CALGARY, Feb. 4, 2015 /CNW/ - Marquee Energy Ltd. ("Marquee" or the "Company") (TSXV: "MQL") is pleased to announce the results of its independent reserve evaluation as of December 31, 2014, which includes a 39% increase in proved developed producing reserves. The Company's core assets at Michichi and Lloydminster now comprise more than 90% of its total proved reserves on a 10% discounted before tax net present value basis ("NPV10"). Reserve Report Highlights(1) Increased proved developed [Read more]
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Connacher Oil and Gas Provides Update on Proposed Recapitalization Transaction
CALGARY, Feb. 4, 2015 /CNW/ - On January 30, 2015 Connacher Oil and Gas Limited (CLL – TSX; "Connacher" or the "Company") announced a proposed recapitalization transaction (the "Recapitalization") aimed at significantly reducing the Company's debt and annual interest expense, and providing additional liquidity to fund ongoing operations. This Recapitalization has the committed support of holders of existing second lien secured notes (the "Existing Second Lien Notes") holding, on a combined [Read more]
Petro One’s First Horizontal Well on Production
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 4, 2015) - Petro One Energy Corp. (TSX VENTURE:POP)(FRANKFURT:C6K1) is pleased to report that Well 6-22, its first horizontal well drilled in the upper Viking, was completed as planned and has been on production since mid-January. The well, which is located in the Milton oil field in western Saskatchewan, is currently producing emulsion and recovering frac fluid from the 3,500 barrels of frac fluid used for completion in early January. The company [Read more]
Savanna Energy Services Corp. Announces Chief Executive Officer Departure
CALGARY, ALBERTA--(Marketwired - Feb. 4, 2015) - Savanna Energy Services Corp. (TSX:SVY) ("Savanna") announces that, effective today, Ken Mullen, President and Chief Executive Officer, is no longer an officer of Savanna. Mr. Mullen has also resigned as a director of Savanna. Dwayne LaMontagne, the Executive Vice-President and Chief Development Officer of Savanna, has been appointed Interim President and Chief Executive Officer. The Board of Directors has formed a special committee, comprised [Read more]
Ivanhoe Energy announces termination of Specific Services Contract on Block 20 project in Ecuador
VANCOUVER, Feb. 4, 2015 /CNW/ - Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN) (TSX: IE.DB) today announced that Ivanhoe's Specific Services Contract on Block 20 in Ecuador is being terminated by mutual consent between Ivanhoe and Petroamazonas EP, Ecuador's state-run oil company. As first announced in August 2014, Ivanhoe and Petroamazonas agreed to a process to mutually terminate the Specific Services Contract under which Ivanhoe has been operating since 2008 as a step towards entering into a [Read more]
Perpetual Energy Inc. releases 2014 year-end reserves
CALGARY, Feb. 4, 2015 /CNW/ - (TSX:PMT) – Perpetual Energy Inc. ("Perpetual", the "Corporation" or the "Company") is pleased to release a summary of the Company's year-end 2014 reserves as reported by the independent engineering firm McDaniel and Associates Consultants Ltd. ("McDaniel"). Perpetual's proved and probable reserves increased by close to 70 percent (67 percent per share) year over year, largely driven by the recognition of reserves from the East Edson joint venture ("East Edson [Read more]
TransCanada CEO says EPA’s call for further Keystone XL review a delay tactic
TORONTO - TransCanada's chief executive says suggestions that the environmental impacts of the Keystone XL pipeline be revisited in light of lower crude prices are merely a tactic to delay the project.Russ Girling says global demand for oil will continue to grow over the coming years, and that volatile crude prices do not mitigate the need for pipelines to transport that oil."At $50 a barrel, the oilsands are still going to get developed anyway," Girling told reporters following his speech at [Read more]
Weekly Oil Inventories Rise 6.3M Barrels, Price Falls 5 percent
A recent rebound in oil prices came to an end as the benchmark contract for U.S. crude fell $2.65, or 5 percent, to $50.40. One factor driving trading was a report that U.S. crude inventories jumped by 6 million barrels last week, more than analysts had forecast. Crude prices had rallied 19 percent over the previous four days as producers canceled exploration projects and cut the number of rigs drilling. [Read more]
Source Rock Royalties Closes Capital Call Private Placements
CALGARY, ALBERTA--(Marketwired - Feb. 4, 2015) - Source Rock Royalties Ltd. ("Source Rock") announces that it has completed the capital call portion of its previously announced brokered private placement through Richardson GMP Limited and concurrent non-brokered private placement (collectively, the "Capital Calls"). Pursuant to the Capital Calls, 3,536,665 common shares of Source Rock ("Common Shares") were issued at price of $1.30 per Common Share for gross proceeds of $4,597,664. Pursuant to [Read more]
Raging River Exploration Inc. Announces the Closing of $88.3 Million Bought Deal Financing
CALGARY, ALBERTA--(Marketwired - Feb. 4, 2015) - Raging River Exploration Inc. ("Raging River" or the "Company") (TSX:RRX) has closed its previously announced bought deal financing. A total of 13,800,000 Raging River common shares have been issued at a price $6.40 per share for gross proceeds of $88,320,000, which included the exercise in full of the over-allotment option granted to the underwriters. The syndicate of underwriters was co-led by Peters & Co. Limited and FirstEnergy Capital [Read more]