Cardinal Energy Ltd., a producer of oil in Alberta, filed with regulators to sell about C$225 million ($215 million) of stock in what would be Canada’s largest energy initial public offering in seven months.
Cardinal Energy Ltd., a producer of oil in Alberta, is seeking to raise as much as C$250 million ($238 million) by selling shares in an initial public offering, according to two people familiar with the plans.
Penn West Petroleum Ltd., the Canadian energy company that cut more than 25 percent of its workforce this year, fell the most since 2008 after saying its turnaround strategy is expected to continue through 2014.
Canadian stocks fell, leaving the benchmark index at a two-week low, as commodity stocks slumped on falling oil and gold prices after the European Central Bank unexpectedly cut its benchmark interest rate.
Penn West Petroleum Ltd., the Canadian energy producer that has dropped 58 percent in two years, is increasing its chance for recovery by appointing a new chief executive officer to cuts costs and weigh asset sales.
Penn West Petroleum Ltd., the worst performing oil and natural gas stock among its Canadian peers this year, may sell more assets and forgo higher output to cut costs after the ouster of four executives.