LETHBRIDGE, Alta. - An oil company says it is putting off its application to the Alberta Energy regulator to drill three exploratory wells in a southern Alberta city.GoldenKey Oil says it is waiting for the Alberta government to release its new policy on urban drilling before it applies for approval to drill the wells in west Lethbridge.The company has applied for an extension on its mineral rights lease, which expired on Monday.Lethbridge West MLA Greg Weadick was recently named to the [Read more]
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Environmental agency seeks public comments on proposed LNG plant in B.C.
VANCOUVER - A multi billion-dollar liquefied natural gas project proposed for B.C.'s north coast is inching its way through the environmental approval process.Federal regulators say the 30-day public comment period for the Pacific NorthWest LNG project will begin April 2.The Canadian Environmental Assessment Agency says it's now looking for feedback on the project's environmental impacts and the company's plans to deal with them.An environmental impact statement published on the agency's website [Read more]
Suncor loses another round in push to test oilsands workers for alcohol, drugs
FORT MCMURRAY, Alta. - Oilsands giant Suncor Energy has lost another battle in its attempt to randomly test thousands of union workers in northern Alberta for drugs and alcohol.A court-ordered arbitration panel has sided with the union Unifor that represents 3,600 workers in the Fort McMurray area and which had filed a grievance against the policy.The majority of panel members ruled there is no evidence that there is an out-of-control drinking or drug culture at Suncor (TSX:SU).The panel said [Read more]
Oil rises above US$100 a barrel as traders look beyond increase in supplies
The price of oil rose above US$100 a barrel Wednesday as the market looked beyond a large increase in oil supplies.Benchmark U.S. crude for May delivery gained $1.07 to $100.26 a barrel on the New York Mercantile Exchange. Brent crude, a contract for international varieties of oil, added four cents to $107.03 on the ICE Futures exchange in London.A report from the Energy Department for the week ended March 21 showed crude oil supplies rose by 6.3 million barrels, more than double the gain of 2.6 [Read more]
Southern Pacific Announces New First Lien Term Loan Facility Enhancing Balance Sheet Liquidity
CALGARY, ALBERTA--(Marketwired - March 26, 2014) - Southern Pacific Resource Corp. ("Southern Pacific" or the "Company") (TSX:STP) announced today that further to the ongoing review of strategic and financial alternatives, it has entered into a fully underwritten loan agreement with Credit Suisse AG and its affiliate for a new first lien term loan facility with an aggregate principal amount equal to the U.S. dollar equivalent amount of CAD$150,000,000. The new first lien loan will have a five [Read more]
Little to fear, much to gain from Chinese investment in oil patch: report
OTTAWA - A new report is taking the Harper government to task over its treatment of Chinese state-owned enterprises interested in investing in Canada.The paper, by Wendy Dobson of the Rotman Institute for International Business, argues that the government's fears about Chinese firms buying up Canada's oilpatch are misplaced.Furthermore, she says, Canada needs Chinese investment to develop the oilsands because state-owned enterprises from the world's second-largest economy are among the world's [Read more]
Questfire Energy Corp. Announces Agreement to Repurchase Debentures, Issuer Bid for Class B Shares, Facilities Joint Venture and Amendments to Credit Facilities
CALGARY, ALBERTA--(Marketwired - March 26, 2014) - NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS. Questfire Energy Corp. (the "Corporation" or "Questfire") (TSX VENTURE:Q.A)(TSX VENTURE:Q.B) announces that it has entered an agreement with the sole holder (the "Debentureholder") of its Convertible Senior Secured Debentures due April 30, 2016 for Questfire to repurchase all of such debentures at an aggregate purchase price of $13.6 million, effective March 26, [Read more]
Zargon Oil & Gas Ltd. Announces First Chemical Injections at the Little Bow ASP Project
CALGARY, ALBERTA--(Marketwired - March 26, 2014) - Zargon Oil & Gas Ltd. (TSX:ZAR)(TSX:ZAR.DB) ("Zargon") is pleased to announce that Zargon's Little Bow Alkaline Surfactant Polymer ("ASP") enhanced oil recovery project has been commissioned and ASP injection into the reservoir has commenced. The total cost to complete the project was approximately $50 million which is roughly consistent with our November 2012 press release that projected a $47 million project cost and a December 2013 on [Read more]
Chinook Energy Announces Year End 2013 Results
CALGARY, ALBERTA--(Marketwired - March 25, 2014) - Chinook Energy Inc. ("our", "we", "us" or "Chinook") (TSX:CKE) is pleased to announce its audited year end financial results as well as certain year end operational results. The audited financial results presented herein are consistent with the unaudited financial results announced in our news release issued on February 26, 2014. We will file later this evening our audited consolidated financial statements for the years ended December 31, 2013 [Read more]
Legacy Oil + Gas Inc. Announces Record Cash Flow From Operations, Year-End Results and Files Annual Information Form
CALGARY, March 25, 2014 /CNW/ - Legacy Oil + Gas Inc. ("Legacy" or the "Company") (TSX:LEG) is pleased to announce it has filed on SEDAR its audited financial statements and related Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2013 as well as its annual information form ("AIF") for the year ended December 31, 2013. Selected financial and operational information is outlined below and should be read in conjunction with Legacy's audited financial statements, [Read more]