TORONTO - Royal Bank (TSX:RY) is setting more money aside for bad loans as the extended period of low oil prices has made it tougher for both energy companies and consumers in oil-dependent provinces to pay their debts."There's no question that the persistently low oil prices are tough for clients in the affected regions and are driving an increase in credit provisions in our portfolio," RBC's chief executive David McKay said during a conference call to discuss the bank's first-quarter results [Read more]
Archives for February 2016
Seven Generations Closes $300 Million Private Placement Financing
CALGARY, ALBERTA--(Marketwired - Feb. 24, 2016) - Seven Generations Energy Ltd. (TSX:VII) has closed its previously announced bought deal financing pursuant to which it issued 21,428,600 common shares at a price of $14.00 per share for gross proceeds of $300 million. The net proceeds are anticipated to be used for general corporate purposes - primarily 2016 capital investment aimed at growing liquids-rich natural gas production at 7G's Kakwa River Project in northwest Alberta. With the issuance [Read more]
GlassPoint Appoints Energy Veteran to Support North American Expansion
FREMONT, Calif.--(BUSINESS WIRE)--GlassPoint Solar, the leading supplier of solar to the oil and gas industry, today announced the appointment of energy veteran Sanjeev Kumar as senior vice president of project development in North America. Kumar will lead the growth and financing initiatives for GlassPoint and its California projects. GlassPoint has developed a novel solar thermal technology for oilfields, which produce steam at a lower cost than steam [Read more]
Spartan Energy Corp. Provides 2015 Year-End Reserves, 2016 Corporate Budget and Operational Update
CALGARY, ALBERTA--(Marketwired - Feb. 24, 2016) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to provide a summary of our 2015 year-end reserves, an overview of our 2016 corporate budget and an operational update. Reserve numbers presented herein were derived from an independent reserves report (the "Sproule Report") prepared by Sproule Associates Ltd. ("Sproule") effective December 31, 2015. All financial information presented in this press release is based on [Read more]
Deep Well Announces SAGD Project Update
EDMONTON, ALBERTA--(Marketwired - Feb. 24, 2016) - Deep Well Oil & Gas, Inc. (and its subsidiaries - "Deep Well" or "Company") (OTCQB:DWOG) is providing an update for our Steam Assisted Gravity Drainage ("SAGD") oil sands project at Sawn Lake, Alberta, Canada. DWOG holds a 25% working interest in the demonstration project, which commenced in 2013 located at Sawn Lake. The demonstration project consists of one SAGD well pair drilled to a depth of 650 meters and a horizontal length of 780 [Read more]
Calfrac Announces Fourth Quarter Results
CALGARY, Feb. 24, 2016 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or "the Company") (TSX-CFW) announces its financial and operating results for the three months and year ended December 31, 2015. HIGHLIGHTS Three Months Ended December 31, Years Ended December 31, 2015 2014 Change 2015 2014 Change (C$000s, except per share and unit [Read more]
Tamarack Valley Energy Ltd. Announces a 46% Increase in Proved Reserves With 356% Production Replacement
CALGARY, ALBERTA--(Marketwired - Feb. 24, 2016) - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") is pleased to announce the results of its independent oil and gas reserves evaluation as of December 31, 2015, prepared by GLJ Petroleum Consultants Ltd. ("GLJ"), summarized below. Tamarack's stringent capital allocation complemented by a constant focus on cost reductions and improving capital efficiencies has resulted in another significant year of reserve growth in 2015, despite [Read more]
Encana to cut workforce by further 20% on top of previous downsizing
CALGARY - The head of Encana offered a blunt take on the accumulating layoffs in the oil and gas sector as the Calgary-based energy giant announced plans Wednesday to cut its workforce by 20 per cent this year."The job reductions not only at Encana but across the industry have been as severe as I've ever seen in 33 years," CEO Doug Suttles said in a conference call with investors after the company released its fourth quarter results.Last year, as oil prices took a nosedive, the company laid off [Read more]
AES Reports 2015 Proportional Free Cash Flow of $1,241 Million and Adjusted EPS of $1.22
2015 Achievements Increased quarterly dividend by 10%, to $0.11 per share, beginning in the first quarter of 2016 Returned $757 million to shareholders through share repurchases and dividend payments Used $345 million to prepay or refinance Parent debt Brought on-line 1,484 MW of new projects, with an additional 5,620 MW currently under construction, the majority of which is [Read more]
Encana Reports Strong 2015 Operating Performance and Reduces Planned 2016 Capital Investment by Around 55 Percent Year-Over-Year
CALGARY, AB --(Marketwired - February 24, 2016) - (TSX: ECA) (NYSE: ECA) Encana took decisive steps in 2015 to further strengthen its balance sheet by significantly lowering debt, increasing its financial flexibility and liquidity and aggressively driving down costs. The company focused its 2015 capital investment on its core four assets, the Permian, Eagle Ford, Duvernay and Montney, which exceeded their combined fourth quarter production target. Highlights in 2015 include: fourth [Read more]
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