Calfrac Well Services Ltd. is postponing a vote on its recapitalization plan following an unsolicited takeover offer for the company by Texas-based Wilks Brothers LLC.

Texas-based Wilks Brothers LLC says it is making formal the $26.1-million takeover bid for Calfrac Well Services Ltd. it proposed last week, while continuing to urge shareholders to reject a management reorganization plan.

The Texas-based competitor, which already owns a roughly 20 per cent stake in Calfrac, says it will pay 18 cents per share. Calfrac shares closed at 15 cents on the Toronto Stock Exchange on Tuesday.

The Calgary-based company says the U.S. court ruling to recognize its reorganization proceedings underway in an Alberta court stops the latest Wilks Brothers' effort to obstruct the plan.

Calfrac Well Services Ltd. says it is seeking advice on changes to its capital structure but doesn't know of any "material change'' that would account for a 75.6 per cent increase in its share price on Tuesday.

Budget cuts in the western Canadian oil and gas sector are hitting home for front-line workers who are facing smaller paycheques as well as the ever increasing risk of being laid off.

One of Canada's largest oil and gas well completion companies is reporting a loss in the fourth quarter of 2019 as demand for its services remains at a low ebb.

Two of Canada's biggest oil and gas well-fracking companies are posting double-digit percentage revenue declines as energy exploration spending slowed in the quarter ended June 30.

Alberta has announced close to $100 million in investments as part of its stated goal to further diversify the provincial economy.