Perpetual Energy Inc. is pleased to announce further positive results from the Corporation's ongoing asset disposition program. Subsequent to the end of the third quarter Perpetual has entered into definitive purchase and sale agreements for the divestiture of certain varied assets which will result in net realized proceeds of $8.2 million, subject to certain closing adjustments and transaction costs. These transactions are scheduled to all be closed on or prior to January 7, 2013. The … [Read more...]
Oil rises near US$87 after survey shows improvement in China’s manufacturing
By Pablo Gorondi, The Associated Press The price of oil rose to near US$87 a barrel Friday, boosted by a survey that showed the recovery in China's manufacturing is gathering strength. By early afternoon in Europe, benchmark West Texas Intermediate crude for January delivery was up 83 cents to US$86.72 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 88 cents to end at US$85.89 a barrel in New York on Thursday. HSBC Corp. said the … [Read more...]
Strategic Oil & Gas Ltd. Announces Core Area Acquisitions, New Light Oil Resource Play, Expanded Credit Facility and Grant of Stock Options
Strategic Oil & Gas Ltd. is pleased to announce that it has entered into agreements to acquire certain assets in Strategic''s core area at Steen River, Alberta, (the "Acquisition"), for cash consideration of $23.6 million, subject to customary closing adjustments. The Acquisition will have an effective date of December 1, 2012 and is expected to close on December 21, 2012. SUMMARY OF THE ACQUISITION Strategic is acquiring a 100% working interest in 340 boe/d (83% light oil) of … [Read more...]
Palliser Oil & Gas Closes Flow-Through Share Financing
Palliser Oil & Gas Corporation is pleased to announce that it has completed the sale on a non-brokered basis of 1,462,631 common shares of Palliser on a flow-through basis (the "Flow-through Shares") at an issue price of $0.82 per Flow-Through Share (the "Offering") resulting in gross proceeds of $1,199,357 . Palliser has paid a finder's fees of an aggregate of $60,000 (6% on certain of the subscriptions) to net $1,139,357 from the Offering. Proceeds from the issuance of the Flow-Through … [Read more...]
Equal Energy Closes Sale of Royalty Assets; To Start Hunton Drilling Program in Early January
Equal Energy Ltd. is pleased to confirm that the sale of its royalty and fee title lands in Western Canada to Keystone Royalty Corp. has closed as scheduled today. Cash proceeds are $12.13 million. Equal has also agreed to assign residual Canadian resource income tax pools to Keystone as part of the royalty sale transaction. The royalty sale is the final transaction in a series of asset sales concluded as part of Equal's recently completed strategic review process. Hunton … [Read more...]
Crude oil eases to $86.65 a barrel
By The Associated Press NEW YORK, N.Y. - The price of oil wavered between small gains and losses Thursday as traders balanced concerns over an apparent impasse in Washington's critical budget negotiations with enthusiasm over steps taken to boost a slow-growing economy. President Barack Obama and Republican leaders don't appear to be close a deal to avert the so-called fiscal cliff before year's end. Without an agreement, hundreds of billions of dollars in tax increases and government … [Read more...]
$4 BILLION JOINT VENTURE: Encana and PetroChina to develop the Duvernay
Encana Corporation has entered into a joint venture arrangement with Phoenix Duvernay Gas (Phoenix), a wholly owned subsidiary of PetroChina, to explore and develop Encana's extensive undeveloped Duvernay land holdings in west-central Alberta. Under the terms of the agreement, Phoenix will gain a non-controlling 49.9% interest in Encana's approximately 445,000 acres in the Duvernay play for total consideration of C$2.18 billion. At closing, C$1.18 billion was paid to Encana and C$1.0 billion … [Read more...]
Alberta Average Price per HA to December 12
[table] [attr style="width: 25%"]`[attr style="width: 25%"]Plains/HA`[attr style="width: 25%"]Northern/HA`[attr style="width: 25%"]Foothills/HA December 12, 2012` $272.47` $377.08`$386.64 November 28, 2012` $382.56` $289.81`$358.54 Change`-$110.09`+$87.27`+$28.10 [/table] Source: ERCB … [Read more...]
Trilogy Energy Corp. Announces Closing of Senior Notes Offering
Trilogy Energy Corp. today announced that it has closed its sale of C$300 million aggregate principal amount of 7.25% senior unsecured notes due December 13, 2019 (the "Notes") at par. The Notes were offered by way of private placement to purchasers in Canada by a syndicate of underwriters led by Scotiabank, RBC Capital Markets and BMO Capital Markets as joint book runners and including CIBC World Markets, TD Securities, AltaCorp Capital Inc. and Stifel Nicolaus Canada Inc. The Notes have … [Read more...]
Clark: B.C.’s gas export plans on same scale as Alberta’s oil sands
By Dirk Meissner, The Canadian Press VICTORIA - Premier Christy Clark says her government's plan to export liquefied natural gas to Asia is British Columbia's economic equivalent to Alberta's oilsands. In a year-end interview with The Canadian Press, Clark said B.C.'s LNG development ambitions will transform the economy, but the province must act quickly before the opportunity evaporates like gas into the atmosphere. Clark, who has spent the last year describing her "bold" and … [Read more...]
