LONDON - Shell U.K. says it will cut at least 250 staff and contractors in the North Sea, amid sharp drops in the price of oil.The oil company said Thursday the cuts are part of a range of initiatives it has been pursuing to manage costs and improve competitive performance.The price of Brent crude, an international variety of oil, dropped about 50 per cent last year and the industry is scrambling to figure out how to address the price shock.Paul Goodfellow, Shell's upstream vice President for [Read more]
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DeeThree Exploration Ltd. Announces 2014 Financial Results and Operational Update
CALGARY, ALBERTA--(Marketwired - March 26, 2015) - DEETHREE EXPLORATION LTD. ("DeeThree" or the "Company") (TSX:DTX) (OTCQX:DTHRF) is pleased to release its financial and operational results for the year ended December 31, 2014. DeeThree has filed its audited financial statements for the year ended December 31, 2014 and related Management Discussion and Analysis with Canadian securities regulatory authorities. DeeThree's annual financial materials may be viewed in their entirety on www.sedar.com [Read more]
Arcan Announces 2014 Year End Results
CALGARY, ALBERTA--(Marketwired - March 25, 2015) - Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Corporation") announces its financial and operating results as well as reserves for the year ended December 31, 2014. "Corporate initiatives to strengthen our balance sheet dominated our news flow in 2014, culminating in the February 2015 conversion of $171.3 million of debentures into equity. Some key operational achievements were also worth highlighting, including maintaining flat [Read more]
Legacy Oil + Gas Inc. Announces Record Annual Cash Flow from Operations, Year-End Results and Revised Capital Budget and Guidance
CALGARY, March 25, 2015 /CNW/ - Legacy Oil + Gas Inc. ("Legacy" or the "Company") (TSX:LEG) is pleased to announce it has filed on SEDAR its audited financial statements and related Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2014 as well as its annual information form ("AIF") for the year ended December 31, 2014. Selected financial and operational information is outlined below and should be read in conjunction with Legacy's audited financial statements, [Read more]
Advantage Delivers Strong 2014 Results
Funds from Operations Up 92%, Production Up 25%, Total Cash Costs Down 36% (TSX: AAV, NYSE: AAV) CALGARY, March 25, 2015 /CNW/ - Advantage's audited fourth quarter and full year 2014 financial and operating results demonstrates the successful ongoing execution of our Glacier Montney development plan. Our operational outperformance at Glacier reflects our high quality Montney asset and our focus on preserving a strong balance sheet has maintained financial flexibility with an industry leading low [Read more]
Marquee Energy Ltd. Announces Closing of Michichi Acquisition
CALGARY, March 25, 2015 /CNW/ - Marquee Energy Ltd. ("Marquee" or the "Company") (TSXV: "MQL") has closed the previously announced strategic acquisition (the "Acquisition") to further consolidate its core Michichi area. The Acquisition includes approximately 330 boe/d and 34 net sections of land containing Banff/Mannville rights that are contiguous with Marquee's existing land position and infrastructure at Michichi. "The Acquisition at Michichi solidifies our control of land and [Read more]
Invico Capital Are Currently In Market To Purchase Non-Operating Working Interests, GORR’s And Secured/Unsecured Debt
Invico Capital announced today that after it's recent acquistion, that it is continuing to strategically seek and pursue the purchase of non-operating working interests, gross over-riding royalties and secured/unsecured debt. Founded in 2005, Invico Capital Corporation is a Calgary, Alberta based independent alternative investment fund management firm with approximately $200 million of private capital under management. In addition to strategic acquisitions, Invico provides alternative [Read more]
Peyto Exploration & Development Corp. Announces $150 Million Equity Offering
CALGARY, ALBERTA--(Marketwired - March 25, 2015) - Peyto Exploration & Development Corp. ("Peyto" or the "Company") (TSX:PEY) has today entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy 4,380,000 common shares of the Company ("Common Shares") and sell to the public at a price of $34.25 per Common Share, representing an aggregate amount of approximately $150 million. The Company has granted the underwriters [Read more]
Low oil prices spur North Dakota drill rig count to drop below 100 for first time in 5 years
BISMARCK, N.D. - The number of drill rigs in western North Dakota's oil patch has slipped below 100 for the first time in five years due to the sagging price of crude.There were 98 rigs drilling in North Dakota on Wednesday. That's 100 fewer than on the same day one year ago. It's the lowest since March 2010.North Dakota is the nation's No. 2 oil producer behind Texas. North Dakota has been producing about 1.2 million barrels of oil daily.Industry officials say about 115 rigs need to be drilling [Read more]
Ontario rejects NDP call for ban on hydraulic fracking to extract natural gas
TORONTO - An NDP private member's bill to ban high volume hydraulic fracking to produce natural gas from shale in Ontario was quickly shot down by the Liberal government Wednesday.NDP environment critic Peter Tabuns introduced a private member's bill to have Ontario follow the lead of Quebec, Nova Scotia, New Brunswick and New York and ban fracking.Tabuns said fracking poses substantial risks to ground water, which is combined with toxic chemicals under extreme pressure to fracture shale [Read more]