CALGARY, ALBERTA--(Marketwired - Dec. 11, 2014) - RMP Energy Inc. ("RMP" or the "Company") (TSX:RMP) is pleased to announce its 2015 Capital Budget and provide fiscal 2015 financial and operating market guidance. 2015 Capital Budget The Company's Board of Directors has approved a "cash flow-based" exploration and development expenditures program of $150 million for 2015 (the "2015 Capital Budget"). The 2015 Capital Budget is to be funded by internally-generated funds from operations, which [Read more]
News
A late session dip pushes oil below $60 for the first time since July 2009
The price of oil fell below $60 for the first time since July 2009 on Thursday and ended trading in New York at $59.95.Benchmark U.S. crude oil dropped 99 cents, or 1.6 per cent. Oil has fallen steadily for nearly six months, and is down 44 per cent since reaching a high for the year of $107.26 in late June."We don't see a price bottom," wrote energy analyst Jim Ritterbusch in a note to investors. He expects oil to fall further, toward $55 a barrel, in the short term.The drop is a result of [Read more]
Oil price plunge won’t affect long-term plans in Newfoundland offshore: industry
ST. JOHN'S, N.L. - The oil price plunge may be draining Newfoundland and Labrador's treasury but industry watchers say such volatility has little impact on long-term offshore development plans.They say those projects are mapped out over decades and not shaped by cyclical ups and downs, however startling."The degree of fluctuation can be scary to a lot of people," said Robert Cadigan, president and CEO of the Newfoundland and Labrador Oil and Gas Industries Association."We've seen very dramatic [Read more]
Quattro Closes Flow Through Private Placement
CALGARY, Alberta, Dec. 11, 2014 (GLOBE NEWSWIRE) -- Quattro Exploration and Production Ltd. (TSX-V:QXP) ("Quattro" or the "Company") is pleased to report that it has completed a non-brokered private placement (the "Private Placement") in the aggregate amount of $1,008,000 consisting of the issuance of 2,400,000 common shares, on a "flow-through" basis, to Canadian institutional subscribers at a price of $0.42 per common share. Such shares are subject to a four month hold period that expires on [Read more]
Cenovus announces 2015 budget
Company to focus on high-return projects, capital discipline CALGARY, Dec. 11, 2014 /CNW/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) plans to exercise capital restraint in the year ahead in the face of weaker oil prices. The company's 2015 capital budget focuses on continued profitable investment in oil sands projects, creating near-term cash flow while maintaining flexibility to adjust to shifting market conditions. Cenovus will manage through the volatile oil price environment [Read more]
Tuscany Announces Closing of $1.0 Million Flow-Through Financing
CALGARY, ALBERTA--(Marketwired - Dec. 11, 2014) - Tuscany Energy Ltd. ("Tuscany" or the "Company") (TSX VENTURE:TUS) announces that it has issued 2.28 million common shares of the Company on a "flow-through" basis pursuant to the Income Tax Act (Canada) (the "Flow-Through Shares") at a price of $0.44 per Flow-Through Share for total consideration of $1,003,200 (the "Offering"). Tuscany will renounce to subscribers of the common shares effective on or before December 31, 2014, eligible Canadian [Read more]
Donnycreek Increases Credit Facility
CALGARY, ALBERTA--(Marketwired - Dec. 10, 2014) - Donnycreek Energy Inc. ("Donnycreek" or the "Company") (TSX VENTURE:DCK) reports that it has increased its existing extendible, revolving term, demand credit facility with its lender from $15 million to $25 million, of which approximately $6 million is currently drawn. Donnycreek is a Calgary based public oil and gas company which holds approximately 439 gross (313 net) sections of petroleum and natural gas rights, with an average working [Read more]
Alberta Premier Prentice says Alberta won’t spend way out of low oil prices
EDMONTON - Alberta Premier Jim Prentice says his government doesn't plan to spend its way out of the problems created by the falling price of oil.Prentice told the legislature today his government is committed primarily to finding economies within its own departments.He says he is heartened by a report from Moody's Investors that shows Alberta and Saskatchewan are in the best financial position to weather low prices.Oil prices have been free-falling since the summer and now hover in the $60 per [Read more]
Oversupply and weak demand take their toll on energy industry stock prices
PORTLAND, Ore. - Energy industry shares fell Wednesday as oversupply and weak demand continued to drag down the price of oil.Oil prices have been falling for months, but new industry reports suggest it could fall further.OPEC on Wednesday slashed its estimate of how much crude oil it will need to produce next year. And the Energy Department on Wednesday reported a surprise increase in U.S. crude supplies. That follows the U.S. Energy Department lowering its forecast this week for gasoline prices [Read more]
OPEC report, high US crude inventories sends oil prices to new 5-year lows
NEW YORK - The price of oil took another dive Wednesday, plunging to five-year lows amid mounting evidence that global supplies are far outstripping demand.The U.S. Energy Department reported a surprise increase in domestic oil inventories and OPEC projected that demand for its crude would sink next year to levels not seen in more than a decade.Benchmark U.S. crude slumped 4.5 per cent, or $2.88, to close at $60.94 a barrel on Wednesday. Prices have not been that low since July of 2009. U.S [Read more]