Chair of Alberta's royalty review panel, Dave Mowat, and Energy Minister McCuaig-Boyd announced in a press conference today that royalty rates will remain unchanged until at least December 31, 2016. That is not to say however that no changes will be made. The idea put forth is to give industry the assurance that nothing will be changed for the next 16 months. According to Mowat, this will give energy executives sufficient time to plan capital allocation decisions and provide stability in a [Read more]
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Scotiabank reports $1.847-billion profit; CEO touts positives of cheap oil
TORONTO - Concerns about the prolonged decline in the value of crude have left a dark cloud hanging over the banks, but the chief executive of Scotiabank is stressing the positive effects of oil prices on parts of the country's economy."Mining and oil and gas make up less than eight per cent of Canada's GDP," Brian Porter told analysts during Scotiabank's (TSX:BNS) quarterly earnings conference call Friday."Many of the other industries that make up more than 90 per cent of Canada's GDP will [Read more]
Forent Energy Announces Q2 2015 Financial and Operating Results
CALGARY, ALBERTA--(Marketwired - Aug. 28, 2015) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") is pleased to announce that it has filed its Financial Statements and Management's Discussion & Analysis, for the six months ended June 30, 2015, with applicable securities regulatory authorities in Canada. Copies of these documents can be accessed under the Company's profile on the SEDAR website at www.sedar.com and on the Company's website www.forentenergy.com. On June [Read more]
Alberta government to flesh out details of royalty review panel
CALGARY - Alberta oil and gas companies can put together their budgets for next year knowing at least one variable — royalty rates — will stay steady through the end of 2016, Energy Minister Marg McCuaig-Boyd said Friday."I talk to owners and workers in the oil industry and gas industry daily and I recognize their concerns," she said. "They want certainty, particularly given how tough times are in the oil and gas sector right now."It's been a tumultuous time in the oilpatch. Crude prices have [Read more]
3MV Energy Announces Second Quarter 2015 Results
CALGARY, Aug. 27, 2015 /CNW/ - 3MV Energy Corp. ("3MV" or the "Company") (TSXV: TMV) is pleased to report its financial and operating results for the three and six month periods ended June 30, 2015. 3MV's unaudited financial statements and related management's discussion and analysis for the three and six month periods ended June 30, 2015 have been filed and are available on the SEDAR website at www.sedar.com and on the Company's website at www.3mvenergy.com. 3MV announces the [Read more]
Ironhorse Announces Q2 2015 Financial and Operating Results
CALGARY, Aug. 27, 2015 /CNW/ - Ironhorse Oil & Gas Inc. ("Ironhorse" or the "Company") (TSX-V: IOG) announces its financial and operating results for the three and six months ended June 30, 2015. Financial and Operation Summary The Company's reported production has increased 213% to 254 boe/d in the second quarter of 2015 from 81 boe/d produced in the first quarter. This increase in production is a result of the Company's Pembina production from the L2L pool being produced at [Read more]
Why right now is worst possible time for royalty review
There has been recent chatter in the media that this is in fact the best time for Alberta to conduct a royalty review. The logic goes that because oil and gas prices are so slow, the NDP will be forced to remain in check and not do anything too drastic. The argument, however, misses the larger point at play. What the royalty review is in fact doing is creating unwelcome uncertainty the industry does not need. With so much uncertainty being caused by price volatility, why add more with the [Read more]
Alberta Environment Minister Shannon Phillips, U.S. lawmakers, tour oilsands
EDMONTON - Alberta's environment minister is refuting opposition allegations that she wouldn't meet with a delegation of U.S. lawmakers who toured the oilsands.Shannon Phillips says she met with the delegation, including Republican Senator Lindsey Graham, who wants to become the party's presidential candidate in the 2016 U.S. election.Phillips says it was a productive tour and they all agreed that Canadian energy and the oilsands are part of a strong relationship between the two countries.The [Read more]
Border Announces Filing of Financials
CALGARY, ALBERTA--(Marketwired - Aug. 27, 2015) - Border Petroleum Limited ("Border" or the "Corporation") (TSX VENTURE:BOR) announces financial results for its first quarter ended June 30, 2015. The unaudited condensed consolidated interim financial statements and management's discussion & analysis ("MD&A") have been filed on SEDAR. www.sedar.com. OUTLOOK The Corporation continues to focus on production optimization and cost cutting. Effective January 1, 2015, office rent [Read more]
WTI jumps near 10%
Oil went as much as 10 percent higher today, posting its biggest one-day rally since 2009 as improving equity markets and news of lower crude supplies set off a buying wave with petroleum traders. This comes as oil dropped to a 6 year low this week. Oil also climbed as world stock markets rose on hopes that Chinese stimulus would work. [Read more]