CALGARY, Jan. 21, 2015 /CNW/ - Legacy Oil + Gas Inc. ("Legacy") (TSX:LEG) is pleased to announce that the Board of Directors of Legacy has appointed James Bertram as lead director. Mr. Bertram's role as lead director will be to guide the effective and independent operation of the Board and act as chief liaison between the Board and management. Mr. Bertram has been an independent director of Legacy since July 2009. SOURCE Legacy Oil + Gas Inc. [Read more]
News
Prentice says austerity will start at top in bid to balance budget amid low oil
EDMONTON - Premier Jim Prentice says with low oil prices knocking the legs out from under the Alberta economy, austerity will start at the top."We can't expect people in the public sector to tighten their belts unless they see the premier, his office, and the people that work with him in government tightening their belts," Prentice told reporters Wednesday during an announcement at the Edmonton International Airport.He declined to be more specific and wouldn't say if the austerity will include [Read more]
Southern Pacific Files for Creditor Protection Under the CCAA
CALGARY, ALBERTA--(Marketwired - Jan. 21, 2015) - Southern Pacific Resource Corp. (TSX:STP) announces today that it and certain of its subsidiaries (and partnership), Southern Pacific Energy Ltd., 1614789 Alberta Ltd., 1717712 Alberta Ltd. and Southern Pacific Resource Partnership (collectively "Southern Pacific" or the "Company") have obtained creditor protection under the Companies' Creditors Arrangement Act (Canada) (the "CCAA") pursuant to an Order granted on January 21, 2015 by the Court of [Read more]
Perpetual Energy Inc. Exceeds 2014 Exit Rate Target and Provides Operational, Capital Spending and Hedging Update
CALGARY, Jan. 21, 2015 /CNW/ - (TSX:PMT) - Perpetual Energy Inc. ("Perpetual", the "Corporation" or the "Company") is pleased to announce that strong natural gas production in all of the Company's key operating areas combined for a 2014 exit production rate (December average), of approximately 24,150 boe/d, exceeding Perpetual's target exit rate of 23,400 boe/d and representing 30 percent growth over the Company's 2013 exit rate. Perpetual is also pleased to announce continued positive [Read more]
CAPP predicts oil investment will drop by a third as prices languish
FORT MCMURRAY, Alta. - The Canadian Association of Petroleum Producers is expecting oilpatch investment to drop by a third — or $23 billion — this year compared with 2014, while output is seen growing at a slower clip than previously predicted.The oil and gas industry group normally releases its annual production outlook every June, but decided to provide a mid-year update on Wednesday given the "meaningful changes" that have occurred in crude oil markets, CAPP president Tim McMillan said in an [Read more]
Gear Energy Ltd. Announces 2014 Operational Update and Revised 2015 Guidance
CALGARY, ALBERTA--(Marketwired - Jan. 20, 2015) - Gear Energy Ltd. ("Gear") (TSX:GXE) announces operational highlights for the fourth quarter of 2014 and revised capital guidance for the first half of 2015. 2014 Operational update Gear achieved record field production of approximately 7,275 boe/d in the fourth quarter of 2014. Estimated sales production for the quarter came in slightly lower at 7,000 boe/d due to rail car availability and pipeline apportionments. Fourth quarter sales [Read more]
Cequence announces operational update
CALGARY, Jan. 21, 2014 /CNW/ - Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) is pleased to provide an operational update and a capital budget for the first six months of 2015. As previously forecast, Cequence expects 2014 production to average approximately 11,000 boepd. Following the start-up of the expanded 13-11 facility at Simonette in January, production has reached a rate of 12,000 boepd. Since the sale of Ansell in July, 2014, Cequence has had an active drilling program [Read more]
A winking president teases Republicans, and the Keystone XL pipeline
WASHINGTON - U.S. President Barack Obama delivered a dig at the Keystone XL pipeline and drew a politically revealing standing ovation from Democrats during his state of the union address Tuesday.It illustrated the political headwinds now confronting the Canadian oil-infrastructure project: The president voiced his increasingly blunt disdain, and a vocal cheering section from his party roared in approval.Obama took his latest shot from the biggest political stage of the year, the annual [Read more]
Inter Pipeline Announces $400 Million Capital Expenditure Program for 2015
CALGARY, ALBERTA--(Marketwired - Jan. 20, 2015) - Inter Pipeline Ltd. ("Inter Pipeline") (TSX:IPL) announced today a $400 million capital expenditure program for 2015 with a primary focus on the expansion of its oil sands transportation and conventional oil gathering businesses. In 2015, organic growth projects are expected to account for approximately $340 million of total capital expenditures. The remainder will be spent on sustaining capital requirements across Inter Pipeline's business [Read more]
Oil services giant Baker Hughes to lay off 7,000 workers
HOUSTON - Oil services company Baker Hughes Inc. will lay off about 7,000 workers as it prepares for a downturn in orders because of the plunge in crude prices, the company said Tuesday.The layoffs represent about an 11 per cent cut to the 62,000-plus workers Baker Hughes says it employs worldwide.The announcement came in a conference call after the Houston-based company exceeded analysts' estimates with a record $663 million in net income in the fourth quarter of 2014, more than double its [Read more]