CALGARY - Alberta Premier Jim Prentice says there are no simple solutions for the revenue shortfall that will be coming from plummeting oil prices and Albertans will feel the consequences.Prentice told the Calgary Chamber of Commerce on Friday that he expects the price of a barrel of oil to be between US$65 and US$75 for the rest of the year. It closed at US$66.15 a barrel on Friday — down about 10 per cent since Wednesday's close.He said the government is going to have to find a way to cope [Read more]
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Oil price plunge a boon for crude-importing Asia, Europe but some negatives loom
A renewed plunge in oil prices is a worrying sign of weakness in the global economy that could shake governments dependent on oil revenues. Yet it is also a bonus for consumers as prices fall at the pump, giving individuals more spending money and lowering costs for many businesses.The latest slide follows OPEC's decision to leave its production target at 30 million barrels a day. Member nations of the cartel are worried they'll lose market share if they lower production.Partly because of the [Read more]
Perpetual Energy Inc. announces notice of early partial redemption of 7.00% Subordinated Convertible Debentures
CALGARY, Nov. 28, 2014 /CNW/ - (TSX:PMT) – Perpetual Energy Inc. ("Perpetual" or the "Corporation") is pleased to announce that the Corporation has provided notice for the early partial redemption on December 31, 2014 of $25,000,000 of the aggregate principal amount of $59,878,000 of 7.00% Convertible Unsecured Junior Subordinated Debentures (the "Debentures") (TSX:PMT.DB.E) outstanding. The debentures mature on December 31, 2015. Perpetual is targeting full year 2015 capital spending to be [Read more]
Tuscany Reports Significant Financial and Operating Improvements for the Nine Months Ended September 2014
CALGARY, ALBERTA--(Marketwired - Nov. 28, 2014) - Tuscany Energy Ltd. (TSX VENTURE:TUS) - Tuscany is pleased to report on a very successful nine months ended September 30, 2014. Highlights of the period were: Revenues increased to $12.9 million from $6.8 million reported for the prior year. Cash flow increased to $6.2 million from $2.1 million in 2013 and net earnings increased to $836,000 from a loss of $961,000. Production averaged 696 BOEd from the 402 BOEd reported in the prior [Read more]
Businesses beyond the oilpatch taking crude price slump in stride
CALGARY - For International Motor Cars, a luxury dealership in Calgary, the oilpatch is big business.But as crude prices have shifted into a lower gear, so too has demand for posh rides from energy industry customers, said general sales manager David Baker.Baker figures the dealership has sold 30 per cent fewer cars this year compared to 2013."I believe it's in direct correlation to the oilpatch," he said.Crude for January delivery fell to around US$66 on Friday — down more than a third since [Read more]
Contact Announces Results for the Three and Six Months Ended September 30, 2014
CALGARY, ALBERTA--(Marketwired - November 28, 2014) - Contact Exploration Inc. ("Contact" or the "Company") (TSX VENTURE: CEX) is pleased to announce that today it has filed its interim condensed consolidated financial statements as at and for the three and six months ended September 30, 2014 and the related management's discussion and analysis ("MD&A") on the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com. President's [Read more]
Elkwater Resources Ltd. Provides Operational Update and Announces Third Quarter 2014 Financial Results
CALGARY, ALBERTA--(Marketwired - Nov. 28, 2014) - Elkwater Resources Ltd. ("Elkwater" or the "Company") (TSX VENTURE:ELW) announces that it has filed on SEDAR its third quarter unaudited condensed interim financial statements and corresponding Management's Discussion and Analysis ("MD&A") for the three and nine month periods ended September 30, 2014. The financial statements and MD&A will be available on SEDAR at www.sedar.com and on Elkwater's website at [Read more]
Arcan Delivers Solid Production, Reduced Operating Expenses and Completes Bank Line Review
CALGARY, ALBERTA--(Marketwired - Nov. 27, 2014) - Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Corporation") commenced its winter drilling program in the third quarter, reduced operating expenses and continued efforts to improve its debt position. "We are on track with our operating performance delivering average daily production of 3,924 barrels of oil equivalent (BOE) in the third quarter, which exceeded our quarterly guidance of 3,650 to 3,850 BOE per day." said Terry McCoy, [Read more]
First Mountain Exploration Inc. Announces Filing of Third Quarter Financial Results and New Personnel
CALGARY, ALBERTA--(Marketwired - Nov. 27, 2014) - First Mountain Exploration Inc. ("First Mountain" or the "Company") (TSX VENTURE:FMX) announces financial results for its third quarter ended September 30, 2014. The unaudited condensed interim financial statements and management's discussion & analysis ("MD&A") have been filed on SEDAR and can be viewed at www.sedar.com. HIGHLIGHTS The following represent the highlights of First Mountain's operations for the quarter ended September [Read more]
Oil prices tank to 4-year low
LONDON (AP) — Oil companies saw their shares take a beating Thursday as crude prices slid to their lowest in over four years in the wake of OPEC's decision to maintain production levels even though prices have fallen sharply in recent weeks. With U.S. markets closed for Thanksgiving, investors around the world were taking their cue from developments in Vienna, Austria, where the OPEC oil cartel was meeting. The oil ministers opted to keep their production target at 30 million barrels a [Read more]