A Minnesota court ruled on Monday that Enbridge Inc's final environmental impact statement for its Line 3 replacement project is inadequate, raising the possibility the Canadian crude oil pipeline could face further delays. The Line 3 replacement project would ship 760,000 barrels per day of Canadian crude from Alberta to Wisconsin, doubling current capacity and providing much-needed relief from congestion on existing Canadian pipelines. In a written decision posted online, the Minnesota [Read more]
Archives for June 2019
Canada can play a key role on the world stage if Canadians ‘vote for energy’: CAPP 2019 Federal Energy Platform
OTTAWA, June 3, 2019 /CNW/ - Canada's next federal government has an opportunity to help define a strategic, long-term vision for the growth of Canada's oil and natural gas sector, one that promotes jobs and a healthy economy for all Canadians, while being part of the solution to meet growing global energy demand with responsibly developed energy, according to the Canadian Association of Petroleum Producers (CAPP). CAPP believes Canadian energy reflects [Read more]
Bonterra Energy Corp. Confirms Cash Dividend for May 2019 Payable June 28, 2019
CALGARY, June 3, 2019 /CNW/ - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") announces that the May 2019 monthly cash dividend will be $0.01 per share and will be paid on June 28, 2019. The record date for the dividend is June 14, 2019 and the ex-dividend date is June 13, 2019. The dividend is paid monthly and is subject to commodity prices and production levels. The dividend is considered an "eligible dividend" for tax purposes. Bonterra Energy Corp. [Read more]
Obsidian Energy Announces Extension of Syndicated Credit Facility Redetermination Date
CALGARY, June 3, 2019 /CNW/ - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") announces the Company's banking syndicate has extended the syndicated credit facility redetermination date until June 30, 2019 as the Company completes marketing of its previously announced unsecured bond offering and as our partner progresses through its right of first refusal and tag-along provisions in regard to the Peace River Oil Partnership disposition. The [Read more]
Ultra Petroleum Corp. Announces Further Extension of Early Participation Date and Withdrawal Deadline for Exchange Offer for 7.125% Senior Notes due 2025
ENGLEWOOD, Colo., June 03, 2019 (GLOBE NEWSWIRE) -- Ultra Petroleum Corp. (“Ultra Petroleum” or the “Company”) (NASDAQ: UPL) today announced that, with respect to the previously announced private offer to exchange (the “Exchange Offer”) outstanding 7.125% Senior Notes due 2025 (the “2025 Notes”) of its wholly owned subsidiary, Ultra Resources, Inc. (“Ultra Resources”), for up to $90.0 million aggregate principal amount of new 9.00% Cash / 2.50% PIK Senior Secured Third Lien Notes due 2024 of [Read more]
John Robson: Harvest of woe
What if the crops fail? It’s not very likely, at least in North America and Europe, given the extraordinary proficiency and resilience of our high-tech agriculture. But apparently they might. At any rate, climate alarmists have been predicting manmade-global-warming-driven crop failure since at least the Canadian government’s 2001 Canada Action Plan pamphlet warning of declining yields on the prairies due to drought. (Indeed, they’ve been predicting widespread famine before they were climate [Read more]
Drakkar Energy Ltd. Seeks Joint Venture Partner
Drakkar Energy Ltd. is looking for a joint venture partner to invest $6 million in a multiwell horizontal drilling program in the Montney formation at Girouxville East. Our land base comprises twenty contiguous sections adjacent to two Montney pools. Drilling depth is 1100 metres with initial production rates exceeding 200 BOPD. Click here for a copy of our teaser and contact information for arranging a technical presentation [Read more]
Sale shows big loss in investment value of China-backed Alberta oil project
CALGARY - A Chinese company's $817-million investment in a northern Alberta heavy oil project nine years ago has collapsed in value to less than $80 million, based on the price its Canadian partner has negotiated for the sale of its majority stake. The fall to less than one-tenth of original value is shocking but consistent with the general record of poor performance from China's Alberta oilpatch investments, said Gordon Houlden, director of the China Institute at the University of Alberta in [Read more]
Burnaby mayor wants more action on pipeline after meeting with Trudeau
BURNABY, B.C. - The mayor of Burnaby, B.C., says he met with Prime Minister Justin Trudeau to discuss his concerns about the risk of a fire at a tank farm in his city, which would be the terminus of an expanded Trans Mountain pipeline. Mike Hurley said he told Trudeau on Saturday that the facility on Burnaby Mountain is within five kilometres of forests and a residential area that would put thousands of lives in danger. "I said, 'If it goes ahead, and I sincerely hope it doesn't, we have [Read more]
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