REGINA - Volatile commodity prices have led to a big drop in the October sale of petroleum and natural gas rights in Saskatchewan.The Saskatchewan government says the October sale brought in $9.8 million, bringing the total land-sale revenues to $45.5 million so far this year.But the numbers are far below what the province raked in last year.The February 2014 sale alone of petroleum and natural gas rights brought in $50.7 million in revenue. The October 2014 sale of petroleum and natural gas [Read more]
News
TransCanada to buy Pennsylvania natural gas power plant from Talen Energy
CALGARY - TransCanada Corp. (TSX:TRP) has reached a deal to buy a gas-burning power plant in Pennsylvania for US$654 million from Talen Energy Corp., which is divesting some of its holdings to comply with regulatory requirements.Calgary-based TransCanada says the 778-megawatt Ironwood power plant in Lebanon, Penn., is a natural extension of its power business in the U.S. Northeast region, where the company now has over 4,500 megawatts of generating capacity.The plant is near the Marcellus shale [Read more]
Groundstar Resources Limited Announces Revocation of Cease Trade Orders
CALGARY, ALBERTA--(Marketwired - Oct. 8, 2015) - Groundstar Resources Limited ("Groundstar" or the "Company") (TSX VENTURE:GSA) is pleased to announce that, further to its most recent press release regarding the filing of all required financial statements, the Alberta Securities Commission ("ASC"), the British Columbia Securities Commission and the Ontario Securities Commission have granted a full revocation of the cease trade orders (the "CTO's") previously issued against the [Read more]
Lower E & P company borrowing capacity alters investor calculus
A recent Wood Mackenzie consultancy report argues that concerns over an impending credit crunch for US operators is exaggerated. This concern was initially raised by Moody's, which predicted that lenders will lower their price decks by 15 - 25%. Price decks are used by lenders to determine the value of company reserves and thus borrowing bases. They are commonly used in relation to reserves-based financing (RBF), which is a form of revolving credit based on the net present value of reserves, [Read more]
Delphi Energy Continues to Innovate Its Frac Design at Bigstone and Expands Drilling Program
CALGARY, ALBERTA--(Marketwired - Oct. 8, 2015) - Delphi Energy Corp. (TSX:DEE) ("Delphi" or the "Company") is pleased to provide the following operational update. Delphi continues to improve upon its superior capital efficiencies at Bigstone through successful innovation of its slickwater frac design, resulting in both material cost savings and improved well productivity. Delphi's 100 percent working interest 14-30-60-22W5M Montney well ("14-30" or "the well") was drilled in [Read more]
Encana Reaches Agreement to Sell Its DJ Basin Assets for US$900 Million
CALGARY, AB--(Marketwired - October 08, 2015) - Encana Corporation (Encana) (TSX: ECA)(NYSE: ECA) announced today that its wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., has reached an agreement to sell its Denver Julesburg (DJ) Basin assets in Colorado to a new entity 95 percent owned by Canada Pension Plan Investment Board and 5 percent by The Broe Group. Total consideration to Encana under the transaction is approximately $900 million.Encana will use the cash proceeds to further [Read more]
North West Upgrading’s Sturgeon refinery costs levelling at $8.5 billion
CALGARY - The costs of building Alberta's first new oil refinery in 30 years have stabilized and it's on track to be up and running by 2017, says the chairman of the company developing the government-backed Sturgeon project.Ian MacGregor, chairman and chief executive of North West Upgrading Inc., says that with close to $5 billion already spent, he expects the total cost of constructing the refinery to come within the company's $8.5 billion estimate.That's in line with what the company has been [Read more]
Fraser Institute: spending, not oil, to blame for Alberta budget woes
CALGARY - A new report from the Fraser Institute claims plunging oil prices are not the main culprit behind Alberta's budget woes.Rather, the right-leaning think-tank says it's a decade of program spending growth that's to blame.It says that between the 2004-2005 and 2014-2015 fiscal years, provincial program spending ballooned by 98.3 per cent.But if spending has simply kept pace with inflation plus population growth, Alberta would be looking at a $4.4-billion surplus, it says.Instead, the [Read more]
B.C. government, Pacific NorthWest LNG reject reports of Petronas project delay
VICTORIA - British Columbia's natural gas development minister says the federal election and environmental approval are the only wild cards holding up a proposed $36-billion liquefied natural gas plant in the province.Rich Coleman says a false media report from Malaysia claims that slumping oil and gas prices have the country's state-owned energy giant Petronas considering delaying its LNG project near Prince Rupert for up to nine years.He says meetings in Vancouver last week between the [Read more]
Group: NEB shouldn’t weigh Energy East evidence until application complete
CALGARY - The regulator weighing the Energy East pipeline proposal is being criticized for seeking oral evidence from aboriginal groups when an application for the controversial project is not yet complete.Adam Scott with Environmental Defence takes the National Energy Board to task in a letter, saying there's widespread confusion about the process among those wanting to have their say.Scott says there are serious questions about how concerned parties can participate in the process before all [Read more]