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TSX closes lower, early enthusiasm for Cypriot bailout deal evaporates

By Malcolm Morrison, The Canadian Press TORONTO - The Toronto stock market closed lower Monday as earlier relief over a bailout deal for Cyprus faded. The S&P/TSX composite index finished the session down 76.64 points to 12,680.71 with smartphone maker BlackBerry also a major weight ahead of its earnings release later in the week. Indexes had been higher earlier in the session after Cyprus clinched a €10-billion bailout from the International Monetary Fund, the European Commission [Read more]

Montclair Energy still looking to buy Equal Energy after $142-million offer

By The Canadian Press CALGARY - Montclair Energy LLC said Monday it was still looking to buy Equal Energy Ltd. (TSX:EQU.TO) after the company rejected a takeover bid worth $142 million. Montclair said it had hoped to reach a negotiated deal, but the Equal board turned down the offer of $4 per share in cash on March 15. "While our goal is to reach a negotiated transaction with Equal Energy, we have determined that Equal Energy shareholders should be informed of our interest in an [Read more]

Equal Energy rejects Montclair Energy buyout offer

NEW YORK (AP) -- Montclair Energy LLC said Monday that Equal Energy's board has rejected its $142.4 million acquisition offer. The $4 per share offer price was a 15 percent premium to Equal Energy Ltd.'s Friday closing price of $3.49. Equal Energy shares rose 29 cents, or 8.3 percent, to $3.78 in midday trading. Over the past year shares of the Canadian oil and natural gas exploration, development and production company have traded between $2.39 and $4.05. Equal Energy Ltd. has about 35.6 [Read more]

Oil rises after European ministers sign off on Cyprus bailout

  BANGKOK, Thailand - The price of oil rose above $94 per barrel Monday after European nations agreed on a bailout for Cyprus that tamps down the latest flare-up in Europe's debt crisis. Benchmark crude for May delivery was up 44 cents to US$94.15 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.26, or 1.4 per cent, to close at $93.71 a barrel on Friday. Cyprus secured 10 billion euro ($13 billion) of rescue loans [Read more]

DeeThree Exploration Ltd. Announces 108% Increase in 2012 Year End Reserves and Provides Operational Update

CALGARY, ALBERTA--(Marketwire - March 25, 2013) - DEETHREE EXPLORATION LTD. ("DeeThree" or the "Company") (DTX.TO) (DTHRF) is pleased to provide the following information on its reserves effective as at December 31, 2012, as evaluated by the Company's independent reserve engineering firm, Sproule Associates Limited ("Sproule"). The evaluation of DeeThree's petroleum and natural gas reserves was conducted pursuant to National Instrument 51-101 - Standards of Disclosure for Oil and Gas [Read more]

AltaGas Announces US$515 Million US Power Acquisition and $352 Million Common Share Offering

CALGARY, ALBERTA--(Marketwire - March 25, 2013) - NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AltaGas Ltd. ("AltaGas") (ALA.TO)(ALA-PA.TO)(TSX:ALA.PR.U) announced today that its indirect wholly owned subsidiary AltaGas Power Holdings (U.S.) Inc. has entered into a purchase and sale agreement with affiliates of LS Power Equity Advisors, LLC to acquire Blythe Energy, LLC ("Blythe"), which owns a 507 MW natural gas-fired combined cycle [Read more]

ONE DOWN! U.S. Senate endorses Keystone XL pipeline construction

The Associated Press WASHINGTON — The Senate has endorsed construction of the proposed Keystone XL pipeline that is to carry oil from Canada to Texas oil refineries. Senators voted 62-37 on Friday for the nonbinding measure. Seventeen Democrats and all 45 Republicans voted yes. For four years, environmentalists and others have tried to derail the project, saying extracting the oil from Alberta oilsands would increase global warming. President Barack Obama has thwarted it twice, and [Read more]

Federal budget skills training plan embraced by some Alberta business groups

  By Lauren Krugel, The Canadian Press CALGARY - Alberta business groups say a rejigged skills training program included in the most recent federal budget could offer some relief for the province's tight labour market. Travis Davies of the Canadian Association of Petroleum Producers says connecting the right workers with the right jobs is a "huge challenge" in the oilpatch, where skilled tradespeople such as pipefitters and plumbers are in high demand. "To the degree that you [Read more]

U.S. energy regulator rejects Enbridge North Dakota pipeline plan

  CALGARY - Enbridge Inc.'s plans to pipe more oil out of North Dakota were handed a setback Friday, as the U.S. energy regulator rejected its plan to recover the costs of a proposed $2.5 billion project from customers. Enbridge (TSX:ENB) had argued to the Federal Energy Regulatory Commission that the petition would give the company the certainty it needed to allow the Sandpiper project to go forward. But FERC says the filing doesn't meet its regulations for rate changes. While [Read more]

Canada rig count drops off as spring break-up begins

[table] [attr style="width: 20%"]`[attr style="width: 35%"]`[attr style="width: 15%"]Oil`[attr style="width: 15%"]Gas`[attr style="width: 15%"]Total [attr rowspan="5" style="background-color: #E0E0E0; text-align: center; vertical-align: middle;"]Canada`This Week`221`116`337 Last Week`366`137`503 Last Year`235`117`352 Week over Week Change`-145`-21`-166 Year over Year Change`-14`-1`-15[/table] [table] [attr style="width: 20%"]`[attr style="width: 35%"]`[attr style="width: 15%"]Oil`[attr [Read more]