CALGARY, ALBERTA--(Marketwired - Jan. 8, 2015) - Arsenal Energy Inc. ("Arsenal" or the "Company") (TSX:AEI)(OTCQX:AEYIF) is pleased to announce that production for the fourth quarter of 2014 averaged an estimated 4,700 boe/d, (approximately 76% oil and liquids) resulting in 2014 average production of approximately 4,500 boe/d. Production is currently estimated at approximately 4,800 boe/d. During the fourth quarter of 2014 at Princess, Alberta, Arsenal drilled six oil targets. Four of the oil [Read more]
News
Senate panel moves Keystone XL pipeline bill forward despite veto threat
WASHINGTON - House Republicans are on track to easily pass legislation to authorize the construction of the Keystone XL oil pipeline, moving Congress closer to a clash with President Barack Obama.The project would move tar sands oil from Canada 1,179 miles (1,900 kilometres) south to refineries on Gulf of Mexico Coast. Supporters say it would create jobs and ease American dependence on Middle East oil. Critics argue that the drilling is environmentally harmful, and said much of the Canadian [Read more]
Toro Announces Closing of $15 Million Bought Deal Public Equity Financing
CALGARY, ALBERTA--(Marketwired - Jan. 8, 2015) - Toro Oil & Gas Ltd. (TSX VENTURE:TOO) ("Toro" or the "Company") is pleased to report the closing of the previously announced bought deal equity financing cleared via a short-form prospectus ("Public Offering"). Pursuant to the Public Offering, an aggregate of 15,000,000 common shares at a price of $1.00 per share were issued raising $15 million in gross proceeds. The Public Offering was led by Macquarie Capital Markets Canada Ltd., together [Read more]
Surge Energy Inc. exceeds 2014 exit rate; announces capital program for first half of 2015; reduces dividend
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]
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]