Company to focus on high-return projects, capital discipline CALGARY, Dec. 11, 2014 /CNW/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) plans to exercise capital restraint in the year ahead in the face of weaker oil prices. The company's 2015 capital budget focuses on continued profitable investment in oil sands projects, creating near-term cash flow while maintaining flexibility to adjust to shifting market conditions. Cenovus will manage through the volatile oil price environment [Read more]
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Tuscany Announces Closing of $1.0 Million Flow-Through Financing
CALGARY, ALBERTA--(Marketwired - Dec. 11, 2014) - Tuscany Energy Ltd. ("Tuscany" or the "Company") (TSX VENTURE:TUS) announces that it has issued 2.28 million common shares of the Company on a "flow-through" basis pursuant to the Income Tax Act (Canada) (the "Flow-Through Shares") at a price of $0.44 per Flow-Through Share for total consideration of $1,003,200 (the "Offering"). Tuscany will renounce to subscribers of the common shares effective on or before December 31, 2014, eligible Canadian [Read more]
Donnycreek Increases Credit Facility
CALGARY, ALBERTA--(Marketwired - Dec. 10, 2014) - Donnycreek Energy Inc. ("Donnycreek" or the "Company") (TSX VENTURE:DCK) reports that it has increased its existing extendible, revolving term, demand credit facility with its lender from $15 million to $25 million, of which approximately $6 million is currently drawn. Donnycreek is a Calgary based public oil and gas company which holds approximately 439 gross (313 net) sections of petroleum and natural gas rights, with an average working [Read more]
Alberta Premier Prentice says Alberta won’t spend way out of low oil prices
EDMONTON - Alberta Premier Jim Prentice says his government doesn't plan to spend its way out of the problems created by the falling price of oil.Prentice told the legislature today his government is committed primarily to finding economies within its own departments.He says he is heartened by a report from Moody's Investors that shows Alberta and Saskatchewan are in the best financial position to weather low prices.Oil prices have been free-falling since the summer and now hover in the $60 per [Read more]
Oversupply and weak demand take their toll on energy industry stock prices
PORTLAND, Ore. - Energy industry shares fell Wednesday as oversupply and weak demand continued to drag down the price of oil.Oil prices have been falling for months, but new industry reports suggest it could fall further.OPEC on Wednesday slashed its estimate of how much crude oil it will need to produce next year. And the Energy Department on Wednesday reported a surprise increase in U.S. crude supplies. That follows the U.S. Energy Department lowering its forecast this week for gasoline prices [Read more]
OPEC report, high US crude inventories sends oil prices to new 5-year lows
NEW YORK - The price of oil took another dive Wednesday, plunging to five-year lows amid mounting evidence that global supplies are far outstripping demand.The U.S. Energy Department reported a surprise increase in domestic oil inventories and OPEC projected that demand for its crude would sink next year to levels not seen in more than a decade.Benchmark U.S. crude slumped 4.5 per cent, or $2.88, to close at $60.94 a barrel on Wednesday. Prices have not been that low since July of 2009. U.S [Read more]
PrairieSky Royalty Announces Appointments to the Board of Directors
CALGARY, ALBERTA--(Marketwired - Dec. 10, 2014) - James Estey, Chair of the Board of PrairieSky Royalty Ltd. ("PrairieSky") (TSX:PSK) is pleased to announce that Ms. Margaret McKenzie and Mr. Grant Zawalsky have agreed to join PrairieSky's Board of Directors following closing of the acquisition of Range Royalty Limited Partnership ("Range"). "We are pleased to add such strong and talented new members to our Board and look forward to their contributions to PrairieSky" said James Estey, [Read more]
Independent Assessment Significantly Increases Husky Energy’s Heavy Oil Resources
CALGARY, ALBERTA--(Marketwired - Dec. 10, 2014) - An independent assessment of Husky Energy's (TSX:HSE) heavy oil resources in the Lloydminster region has significantly increased the overall Husky working interest of total heavy oil initially in place estimate to 17 billion barrels, of which 16 billion barrels are discovered heavy oil initially in place. The assessment conducted by Sproule Unconventional Limited has also estimated the Husky working interest of best estimate contingent [Read more]
Storm Resources Ltd. Announces Grant of Stock Options
CALGARY, ALBERTA--(Marketwired - Dec. 9, 2014) - STORM RESOURCES LTD. ("Storm") (TSX VENTURE:SRX) announces that it has granted stock options ("Options") to acquire 1,863,000 common shares in the capital of Storm ("Common Shares") pursuant to its stock option plan, 779,500 of which were granted to the directors and officers of Storm. The Options vest over three years (1/3 on each of the first, second and third anniversary of the grant date), are exercisable at a price of $4.31 per Common Share [Read more]
Artek Exploration Ltd. Announces Closing of Non-Core Property Dispositions
CALGARY, ALBERTA--(Marketwired - Dec. 9, 2014) - Artek Exploration Ltd. (TSX:RTK) of Calgary, Alberta ("Artek" or the "Company") is pleased to announce that it has successfully closed the non-core asset disposition transactions which were previously disclosed in its press release of December 2, 2014, for total cash proceeds to the Company of $21.85 million, before customary closing adjustments. Artek is a crude oil and natural gas exploration, development and production company headquartered [Read more]