CALGARY, ALBERTA--(Marketwired - June 9, 2014) - Canadian oil production is projected to grow steadily by an annual average of four per cent or 175,000 barrels per day over the period to 2030 as companies continue to develop the oil sands in response to strong demand indications from North American and global energy markets. According to CAPP's 2014 Crude Oil Forecast, Markets and Transportation, total Canadian crude oil production will increase to 6.4 million barrels per day by 2030 from 3.5 [Read more]
News
Arcan Updates Its $180 Million Credit Facility
CALGARY, ALBERTA--(Marketwired - June 9, 2014) - Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Corporation") has reached an agreement to amend its credit facility following an annual review by the Corporation's syndicate of lenders, led by Alberta Treasury Branches and including National Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Royal Bank of Canada. Arcan's total credit commitment has been reduced from $190 million to $180 million and will continue to [Read more]
Deadline looms for federal government’s decision on Northern Gateway pipeline
VANCOUVER - Some time in the next 10 days, the federal government is supposed to announce its final decision on the Northern Gateway pipeline — the multibillion-dollar political minefield dividing the West. Even detractors expect the federal government to give the $7-billion project the go-ahead. But the nod from Ottawa would not the crest of the mountain Northern Gateway must climb before the oil — and the money — begin to flow. The path to the British Columbia coast has many hurdles left [Read more]
Facts about the Northern Gateway pipeline project
VANCOUVER - Some facts about the Northern Gateway pipeline project: — Its estimated cost is $7 billion and rising. — The 1,177-kilometre twin pipelines would run from Bruderheim, just outside Edmonton, to a tanker port in Kitimat, on the northern coast of B.C. — One pipeline would carry up to 525,000 barrels a day of oil sands products west to Kitimat for export. A second heading east would carry 193,000 barrels per day of condensate, a form of natural gas used to dilute the [Read more]
A timeline of major events in the Northern Gateway application process
VANCOUVER - Milestones in the Northern Gateway project: March 6, 2002: Calgary-based Enbridge (TSX:ENB) announces preliminary plans for a pipeline linking the Alberta oil sands to the West Coast. April 14, 2005: The company announces a deal with PetroChina Co. to transport oil from Alberta to the B.C. coast for export. The pipeline is expected to be in operation in 2010. Nov. 1, 2006: With the National Energy Board process already underway, Enbridge announces it will delay Northern [Read more]
Baytex Announces Closing of US$800 Million Private Placement Offering of Senior Notes
CALGARY, ALBERTA--(Marketwired - June 6, 2014) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) announced today the closing of its private placement offering (the "offering") of senior notes due 2021 (the "2021 Notes") and 2024 (the "2024 Notes" and, together with the 2021 Notes, the "Notes") in an aggregate principal amount of US$800 million. The 2021 Notes were issued at par in an aggregate principal amount of US$400 million, bear interest at a rate of 5.125% per annum and mature on June [Read more]
Bregal Investments completes the sale of Birchill Exploration Limited Partnership
Energy sector continues to provide increased opportunities for investment NEW YORK, June 6, 2014 /CNW/ - Bregal Investments is pleased to announce the sale of privately held Birchill Exploration Limited Partnership to TriOil Resources Ltd. for total proceeds of approximately CAD$256 million. The transaction was pursuant to a share purchase agreement which closed on June 5, 2014 and included approximately 4,000 boepd of production (40% liquids), 2P reserves of 26.6 million boe and bank debt of [Read more]
Artisan Energy Announces an Increase to Its Convertible Debenture Private Placement and Engagement of Richardson GMP as Agent
CALGARY, ALBERTA--(Marketwired - June 6, 2014) - Artisan Energy Corporation ("Artisan" or the "Corporation") (TSX VENTURE:AEC) announces that its non-brokered private placement of up to $5.0 million of secured convertible debentures (the "Convertible Debentures") has been over-subscribed. Artisan and Richardson GMP Limited ("RGMP") have collectively received subscriptions for $5.362 million of the Convertible Debentures. Given the size and level of interest for the Convertible Debentures, [Read more]
EU to soften fuel quality rules, opening door to Canadian crude: Report
The federal government is saying little on a report that the European Union is poised to soften fuel quality rules so products made from Canada's oilsands would not face hefty penalties.The Financial Times is reporting that EU officials have decided to change a draft of a fuel quality directive, something Canadian officials have lobbied their European counterparts to do. Proposed EU environmental legislation would have set heavy penalties on petroleum products made from Alberta's oilsands, [Read more]
RMP Energy Reports Voting Results of Annual and Special Meeting and Announces Increased Bank Lines
CALGARY, ALBERTA--(Marketwired - June 5, 2014) - RMP Energy Inc. ("RMP" or the "Company") (TSX:RMP) is pleased to report and announce the following: Annual and Special Meeting Voting Results The Company held its annual and special meeting of shareholders (the "Meeting") in Calgary on June 5, 2014. A total of approximately 77,525,750 common shares (approximately 64.5% of the outstanding common shares) were represented at the Meeting in person or by proxy. At the Meeting, shareholders [Read more]