CALGARY - A quick look at the Line 3 oil pipeline replacement project proposed by Enbridge (TSX:ENB): Estimated Cost: $7.5 billion Route: 1,660 kilometres between Hardisty, Alta., to Superior, Wisc. Crosses through Saskatchewan, Manitoba, North Dakota and Minnesota. Capacity: Would restore the pipeline's original regulated capacity of 760,000 barrels of oil per day and allow for further expansion to 915,000 barrels per day. The line is almost half a century old and its [Read more]
Archives for November 2016
Pipeline pronouncement: Liberals to pass judgment on Line 3, Northern Gateway
OTTAWA - The federal government says a news conference will take place today in Ottawa after markets close in order to announce the fate of at least two major pipeline proposals. The news conference is scheduled to take place at 4:30 p.m. ET with Prime Minister Justin Trudeau. Trudeau's Liberal government had promised decisions on two Enbridge projects by last Friday, but delayed the announcement until after cabinet met with Prime Minister Justin Trudeau in the capital this morning. The [Read more]
Donald Trump’s former campaign manager coming to Alberta in January
EDMONTON - A top adviser to U.S. president-elect Donald Trump is visiting Alberta in January. Kellyanne Conway will speak at a private fundraising dinner hosted by the Alberta Prosperity Fund on Jan. 12 in Calgary, and also tour the oilsands. Heather Forsythe, chair of the Alberta Prosperity Fund, says Conway's visit sends a strong signal about the importance of Alberta and Canada to the incoming Trump administration. Trump's victory in November's U.S. presidential [Read more]
Less hiring planned after 65% of oil and gas companies trim staff, survey finds
CALGARY - Nearly a third of oil and gas industry employers are expecting another tough year in 2017 after 65 per cent of them were forced to cut staff this year, according to a survey by recruitment firm Hays Canada. About 28 per cent of energy sector employers expect to hire fewer people in 2017 than in 2016, while 15 per cent expect some growth and about half predict stability, the Canadian arm of U.K.-based Hays reported in its annual sample of hiring intentions released Tuesday. [Read more]
Junex moves to begin oil production in Quebec, reports record testing output
MONTREAL - A battle is brewing in Quebec as Junex attempts to become the province's first oil producer in a century. Environmentalists say they'll strongly oppose the company's (TSXV:JNX) application for a provincial permit to begin production by next spring. Junex announced Tuesday that it's recovered through eight months of testing nearly 18,000 barrels of light, sweet crude produced at its Galt No. 4 horizontal well. "What we see here is the most significant oil [Read more]
Blacksteel Energy Inc. Closes Acquisition of 30% Working Interest in Girouville Assets
CALGARY, ALBERTA--(Marketwired - Nov. 29, 2016) - Blacksteel Energy Inc. (TSX VENTURE:BEY) ("Blacksteel") is pleased to announce that it has closed the acquisition (the "Acquisition") of a 30% working interest (the "Blacksteel Interest") in certain oil and gas assets around Girouxville in Northwest Alberta (the "Assets"). Blacksteel acquired the Blacksteel Interest (the "Acquisition") from Drakkar Energy Ltd. ("Drakkar"), for a purchase price of $600,000, concurrent with Drakkar's purchase of [Read more]
Fitch: North American Energy Sector Healing, 2017 Challenges Seen
CHICAGO & NEW YORK--(BUSINESS WIRE)--The rating outlook for North American energy remains negative, reflecting lingering challenges in the exploration and production (E&P) and oil field services/drillers subsectors, according to Fitch Ratings. The E&P market remains split. In the investment-grade (IG) E&P space, a key theme was one of compression, with most rating actions limited to a combination of a single-notch downgrade and/or a Negative Outlook. Many IG names mitigated [Read more]
Property Divestiture: C Group Energy Inc.
Sayer Energy Advisors has been engaged to assist C Group Energy Inc. (“C Group” or the “Company”) with the divestiture of several oil and natural gas properties which are located in various areas of Alberta. C Group is offering for sale its working interests in producing oil and natural gas properties in the Garrington, Viking, Buck Lake, Pembina, Skaro and Meyer Lake areas of Alberta (the “Properties”). The Company operates the majority of the Properties, generally holding a high working [Read more]
Manitok Announces Closing of Offering of $5 Million Flow-Through and Common Share Offering
CALGARY, ALBERTA--(Marketwired - Nov. 29, 2016) - Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) is pleased to announce that it has closed its previously announced best efforts offering (the "Offering") for total aggregate proceeds of approximately $5.05 million, completed by way of a short form base shelf prospectus as supplemented by the Corporation's prospectus supplement dated November 22, 2016. In connection with the Offering, Manitok issued: (a) 7,562,923 [Read more]
Over $1.2 billion in Viking deals so far this year, see how it compares to other plays
Yesterday's light oil asset acquisition by Raging River added another $58 million to a substantial sum of deals in Viking play this year. So far in 2016, $1.27 billion worth of transactions has closed with an additional $433 million announced. The Viking has indeed been a sought after play, however, the Montney remains the most active play for M&A activity in western Canada with $2.3 billion in deals completed year-to-date. The Williston Basin and Shaunavon have seen approximately $500 [Read more]
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