CALGARY - An aboriginal group that lives in northern Alberta's oilsands region has withdrawn from a regulatory hearing into the proposed Grand Rapids crude pipeline. The Athabasca Fort Chipewyan First Nation says it will explore other ways to fight the $3-billion project, which would ship up to 900,000 barrels per day of crude from near Fort McMurray, Alta., to the Edmonton area. ACFN chief Allan Adam says he was "dumbfounded" by the Alberta Energy Regulator's process, which he says was [Read more]
News
Oil price rises to near $101 after China’s economic growth ticks higher in second quarter
Oil prices rose Wednesday after China reported a slight improvement in economic growth for the second quarter that allayed fears its slowdown was continuing. The benchmark U.S. crude for August delivery was up $1.11 cents at US$101.07 a barrel on the New York Mercantile Exchange. Prices have fallen in recent weeks as Libya neared an increase in production and after worries about supply disruptions from Iraq faded. But stronger economic growth in China, the world's top oil importer, could [Read more]
Shoreline Energy Corp. Announces Amended and Restated Forbearance Agreement With Senior Lender
CALGARY, ALBERTA--(Marketwired - July 16, 2014) - Shoreline Energy Corp. (TSX:SEQ) ("Shoreline" or the "Corporation") announces that it has entered into amendments extending its Amended and Restated Forbearance Agreement with its senior secured lender, Alberta Treasury Branches as well as a forbearance arrangement with its creditor, Devon Canada (collectively, the "Forbearance"). The Forbearance will provide Shoreline with the ongoing opportunity to complete its strategic alternatives process, [Read more]
Perpetual Energy Inc. confirms closing of East Edson Joint Venture and announces intention to issue $100 million of Senior Unsecured Notes
CALGARY, July 16, 2014 /CNW/ - (TSX:PMT) - Perpetual Energy Inc. ("Perpetual" or the "Company") is pleased to announce that it has successfully closed the previously announced East Edson Joint Venture (the "East Edson JV"). Proceeds to Perpetual include $50 million for the sale of a 50 percent gross overriding royalty on existing producing assets (the "Producing Royalty") and an additional $70 million to fund Wilrich development activities to earn a second royalty (the "Drilling Royalty"). In [Read more]
Freehold Royalties Ltd. Announces Closing of $120 Million Gross Overriding Royalty Joint Venture and Equity Financing
CALGARY, ALBERTA--(Marketwired - July 16, 2014) - Freehold Royalties Ltd. (Freehold) (TSX:FRU) announces that it has closed its previously announced $120 million strategic joint venture (the Joint Venture) with a Canadian based company in the East Edson area of Alberta. In conjunction with the closing of the Joint Venture, Freehold also completed its previously announced bought deal financing, issuing 4,900,000 common shares at a price of $26.90 per share (the Issue Price) for gross proceeds [Read more]
Journey Energy Inc. announces implementation of dividend policy, drip and stock dividend program and declaration of monthly dividend for July 2014
CALGARY, July 15, 2014 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") is pleased to announce that it has adopted a dividend payment policy and in connection therewith has also adopted a dividend reinvestment plan (the "DRIP") and a stock dividend program (the "SDP"). Eligible shareholders may elect to participate in the DRIP and/or the SDP commencing with the dividend to be paid on August 15, 2014 to shareholders of record as of July 31, 2014. Participation in the DRIP and [Read more]
Long Run Exploration Ltd. and Crocotta Energy Inc. Announce Mailing of Joint Information Circular in Connection With Proposed Business Combination
CALGARY, ALBERTA--(Marketwired - July 15, 2014) - Long Run Exploration Ltd. ("Long Run") (TSX:LRE) and Crocotta Energy Inc. ("Crocotta") (TSX:CTA) are pleased to jointly announce that they have mailed to shareholders of record as of the close of business on July 4, 2014, a joint information circular and proxy statement (the "Joint Information Circular") and related materials in connection with the special meeting ("Crocotta Meeting") of holders of common shares of Crocotta ("Crocotta [Read more]
Crude oil dips below US$100 a barrel for the first time since May
The price of oil fell below US$100 a barrel for the first time since May even as the deteriorating security situation in Libya has raised questions about whether the North African country can soon increase crude exports. Benchmark West Texas Intermediate crude for August delivery fell 95 cents to close at US$99.96 a barrel on the New York Mercantile Exchange. Oil is down five per cent since the beginning of the month. Brent crude, a benchmark for international oils used by many U.S. [Read more]
National Energy Board Calls on Trans Mountain to File Additional Studies on Pipeline Expansion through Burnaby Mountain
CALGARY, 15 July 2014 /CNW/ - The National Energy Board (NEB or the Board) has directed Trans Mountain ULC (Trans Mountain) to file additional information on the feasibility of routing a four km portion of the proposed Trans Mountain Expansion Project through Burnaby Mountain. The company recently advised the NEB that this corridor is now the preferred option, a change from the original pipeline corridor filed with the project application in December 2013. On 3 June 2014, the NEB issued an [Read more]
Blackbird Energy Inc. Announces Farm Out Agreement at Its Mantario Oil Project and Operational Update for Its Elmworth Montney Acreage
CALGARY, ALBERTA--(Marketwired - July 15, 2014) - Blackbird Energy Inc. (TSX VENTURE:BBI)("Blackbird" or the "Company") is very pleased to announce that is has entered into a Farmout Agreement (the "Agreement") with a private oil and gas investment company ("PrivateCo") to drill the first two horizontal wells at Blackbird's Mantario Oil Project (the "Project"). Blackbird also is pleased to give an update on its operations pertaining to its Elmworth Montney Acreage. Mantario Farm Out Agreement [Read more]