CALGARY - The co-founder of an Alberta oil and gas company has been accused of defrauding the firm of nearly $5 million.Police allege that between September 2007 and November 2011 the suspect created three shell companies that were set up to defraud his Calgary employer.They say the companies were used to create fictitious invoices for supplies and services that were not genuine transactions."The individual that was charged was in a position of authority in the company, so anything he did within [Read more]
News
Encana Reaches Agreement to Sell Its Haynesville Natural Gas Assets
CALGARY, AB--(Marketwired - August 25, 2015) - Encana Corporation (TSX: ECA) (NYSE: ECA)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 Haynesville natural gas assets, located in northern Louisiana, to GEP Haynesville, LLC (GeoSouthern), a joint venture formed by GeoSouthern Haynesville, LP and funds managed by GSO Capital Partners LP.Total cash consideration to Encana under [Read more]
Toro Oil & Gas Ltd. reports second quarter 2015 financial and operating results along with initial first-phase drilling update
CALGARY, Aug. 25, 2015 /CNW/ - Toro Oil & Gas Ltd. (TSXV: TOO) ("Toro" or the "Company") announces its financial and operating results for the three and six months ended June 30, 2015. Selected financial and operational information is set out below and should be read in conjunction with Toro's June 30, 2015 interim financial statements and the related management's discussion and analysis, which are available for review at www.sedar.com or the Company's website at [Read more]
Saudis Could Face An Open Revolt At Next OPEC Meeting
OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil. Despite the intense financial and economic pain this decision has inflicted on Saudi Arabia, its fellow OPEC members, and other oil producers, the Saudis have given no indication they plan to alter course. In fact, [Read more]
Kicking Horse Energy Inc. Announces Closing of Private Placement
CALGARY, AB--(Marketwired - August 24, 2015) - Kicking Horse Energy Inc. ("Kicking Horse" or the "Company") (TSX VENTURE: KCK) is pleased to announce that it has closed its previously announced non-brokered private placement (the "PrivatePlacement"). The Company issued an aggregate of: (i) 1,283,100 common shares of the Company issued on a "flow-through" basis respecting the expenditure of Canadian exploration expenses pursuant to the provisions of the Income Tax Act (Canada) (the "CEE [Read more]
Traverse Energy Announces Horizontal Drilling Results
CALGARY, ALBERTA--(Marketwired - Aug. 24, 2015) - Traverse Energy Ltd. (the "Company") (TSX VENTURE:TVL) has placed on production another horizontal well in the Coyote area. This well was drilled in an Upper Mannville zone previously delineated by wells drilled in the deeper Coyote Ellerslie pool. The well was drilled to a total measured depth of 2,510 metres, including a 1,140 horizontal section and was fracture treated in 22 stages. The well was initially swabbed and flowed for cleanup and [Read more]
SilverWillow Energy Corporation Amalgamation approved by shareholders
CALGARY, Aug. 24, 2015 /CNW/ - SilverWillow Energy Corporation (TSXV: SWE) ("SilverWillow" or the "Company"), is pleased to announce that the proposed amalgamation (the "Amalgamation") of SilverWillow and 9341102 Canada Inc. ("AcquireCo"), a wholly-owned subsidiary of Value Creation Inc. ("Value Creation"), has been approved by holders ("SilverWillow Shareholders") of common shares ("SilverWillow Shares") at a special meeting of SilverWillow Shareholders held today (the "Meeting"). On July [Read more]
Drop in commodities brings deeper economic pain for some provinces
CALGARY - Commodity prices are tanking and they're bringing Canadian markets down with them, but experts say some provinces will be feeling the pinch more than others."It'll feel like a recession depending on where you live in the country," said John Stephenson, chief executive of hedge fund Stephenson & Co. Capital Management.He said everything from oil to metals to lean hog prices are dropping as weaker growth globally weighs on demand."Virtually everything is down in price, and significantly [Read more]
Robert W. Lamond and Humboldt Capital Corporation Increases Their Interest in Tuscany Energy Ltd.
CALGARY, ALBERTA--(Marketwired - Aug. 24, 2015) - Robert W. Lamond ("Lamond") advises that from December 11, 2014 to August 21, 2015, Lamond and Humboldt Capital Corporation ("Humboldt") (TSX VENTURE:HMB) and Lamond Investments Ltd. ("LI") purchased a total of 860,300 Common Shares of Tuscany Energy Ltd. ("Tuscany") (TSX VENTURE:TUS) by normal course purchases through the facilities of the TSX Venture Exchange. The Common Shares acquired by Lamond, LI and Humboldt, together with Tuscany's [Read more]
World markets plummet
NEW YORK (AP) — U.S. stock markets plunged in early trading Monday following a big drop in Chinese stocks. The Dow Jones industrial average fell more than 1,000 points in early trading and the Standard & Poor's 500 index fell into correction territory, that's Wall Street jargon for a drop of 10 percent or more from a recent peak. Treasuries surged as investors bought less risky assets. Growing concerns about a slowdown in China had already shaken markets around the world on Friday, [Read more]