OTTAWA - It is long past time the federal government worked out a national energy strategy with the provinces, says the president of a proposed liquefied natural gas export terminal in Nova Scotia.Alfred Sorensen, the president and CEO of Pieridae Energy Ltd., said the country's complicated federal system is the biggest barrier he sees to attracting foreign buyers and investors.Pieridae Energy is proposing to build an LNG export terminal in Goldboro, N.S., and in 2013 signed a 20-year deal to [Read more]
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Suncor sees construction costs coming down in the oilsands as activity slows
CALGARY - Costs are coming down and high-quality workers are easier to come by in Alberta's oilsands as actvity slows in response to lower world oil prices, the CEO of Suncor Energy Inc. said Thursday.The Calgary-based oilsands producer is pressing ahead with its $13.5-billion Fort Hills oilsands mine, in partnership with the Canadian arm of France's Total and Vancouver miner Teck Resources.First oil is expected in 2017, eventually ramping up to 180,000 barrels per day.The region is seeing some [Read more]
TORC Oil & Gas Announces Strategic Acquisition and Asset Swap in Southeast Saskatchewan and Increase to 2015 Production Guidance
CALGARY, Feb. 5, 2015 /CNW/ - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX:TOG) is pleased to announce that it has entered into an agreement to acquire light oil assets which are complementary to TORC's existing conventional assets in southeast Saskatchewan. The strategic acquisition (the "Acquisition") includes over 1,550 boepd (94% light oil and liquids) of high quality, low decline, strong netback, light oil producing assets (the "Acquired Assets"). Total consideration for the [Read more]
MEG Energy reports fourth quarter and full-year 2014 results with record quarterly and annual production volumes
CALGARY, ALBERTA--(Marketwired - Feb. 5, 2015) - MEG Energy Corp. (TSX:MEG) today reported fourth quarter and full-year 2014 operating and financial results. Highlights include: Record quarterly production of 80,349 barrels per day (bpd) and record annual production of 71,186 bpd, more than double 2013 annual volumes; Record-low quarterly non-energy operating costs of $6.42 per barrel and record-low annual non-energy operating costs of $8.02 per barrel; Quarterly cash flow from [Read more]
Suncor Energy reports fourth quarter 2014 results
CALGARY, ALBERTA--(Marketwired - Feb. 4, 2015) - Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards (IFRS), specifically International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working interest basis, before royalties, unless noted otherwise. Certain [Read more]
Prairie Storm Energy Corp. Announces $400 million Equity Financing From Natural Gas Partners
CALGARY, Feb. 4, 2015 /CNW/ - The management team of Hugh Ross, Ketan Panchmatia, Greg Groten, Rob Morrison and Julian Din today announced the formation of Prairie Storm Energy Corp. ("Prairie Storm" or the "Company") and the closing of an equity financing commitment with Natural Gas Partners, through its affiliate, NGP Natural Resources XI, L.P. ("NGP") of up to $400 million. The Company will be led by Hugh Ross as President & CEO, Ketan Panchmatia as VP Finance & CFO, Greg Groten as [Read more]
Marquee Energy Ltd. Announces Significant Increase in 2014 Year-End Reserves
CALGARY, Feb. 4, 2015 /CNW/ - Marquee Energy Ltd. ("Marquee" or the "Company") (TSXV: "MQL") is pleased to announce the results of its independent reserve evaluation as of December 31, 2014, which includes a 39% increase in proved developed producing reserves. The Company's core assets at Michichi and Lloydminster now comprise more than 90% of its total proved reserves on a 10% discounted before tax net present value basis ("NPV10"). Reserve Report Highlights(1) Increased proved developed [Read more]
Connacher Oil and Gas Provides Update on Proposed Recapitalization Transaction
CALGARY, Feb. 4, 2015 /CNW/ - On January 30, 2015 Connacher Oil and Gas Limited (CLL – TSX; "Connacher" or the "Company") announced a proposed recapitalization transaction (the "Recapitalization") aimed at significantly reducing the Company's debt and annual interest expense, and providing additional liquidity to fund ongoing operations. This Recapitalization has the committed support of holders of existing second lien secured notes (the "Existing Second Lien Notes") holding, on a combined [Read more]
Petro One’s First Horizontal Well on Production
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 4, 2015) - Petro One Energy Corp. (TSX VENTURE:POP)(FRANKFURT:C6K1) is pleased to report that Well 6-22, its first horizontal well drilled in the upper Viking, was completed as planned and has been on production since mid-January. The well, which is located in the Milton oil field in western Saskatchewan, is currently producing emulsion and recovering frac fluid from the 3,500 barrels of frac fluid used for completion in early January. The company [Read more]
Savanna Energy Services Corp. Announces Chief Executive Officer Departure
CALGARY, ALBERTA--(Marketwired - Feb. 4, 2015) - Savanna Energy Services Corp. (TSX:SVY) ("Savanna") announces that, effective today, Ken Mullen, President and Chief Executive Officer, is no longer an officer of Savanna. Mr. Mullen has also resigned as a director of Savanna. Dwayne LaMontagne, the Executive Vice-President and Chief Development Officer of Savanna, has been appointed Interim President and Chief Executive Officer. The Board of Directors has formed a special committee, comprised [Read more]