CALGARY, Sept. 25, 2014 /CNW/ - Marquee Energy Ltd. ("Marquee" or the "Company") (TSXV: "MQL") announces that it has entered into a purchase and sale agreement for the sale of a non-core, gas-weighted asset in the Pembina area of western Alberta for total consideration of $14 million, prior to customary closing adjustments (the "Transaction"). The Transaction is expected to close on or about September 30, 2014, subject to applicable regulatory approvals. The asset's current production is [Read more]
Archives for September 2014
Statoil puts Corner project on hold for at least three years, cuts 70 jobs
CALGARY - Statoil has put its Corner oilsands project on hold for at least three years as it grapples with rising costs.The decision means about 70 jobs will be cut, the Norwegian energy firm said Thursday.In a statement on its website, Statoil said improvements have been made to the project, but it has decided not to go any further at this stage."Costs for labour and materials have continued to rise in recent years and are working against the economics of new projects," said Statoil Canada [Read more]
Pembina Pipeline Corporation Provides Project Updates
CALGARY, Sept. 25, 2014 /CNW/ - Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE: PBA) provided an update on projects in several of the Company's business units. Gas Services Pembina is pleased to announce that it has commenced commissioning and extracted its first natural gas liquids ("NGL") barrels through its recently constructed 200 million cubic feet per day ("mmcf/d") (134 mmcf/d net) Resthaven gas processing facility ("Resthaven"). Commissioning will [Read more]
EXALL Energy Corporation signs agreement for a $35 million debenture to replace existing senior facility
CALGARY, Sept. 25, 2014 /CNW/ - Exall Energy Corporation ("Exall" or the "Company") (TSX:EE and TSX:EE.DB) is pleased to announce that it has signed a Debenture Purchase Commitment Letter (the "Commitment Letter") with a private Canadian lender ("Lender") pursuant to which the Lender will lend $35 million to the Corporation. The Agreement contemplates the closing and the issue of the underlying debenture for principal amount of $35 million (the "Debenture"), the proceeds of which will be used [Read more]
US oil industry offers crude-train testing standards after accidents highlight risks
BILLINGS, Mont. - The oil industry's lead trade group released new standards on Thursday for testing and classifying crude shipped by rail after prior shipments were misclassified, including a train that derailed in Canada and killed 47 people.But as with earlier orders from the federal government, the industry's standards generally leave it to individual companies to decide how often to test crude in order to gauge its danger.The American Petroleum Institute said the standards were crafted in [Read more]
Petronas threatens to pull out of LNG project, Financial Times reports
CALGARY - B.C. Premier Christy Clark says a threat by Petronas to quit a proposed liquefied natural gas project is just part of negotiations over the province's tax take, but experts say the Malaysian firm's message should be cause for worry. The Financial Times quotes Petronas chief executive Shamsul Abbas as saying he's ready to call off the $10-billion project to be built near Prince Rupert, B.C., amid a delayed regulatory approval process, plans by the provincial government to impose an LNG [Read more]
ARC Resources Ltd. Announces US$150 Million of Private Placement Notes
CALGARY, Sept. 25, 2014 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC") announced today it closed a private placement (the "Private Placement") of US$150 million of long-term debt in the form of senior unsecured notes (the "Notes"), under its Master Shelf Agreement with Prudential Capital Group. Concurrently, ARC upsized the Master Shelf Agreement from US$225 million to US$350 million and extended the term for an additional three years commencing September 25, 2014. The US$150 million Notes [Read more]
Blackbird Energy Inc. Announces Signing of Strategic Infrastructure Memorandum of Understanding With Mistral Energy Inc. for the Elmworth Montney Project
CALGARY, ALBERTA--(Marketwired - Sept. 25, 2014) - Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird" or the "Company") is pleased to announce that it has executed a strategic infrastructure memorandum of understanding ("MOU") with Mistral Energy Inc. to pursue the development of a gas gathering system and processing infrastructure in the Elmworth / Gold Creek area which will serve Blackbird and other producers. The MOU contemplates the development of facilities to handle 20 mmscf/d of [Read more]
Terra Energy Provides Operations Update
CALGARY, ALBERTA--(Marketwired - Sept. 24, 2014) - Terra Energy Corp. ("Terra" or the "Company") (TSX:TT) is pleased to provide this operations update. The Company has, in recent months, adopted a new Business Plan, which was communicated in its June 2014 Investor Presentation, together with numerous strategies supporting the principal tenets of the plan. The Business Plan contemplated moving towards a more balanced oil/gas commodity mix over time, the need to remain focused geographically, [Read more]
Baytex Completes Sale of North Dakota Assets
CALGARY, ALBERTA--(Marketwired - Sept. 24, 2014) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) announces the completion of the previously announced disposition of its North Dakota assets (the "Assets") to SM Energy Company, effective July 1, 2014, for gross proceeds of approximately $357 million (US$330.5 million). After tax net proceeds from the sale, estimated at $275 million, will be applied against outstanding indebtedness. Production from the Assets averaged approximately 3,200 [Read more]
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