CALGARY, ALBERTA--(Marketwired - Feb. 2, 2015) - Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Company") is pleased to announce that the holders ("Debentureholders") of its $86.25 million 6.25% convertible unsecured subordinated debentures due February 28, 2016 (the "2016 Debentures") and $85.0 million 6.50% convertible unsecured subordinated debentures due October 31, 2018 (the "2018 Debentures" and together with the 2016 Debentures, the "Debentures") have approved, by way of [Read more]
News
Wall says Saskatchewan faces up to an $800 million shortfall due to oil prices
SASKATOON - Premier Brad Wall is warning the world oil price slump means the Saskatchewan government will face a budget shortfall of between $600 to $800 million this year.Wall told Saskatchewan Urban Municipalities Association delegates Monday that the shortfall amounts to about seven per cent of the province's revenue.He says that means spending cuts are likely, because he says his government wants to keep taxes low and not run a deficit.In its last budget update in November the province was [Read more]
Alberta premier says rally in oil prices won’t save province’s budget
WASHINGOTN, D.C. - Alberta's premier says a recent rally in the price of oil won't help the provincial government much as it tries to plug a multibillion dollar hole in its budget.Jim Prentice says US$50 a barrel oil is better than $40 a barrel, but the province still needs to find more stable sources of revenue to deal with what will be a sizable deficit. Prentice says prices will fluctuate, but analysts expect them to stay low for up to two years.Oil closed just below US$50 a barrel today [Read more]
Prentice in Washington: An Obama veto won’t be the end for Keystone XL
WASHINGTON - Alberta's premier expressed optimism during a trip to the United States that a presidential veto won't spell the end of the Keystone XL pipeline project.Jim Prentice made that observation amid a series of meetings Monday in the U.S. capital, where the debate over the controversial Alberta-to-Texas pipeline is entering a critical phase.He said everything he's heard suggests President Barack Obama is about to veto a Keystone bill that just made it through Congress — but that the issue [Read more]
Pembina Pipeline Corporation Announces Closing of $600 Million Public Note Offering
CALGARY, Feb. 2, 2015 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL, NYSE: PBA) is pleased to announce that it has closed its previously announced offering of $600 million of senior unsecured medium-term notes (the "Offering"). The Offering was conducted in two tranches consisting of $450 million in senior unsecured medium-term notes, series 5 (the "Series 5 Notes") having a fixed coupon of 3.54% per annum, paid semi-annually, and maturing on February 3, 2025, and [Read more]
Strongbow Resources Inc Provides Update
CALGARY, AB / ACCESSWIRE / February 2, 2015 / Strongbow Resources Inc. (OTCQB:STBR) ("Strongbow" or the "Company") is a junior oil and gas production, development and exploration company with properties in Western Canada. It current owns 100% working interest on eight sections (5120 acres) of contiguous land with one well on production, producing light sweet crude oil from the Viking formation. With a development plan in place, Strongbows team is currently identifying a five well drill [Read more]
A pause, but not panic, in Fort McMurray as oil prices languish below US$50
FORT MCMURRAY, Alta. - The city at the heart of Canada's oilsands is no ghost town, but things have slowed down a bit in Fort McMurray, Alta.And that's not necessarily a bad thing, according to the president of the local chamber of commerce."Do you know what? To me — for us — this is nice," Nick Sanders said in an interview at a downtown cafe that had a smattering of customers in the middle of a weekday morning."We have a chance to sit back and say 'Ok, let's figure out what we need to get ready [Read more]
Imperial announces estimated fourth quarter financial and operating results
For the twelve months ended December 31, 2014 CALGARY, Feb. 2, 2015 /CNW/ - Fourth quarter Twelve months (millions of dollars, unless noted) 2014 2013 % 2014 2013 % Net income (U.S. GAAP) 671 1,056 (36) 3,785 2,828 34 Net income per common share - assuming dilution [Read more]
Connacher Oil and Gas Provides Production and Financial Forecast for 2015
CALGARY, Feb. 2, 2015 /CNW/ - Connacher Oil and Gas Limited (CLL – TSX; "Connacher" or the "Company") provides its forecast ("Forecast") for 2015 in the context of its previously announced recapitalization transaction (the "Recapitalization"). This Forecast is based upon the following assumptions: Commodity Price Assumptions Average WTI price of US$49.75/bbl for 2015 Based on an exchange of US$1 = C$1.16, the Company assumes a 2015 average WCS price of $41.30 AECO 5A gas prices have [Read more]
Connacher Oil and Gas Announces Proposed Recapitalization Transaction and Provides Q4 2014 Operational Update
CALGARY, Jan. 30, 2015 /CNW/ - Connacher Oil and Gas Limited (CLL – TSX; "Connacher" or the "Company") announced today 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. The Recapitalization provides for, among other things: Exchange of approximately C$1.0 billion of Connacher's debt for common shares of Connacher, including accrued and [Read more]