EDMONTON - Premier Jim Prentice is ratcheting up warnings of a NDP-governed Alberta, bringing federal NDP Leader Thomas Mulcair into the fray and saying the party has a "fundamental distrust of business.""Make no mistake about the NDP," he told 1,500 party faithful at a Progressive Conservative fundraising dinner Thursday night."When you drill down into the policies that they are putting forward, you realize this not a new NDP."Fundamentally, the NDP could undermine the heart of Alberta's [Read more]
News
PSAC forecasts “astounding” drop in drilling
CALGARY - A drilling industry group is slashing its forecast for the number of wells that will be drilled in Canada this year by nearly half. The Petroleum Services Association of Canada is calling for only 5,320 wells across the country in 2015. The group says that's an "astounding" 47 per cent drop from what it predicted in October. The forecast is based on an average natural gas price of C$2.50, crude prices of US$53 a barrel and the Canadian dollar at 77 U.S. cents. The well [Read more]
Vital Energy Announces Year-End Filings
CALGARY, ALBERTA--(Marketwired - April 30, 2015) - Vital Energy Inc. ("Vital" or the "Corporation") (TSX VENTURE:VUX) is pleased to announce that it has filed its annual reserves information for the year ended December 31, 2014 in accordance with National Instrument 51-101 Standard of Disclosure for Oil and Gas Activities. In addition, the Corporation has filed its audited financial statements and management discussion and analysis for the year ended December 31, 2014. All of the aforementioned [Read more]
Anterra Energy Announces 2014 Year-End Results and Reserves
CALGARY, ALBERTA--(Marketwired - April 30, 2015) - Anterra Energy Inc. ("Anterra" or the "Company") (TSX VENTURE:AE.A) announces financial and operating results for the three months and year ended December 31, 2014, together with year-end reserve evaluations. Selected information presented below should be read in conjunction with the Company's audited financial statements and related management discussion and analysis for the year ended December 31, 2014, and the Company's Statement of Reserves [Read more]
Canadian Oil Sands Announces First Quarter Results and Progress on Cost Savings at Syncrude
CALGARY, AB--(Marketwired - April 30, 2015) - Canadian Oil Sands Limited ("COS") (TSX: COS) (OTCQX: COSWF) All financial figures are unaudited and in Canadian dollars unless otherwise noted. Canadian Oil Sands Limited ("COS") reported strong operating performance at Syncrude for the first quarter of 2015, with cost reduction initiatives and stable production mitigating the impact of lower oil prices. COS' cash flow from operations of $76 million ($0.16 per Share) fully funded capital [Read more]
Lower oil prices push Exxon Mobil’s profit down 46 per cent; weakest 1Q in 6 years
IRVING, Texas - Exxon earned $4.94 billion in the first quarter, a huge sum but only about half of what the company made last year. Lower oil prices depleted both Exxon's top and bottom lines.It was the lowest first-quarter profit for Exxon Mobil Corp. in six years, although the results still beat Wall Street expectations.When world oil prices collapsed from about $100 a barrel to less than $50 over the second half of last year, it made some drilling projects unprofitable. Exxon is beginning to [Read more]
Seven Generations completes offering of US$425 million 6.750% senior notes
CALGARY, April 30, 2015 /CNW/ - Seven Generations Energy Ltd. (7G) (TSX: VII) has completed its previously announced offering of US$425 million aggregate principal amount of 6.750% senior notes due 2023, which were offered in a private placement to eligible purchasers (the Offering). 7G intends to use the net proceeds of the Offering for continued development of the Kakwa River Project and for general corporate purposes. About the Company Seven Generations Energy Ltd. is an Alberta-based [Read more]
Focus on costs as oilsands giants Suncor, Imperial report earnings
CALGARY - Top oilsands executives say they're looking past swings in crude prices and focusing instead on what's within their control."The truth is no one knows" where prices are heading, Rich Kruger, CEO of Imperial Oil Ltd. (TSX:IMO), said Thursday at the company's annual meeting."At Imperial, we are approaching our business as if we may be in for a sustained period of lower prices," he said. And if the market improves, "all the better."During the first quarter, U.S. benchmark crude hovered [Read more]
Lower Oil Prices Boost Prospects for Global Economic Growth
HIGHLIGHTS World economy is forecast to expand by close to 3 per cent this year and 3.2 per cent in 2016. Most of the world's major economies import millions of barrels of oil per day, including the United States, Europe, Japan, China, and India, and benefit from the decline in world oil prices. The U.S. economy is set to expand at around 3 per cent over the next two years. OTTAWA, April 30, 2015 /CNW/ - Growth in the global economy is expected to pick up slightly this year, mainly due to the [Read more]
Imperial announces estimated first quarter financial and operating results
For the three months ended March 31, 2015 CALGARY, April 30, 2015 /CNW/ - First quarter (millions of dollars, unless noted) 2015 2014 % Net income (U.S. GAAP) 421 946 (55) Net income per common share - assuming dilution (dollars) 0.50 1.11 (55) Capital and exploration expenditures 1,050 1,234 (15) Rich Kruger, Chairman, [Read more]