RIYADH, Saudi Arabia (AP) — Saudi Arabia's King Abdullah, the powerful U.S. ally who joined Washington's fight against al-Qaida and sought to modernize the ultraconservative Muslim kingdom with incremental but significant reforms, including nudging open greater opportunities for women, has died, according to Saudi state TV. He was 90. More than his guarded and hidebound predecessors, Abdullah assertively threw his oil-rich nation's weight behind trying to shape the Middle East. His priority [Read more]
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Prentice gloomy about quick oil recovery, suggests raising taxes
CALGARY - Alberta Premier Jim Prentice says there's no chance that the province can "ride things out" while waiting for a rebound in oil prices.Prentice says a full discussion must be held with Albertans to find a way to deal with a decline of $7 billion in resource revenues triggered by a fall in world oil prices to below US$50 a barrel."I know there is a thought out there that we should just ride this out and prices will rebound and we'll be back into happier times," Prentice said [Read more]
Maple Leaf Enters Agreement to Purchase Oil and Gas Royalties
CALGARY, ALBERTA--(Marketwired - Jan. 22, 2015) - Maple Leaf Royalties Corp. (TSX VENTURE:MPL) ("Maple Leaf") is pleased to announce that it has entered into a definitive purchase agreement with Maple Leaf 2012 Energy Income Limited Partnership ("Vendor") pursuant to which it has agreed to acquire royalty interests in nine oil and gas wells located in Alberta (the "Royalties") in consideration of the issuance and delivery to Vendor of 23,000,000 common shares (the "Purchase Price Shares") of [Read more]
Blackbird Energy Inc. Announces Appointment of Vice President, Exploration
CALGARY, ALBERTA--(Marketwired - Jan. 22, 2015) - Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird" or the "Company") is pleased to announce that Mr. Craig Wiebe has been appointed to the position of Vice President, Exploration. Prior to his appointment as Vice President, Exploration, Mr. Wiebe held the position of Consulting Geologist with Blackbird. Mr. Wiebe is a Professional Geologist with over 20 years exploration and development experience, the majority being in unconventional [Read more]
Toro Announces 2015 Capital Budget and Strategy
CALGARY, ALBERTA--(Marketwired - Jan. 22, 2015) - Toro Oil & Gas Ltd. (TSX VENTURE:TOO) ("Toro" or the "Company") announces its approved capital budget and strategic plan for 2015. In light of the current low commodity price environment and limited visibility on timing for recovery, Toro's Board of Directors approved a 2015 conservative capital expenditure program of $12 million. The Company intends to limit capital spending in the first half of the year and defer drilling expenditures to [Read more]
Crushing The U.S. Energy Export Dream
Exporting crude oil and natural gas from the United States are among the dumbest energy ideas of all time. Exporting gas is dumb. Exporting oil is dumber. The U.S. imports almost half of the crude oil that we use. We import 7.5 million barrels per day. The chart below shows the EIA prediction that production will slowly fall and imports will rise (AEO 2014) after 2016. This means that the U.S. will never be self-sufficient in oil. Not even close. What about the tight oil [Read more]
Pengrowth Announces Significant 2014 Achievements and Proactive Measures to Ensure Its Financial Health and Sustainability in a Low Commodity Price Environment
CALGARY, ALBERTA--(Marketwired - Jan. 21, 2015) - Pengrowth Energy Corporation (TSX:PGF) (NYSE:PGH) today announced significant accomplishments in 2014 including: Production performance exceeding the top end of production guidance of 71,000 to 73,000 barrels of oil equivalent per day (boe/d) even with mature asset sales of 1,400 boe/d. Superior execution costs and production rates on Pengrowth's conventional assets. Successfully completing the construction, commissioning and first steam [Read more]
Legacy Oil + Gas Inc. announces appointment of James Bertram as lead director
CALGARY, Jan. 21, 2015 /CNW/ - Legacy Oil + Gas Inc. ("Legacy") (TSX:LEG) is pleased to announce that the Board of Directors of Legacy has appointed James Bertram as lead director. Mr. Bertram's role as lead director will be to guide the effective and independent operation of the Board and act as chief liaison between the Board and management. Mr. Bertram has been an independent director of Legacy since July 2009. SOURCE Legacy Oil + Gas Inc. [Read more]
Prentice says austerity will start at top in bid to balance budget amid low oil
EDMONTON - Premier Jim Prentice says with low oil prices knocking the legs out from under the Alberta economy, austerity will start at the top."We can't expect people in the public sector to tighten their belts unless they see the premier, his office, and the people that work with him in government tightening their belts," Prentice told reporters Wednesday during an announcement at the Edmonton International Airport.He declined to be more specific and wouldn't say if the austerity will include [Read more]
Southern Pacific Files for Creditor Protection Under the CCAA
CALGARY, ALBERTA--(Marketwired - Jan. 21, 2015) - Southern Pacific Resource Corp. (TSX:STP) announces today that it and certain of its subsidiaries (and partnership), Southern Pacific Energy Ltd., 1614789 Alberta Ltd., 1717712 Alberta Ltd. and Southern Pacific Resource Partnership (collectively "Southern Pacific" or the "Company") have obtained creditor protection under the Companies' Creditors Arrangement Act (Canada) (the "CCAA") pursuant to an Order granted on January 21, 2015 by the Court of [Read more]