CALGARY - Calgary's mayor says plunging oil prices haven't had as dire an effect on the city as most had expected, but many in the industry are still waiting for the "other shoe to drop."Naheed Nenshi says despite headlines about job losses in the energy sector, Calgary actually gained more jobs than it lost in the first half of 2015.But he adds many expect the worst is yet to come because of U.S. President Barack Obama's rejection of the Keystone XL Pipeline."With the announcement on Keystone, [Read more]
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IEA says oil markets bearish as demand growth slows, stockpiles climb
CALGARY - The latest International Energy Agency outlook points to a continued slowing of Canadian oilsands production growth and the need for more cost-cutting, an analyst says.Martin Pelletier, portfolio manager at TriVest Wealth Counsel, said more supply cuts are needed before the market can turn around."We have not seen supply response yet, especially among non-OPEC nations, and as a result there is still a supply-demand disconnect and we're seeing that reflected in record-high inventory [Read more]
Politics, not facts, buried Keystone XL
Counterproductive is the first word that comes to mind when trying to make sense of the environmental movement's irrational hatred of pipelines. Sure, Keystone XL has been rejected. But its loss is the railways' gain. By this point, few would dispute that pipelines are a safer means of transporting crude oil than rail. Derailments and the associated spills are substantially more common. Just this past weekend, two separate oil trains derailed in Wisconsin, although thankfully, no one was hurt. [Read more]
1927297 Alberta Ltd. responds to stalling tactic adopted by Ironhorse Oil & Gas Inc.
CALGARY, Nov. 13, 2015 /CNW/ - 1927297 Alberta Ltd. (the "Offeror") responded today to the adoption of a shareholder rights plan (the "SRP") by the board of directors (the "Board") of Ironhorse Oil & Gas Inc. (TSXV:IOG) ("Ironhorse") in response to the Offeror's previously announced offer (the "Offer") to purchase all of the outstanding common shares (the "Shares") of Ironhorse for Cdn$0.17 in cash per Share, subject to certain terms and conditions. On November 9, 2015, in a direct [Read more]
After Keystone XL denial, a boom for crude-by-rail is not a foregone conclusion
CALGARY - Now that the Keystone XL pipeline has been rejected, it's not a foregone conclusion that much of the 830,000 barrels a day that would have flowed through it will move on trains instead, industry watchers say."I think that rail certainly will play a part, but a lot has to do what happens to the price of crude and happens to oilsands projects," said Dirk Lever, an analyst at AltaCorp. Capital.Proponents of Keystone XL and similar proposals frequently trumpeted the benefits of moving [Read more]
Questerre Energy Corporation – Kakwa development underpins third quarter results
CALGARY, Nov. 12, 2015 /CNW/ - " [Read more]
TransCanada confirms layoffs by month end
Pipeline giant TransCanada confirmed more layoffs coming by month end. The job cuts come after the company laid off 185 employees back in June and cut senior management staff by 20%. The company said in a statement first reported in Global News: It will be up to the leadership teams to determine the appropriate resources and workforce needed for their business units...Falling oil prices and the current environment are having a profound impact on our customers and we must do all we can [Read more]
Rock Energy Inc. Reports Q3 2015 Results, Positive EOR Response at Laporte and Preliminary Guidance for 2016
CALGARY, ALBERTA--(Marketwired - Nov. 12, 2015) - Rock Energy Inc. (TSX:RE) ("Rock" or the "Company") is pleased to report its financial and operating results for three and nine months ended September 30, 2015. Copies of Rock's audited financial statements and related management's discussion and analysis for the three and nine months ended September 30, 2015 have been filed on the SEDAR website at www.sedar.com and may be obtained on Rock's website at www.rockenergy.ca. Rock is a [Read more]
How 5 oil and gas companies have prepared for the NDP royalty and climate reviews
Oil and gas companies have had to delay and halt certain projects as they await the results from the impending Alberta royalty and climate change reviews. Here is how 5 intermediate/senior companies are preparing for the results and dealing with current political uncertainty. Encana Encana deferred investment plans in Alberta until the provincial government completes its royalty and climate change reviews. Chief executive Doug Suttles said the company is deferring the decision to build [Read more]
Pine Cliff Energy Ltd. Announces Its Third Quarter 2015 Results and Provides Management Update
CALGARY, ALBERTA--(Marketwired - Nov. 12, 2015) - Pine Cliff Energy Ltd. ("Pine Cliff" or the "Company") (TSX VENTURE:PNE) is pleased to announce its third quarter financial and operating results. Included in the filings were Pine Cliff's condensed consolidated interim financial statements and related management's discussion and analysis for the period ended September 30, 2015 (the "Q3-Report"). Selected highlights are shown below and should be read in conjunction with the Q3-Report. The [Read more]