CALGARY, ALBERTA--(Marketwired - Oct. 9, 2015) - Northern Spirit Resources Inc. ("Northern Spirit" or the "Corporation") (TSX VENTURE:NS) is pleased to announce the completion of its previously announced rights offering to shareholders of Northern Spirit (the "Rights Offering"). Under the Rights Offering, holders of common shares of Northern Spirit ("Common Shares") subscribed for and purchased an aggregate of 10,201,249 Common Shares at a price of $0.03375 per Common Share, resulting in gross [Read more]
News
Notley gives first big Calgary business speech to big, but quiet, crowd
CALGARY - Alberta Premier Rachel Notley delivered her first big speech Friday to a Calgary business community reeling from the slump in crude prices and scores of resulting layoffs.It wasn't clear if she managed to calm any jitters during her address to more than 1,500 people in the white-collar heart of the oilpatch.A smattering of applause greeted one remark about Alberta remaining a relatively low-tax jurisdiction, but the room was otherwise quiet throughout the speech.At the end there was [Read more]
Stonehaven Corporate Update
CALGARY, AB--(Marketwired - October 09, 2015) - Stonehaven Exploration Ltd. ("Stonehaven" or the "Company") (TSX VENTURE: SE) reports that it has entered into a Farmout and Participation Agreement to initially drill up to 4 horizontal Belly River oil well prospects with working interests averaging approximately 65% BPO/35% APO in 5 sections of land in central Alberta. The Farmout and Participation Agreement also provides for an Area of Mutual Interest covering an additional 2 sections of land. [Read more]
LMR: Has the Baby Been Thrown out with the Bath Water?
By Alan W. Tambosso, P.Eng. P.Geol. President, Sayer Energy Advisors In July 2012, the Energy Resources Conservation Board (“ERCB”), now known as the Alberta Energy Regulator (“AER”), implemented changes to the Liability Management Rating System (“LMR”) which, in summary, required operators to increase the deposit amounts that were on account with the AER in order to satisfy the obligation of abandoning non-productive wells and reclaiming those wellsites. The intent of the changes to the [Read more]
Arctic promises
Roughly seven years ago, Royal Dutch Shell vastly outbid competitors to obtain drilling rights in the Chukchi Sea. This news flew somewhat under the radar until Shell's recent announcement that they were calling it quits in the Arctic region. Results from a key test well have lead to what some are calling a victory for the environment, others a disappointing day for an energy dependent world. The biggest loser is Shell itself, spending 7 billion dollars and only completing the single well [Read more]
Oil & gas industry critics misunderstand GDP breakdowns
With Canada's election cycle heating up, and little more than a week to go, it should not be surprising that some very questionably presented figures have been thrown around by industry detractors. A particularly egregious example of this is a figure that has been making its rounds in the past few months, namely that the oil sands contribute "only 2 per cent [to] the national GDP." As a preliminary matter, it makes very little sense to include only the oil sands' share, unless the goal is to [Read more]
Albertans Becoming Increasingly Concerned Over Economy: CAPP Poll
CALGARY, ALBERTA--(Marketwired - Oct. 9, 2015) - Only about one in five Albertans support doubling the price of carbon, a sign of growing public concern about the competitiveness of the Alberta economy, according to an Ipsos poll commissioned by the Canadian Association of Petroleum Producers. "People are increasingly worried about their jobs and the health of the Alberta economy, both today and in the future," said CAPP president Tim McMillan. "Many Albertans are feeling the [Read more]
Connacher Chief Financial Officer Retires
CALGARY, Oct. 8, 2015 /CNW/ - Connacher Oil and Gas Limited (CLC - TSX; "Connacher" or the "Company") today announced that Greg Pollard will retire as Chief Financial Officer of Connacher effective November 15, 2015. The Company expects to find a replacement for Mr. Pollard shortly. On behalf of everyone at Connacher, I want to thank Greg for his dedication and significant contributions to the Company," said Connacher's CEO, Brent de Jong. "We wish Greg well in his retirement." About [Read more]
Layoff surprise: Cenovus workers losing jobs barred from building too early
CALGARY - Officials at Calgary-based Cenovus say their workers were never barred from their workplace, nor were their cellphones suspended, before they were told they were being laid off.Cenovus (TSX:CVE) laid off 540 employees last week.Spokesman Brett Harris says no one was locked out or barred from the building, or had their access card or cellphone suspended.An earlier media report quoted unnamed workers saying they were barred from the building and blocked from using company cellphones and [Read more]
Oil prices climb
According to MarketWatch, oil futures have risen today as Russia continues its military operations in Syria, raising concerns over the potential for a wider conflict that could disrupt the flow of oil in the region. For today, WTI is up 2.68% to $49.40. [Read more]