CALGARY, March 17, 2015 /CNW/ - Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or the "Company") announces the separation of the Chair of the Board and Chief Executive Officer ("CEO") role effective April 20, 2015. Additionally, in conjunction with the strategic initiatives outlined in the fall the Company has now also concluded a thorough review and realignment of its corporate cost structure. Executive Changes On October 1, 2014 Mr. Buchanan, Board Chair, was appointed President and [Read more]
News
Oilpatch firms selling stock to shore up finances, but who’s buying?
CALGARY - Energy firms have been looking to raise billions in financing by selling big chunks of their own stock — betting that investors smell a buying opportunity.There's been a flurry of equity offerings in recent weeks as the oilpatch looks for ways to cope with low oil prices.Over the past month alone, Encana Corp. (TSX:ECA), Cenovus Energy Inc. (TSX:CVE) and Baytex Energy Corp. (TSX:BTE) have collectively announced about $3.3 billion in "bought deals." All three have said they'd use the [Read more]
Canada’s transportation safety board says new standards for oil tank cars should come sooner
TORONTO - Canada needs to implement tougher standards for oil trains earlier than a 2025 target, the transportation safety board said Tuesday.The government proposed tougher standards for tank cars this month in response to a string of fiery crashes. The new proposal would require the cars to have a layer of thermal protection and thicker steel walls. It said the new standards should be phased in by 2025.But in a report about a fiery March 7 derailment in northeastern Ontario, the Transportation [Read more]
Nexen Energy ULC announces organizational changes in response to industry downturn
CALGARY, March 17, 2015 /CNW/ - Nexen Energy ULC (Nexen), a wholly owned subsidiary of CNOOC Limited, has announced organizational changes that will reduce its North American workforce by approximately 350 employees. Nexen UK has also initiated a consultation process to adjust its staffing levels by approximately 50 employees. "In response to the recent industry downturn that has affected all companies in the energy sector, a decision was made to conduct a thorough review of our organization [Read more]
Canamax Announces 111% Increase in Proven Plus Probable Reserves During Period Ended December 31, 2014, and Provides Update on Significant New Wapiti Well and Bank Loan Facility
CALGARY, AB--(Marketwired - March 17, 2015) - Canamax Energy Ltd. ("Canamax" or the "Company") (TSX VENTURE: CAC) is pleased to announce the results of its December 31, 2014 oil and gas reserves evaluation and provide updates on the Company's recently completed horizontal well at Wapiti and bank loan facility. Canamax's reserves were evaluated at December 31, 2014 to reflect the year-end change from the Company's previous February 28, 2014 year-end to December 31, 2014. The significant [Read more]
Journey Energy Inc. reports its 2014 financial results
CALGARY, March 16, 2015 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") is pleased to announce its 2014 financial results. The highlights of our fourth quarter and full year results are shown below. HIGHLIGHTS In 2014, Journey completed a significant acquisition, increasing production and capital project inventory while reducing our corporate decline rate, and transitioned to a public dividend paying exploration and production company through an initial public [Read more]
Athabasca Oil Corporation Announces Director Resignation
CALGARY, March 16, 2015 /CNW/ - Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or the "Company") announces that Sveinung Svarte has tendered his resignation from the Board of Directors effective March 16, 2015. The Company and its Board thanks Mr. Svarte for his valuable contributions and wish him well in his future endeavours. About Athabasca Oil Corporation Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil [Read more]
Kelt Closes Upsized $33.4 Million CDE Flow-Through Equity Financing
CALGARY, AB--(Marketwired - March 16, 2015) - Kelt Exploration Ltd. ("Kelt" or the "Company") (TSX: KEL) is pleased to announce that it has closed the final tranche of its previously announced $33.4 million non-brokered private placement of common shares, issued on a "flow-through" basis in respect of Canadian development expenses at a price of $8.60 per share (the "Private Placement"). Pursuant to the final tranche of the Private Placement, the Company issued an additional 581,400 flow-through [Read more]
Encana Completes C$1.25 Billion Bought Deal Offering
CALGARY, AB--(Marketwired - March 16, 2015) - Encana Corporation ("Encana") (TSX: ECA) (NYSE: ECA) announced today the completion of its offering of 85,616,500 common shares of Encana (the "Shares") at a price of C$14.60 per Share (the "Offering Price"), for aggregate gross proceeds of approximately C$1.25 billion (the "Offering"). Encana has also granted the underwriters an over-allotment option to purchase up to an additional 12,842,475 Shares at the Offering Price, exercisable for a period of [Read more]
Connacher Oil and Gas Limited Exercises its New Facility Option to have the New First Lien Facility Implemented and Announces the Availability of the New Convertible Notes Participation Form
CALGARY, March 16, 2015 /CNW/ - Connacher Oil and Gas Limited (CLL – TSX; "Connacher" or the "Company") is pleased to announce that in conjunction with the previously announced proposed recapitalization transaction (the "Recapitalization"), it has exercised the New Facility Option to have the New First Lien Facility implemented in accordance with the terms set forth in the backstop agreement dated January 30, 2015. The New First Lien Facility provides for loans of up to CA$30 million and is [Read more]