NEW YORK - The price of oil took another sharp tumble Thursday as it appeared increasingly unlikely that OPEC members will cut production to staunch a plunge in prices that is entering its fifth month.The lower oil prices are squeezing the revenue and profit of oil companies, but are still expected to give a lift to the U.S. economy because airlines, shippers, and consumers are paying much less for fuel."Gasoline is an input to almost everything that is made in this economy," said Michael Noel, [Read more]
News
Potential pitfalls to pipeline progress: Obama veto just one way to stop KXL
WASHINGTON - The wild and unexpectedly speedy ride of Keystone XL legislation through the U.S. Congress late Wednesday had supporters of Canadian oil hopeful of a celebratory end to the project's six years of stagnation.Some sobering realities, however, were setting in the following day.The biggest downer for pipeline enthusiasts came in news from Burma. That's where the White House hinted during a press briefing early Thursday, during President Barack Obama's trip to Asia, that he might veto [Read more]
Painted Pony Increases Bought Deal Financing to $55,044,000
CALGARY, ALBERTA--(Marketwired - Nov. 13, 2014) - Painted Pony Petroleum Ltd. (TSX:PPY) ("Painted Pony" or the "Corporation") is pleased to announce that, in connection with the previously announced bought deal offering of common shares (the "Common Shares"), the Corporation and the syndicate of underwriters led by Cormark Securities Inc. and including FirstEnergy Capital Corp., Canaccord Genuity Corp., RBC Capital Markets, TD Securities Inc., AltaCorp Capital Inc., CIBC World Markets Inc., [Read more]
Elkwater Resources Ltd. Announces Closing of Flow-Through Financing
CALGARY, ALBERTA--(Marketwired - Nov. 13, 2014) - Elkwater Resources Ltd. (TSX VENTURE:ELW) ("Elkwater" or the "Company") (to be renamed "Striker Exploration Corp.") is pleased to announce that the Company has closed its previously announced offering of flow-through shares for aggregate gross proceeds of $10,000,500 (the "Flow-Through Financing"). As a result of the completion of the Flow-Through Financing and the completion of the subscription receipt offering of the Company which closed on [Read more]
Kelt Reports Financial and Operating Results for the Three and Nine Months Ended September 30, 2014
CALGARY, ALBERTA--(Marketwired - Nov. 13, 2014) - Kelt Exploration Ltd. (TSX:KEL) ("Kelt" or the "Company") has released its financial and operating results for the three and nine months ended September 30, 2014. The Company's financial results are summarized as follows: Financial Highlights Three months ended September 30 Nine months ended September 30 (CA$ thousands, except as otherwise indicated) 2014 2013 % 2014 2013 % Revenue, before royalties and [Read more]
Encana to Complete Transformative Acquisition of Athlon Energy to Establish Premier Position in Oil-Rich Permian Basin
CALGARY, AB--(Marketwired - November 13, 2014) - Encana Corporation (Encana) (TSX: ECA) (NYSE: ECA) announced today that the cash tender offer (the "Offer") made by Alenco Acquisition Company Inc., Encana's indirect, wholly owned subsidiary ("Alenco Acquisition") to acquire all of the issued and outstanding shares of common stock of Athlon Energy Inc. (Athlon) (NYSE: ATHL) expired at midnight, New York City time on Wednesday, November 12, 2014 (one minute after 11:59 P.M., New York City time, on [Read more]
Spartan Energy Corp. Announces Third Quarter Cash Flow of $28.5 Million, Current Production of 8,600 boe/d and Upward Revision to Exit Guidance
CALGARY, ALBERTA--(Marketwired - Nov. 13, 2014) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to report its financial and operating results for the three and nine months ended September 30, 2014. Selected financial and operational information is set out below and should be read in conjunction with Spartan's September 30, 2014 interim financial statements and the related management's discussion and analysis, which are available for review at www.sedar.com or on the [Read more]
PrairieSky Royalty Announces Strategic Acquisition of Range Royalty and Dividend Increase
CALGARY, Nov. 13, 2014 /CNW/ - PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX:PSK) is pleased to announce that it has entered into an agreement (the "Arrangement Agreement") to acquire Range Royalty Limited Partnership ("Range"), a leading private oil and gas royalty company with approximately 3,000 boe/d (40% liquids) of high quality royalty production and 3.5 million acres of royalty lands. Pursuant to the Arrangement Agreement, Range unitholders will receive 0.8 of a PrairieSky [Read more]
TORC Oil & Gas Ltd. Announces Third Quarter 2014 Financial & Operational Results; A Series of Strategic Acquisitions; And Increase to 2014 Production Guidance
CALGARY, Nov. 13, 2014 /CNW/ - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2014. The associated Management's Discussion and Analysis ("MD&A") and unaudited interim financial statements as at and for the three and nine months ended September 30, 2014 can be found at www.sedar.com and www.torcoil.com. Highlights Three months ended Nine months [Read more]
Seven Generations Energy Ltd. Announces Third Quarter 2014 Results
CALGARY, Nov. 12, 2014 /CNW/ - Seven Generations Energy Ltd. ("7G" or the "Company") (TSX: VII) is pleased to report its third quarter 2014 operating and financial results. Highlights Third quarter production averaged a record 35,820 boe/d, an increase of 406% from the third quarter of 2013 and a 49% increase over the second quarter of 2014, with a September 2014 average production rate of 39,690 boe/d (59% liquids). The third quarter of 2014 established a record funds from operations [Read more]