WASHINGTON - A showdown over the Keystone XL pipeline is set for early in the new year, with the Canadian oil project having been anointed as the No. 1 priority of the new Republican-dominated Congress.A Keystone XL bill will be the first item in the Senate after the new Congress convenes on Jan. 6, the next leader of the chamber, Republican Mitch McConnell, announced Tuesday.McConnell also said he'll allow amendments to the bill. That means it could become a venue for horse-trading, as [Read more]
News
Quebec premier says not interested in exploiting shale gas deposits
MONTREAL - Premier Philippe Couillard has ruled out exploiting Quebec's shale gas reserves — at least for now.Quebecers are largely against hydraulic fracturing and exploiting the natural resource in today's market is not economically viable, he said Tuesday.Couillard made the comments shortly after Quebec's environmental review board concluded the ecological and social risks associated with hydraulic fracturing, or "fracking," outweigh the financial benefits.Fracking is a process whereby a [Read more]
Hibernia estimated to have more than 1.6 billion barrels of oil, regulator says
ST. JOHN'S, N.L. - The federal-provincial regulator for Newfoundland and Labrador's offshore oil industry says there is more oil in the Hibernia offshore site than previously estimated.The Canada-Newfoundland and Labrador Offshore Petroleum Board says Hibernia is now estimated to have 1.644 billion barrels of oil.That's up from its previous 2010 estimate of 1.395 billion barrels of oil.Hibernia, which began producing oil in November 1997, is Newfoundland's oldest offshore site.It is located [Read more]
Repsol to Acquire Talisman Energy for US$8.00 Per Common Share In All-Cash Transaction
CALGARY, ALBERTA--(Marketwired - Dec. 15, 2014) - Highlights: All-cash price of US$8.00 (C$9.33) per Talisman common share delivers significant and immediate value to Talisman common shareholders. The purchase price for common shares represents a 75% premium to the 7-day volume weighted average share price and a 60% premium to the 30-day volume weighted average price. A cash price of C$25 plus accrued and unpaid dividends per Talisman preferred share if holders approve their [Read more]
Spanish company Repsol to purchase Talisman Energy
CALGARY - The CEO of Talisman Energy Inc. (TSX:TLM) says a multibillion-dollar takeover by Spanish energy giant Repsol is the best case scenario for shareholders in a gloomy oil price environment. The total purchase price is US$13 billion — US$8.3 billion for Talisman stock plus the assumption of its debt. The Repsol deal is a "terrific outcome" for a company facing a litany of challenges as crude prices plummet, from its large debt load to its sizable spending commitments in the U.K. [Read more]
Toro Announces $20 Million of Equity Financings
CALGARY, ALBERTA--(Marketwired - Dec. 16, 2014) - Toro Oil & Gas Ltd. (TSX VENTURE:TOO) ("Toro" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. and including Dundee Securities Ltd., National Bank Financial Inc. and GMP Securities L.P. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, [Read more]
Encana Focuses 2015 Capital Program on Four Strategic Growth Assets
CALGARY, AB--(Marketwired - December 16, 2014) - Encana (TSX: ECA) (NYSE: ECA) today announced a highly focused 2015 capital program of between $2.7 billion and $2.9 billion, with approximately 80 percent directed to four of its highest margin growth plays; the Montney, Duvernay, Eagle Ford and Permian. "Following the launch of our new strategy, we took aggressive action and transformed our portfolio, significantly reduced our cost base and built a culture that drives efficiencies throughout [Read more]
TORC Oil & Gas Ltd. Announces 2015 Capital Budget
CALGARY, Dec. 16, 2014 /CNW/ - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce that its Board of Directors has approved a 2015 capital budget of $125 million. TORC's strategic objectives associated with the 2015 capital budget are consistent with the Company's long term objectives of delivering disciplined growth in combination with a sustainable dividend while maintaining financial flexibility. TORC's 2015 capital budget exhibits a measured approach to the [Read more]
Raging River Exploration Inc. Achieves 2014 Exit Production, Announces 2015 Budget of $175 Million Capital Program Resulting in 24% Increase in Average Daily Production
CALGARY, ALBERTA--(Marketwired - Dec. 16, 2014) - Raging River Exploration Inc. ("Raging River" or the "Company") (TSX:RRX) is pleased to announce that it achieved its exit guidance of 12,750 boe/d during the first two weeks of December. As a result of our continued success, we now expect fourth quarter 2014 production to be approximately 12,000 boe/d resulting in an increase to our average 2014 production guidance to 10,600 boe/d from 10,500 boe/d. 2014 has been a record year for Raging [Read more]
Long Run Exploration Announces Its 2015 Budget and Intention to Maintain Its Long Term Strategic Plan as a Sustainable Dividend Paying Mid-Size Oil and Gas Company
CALGARY, ALBERTA--(Marketwired - Dec. 15, 2014) - LONG RUN EXPLORATION LTD. (TSX:LRE) ("Long Run" or the "Company") is setting a 2015 capital budget that delivers on a sustainable long-term business model to shareholders. The management and Board of Directors looked at many factors in setting a course for Long Run in 2015. Financial models were run at a range of probable commodity prices. We reviewed our development inventory and need to maintain momentum in both field development and enhanced [Read more]