VANCOUVER, Feb. 4, 2015 /CNW/ - Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN) (TSX: IE.DB) today announced that Ivanhoe's Specific Services Contract on Block 20 in Ecuador is being terminated by mutual consent between Ivanhoe and Petroamazonas EP, Ecuador's state-run oil company. As first announced in August 2014, Ivanhoe and Petroamazonas agreed to a process to mutually terminate the Specific Services Contract under which Ivanhoe has been operating since 2008 as a step towards entering into a [Read more]
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Perpetual Energy Inc. releases 2014 year-end reserves
CALGARY, Feb. 4, 2015 /CNW/ - (TSX:PMT) – Perpetual Energy Inc. ("Perpetual", the "Corporation" or the "Company") is pleased to release a summary of the Company's year-end 2014 reserves as reported by the independent engineering firm McDaniel and Associates Consultants Ltd. ("McDaniel"). Perpetual's proved and probable reserves increased by close to 70 percent (67 percent per share) year over year, largely driven by the recognition of reserves from the East Edson joint venture ("East Edson [Read more]
TransCanada CEO says EPA’s call for further Keystone XL review a delay tactic
TORONTO - TransCanada's chief executive says suggestions that the environmental impacts of the Keystone XL pipeline be revisited in light of lower crude prices are merely a tactic to delay the project.Russ Girling says global demand for oil will continue to grow over the coming years, and that volatile crude prices do not mitigate the need for pipelines to transport that oil."At $50 a barrel, the oilsands are still going to get developed anyway," Girling told reporters following his speech at [Read more]
Weekly Oil Inventories Rise 6.3M Barrels, Price Falls 5 percent
A recent rebound in oil prices came to an end as the benchmark contract for U.S. crude fell $2.65, or 5 percent, to $50.40. One factor driving trading was a report that U.S. crude inventories jumped by 6 million barrels last week, more than analysts had forecast. Crude prices had rallied 19 percent over the previous four days as producers canceled exploration projects and cut the number of rigs drilling. [Read more]
Source Rock Royalties Closes Capital Call Private Placements
CALGARY, ALBERTA--(Marketwired - Feb. 4, 2015) - Source Rock Royalties Ltd. ("Source Rock") announces that it has completed the capital call portion of its previously announced brokered private placement through Richardson GMP Limited and concurrent non-brokered private placement (collectively, the "Capital Calls"). Pursuant to the Capital Calls, 3,536,665 common shares of Source Rock ("Common Shares") were issued at price of $1.30 per Common Share for gross proceeds of $4,597,664. Pursuant to [Read more]
Raging River Exploration Inc. Announces the Closing of $88.3 Million Bought Deal Financing
CALGARY, ALBERTA--(Marketwired - Feb. 4, 2015) - Raging River Exploration Inc. ("Raging River" or the "Company") (TSX:RRX) has closed its previously announced bought deal financing. A total of 13,800,000 Raging River common shares have been issued at a price $6.40 per share for gross proceeds of $88,320,000, which included the exercise in full of the over-allotment option granted to the underwriters. The syndicate of underwriters was co-led by Peters & Co. Limited and FirstEnergy Capital [Read more]
Rock Energy Inc. Announces Increase to Bought Deal Financing From $10.0 Million to $13.2 Million
CALGARY, ALBERTA--(Marketwired - Feb. 4, 2015) - Rock Energy Inc. (TSX:RE) ("Rock" or the "Company") is pleased to announce that in connection with the previously announced offering of common shares ("Common Shares"), the Company and the syndicate of underwriters led by Dundee Securities Ltd. and including Acumen Capital Finance Partners Limited, AltaCorp Capital Inc., FirstEnergy Capital Corp., Haywood Securities Inc., National Bank Financial Inc., Paradigm Capital Inc. and GMP Securities L.P. [Read more]
Alberta oilfield services firm Newalta laying off 180 staff to reduce costs
CALGARY - Another Alberta-based company with ties to the oilpatch is laying off staff.Newalta Corporation (TSX:NAL) says it is cutting 180 people from its workforce to reduce costs and improve margins.The Calgary firm says the cuts amount to 15 per cent of its staff.Newalta calls itself North America's leading provider of engineered environmental solutions that enable customers to reduce disposal, enhance recycling and recover valuable resources from oil and gas exploration and production [Read more]
Alberta premier nixes corporate tax hikes to fill budget hole left by low oil
EDMONTON - Premier Jim Prentice says he won't hike corporate taxes to help rescue Alberta's economy from the deep hole created by plunging oil prices."When it comes to corporate tax, other Canadian provinces have caught up to the Alberta Advantage, and I think it would be unwise at this point to increase our corporate income tax," Prentice told reporters Tuesday in a conference call from Washington, D.C."It will simply result in less investment, fewer jobs, and it will contribute to a decline in [Read more]
LGX Oil + Gas Inc. announces results of successful 2014 drilling program
CALGARY, Feb. 3, 2015 /CNW/ - LGX Oil + Gas Inc. ("LGX" or the "Company") (TSXV: OIL) is pleased to provide completion results from late 2014 southern Alberta drilling activity. LGX drilled two horizontal wells into the Big Valley (Three Forks) Formation (12-2-8-24W4 and 6-36-8-24W4). The total capital expenditures for the two wells came in on budget at approximately $14 million. The 12-2 well was drilled with a 1,402 m horizontal lateral and was completed with a 20 stage fracture [Read more]