CALGARY, June 24, 2015 /CNW/ - LGX Oil + Gas Inc. ("LGX" or the "Company") (TSXV: OIL) is pleased to provide completion test results from recent southern Alberta activity. Big Valley (Three Forks) Formation production from the horizontal well at 6-36-8-24 W4M was isolated and the Banff Formation was completed with a 6 m perforated interval in the build section of the intermediate casing and stimulated with a small volume acid job. The completion has achieved the following extended production [Read more]
News
Alberta environment minister faces questions over work on protest book
EDMONTON - Alberta Environment Minister Shannon Phillips is vehemently rejecting opposition accusations she is a potential liability for her role in a decade-old book that urged protesters to break the law."This is an attempt to not talk about the real issues and what the government's agenda actually is," Phillips said Wednesday in an interview. "This is a big portfolio and I am up to that task. That's what I'm doing today, and that's what I have worked pretty well my entire adult life to [Read more]
Expect A Wave Of Consolidation In The Oil Industry
As stated previously, asset monetization by small E&P operators will start in earnest in the second half of this year out of cash flow necessity. Most, if not all, smaller market capitalization companies, public or private, are still free cash flow negative (operating cash flow less capital expenditure) and only a few of the larger ones are now, or will be, based on guidance. The point is, with volumes languishing (and probably poised to decline) tied to a flat oil futures price curve and [Read more]
B.C. politicians returning to legislature to tackle LNG law for proposed plant
VICTORIA - British Columbia's politicians are being recalled for a summer sitting to debate legislation designed to pave the way for a $36-billion liquefied natural gas plant on the north coast near Prince Rupert.Liberal House Leader Mike de Jong said Tuesday the legislative session will start July 13 and members will debate one bill, the discussion of which could last more than a week.The bill will ratify a project-development agreement between B.C. and Pacific NorthWest LNG, a joint venture [Read more]
Dejour Secures Additional C$2.5 MM in Bridge Loan Facilities to Support Kokopelli Completions
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 23, 2015) - Dejour Energy Inc. (NYSE MKT:DEJ)(TSX:DEJ) ("Dejour" or the "Company"), an independent oil and gas exploration and production company operating in North America's Piceance Basin and Peace River Arch regions, today announced that it has closed a bridge loan commitment of up to C$ 2.5 million by companies associated with a principal and director of Dejour, on the same terms as the previously secured C$4 million bridge loan facility. [Read more]
TransCanada cuts 185 jobs
Today, it was announced that TransCanada is cutting 185 jobs in its major projects division. The second largest midstream company in Canada is laying off 100 full-time employees and 85 contractors in an effort to cut costs and remain competitive. TransCanada clarifying that tho major projects has staff all over N America, most of the 185 layoffs are in Calgary. http://t.co/Ex1pt4240Q— Dan Healing (@Healingslowly) June 23, 2015 A spokesperson from TransCanada said in a statement: [Read more]
Alberta environment minister downplays expected climate announcement
WINNIPEG - Alberta is still consulting on its much-anticipated new climate strategy just days before a major announcement on it is expected."We are going to be talking with industry over the coming weeks on exactly what our framework looks like," said Shannon Phillips, speaking at a meeting of provincial environment ministers in Winnipeg."We have not yet completed those consultations."Alberta's recently elected New Democrat government has promised an announcement on a new strategy to fight [Read more]
WATCH: Ezra Levant deconstructs Notley’s anti-Keystone, pro-refining position
If you, like many, are curious to hear the other side of the debate on the benefits (or lack thereof) of increased refining capacity, Ezra Levant recently published a video that will make the topic clearer. In the video, he makes a solid fact based argument on how the Notley led NDP government is getting the "refining will save Alberta" argument wrong. Levant also discusses Notley's hypocritical stance on the Keystone XL issue by pointing out her support for other pipelines such as the [Read more]
Don’t give up on carbon capture technology, Saskatchewan tells Alberta
CALGARY - As the government of Alberta considers how to shift away from plans to capture and store carbon, the head of a similar program in Saskatchewan has one word of advice: don't.Mike Monea, president of carbon capture initiatives at the provincial utility SaskPower, said carbon capture and storage, which involves trapping carbon dioxide and pumping it into the ground, is essential to reducing greenhouse gas emissions."In a simplistic way some people say, 'Well, just get rid of fossil fuels [Read more]
Tourmaline Oil Corp. Announces Closing of Bought Deal Financing Including Exercise in Full of Over-Allotment Option and Provides Financial and Expanded 2015 EP Program Update
CALGARY, ALBERTA--(Marketwired - June 23, 2015) - Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline" or the "Company") is pleased to announce that it has closed its public offering of 4,887,500 common shares at a price of $39.50 per share, which includes 637,500 common shares issued pursuant to the exercise in full of the over-allotment option, for gross proceeds of $193.1 million. Concurrent with the closing of the public offering, certain directors, officers and employees of the Company and their [Read more]