CALGARY, ALBERTA--(Marketwired - Feb. 19, 2015) - Strategic Oil & Gas Ltd. ("Strategic", or the "Company") (TSX VENTURE:SOG) announces that, in response to the recent downturn in commodity prices, the Company has made several changes to its cost structure and capital spending programs to preserve financial flexibility and enhance profitability: The Company prudently elected to stop the winter Muskeg drilling program in order to preserve capital. One Muskeg horizontal well (13-31) was [Read more]
News
Alberta NDP launch online petition to fight corporate tax freeze amid low oil
EDMONTON - The Alberta NDP is launching an online petition to urge Premier Jim Prentice to reverse his decision to not hike corporate taxes.NDP Leader Rachel Notley says it's unfair for Prentice to freeze corporate taxes and oil royalties while signalling there will be hikes in personal income taxes and user fees.Prentice has said hiking Alberta's 10 per cent corporate tax would harm the economy at a time it is already reeling from billions of dollars in lost revenue due to low oil.Notley says [Read more]
TransCanada to seek US approval for $600M Upland Pipeline, going north from North Dakota
BISMARCK, N.D. - The Canadian company behind the long-delayed Keystone XL oil pipeline will seek U.S. government approval for another pipeline — this one going north.Industry officials in North Dakota say the proposed Upland Pipeline could reduce reliance on the railroads to ship crude following recent concerns about safety.TransCanada Corp.'s proposed $600 million Upland Pipeline would begin near the northwestern North Dakota oil hub of Williston and go north into Canada about 200 miles. At [Read more]
Inter Pipeline Announces Record 2014 Financial and Operating Results
CALGARY, ALBERTA--(Marketwired - Feb. 19, 2015) - Inter Pipeline Ltd. ("Inter Pipeline") (TSX:IPL) announced today financial and operating results for the three and twelve month periods ended December 31, 2014. 2014 Highlights Generated record funds from operations* of $564 million, a 19 percent increase over 2013 results Declared cash dividends of $423 million or $1.32 per share Annual payout ratio* of 77 percent Announced an $0.18 annualized dividend increase, the largest single [Read more]
Genalta Power and Baytex Energy announce activation of first phase in 20MW gas conservation power project
CALGARY, Feb. 19, 2015 /CNW/ - Genalta Power Inc. ("Genalta") is pleased to announce the completion of the first phase of its Three Creeks project, part of the Peace River Power Centre, in conjunction with Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) ("Baytex"). The electrical power generating facility is located near Baytex's Three Creeks Field in the Peace River region of northern Alberta. The new facility is designed to conserve solution gas in the area, while providing a new source of low [Read more]
Why Oil Prices Must Go Up
It may be difficult to look beyond the current pricing environment for oil, but the depletion of low-cost reserves and the increasing inability to find major new discoveries ensures a future of expensive oil. While analyzing the short-term trajectory of oil prices is certainly important, it obscures the fact that over the long-term, oil exploration companies may struggle to bring new sources of supply online. Ed Crooks over at the FT persuasively summarizes the predicament. Crooks says that [Read more]
Artek Exploration Ltd. Reports Significant 2014 Reserves Growth
CALGARY, ALBERTA--(Marketwired - Feb. 18, 2015) - Artek Exploration Ltd. (TSX:RTK) of Calgary, Alberta ("Artek" or the "Company") is pleased to announce the results of its independent reserve evaluation for the year ended December 31, 2014 (the "Sproule Report") as prepared by Sproule Associates Limited ("Sproule"). 2014 HIGHLIGHTS Increased Proved plus Probable reserves by 9% to 46.4 million boe and Proved reserves by 12% to 24.0 million boe and Proved Developed Producing reserves by 31% [Read more]
Pine Cliff Energy Ltd. Announces 2014 Year-End Reserves
CALGARY, ALBERTA--(Marketwired - Feb. 18, 2015) - Pine Cliff Energy Ltd. ("Pine Cliff") (TSX VENTURE:PNE) is pleased to announce its 2014 year-end reserves. Pine Cliff's independent reserve report was prepared by McDaniel & Associates Limited ("McDaniel") in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") with the effective date of December 31, 2014. As a result of two acquisitions in 2014, Pine Cliff is pleased to report [Read more]
Peyto’s 2014 Exit Production and Total Reserves Exceed 85,000 boe/d and 530 MMBOE
CALGARY, ALBERTA--(Marketwired - Feb. 18, 2015) - Peyto Exploration & Development Corp. ("Peyto" or the "Company") (TSX:PEY) is pleased to present the results and analysis of the independent reserve report effective December 31, 2014. The evaluation encompassed 100% of Peyto's reserve assets and was conducted by InSite Petroleum Consultants ("InSite"). This year marks the company's 16th year of profitable reserves development and the largest organic capital program in Peyto's history. [Read more]
Crew Energy Inc. Announces Strong 2014 Reserves Additions
CALGARY, ALBERTA--(Marketwired - Feb. 18, 2015) - Crew Energy Inc. (TSX:CR) of Calgary, Alberta ("Crew" or the "Company") is very pleased to announce the results of its independent reserve evaluation for the year ended December 31, 2014 as prepared by Sproule Associates Ltd. ("Sproule"), which is outlined in more detail below. 2014 HIGHLIGHTS Through an active and successful drilling program, the Company added 108.4 mmboe of proved plus probable ("2P") reserves, which contributed to a [Read more]