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]
News
Southern Pacific Solicits Proposals to Sell or Restructure Company
CALGARY, ALBERTA--(Marketwired - Feb. 20, 2015) - Southern Pacific Resource Corp. (TSX:STP) (the "Company" or "Southern Pacific") is a thermal heavy oil and bitumen producer based in Calgary, Alberta. Southern Pacific has initiated a process to solicit proposals to: 1) acquire the Company and its assets; or 2) acquire some or all of the assets of the Company; or 3) make an investment to recapitalize and restructure the debt of the Company (collectively a "Bid"). Strategic and financial [Read more]
Enerplus Delivers Strong 2014 Operating Results and Low Cost Reserves Additions; Updates 2015 Strategy to Enhance Value and Balance Sheet Strength
CALGARY, Feb. 20, 2015 /CNW/ - Enerplus Corporation ("Enerplus") (TSX: ERF) (NYSE: ERF) is pleased to announce our results for the fourth quarter of 2014 as well as full year 2014 operating, financial and reserves results. We are also updating our outlook for 2015 with regard to our spending plans and our strategy to preserve our financial strength and enhance the value of our portfolio in the current commodity price environment. 2014 KEY TAKEAWAYS: Production growth of 15% [Read more]
Lightstream Announces 2014 Reserves and Operations Update
CALGARY, ALBERTA--(Marketwired - Feb. 20, 2015) - Lightstream Resources Ltd. ("Lightstream" or the "Company") (TSX:LTS) announces 2014 year-end reserves and updated operations information. The Company's annual audit of our consolidated financial statements is not yet complete and accordingly all financial and production amounts herein are management's estimates which are unaudited and subject to change. HIGHLIGHTS January 2015 average production was approximately 36,400 boepd (76% light [Read more]
Harper announces tax breaks for LNG industry in B.C. to spur job growth
SURREY, B.C. - Prime Minister Stephen Harper announced tax breaks Thursday for British Columbia's liquefied natural gas industry, though not a single project has yet reached a final investment decision.Harper, who made the announcement at a technical university in Surrey, B.C., said companies will receive a capital cost allowance of 30 per cent for equipment used in natural gas liquefaction and 10 per cent for buildings at a facility that liquefies natural gas.Tax relief will be available for [Read more]
Petrus Resources Provides Operational Update and Announces 2015 Capital Budget and Director Appointment
CALGARY, ALBERTA--(Marketwired - Feb. 19, 2015) - Petrus Resources Ltd. ("Petrus" or the "Company") is pleased to provide an operational update and information on its 2015 capital budget and a change to the Board of Directors. OPERATIONS UPDATE Petrus exited 2014 with record production of 11,200 boe/d (54% natural gas), an increase over the 2013 exit rate of 4,052 boe/d (58% natural gas). In addition, Petrus exited the year with an additional 800 boe/d of productive capacity from new wells [Read more]
Baytex Announces Revised 2015 Budget and Amendments to Bank Credit Facilities
CALGARY, ALBERTA--(Marketwired - Feb. 19, 2015) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) announces that its Board of Directors has approved a revised 2015 capital budget of $500 to $575 million, down from an initial 2015 capital budget of $575 to $650 million. Baytex also announces amendments to the financial covenants contained in its bank credit facilities which will provide the company with increased financial flexibility. Commenting on the announcement, James Bowzer, [Read more]
StonePoint Energy Inc. Provides 2014 Year-End Reserves
CALGARY, ALBERTA--(Marketwired - Feb. 19, 2015) - StonePoint Energy Inc. (TSX VENTURE:STO) ("StonePoint" or "the Company") is providing a summary of its 2014 year-end reserves. HIGHLIGHTS 399% increase in Proved plus Probable ("2P") gross reserves from 444.8 Mboe at year end 2013 to 2,217.9 Mboe. Total Proved ("1P") gross reserves increased 270% from 278.0 Mboe at year end 2013 to 1,028.9 MMboe. Proved Developed Producing ("PDP") gross reserves increased from 37.6 Mboe at year [Read more]
Zargon Oil & Gas Ltd. Announces 2014 Year End Reserves and Provides a Little Bow ASP Project Update
CALGARY, ALBERTA--(Marketwired - Feb. 19, 2015) - Zargon Oil & Gas Ltd. (the "Company" or "Zargon") (TSX:ZAR)(TSX:ZAR.DB) announces 2014 year end reserves and provides a Little Bow Alkaline Surfactant Polymer ("ASP") tertiary oil recovery project update. Zargon intends to release its 2014 audited financial results on March 10, 2015, after market close. 2014 YEAR END RESERVES: Reflecting a transition year of property sales and refocus, Zargon's 2014 year end proved and probable total [Read more]
Bonterra Energy Corp. Provides an Operations Update and Announces Its Corporate Reserves Information
CALGARY, ALBERTA--(Marketwired - Feb. 19, 2015) - Bonterra Energy Corp. (Bonterra or the Company)(www.bonterraenergy.com) (TSX:BNE) is pleased to provide an operational update as well as the results of its independent reserve report prepared by Sproule Associates Limited with an effective date of December 31, 2014. Operational Highlights Record average daily production for the full year of 13,195 barrels of oil equivalent (BOE) per day (71 percent oil and liquids), an increase of 8 [Read more]