CALGARY - The CEO of Calgary-based Cenovus Energy says it would be a bad idea to review Alberta's royalty structure at a time when crude prices are down by half.Brian Ferguson says if Alberta is not fiscally competitive, then jobs and investment will go elsewhere.Royalties have become a hot topic ahead of Tuesday's election, with NDP Leader Rachel Notley saying it makes sense to examine whether Albertans are getting their fair share of the province's resource riches.Notley has also said she [Read more]
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Connacher Mourns Death of Chairman
CALGARY, April 29, 2015 /CNW/ - Connacher Oil and Gas Limited (CLL – TSX; "Connacher" or the "Company") has lost a great friend and leader. Colin Evans, Connacher's Board Chairman, passed away yesterday. Colin was appointed to Connacher's Board in April 2004 and became the Chairman in May 2012. He was an ardent supporter of the Company. In 2012 through April 2013, he also acted as co-managing director, guiding the Company through the disposition of its refining and conventional exploration [Read more]
NuVista Energy Ltd. Announces Closing of Equity Financings
CALGARY, ALBERTA--(Marketwired - April 29, 2015) - NuVista Energy Ltd. ("NuVista") (TSX:NVA) is pleased to announce that it has closed its previously announced public offering of 11,465,000 common shares and 2,313,000 common shares issued on a "flow-through" basis pursuant to the Tax Act (Canada) ("Flow-Through Shares") through a syndicate of underwriters co-led by RBC Capital Markets and Peters & Co. Limited and including CIBC World Markets Inc., Scotia Capital Inc., FirstEnergy Capital [Read more]
Scotiabank’s Commodity Price Index Tumbles in March, but Will Strengthen in April
TORONTO, ON--(Marketwired - April 29, 2015) - After rallying in February, Scotiabank's Commodity Price Index dropped by 3.7% in March, as oil prices retreated once again. The All Items Index is at its lowest level since January 2007 and is 32.8% below a year earlier."The good news is a spring rally has emerged in April, with price gains for oil and base metals," said Patricia Mohr, Vice President of Economics and Commodity Market Specialist at Scotiabank. "West Texas Intermediate (WTI) oil [Read more]
Cenovus first-quarter oil sands production up 20%
Oil sands per-unit operating costs decline 31% Combined oil sands production averaged more than 144,000 barrels per day (bbls/d) net in the first quarter, up 20% from the same period in 2014. Total oil production was more than 218,000 bbls/d, 11% higher than in 2014. Upstream per-unit operating costs declined 23%, including a 31% decrease in oil sands per-unit operating costs, compared with the first quarter of 2014. Cash flow was $495 million, a 45% decline from the first quarter in [Read more]
Leucrotta Exploration Announces Q4 2014 Financial and Operating Results
CALGARY, ALBERTA--(Marketwired - April 29, 2015) - LEUCROTTA EXPLORATION INC. (TSX VENTURE:LXE) ("Leucrotta" or the "Company") is pleased to announce its financial and operating results for the three months and year ended December 31, 2014. All dollar figures are Canadian dollars unless otherwise noted. HIGHLIGHTS Commenced active oil and natural gas operations on August 6, 2014 as a result of the closing of an arrangement agreement between Leucrotta, Crocotta Energy Inc. ("Crocotta") and [Read more]
Have Natural Gas Prices Bottomed?
Last Friday we finally got confirmation of where all the natural gas supply has been coming from as Cabot (COG) reported its earnings. Just like Chesapeake (CHK), they reduced natural gas output, but on a much grander scale. CHK has yet to report and will do so on May 6th providing even more color on the subject. Last month they announced a 2% reduction in NGAS volumes to 1-3% for 2015 vs. 3-5%. But the ramp up of supply from Marcellus, and to a lesser extent Utica, and a corresponding flat [Read more]
3MV Energy Announces Year-End 2014 Results
CALGARY, April 28, 2015 /CNW/ - 3MV Energy Corp. ("3MV" or the "Company") (TSXV: TMV) is pleased to report its financial and operating results for year ended December 31, 2014. 3MV's audited financial statements and related management's discussion and analysis for the year ended December 31, 2014 have been filed and are available on the SEDAR website at www.sedar.com and on the Company's website at www.3mvenergy.com. 3MV is also pleased to announce the results of its 2014 year-end reserves [Read more]
Yangarra Announces $20 million Bought Deal Financing
CALGARY, April 28, 2015 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Corporation") (TSX:YGR) announces it has entered into an equity financing agreement, on a bought deal basis, with AltaCorp Capital Inc., as lead underwriter and including Acumen Capital Finance Partners Limited, Industrial Alliance Securities Inc., Clarus Securities Inc., Dundee Capital Markets and Paradigm Capital Inc. (collectively, the "Underwriters"). Under the terms of the agreement, Yangarra will issue an [Read more]
NDP’s Notley brushes off Alberta premier ‘fear-mongering’ over energy
CALGARY - Alberta NDP Leader Rachel Notley says Premier Jim Prentice is fearmongering when he accuses her of turning her back on the oil industry and job creation.Notley has said that if she wins next Tuesday's election, she will hold a review of the province's royalty structure to ensure that Albertans are getting a fair return for their non-renewable resources.Prentice says that would hurt the industry and undermine public confidence in Alberta.Royalties are paid by energy companies to develop [Read more]