VANCOUVER - The City of Vancouver is the latest to launch a court challenge aiming to quash the National Energy Board's recommendation that the federal government approve the $6.8-billion Trans Mountain pipeline expansion.The Squamish Nation, the Living Oceans Society and the Raincoast Conservation Foundation filed their own applications for judicial review in the Federal Court of Appeal last week.The city said in its court application that the energy board's recommendation to approve the [Read more]
Archives for 2016
Permian Basin Royalty Trust Announces June Cash Distribution
DALLAS, June 20, 2016 /PRNewswire/ -- Permian Basin Royalty Trust (NYSE: PBT) ("Permian") today declared a cash distribution to the holders of its units of beneficial interest of $0.034538 per unit, payable on July 15, 2016, to unit holders of record on June 30, 2016. This month's distribution increased from the previous month due to an increase in the pricing of oil and gas but offset by a decrease in production due to a shorter month of April for the Waddell Ranch. Also, with the increased [Read more]
Athabasca Oil Corporation Announces a $129 Million Contingent Bitumen Royalty and Repayment of US$221 Million Term Loan
CALGARY, ALBERTA--(Marketwired - June 20, 2016) - Athabasca Oil Corporation (TSX:ATH) ("Athabasca" or the "Company") is pleased to announce that it has granted a Contingent Bitumen Royalty to Burgess Energy Holdings L.L.C. ("Burgess") on its Thermal assets (the "Royalty") for total consideration of $129 million. Concurrently, the Company has repaid its US$221 million first lien term loan ("TLB") which is the first step towards aligning the Company's capital structure with its go forward [Read more]
Environmental groups launch court challenge of Trans Mountain recommendation
VANCOUVER - A pair of environmental groups are asking the courts to quash a recommendation that the federal government allow the controversial Trans Mountain pipeline expansion project to go ahead.Lawyers for the Living Oceans Society and the Raincoast Conservation Foundation have filed an application for judicial review of the National Energy Board's recommendation in Vancouver's Federal Court of Appeal, arguing that it is unlawful.Documents filed in court Friday allege the NEB did not take [Read more]
Tuscany Announces Extension of Bank Waiver and Strategic Review Update
CALGARY, ALBERTA--(Marketwired - June 17, 2016) - Further to its press release of April 29, 2016 in which Tuscany Energy Ltd. (TSX VENTURE:TUS) ("Tuscany" or the "Company") announced that it was in breach and had a received a temporary waiver of certain covenants under its demand credit facility, Tuscany has obtained a further waiver of the breaches to June 24, 2016 to allow it to continue to explore alternatives to remedy the breaches. As previously announced, Tuscany has undergone and [Read more]
Chevron looks to unload more Western Canada assets to bolster cash reserves
CALGARY - Chevron Canada Ltd. is testing the waters for a possible sale of its non-core refining and marketing assets in Western Canada.A company spokesman said Friday that Chevron has asked for expressions of interest on the company's 57,000-barrel-a-day Burnaby, B.C., refinery as well as its marketing assets, but that no final decision has been made to sell.The request for interest does not cover Chevron's lubricants business, its stake in the Kitimat LNG project, or upstream producing assets, [Read more]
Bellatrix announces second half 2016 capital budget
TSX, NYSE: BXE CALGARY, June 17, 2016 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE: BXE) is pleased to announce a focused second half 2016 capital budget targeting profitable development of the Company's Spirit River liquids rich natural gas play and investment in strategic infrastructure projects. The board of directors has approved a second half net capital budget of up to $40 million, with funding limited to available cash flow. The second half capital [Read more]
US rig count rises 10 this week to 424 in 3rd week of gains
HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. rose by 10 this week to 424, marking the third-consecutive week the count has increased after a slide that lasted months and pushed the count to record-low levels amid depressed energy prices.A year ago, 857 rigs were active.Houston oilfield services company Baker Hughes Inc. said Friday 337 rigs sought oil and 86 explored for natural gas. One was listed as miscellaneous.Among major oil- and gas-producing states, Texas [Read more]
Canadian Spirit Resources Inc. Announces Increase to Private Placement
CALGARY, ALBERTA--(Marketwired - June 17, 2016) - Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI) (OTCBB:CSPUF) is pleased to announce that it is increasing, subject to TSX Venture Exchange approval, its previously announced non-brokered private placement offering from $500,000 to $640,000. The private placement is comprised of a combination of common shares of the Corporation issued on a flow-through basis pursuant to the Income Tax Act ("Flow-Through Shares") at [Read more]
Oilfield hopes thin despite $2B in oil and gas producer financings
CALGARY - A flurry of stock sale financings by oil and gas producers in Canada has sparked optimism among investors that the stalled drilling industry will soon go back to work.But analysts warn that's not likely to happen this year, dashing faint hopes of thousands of Western Canadian oilfield workers who have been laid off since benchmark oil prices peaked at over US$107 US per barrel two years ago in June 2014.Since January, nearly $2 billion has been raised by Canadian non-oilsands producers [Read more]
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