CALGARY, Jan. 7, 2015 /CNW/ - Surge Energy Inc. ("Surge" or "the Company") announced today that, until such time as the Company receives tangible clarity with respect to world oil prices, Surge's management and Board are adopting a very conservative capital spending program for the first half of 2015, which is designed to protect both the Company's net asset value ("NAV"), and Surge's balance sheet. This conservative capital expenditure program in the first half of 2015, however, will still [Read more]
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Athabasca Oil Corporation Announces Board of Directors Appointments and Executive Promotion
CALGARY, Jan. 7, 2015 /CNW/ - Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or "the Company") is pleased to announce the appointment of Carlos Fierro and Paul Haggis to its Board of Directors ("Board"). The Board has also promoted Rob Broen, the Company's current Chief Operating Officer, to the position of President and Chief Operating Officer. Tom Buchanan continues as Athabasca's Chief Executive Officer. Mr. Fierro is a former investment banker and attorney based in Washington, DC. [Read more]
ARC Resources Ltd. Announces Bought Deal Financing and Reduced 2015 Capital Program
CALGARY, Jan. 7, 2015 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC") announced today that it has entered into an agreement to sell 15.5 million common shares at $22.55 per share to raise gross proceeds of approximately $350 million on a bought deal basis. The issue will be made through a syndicate of underwriters led by RBC Capital Markets. The net proceeds will be used to temporarily reduce bank indebtedness, increase working capital and to fund ongoing capital expenditure programs. This [Read more]
Rifle Shot Oil Corp. announces initial financing by ARC Financial Corp.
CALGARY, Jan. 7, 2015 /CNW/ - Rifle Shot Oil Corp. ("Rifle Shot" or the "Company") is pleased to announce the closing of its initial financing by ARC Financial Corp. Rifle Shot is a private company focused on acquiring conventional oil reservoirs and applying the latest development technologies to increase production and oil recovery. The Company, headquartered in Calgary, is looking to deploy approximately $100 million of equity. The Rifle Shot team is a highly technical group of [Read more]
Coleman says LNG proposals will take flight in B.C. in 2015
VICTORIA - Natural Gas Development Minister Rich Coleman says he expects British Columbia's dreams of building a liquefied natural gas industry will come true in 2015 with energy companies deciding to proceed on plans to build pipelines and export terminals.In an statement released Wednesday, Coleman says several leading LNG proponents will make final investment decisions this year to move ahead with some of the largest capital projects in British Columbia's history.Coleman's comments come [Read more]
Most of Canada’s oilsands unusable if world moves on climate: report
British researchers have concluded that most of Canada's oilsands will have to be left in the ground if the world gets serious about climate change.The report, published in the journal Nature, says three-quarters of all Canada's oil reserves and 85 per cent of its oilsands can't be burned if the world wants to limit global warming. The report also concludes that no country's Arctic energy resources can be developed if global temperature increases are to be kept manageable.It adds that about [Read more]
ATB Financial forecasts Alberta economic slowdown due to soft energy prices
EDMONTON - The chief economist of Alberta's Crown-owned bank says weak oil and natural gas prices will slow economic growth in the province this year.Todd Hirsch of ATB Financial says that is likely to mean a loss of jobs, less investment in the energy sector and a modest decrease in housing starts.Immigration is also expected to decrease compared with 2014.Hirsch is forecasting that economic growth this year in Alberta will fall by about one-half to two per cent.He cautions that swings in oil [Read more]
Quebec energy board supports TransCanada’s Energy East plan, calling it “desirable”
MONTREAL - Quebec's energy regulator came out in favour of the Energy East pipeline on Wednesday, calling the TransCanada Corp. project "desirable."The Calgary-based company is aiming to link up to 1.1 million barrels a day of Alberta crude to export terminals and refineries in Quebec and New Brunswick through the $12-billion pipeline.For about two-thirds of the way, an existing segment of cross-Canada natural gas pipe would be converted to oil service, with new pipe to be built through Quebec [Read more]
Top Five Factors Affecting Oil Prices In 2015
As we ring in the New Year, let's take stock of where we are at with the oil markets. 2014 proved to be a momentous one for the oil markets, having seen prices cut in half in just six months. The big question is what oil prices will do in 2015. Oil prices are unsustainably low right now – many high-cost oil producers and oil-producing regions are currently operating in the red. That may work in the short-term, but over the medium and long-term, companies will be forced out of the market, [Read more]
New Brunswickers divided on development of shale gas, poll suggests
FREDERICTON - A recent poll suggests that New Brunswickers are almost evenly divided on the issue of the development of a shale gas industry in the province.The poll says 41 per cent of residents who were surveyed completely or mostly support shale gas exploration and development while 45 per cent completely or mostly oppose it.The poll of 400 people was conducted between Nov. 6 and Nov. 26, more than three weeks before the province's Liberal government introduced legislation to implement a [Read more]