Saudi Arabia's Cabinet on Thursday endorsed a 2015 budget that projects a slight increase in spending and a significant drop in revenues due to sliding oil prices, resulting in a nearly $39 billion deficit. In a sign of mounting financial pressure, the Finance Ministry said the government would try to cut back on salaries, wages and allowances, which "contribute to about 50 percent of total budgeted expenditures." That could stir resentment among the kingdom's youth, who make up a majority of [Read more]
News
Financial shocker of the year: Oil at $60
NEW YORK (AP) — For the first half of 2014 the oil market looked just as it had the year before — and the 2 years before that. Oil was over $100 and drivers in the U.S. were paying around $3.50 for gasoline. Economies around the world seemed to have adjusted to higher priced oil and oil companies were using high profits and debt from willing lenders to scour the world for new reserves. There was no real hope or expectation that U.S. drivers would see a price at the pump that started with a [Read more]
Dejour’s 2nd Well Logs 17’ of Gething Gas Pay
2014 Woodrush Drill Program Moves to Completion VANCOUVER, British Columbia--(BUSINESS WIRE)--Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ) (“Dejour” or the “Company”), an independent oil and natural gas exploration and production company operating in North America's Piceance Basin and Peace River Arch regions, updates current development progress underway at the Woodrush/Hunter Project (“Woodrush”) in NE British Columbia. As per the previously announced 2014 development program, [Read more]
Northern Spirit Resources Inc. Announces Closing of Private Placement
CALGARY, ALBERTA--(Marketwired - Dec. 24, 2014) - Northern Spirit Resources Inc. ("Northern Spirit" or the "Corporation") (TSX VENTURE:NS) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the "Private Placement") of common shares in the capital of the Corporation issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) ("Flow-Through Shares"). In this first tranche, the Corporation issued an aggregate of [Read more]
Stonehaven Announces Closing of $3.4 Million Private Placement of Flow-Through Shares
CALGARY, ALBERTA--(Marketwired - Dec. 23, 2014) - Stonehaven Exploration Ltd. ("Stonehaven" or the "Company") (TSX VENTURE:SE) reports that it has closed its previously announced private placement offering (the "Offering") of 2,267,000 common shares of the Company issued on a "flow-through" basis (the "Flow-Through Shares") at a price of $1.50 per Flow-Through Share, resulting in gross proceeds of $3,400,500. The gross proceeds of the Flow-Through Shares will be used by the Company to incur [Read more]
Palliser Provides Status Update
Calgary, Alberta / ACCESSWIRE / December 23, 2014 / Palliser Oil & Gas Corporation ("Palliser" or the "Company") (TSX VENTURE: PXL) announces that the forbearance agreement between Palliser and its lender has been further extended to January 9, 2015. Separately, Palliser has discontinued the special committee of the board of directors of Palliser and has retained Paradigm Capital Inc. to provide financial advisory services and to assist the Company in identifying and evaluating potential [Read more]
Enbridge Energy Partners Approves Alberta Clipper Pipeline Drop Down Acquisition and 3 Percent Initial 2015 Distribution Increase
HOUSTON, TX--(Marketwired - Dec 23, 2014) - Enbridge Energy Partners L.P. (NYSE: EEP) (NYSE: EEQ) ("EEP" or the "Partnership") announced today that agreement has been reached on the terms of the drop down to the Partnership of the remaining 66.7 percent interest in the U.S. segment of the Alberta Clipper Pipeline from its general partner, Enbridge Energy Company, Inc., ("EECI"), a U.S. affiliate of Enbridge Inc. (NYSE: ENB) ("ENB"), previously announced on September 17, 2014. The drop down is [Read more]
Vital Energy Inc.: Core Project Areas – Status Update
CALGARY, ALBERTA--(Marketwired - Dec. 23, 2014) - Vital Energy Inc. ("Vital" or the "Corporation") (TSX VENTURE:VUX) announces: The recent Gull Lake Area, S.W. Saskatchewan Project vertical development wells located at 4-5-14-19 W3M and 15-32-13-19 W3M have both been on production for over 30 days. Both wells are producing medium gravity oil from the Roseray formation. Stabilized production rates from the wells are approximately 100 barrels of oil per day. Vital announces that 11-32-13-19 [Read more]
Natural gas price diving when it usually rises, on mild weather, high supplies
NEW YORK - Natural gas, the nation's most prevalent heating fuel, is getting cheaper just as winter is arriving because of mild temperatures and plentiful supplies.The price of natural gas has dropped 29 per cent in a month, to $3.17 per 1,000 cubic feet on Tuesday from nearly $4.50 in late November. That's a steep drop even for a fuel notorious for volatile price swings.The lower prices are expected to linger and could reduce electricity prices and heating bills in the coming months. Natural [Read more]
Toro Announces Closing of $5.8 Million Bought Deal Private Placement Equity Financing
CALGARY, ALBERTA--(Marketwired - Dec. 23, 2014) - Toro Oil & Gas Ltd. (TSX VENTURE:TOO) ("Toro" or the "Company") is pleased to announce the closing of the previously announced bought deal private placement and the issuance of an aggregate of 5,094,500 common shares (including 664,500 common shares issued pursuant to the exercise of the option of the Underwriters (as defined herein)) on a flow-through basis in respect of Canadian Exploration Expenses (the "Flow-Through Shares"), at a price [Read more]