Nigeria As much as 400,000 barrels of oil a day are stolen in Nigeria. This equates to losses of $1.7 billion a month for Africa's new largest economy. This represents 7.7 percent of its GDP vanishing, or more than the country spends on education and healthcare. These numbers paint a harsh picture about the inability of the Nigerian government, and the multinational oil companies in the Niger Delta, to do anything about this rampant theft. Shell executives have railed against the futility [Read more]
News
Encana selling Alberta power assets as it continues to focus portfolio
CALGARY - Encana Corp. CEO Doug Suttles says the company has agreed to sell one gas-fired power plant it owns and operates in Alberta and the 50 per cent stake it holds in another. The value of the deal and the buyer are not being disclosed. "It's not that these weren't good businesses," Suttles told reporters on the sidelines of a TD energy conference in Calgary. "We're not a power company. We're an oil and gas company and this is about focus and consistent strategy. So it just made [Read more]
Paramount Resources Ltd. Completes Previously Announced Equity Offerings for Gross Proceeds of Approximately $350 Million
CALGARY, ALBERTA--(Marketwired - July 9, 2014) - Paramount Resources Ltd. (TSX:POU) ("Paramount") has completed its previously announced public offering of 4,600,000 Class A Common Shares (the "Common Shares") at a price of $60.00 per share for gross proceeds of $276,000,000 and 900,000 Class A Common Shares issued on a "flow-through" basis in respect of Canadian exploration expenses (the "Flow-Through Shares") at a price of $74.40 per share for gross proceeds of $66,960,000. Both the Common [Read more]
Western premiers in Iqaluit to discuss impact of development on North
IQALUIT, Nunavut - The premiers of six western provinces and territories arrive in this eastern Arctic boom town today for a gathering expected to focus on development of natural resources and its impact on northern and remote communities. Their arrival coincides with Nunavut Day, which marks the creation of the territory in 1993. Nunavut Premier Peter Taptuna will greet his counterparts from British Columbia, Alberta, Saskatchewan, Manitoba, the Northwest Territories and Yukon at a hotel [Read more]
Oil falls closer to US$103 a barrel as supply fears continue to recede
The price of oil slipped closer to $103 a barrel Tuesday as concerns about supply disruptions continued to fade.Benchmark West Texas Intermediate crude for August delivery fell 13 cents to close at US$103.40 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.30 to close at US$108.94 on the ICE Futures exchange in London.Oil has been falling steadily since it hit a 10-month closing high of $107.26 on June 20 as a [Read more]
Harvest Operations Announces Changes to the Executive Team and Appointment of Director
CALGARY, ALBERTA--(Marketwired - July 8, 2014) - Harvest Operations Corp. (Harvest or the Company) on behalf of the Board of Directors announces that Mr. Myunghuhn Yi has tendered his resignation as President and Chief Executive Officer, effective July 1, 2014. Mr. Yi will continue on the Board of Harvest as a non-executive director until July 31, 2014. The Board has appointed Mr. Kyungluck Sohn as President and Chief Executive Officer. Mr. Sohn is currently a director on the Harvest Board. [Read more]
Twin Butte Energy Completes Private Placement
CALGARY, July 8, 2014 /CNW/ - Twin Butte Energy Ltd. (TSX: TBE) ("Twin Butte") is pleased to announce that it has completed its previously announced common share private placement. At closing, Twin Butte issued 1,817,220 common shares at a price of $1.80 per common share (representing the VWAP of the common shares on the TSX for the five trading days prior to the announcement of the private placement) to officers, directors and employees of Twin Butte for total gross proceeds of approximately [Read more]
Wildrose promises to clean up tailings ponds, end carbon capture and storage
CALGARY - Alberta's opposition Wildrose party is promising to eliminate toxic tailings ponds and end carbon capture and storage should it win the next election. Party leader Danielle Smith says greenhouse gas emissions and other pollutants will be reduced through developing and creating incentives for alternative energy sources. The party is also promising independent water quality testing down river from major industrial projects. The promises were rolled out in the party's fourth of [Read more]
Artisan Energy Announces Grant of Stock Options
CALGARY, ALBERTA--(Marketwired - July 8, 2014) - Artisan Energy Corporation ("Artisan" or the "Corporation") (TSX VENTURE:AEC) announces that pursuant to the terms and conditions of its stock option plan, it has granted 1,550,000 incentive stock options to purchase Common Shares of Artisan (the "Options") to certain directors, officers, employees and consultants of the Corporation. The Options are exercisable over a five year period at an exercise price of $0.21 per share, with one-fifth vesting [Read more]
GE and Suncor Energy announce new investments toward improving environmental performance in Alberta’s oil sands
CALGARY, ALBERTA--(Marketwired - July 8, 2014) - GE (NYSE:GE) and Suncor Energy (NYSE:SU) (TSX:SU) announced today the signing of two agreements which provide the opportunity for an investment of up to approximately $18 million. These agreements, involving other members from Canada's Oil Sands Innovation Alliance (COSIA), are expected to enable the development of new technologies to reduce greenhouse gas emissions and water usage in the oil sands. One agreement relates to a promising oil [Read more]