NEW YORK, N.Y. - The price of oil climbed above US$97 a barrel as home prices in the U.S. accelerated and stock markets resumed their rise toward record levels. Benchmark West Texas Intermediate crude for March delivery rose US$1, or 1 per cent, to US$97.44 a barrel around midday on the New York Mercantile Exchange. Oil hasn't closed above US$97 in New York since Sept. 14. Oil is now up more than US$5 a barrel this year. Signs of improvement in the global economy are driving [Read more]
Archives for January 2013
Oil shipments a big opportunity for Canadian Pacific as pipelines squeezed
CALGARY - Oil shipments present the single biggest growth opportunity for Canadian Pacific Railway Ltd. as a pipeline squeeze forces energy firms to get their product to market by other means, the company's chief marketing officer said Tuesday. If volumes keep up at their current rate, the railway (TSX:CP) is poised to ship more than 70,000 carloads of crude per year, Jane O'Hagan told analysts on a conference call to discuss Canadian Pacific's fourth-quarter results. During the [Read more]
Value of M&A activity up 10.5% at $210B in 2012 despite fewer deals: PwC
Toronto - There were fewer merger and acquisition deals in Canada last year but their dollar value climbed to the highest level since the market peak in 2007 — a trend that's expected to continue in 2013, PwC Canada said Tuesday. The business consultancy said that despite a 9.6 per cent decline in the number of deals, the value of M&A activity rose 10.5 per cent in 2012 to $210 billion. "The key driver behind this growth has been a resurgence of activity in deals valued at [Read more]
VIDEO: TransCanada considers converting cross-Canada gas pipeline
With increased heavy oil production putting a squeeze on export capacity and Keystone XL and other pipeline alternatives years away from completion, TransCanada is weighing other options to address the heavy oil differential. One possibility would be to send crude to the east coast via The Canadian Mainline; a 14,000 kilometre natural gas pipeline which could be converted to carry crude. Watch the story below courtesy CBC: [Read more]
Bellatrix announces reset of fixed prices on existing summer 2013 natural gas commodity contracts and an updated corporate presentation
BellBellatrix Exploration Ltd. ("Bellatrix" or the "Company") announces that it has reset the fixed prices on two of its existing natural gas commodity price risk management contracts and that it has posted an updated Corporate presentation. Bellatrix recently reset the fixed prices on two of its commodity price risk management contracts for natural gas fixed price swaps. The first existing swap contract for 20,000 GJ/d for the period April 1, 2013 to October 31, 2013 was reset from a price [Read more]
Storm Resources Ltd. Announces Grant of Stock Options
STORM RESOURCES LTD. ("Storm") (TSX VENTURE:SRX) announces that it has granted stock options ("Options") to purchase an aggregate of up to 1,449,000 common shares in the capital of Storm pursuant to its stock option plan, of which 798,000 Options were granted to the directors and officers of Storm. All of the Options have an exercise price of $1.75, vest over three years and expire on January 28, 2017. Storm began operations in August, 2010. Storm is headquartered in Calgary, Alberta and is [Read more]
Connacher Announces Renewed Credit Facility
Connacher Oil and Gas Limited (CLL - TSX; "Connacher" or the "Company") is pleased to announce that the borrowing base under the Company's revolving credit facility with a syndicate of Canadian lenders has been set at $ 95 million . The terms of the facility are otherwise unchanged. There are no outstanding amounts owing other than approximately $2.2 million in letters of credit. The Company's 2013 capital program is well under way. At Algar, the re-drill of the 202-1 well pair has been [Read more]
Manitok Energy Inc. Announces Amendment to Normal Course Issuer Bid
Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) announces that it has received the approval of the TSX Venture Exchange (the "Exchange") to amend its normal course issuer bid (the "Bid"). The amendment to the Bid (the "Amendment") permits Manitok to increase the number of common shares in the capital of Manitok ("Common Shares") that may be repurchased under the Bid. All other terms of the Bid remain unchanged. Prior to the Amendment, Manitok had approval to repurchase [Read more]
DeeThree Exploration Announces $30 Million Bought Deal
DeeThree Exploration Ltd. (the "Company" or "DeeThree"), is pleased to announce that it has entered into an agreement, on a bought deal basis, with a syndicate of underwriters co-led by Macquarie Capital Markets Canada Ltd. (book runner), Raymond James Ltd., and Cormark Securities Inc., and including Dundee Securities Ltd., Stifel Nicolaus Canada Inc., and Casimir Capital Ltd. (collectively, the "Underwriters"), to purchase 4,420,000 common shares of the Company (the "Common Shares") at a price [Read more]
Raging River Exploration Inc. Announces 215% Increase in 2012 Year End Reserves and an Operational Update
Raging River Exploration Inc. ("Raging River" or the "Company") (TSX VENTURE:RRX) is pleased to announce its 2012 year-end oil and gas reserves evaluation. The material increase in reserves reflects exceptional organic reserves growth in addition to several accretive acquisitions completed throughout 2012. Reserve Report Highlights: Increased proven plus probable reserves by 215% to 17.2 mmboe (95% oil) and proven reserves by 201% to 11.5 mmboe (95% oil). Proven reserves represent 67% of [Read more]
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