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]
News
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]
MEG Energy’s Board of Directors approves new Board appointment
CALGARY, AB--(Marketwired - October 07, 2015) - MEG Energy Corp. (TSX: MEG) announced today the appointment of Diana McQueen to its board of directors. Ms. McQueen brings energy and environmental public policy experience from regional, provincial and international levels, in addition to entrepreneurial experience in operating an independent business. In public service, Ms. McQueen has held various Alberta provincial cabinet roles from 2011 to 2015, including Minister of Energy, Minister of [Read more]
More layoffs at ConocoPhillips, Cenovus
This week, both ConocoPhillips Canada and Cenovus Energy laid off more employees. While no firm numbers have been released by either company, reports suggest roughly 400 were let go from Conoco yesterday with approximately 40% of new grads (new within in the last year and a half) included. At Cenovus, no numbers have been released, but there is talk that layoffs occurred yesterday, and will continue today and Thursday. Both companies have already undergone layoffs this year. For [Read more]
Enbridge eyes opportunities to grow presence in U.S. Gulf Coast market
CALGARY - Enbridge Inc. has its eye on a bigger presence along the U.S. Gulf Coast, a gigantic energy market that the company sees as being resilient to commodity price swings.The Calgary-based pipeline giant (TSX:ENB) is looking at a "strategic shift in thinking" in the region, said Guy Jarvis, who heads Enbridge's liquids pipeline division.Jarvis sketched out a business plan for the Gulf at an investor presentation webcast from Toronto on Wednesday."The region has always been a massive energy [Read more]
Canadian Oil Sands responds to hostile Suncor bid with poison pill defence
CALGARY - Canadian Oil Sands Ltd. is looking to buy time as it faces a hostile takeover offer from oilsands giant Suncor Energy Inc., announcing Wednesday that it's adopting what's known as a poison pill defence.The new shareholder rights plan could be triggered if anyone buys 20 per cent or more of COS (TSX:COS) outstanding shares. At that point, other shareholders in the target company can buy stock at a discount, making the acquisition less attractive to a hostile bidder.Bids permitted under [Read more]