberta, Dec. 13, 2017 (GLOBE NEWSWIRE) -- PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX:PHX) announces that its Board of Directors (the “Board”) has approved the 2018 capital expenditure program of $10.5 million (the “program”),...
Nov 02, 2017 08:11 pm ET
PHX Energy Announces Strong Financial and Operating Results in the Third Quarter
CALGARY, Alberta, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Financial ResultsFor the three-month period ended September 30, 2017, PHX Energy (TSX:PHX) generated consolidated revenue of $65.4 million, an increase of 87 percent from $35.0 million in the comparable 2016-period. The...
Aug 03, 2017 07:10 pm ET
PHX Energy Announces its Second Quarter Results
Financial Results For the three-month period ended June 30, 2017, PHX Energy (TSX:PHX) generated consolidated revenue of $53.8 million, more than double the $26.4 million generated in the respective 2016-period. The increased revenue...
Aug 03, 2017 07:10 pm ET
Jun 21, 2017 05:55 pm ET
PHX Energy Receives TSX Approval for Normal Course Issuer Bid
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) today announced that the Toronto Stock Exchange ("TSX") has accepted PHX Energy's notice of intention to commence a normal course issuer bid (the "NCIB"). Under the NCIB, PHX Energy may purchase for cancellation, from time to time, as PHX Energy considers advisable, up to a maximum of 2,929,494 common shares of the Corporation ("Common Shares"), which represents 5% of the 58,589,887 issued and outstanding Common Shares as at the date hereof. Purchases of Common Shares
Jun 21, 2017 05:55 pm ET
PHX Energy Receives TSX Approval for Normal Course Issuer Bid
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX:PHX) today announced that the Toronto Stock Exchange ("TSX") has accepted PHX Energy's notice of intention to commence a normal course issuer bid (the "NCIB"). Under the NCIB,...
May 09, 2017 04:30 pm ET
PHX Energy Announces Annual Meeting Voting Results for Election of Directors
PHX Energy Services Corp. ("PHX Energy") (TSX: PHX) is pleased to announce the voting results for the election of directors at its annual meeting of shareholders held on May 9, 2017 (the "Meeting"). The following six nominees were re-elected as directors of PHX Energy to serve until the next annual meeting of shareholders or until their successors are elected or appointed, with shares represented at the Meeting voting in favour of individual nominees as follows:
May 09, 2017 04:28 pm ET
PHX Energy Announces Annual Meeting Voting Results for Election of Directors
PHX Energy Services Corp. ("PHX Energy") (TSX:PHX) is pleased to announce the voting results for the election of directors at its annual meeting of shareholders held on May 9, 2017 (the "Meeting"). The following six nominees were...
May 03, 2017 05:54 pm ET
PHX Energy Announces its First Quarter Results, Reporting Increased Revenue and Activity Levels
Financial Results For the three-month period ended March 31, 2017, PHX Energy (TSX:PHX) generated consolidated revenue of $61.1 million. This is a positive contrast from the challenging 2016-year, representing a 51 percent improvement over...
Feb 22, 2017 09:29 pm ET
PHX Energy Announces its Fourth Quarter & Year End Results
Financial Results In 2016, PHX Energy (TSX:PHX) continued to persevere through one of the worst downturns in the industry's history as low commodity prices prevailed for much of the 2016-year. Like many other service providers in the oil...
Feb 22, 2017 09:28 pm ET
Feb 02, 2017 08:47 am ET
PHX Energy Services Corp. Announces Closing of Bought Deal Financing
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX:PHX) is pleased to announce the closing of its bought deal public offering of 7,187,500...
Jan 13, 2017 07:42 am ET
IIROC Trade Resumption - PHX
TORONTO, Jan. 13, 2017 /CNW/ - Trading resumes in:
Jan 12, 2017 04:59 pm ET
PHX Energy Services Corp. Enters Into Bought Deal Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. PHX Energy Services Corp. (TSX:PHX) ("PHX Energy" or...
Jan 12, 2017 04:36 pm ET
IIROC Trading Halt - PHX
TORONTO, Jan. 12, 2017 /CNW/ - The following issues have been halted by IIROC:
Dec 07, 2016 10:23 pm ET
PHX Energy Announces Fourth Quarter Operations Update and its 2017 Capital Expenditure Program
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX:PHX) announces that its Board of Directors (the "Board") has approved a 2017 capital expenditure program of $12.5 million (the "2017 program"). Currently, both commodity prices...
Dec 07, 2016 10:23 pm ET
PHX Energy Announces Fourth Quarter Operations Update and its 2017 Capital Expenditure Program
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) announces that its Board of Directors (the "Board") has approved a 2017 capital expenditure program of $12.5 million (the "2017 program"). Currently, both commodity prices and industry activity levels are showing positive signs and improvements and PHX Energy is cautiously optimistic that this modest industry recovery will continue in 2017. The Corporation is experiencing improved activity levels in North America in the fourth quarter of 2016 when compared to prior quarters of the
Nov 09, 2016 09:24 pm ET
PHX Energy Announces its Third Quarter Results
PHX Energy Services Corp. (TSX:PHX) Financial Results During the third quarter of 2016, the directional drilling market continued to be highly competitive which caused average day rates and profitability margins to decline to some...
Nov 09, 2016 09:24 pm ET
PHX Energy Announces its Third Quarter Results
PHX Energy Services Corp. (TSX: PHX)
Sep 06, 2016 06:34 pm ET
PHX Energy Announces Commercialization of Stream Services' New EDR Product Line
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) is pleased to announce that its electronic drilling recorder ("EDR") division, Stream Services ("Stream"), has commercially released its new DataStream EDR product line ("DataStream").
Sep 06, 2016 06:34 pm ET
PHX Energy Announces Commercialization of Stream Services' New EDR Product Line
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX:PHX) is pleased to announce that its electronic drilling recorder ("EDR") division, Stream Services ("Stream"), has commercially released its new DataStream EDR product line...
Aug 04, 2016 06:59 pm ET
PHX Energy Announces Its Second Quarter Results
PHX Energy Services Corp. (TSX:PHX) - Financial Results Activity across all of the Corporation's operating segments remained low during the second quarter of 2016 as the North American rig count fell to levels not seen in the last...
Aug 04, 2016 06:59 pm ET
PHX Energy Announces Its Second Quarter Results
PHX Energy Services Corp. (TSX: PHX) -
Jun 28, 2016 08:35 am ET
PHX Energy Services Corp. Announces Closing of Bought Deal Financing
FOR IMMEDIATE RELEASE NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX:PHX) is pleased to announce the closing of its bought deal public...
Jun 09, 2016 09:05 am ET
IIROC Trade Resumption - AX.DB.F; PHX
TORONTO, June 9, 2016 /CNW/ - Trading resumes in:
Jun 08, 2016 06:15 pm ET
IIROC Trading Halt - PHX
TORONTO, June 8, 2016 /CNW/ - The following issues have been halted by IIROC:
Jun 08, 2016 04:29 pm ET
PHX Energy Services Corp. Enters Into Bought Deal Financing
  NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. PHX Energy Services Corp. (TSX:PHX)...
Jun 06, 2016 06:14 pm ET
PHX Energy Announces Successful Field Trials of Stream Services' New EDR Product Line
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) is pleased to announce that its electronic drilling recorder ("EDR") division, Stream Services ("Stream"), has concluded its initial field trials of its state-of-the-art EDR product line, specifically its DataStream EDR system, ControlStream Auto Drilling System, DataStream Pro office application and DataStream Mobile smartphone application (collectively referred to as the "EDR Platform"). Stream has deployed the new EDR Platform in numerous Canadian basins and is seeing
Jun 06, 2016 06:14 pm ET
PHX Energy Announces Successful Field Trials of Stream Services' New EDR Product Line
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX:PHX) is pleased to announce that its electronic drilling recorder ("EDR") division, Stream Services ("Stream"), has concluded its initial field trials of its state-of-the-art EDR...
May 18, 2016 06:12 pm ET
PHX Energy Announces Annual Meeting Voting Results for Election of Directors
PHX Energy Services Corp. (TSX:PHX) ("PHX Energy") is pleased to announce the voting results for the election of directors at its annual and special meeting of shareholders held on May 18, 2016 (the "Meeting"). The following six nominees...
May 18, 2016 06:12 pm ET
PHX Energy Announces Annual Meeting Voting Results for Election of Directors
PHX Energy Services Corp. (TSX: PHX) ("PHX Energy") is pleased to announce the voting results for the election of directors at its annual and special meeting of shareholders held on May 18, 2016 (the "Meeting"). The following six nominees were re-elected as directors of PHX Energy to serve until the next annual meeting of shareholders or until their successors are elected or appointed, with shares represented at the Meeting voting in favour of individual nominees as follows:
May 04, 2016 05:57 pm ET
PHX Energy Announces Its First Quarter Results and Continued Debt Reduction
PHX Energy Services Corp. (TSX:PHX) - Financial Results For the three-month period ended March 31, 2016 adjusted EBITDA was $4.0 million (10 percent of revenue), which is 42 percent lower than the $6.8 million (7 percent of...
May 04, 2016 05:57 pm ET
Mar 14, 2016 08:00 am ET
PHX Energy Announces Voluntary Reduction in Syndicated Credit Facility
PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) announces that it has provided notice to its lead agent, on behalf of its lenders under its syndicated credit facility (the "Syndicated Facility"), to voluntarily reduce in part the unutilized portion of the Syndicated Facility from CDN$90 million to CDN$70 million. The reduction in the Syndicated Facility is effective March 14, 2016 and will result in significant further cost savings to the Corporation as a result of reduced standby fees.