Laricina Energy Ltd. and its wholly owned subsidiaries: Laricina GP Holding Ltd. and 1276158 Alberta Inc. (collectively “Laricina” or the “Company”), announced today that they have been granted creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”). “Requesting this creditor protection was a difficult, but necessary step,” said Glen Schmidt, President and CEO. “This was done after careful consideration of all available alternatives and the Laricina Board of Directors [Read more]
Invico Capital Are Currently In Market To Purchase Non-Operating Working Interests, GORR’s And Secured/Unsecured Debt
Invico Capital announced today that after it's recent acquistion, that it is continuing to strategically seek and pursue the purchase of non-operating working interests, gross over-riding royalties and secured/unsecured debt. Founded in 2005, Invico Capital Corporation is a Calgary, Alberta based independent alternative investment fund management firm with approximately $200 million of private capital under management. In addition to strategic acquisitions, Invico provides alternative [Read more]
Capital Oil Ltd. Announces Private Placement
Capital Oil Ltd is pleased to announce a non-brokered $500,000 CAD private placement through issuance of 2,000,000 shares at $0.25 per share. The minimum investment of $5,000 CAD for 20,000 shares. The proceeds will be used for future acquisitions of low-production oil and gas wells with identifiable upside potential. Capital Oil Ltd. is currently looking for people & partners within Alberta who are interested in owning oil & gas properties with us. The recent decline in oil prices have [Read more]
Laricina Energy Ltd. Suspends Operations at Germain Commercial Demonstration Project and Provides Corporate Update
Laricina Energy Ltd. (“Laricina” or the “Company”) advises that it has decided to suspend operations at its Germain Commercial Demonstration Project (“CDP”). This action reflects the Company’s continuing efforts to implement cost controls towards maintaining its financial position to protect the long-term value of its assets in this difficult commodity and capital markets environment. Shut-in activities at Germain have begun and suspension of the Germain CDP is expected to be completed by [Read more]
Check out the BOE Report featured in Times Square NY
Canada's source for oil and gas news was on display front and centre at Times Square in Manhattan. As part of a partnership with NASDAQ Globe Newswire, the BOE Report logo hit NASDAQ's board for 5 minutes Wednesday morning. We're pleased to report our site's traffic has rapidly increased since we launched 2 years ago. The BOE Report reached 39,121 users in January and garnered a record-breaking 203,000 pageviews - 90% of the site's traffic came from western Canada (85% in Alberta). [Read more]
Shell Calls on Big Oil Peers to Speak Up on Climate Change
Royal Dutch Shell Plc will call on the oil industry to speak up about ways to curb global warming, a shift that suggests executives fear losing ground in the debate to environmental groups. “In the past we thought it was better to keep a low profile on the issue,” Chief Executive Officer Ben Van Beurden said in remarks prepared for a conference Thursday in London. “It’s not a good tactic. We have to make sure that our voice is heard by members of government, by civil society and the general [Read more]
Weekly Oil Inventories Rise 6.3M Barrels, Price Falls 5 percent
A recent rebound in oil prices came to an end as the benchmark contract for U.S. crude fell $2.65, or 5 percent, to $50.40. One factor driving trading was a report that U.S. crude inventories jumped by 6 million barrels last week, more than analysts had forecast. Crude prices had rallied 19 percent over the previous four days as producers canceled exploration projects and cut the number of rigs drilling. [Read more]
PSAC 2015 Drilling Forecast Declines 24% Amid Slumping Oil Prices
Calgary, Alberta – In its first update to the 2015 Canadian Drilling Activity Forecast, released today, the Petroleum Services Association of Canada (PSAC) has revised its forecasted number of wells drilled (rig releases) across Canada for 2015 to 7,650 wells. This is a decrease of 2,450 wells from PSAC’s original 2015 drilling forecast released in late October 2014, representing a 24 per cent decline. PSAC is basing its updated 2015 forecast on average natural gas prices of $2.50 CAD$/mcf [Read more]
Crude oil spikes, best day in 2 1/2 years
The price of oil surged, despite a large increase in U.S. oil stockpiles, on a weaker dollar and traders' expectations that oil had fallen too far recently. Benchmark U.S. crude rose $2.59 to close at $48.48 a barrel in New York, it's highest one-day rise since June 2012. Brent crude, a benchmark for international oils used by many U.S. refineries, rose $2.10 to close at $48.69 in London. [Read more]
Watch US Congressman lay out the perfect case for Keystone XL
Republican congressman Ted Poe stood on the US house floor Friday and laid out a very convincing case for Keystone XL. The Congressman said Keystone as the safest method of crude oil transportation which will deliver as much oil from Canada as the US imports from Saudi Arabia. His impassioned speech also mentioned the extremely lengthy process Keystone has been through: “The permitting for the Keystone pipeline has taken longer than it took for the United States to win World War II...Isn’t [Read more]
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