CALGARY, Feb. 23, 2015 /CNW/ - Shell announced today it is withdrawing its regulatory application for the proposed Pierre River Mine north of Fort McMurray, Alberta to focus attention on its existing oil sands operations. "The Pierre River Mine (PRM) remains a very long term opportunity for us but it's not currently a priority," said Lorraine Mitchelmore, Shell Canada President and Executive Vice President of Heavy Oil. "Our current focus is on making our heavy oil business as economically [Read more]
News
Artek Exploration Ltd. Announces Business Combination With Kelt Exploration Ltd.
CALGARY, ALBERTA--(Marketwired - Feb. 23, 2015) - Artek Exploration Ltd. (TSX:RTK) ("Artek" or the "Corporation") is pleased to announce that it has entered into an arrangement agreement (the "Arrangement Agreement") with Kelt Exploration Ltd. ("Kelt"), pursuant to which Kelt has agreed to acquire all of the issued and outstanding common shares of Artek ("Artek Shares") on the basis of 0.34 of a common share of Kelt ("Kelt Shares") for each Artek Share held (the "Transaction"). The [Read more]
Elkwater Resources Ltd. Announces Results of Shareholder Meeting, Including Approval of Share Consolidation and Name Change
CALGARY, ALBERTA--(Marketwired - Feb. 23, 2015) - Elkwater Resources Ltd. ("Elkwater" or the "Company") (TSX VENTURE:ELW) is pleased to announce the results of the annual general and special meeting of shareholders held on February 19, 2015 (the "Meeting"). SHARE CONSOLDIATION AND NAME CHANGE The Company is pleased to announce that it will proceed with the previously approved share consolidation and name change. On the effective date, which is expected to be on or about February 25, 2015, [Read more]
Kelt to Consolidate Its British Columbia Montney and Doig Assets Through the Acquisition of Artek Exploration
CALGARY, AB--(Marketwired - February 23, 2015) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") has entered into an agreement with Artek Exploration Ltd. ("Artek"), pursuant to which Kelt will acquire all of the issued and outstanding common shares of Artek on the basis of 0.34 of a Kelt common share for each Artek common share. The acquisition will be effected by way of a statutory plan of arrangement (the "Arrangement"). Based on the volume-weighted average trading price of the [Read more]
Scotiabank Commodity Price Index Falls Below April-2009 Recessionary Low
TORONTO, ON--(Marketwired - February 23, 2015) - Scotiabank's Commodity Price Index plunged again in January, -8.6% month-over-month (m/m) or -27.9% year-over-year (yr/yr), dropping below the April-2009 low during the 'Great Recession.' Commodity prices are now at levels last seen in January 2007. "While global economic conditions are better than in 2009, an extended period of sub-par world GDP growth has triggered intensely competitive global markets, taking the steam out of commodity [Read more]
Natural Gas Producers Welcome Tax Reclassification for LNG Facilities
CALGARY, ALBERTA--(Marketwired - Feb. 20, 2015) - The federal government's tax reclassification for potential liquefied natural gas (LNG) export facilities enhances Canadian competitiveness and supports the continued success of the country's upstream natural gas industry, the Canadian Association of Petroleum Producers (CAPP) said today. "LNG development presents a tremendous economic opportunity for British Columbia and Canada, and is vital to the long-term viability of the Canadian upstream [Read more]
US rig count drops by 48 in latest week to 1,310; Texas down 22
HOUSTON - Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. fell by 48 this week to 1,310 amid depressed oil prices.The Houston firm said Friday in its weekly report 1,019 rigs were exploring for oil and 289 for gas. Two were listed as miscellaneous. A year ago 1,771 rigs were active.Of the major oil- and gas-producing states, Texas' count fell by 22, Oklahoma lost 16, North Dakota and Wyoming each lost four, Alaska lost three, [Read more]
Enbridge exploring low-cost expansions to get around pipeline delays
Enbridge Inc. (TSX:ENB) says it's exploring a number of low-cost expansions to its pipeline infrastructure to keep crude oil moving while various larger-scale pipeline proposals remain mired in legal and regulatory delays."All of these involve relatively small, low cost, bolt-on projects that can be staged in increments as required to meet shipper needs," Guy Jarvis, the company's president of liquids pipelines, said during a conference call Friday."For that reason, we think that they will be [Read more]
Talisman Receives Final Court Approval for Acquisition by Repsol
CALGARY, ALBERTA--(Marketwired - Feb. 20, 2015) - Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) announced today that the Court of Queen's Bench of Alberta granted a final order approving the proposed arrangement under which Repsol S.A., through a wholly-owned subsidiary, is to acquire all of the outstanding shares of Talisman. The arrangement was approved by Talisman shareholders at a special meeting of shareholders held on February 18, 2015. Talisman also confirms that the holders of its [Read more]
Ivanhoe Energy seeks court protection from creditors, stock trading suspended
VANCOUVER - Ivanhoe Energy Inc. (TSX:IE) stock has been suspended as the company works to renegotiate its debt obligations and sell assets under the Bankruptcy and Insolvency Act.The company, which has been focused on developing and using a proprietary upgrading process for heavy oil, said Friday that it's seeking a 30-day court order to protect it from creditors. Ernst & Young has been appointed trustee.The TSX said shortly after the announcement that Ivanhoe Energy's stock listing is under [Read more]