CALGARY - Alberta Premier Rachel Notley says continued oil-price volatility could be affecting the province's bottom line even more than the former Tory government predicted.The NDP premier isn't sharing much about what might be in the 2015-16 budget when it comes down in October.But she does says keeping on top of oil prices remains a priority.The price per barrel hovered around US$60 when Notley's New Democrats were elected in May, but has since fallen to below US$40 a barrel.The budget [Read more]
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Schlumberger buying Cameron International in cash and stock deal worth about $12.71B
HOUSTON - Schlumberger is buying Cameron in a cash-and-stock deal valued at about $12.71 billion that would create an oilfield equipment and service powerhouse.Cameron was the maker of the blowout preventer on the ill-fated Deepwater Horizon rig, which was rocked by an explosion and fire in 2010 that killed 11 workers and touched off an enormous oil spill.Cameron International Corp. shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 for each of their [Read more]
Leucrotta Exploration Inc.: Q2 2015 Financial and Operating Results
CALGARY, ALBERTA--(Marketwired - Aug. 26, 2015) - LEUCROTTA EXPLORATION INC. (TSX VENTURE:LXE) ("Leucrotta" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2015. All dollar figures are Canadian dollars unless otherwise noted. HIGHLIGHTS Increased cash and working capital to $83.5 million by sale of assets for $79.3 million Increased Montney land position in the Greater [Read more]
Canamax Announces Financial and Operating Results for the Second Quarter Ended June 30, 2015
CALGARY, AB--(Marketwired - August 26, 2015) - Canamax Energy Ltd. ("Canamax" or the "Company") (TSX VENTURE: CAC) is pleased to announce the Company's financial and operational results for the interim period ended June 30, 2015. Highlights During Q2 2015 and through July 2015, Canamax completed a number of material transactions which resulted in the Company significantly increasing its production base and achieving a debt free financial position at July 30, 2015. These transactions are [Read more]
With crude dipping below U$40 a barrel, reserve writedowns likely in store
CALGARY - Another wave of ugly news is looming for oil producers already battered by weak oil prices.Every year, companies hire outside evaluators to tally up their reserves — a calculation of how much resource in the ground can be recovered technically and economically.With U.S. benchmark crude dipping below US$40 a barrel for the first time since early 2009, the economics are looking especially dicey these days. Oil that might have been viable to produce at stronger prices may not be [Read more]
Sunshine Oilsands Ltd. Announces Update on Recent Private Placement Activities
CALGARY, Alberta and HONG KONG, Aug. 25, 2015 /CNW/ -- PRIVATE PLACEMENT TO NON-CONNECTED PARTIES Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine") (HKEX: 2012, TSX: SUO) wishes to announce that based on current adverse market conditions, the private placement of HK$155,028,000 of Common Shares of the Corporation to Grand East Wealth Investment Co., Ltd. and City Legend Group Limited (collectively, the "Subscribers") has been mutually terminated by Sunshine and the Subscribers. [Read more]
Oil industry crash already longer than collapse of 2008
It has now been seven years since the 2008 Great Financial Crisis swept markets across the world. Closely rivalling the depths of the Great Depression, the market turmoil of 2008 was truly a difficult time for many of the world's leading and developing economies. Rising from the wreckage of 2008 has been a slow and arduous process for many different industries, with many hoping that such a precipitous drop in asset valuations would indeed remain a once in a generation event. For the oil and [Read more]
Pipelines, crafted by local artisans, organic and gluten free
On a recent trip to Tofino, BC, my wife and I were hit by an onslaught of food, products and services all pandering to the desire of our culture to use products characterized as organic, locally sourced, gluten free or crafted by local artisans. It got me thinking that maybe the pipeline industry should look inward to see if it can check any of these same boxes with regard to its own product? After all, there has never been a time when pipelines have been so demonized and fraught with [Read more]
Surge Energy Inc. Announces Record Drilling Results; Initiation of Share Buy Back; and Executive Appointment
CALGARY, Aug. 25, 2015 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) announces continued drilling success on the Company's Upper Shaunavon crude oil discovery in SW Saskatchewan, and at Valhalla in NW Alberta, and the initiation of its previously announced share buy back. In addition, Surge announces the appointment of Mr. Paul Ferguson, to the position of Chief Financial Officer. RECORD DRILLING RESULTS Surge has completed and placed on production the four net wells [Read more]
SilverWillow Energy Corporation Completion of Amalgamation
CALGARY, Aug. 25, 2015 /CNW/ - SilverWillow Energy Corporation (TSXV: SWE) ("SilverWillow"), announces the completion of the previously announced amalgamation of SilverWillow and 9341102 Canada Inc. ("AcquireCo"), a wholly-owned subsidiary of Value Creation Inc. ("Value Creation"), under the Canada Business Corporations Act (the "Amalgamation"). As a result of the Amalgamation, and in accordance with the acquisition agreement dated July 2, 2015 among SilverWillow, AcquireCo and Value Creation, [Read more]