VANCOUVER - Hundreds of scientists are asking Prime Minister Stephen Harper to reject a federal panel report recommending approval of the Northern Gateway pipeline.In an open letter, the scientists say the joint review panel report that recommended approval of the project is fundamentally flawed.Among the problems, they say the panel did not look at the overall increase in global greenhouse gas emissions that will result from the expansion in oil sands production.The letter says the panel also [Read more]
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Petrus Resources Ltd. Announces Record First Quarter 2014 Cash Flow and Operating Results
CALGARY, ALBERTA--(Marketwired - June 3, 2014) - Petrus Resources Ltd. ("Petrus" or the "Company") is pleased to report its operating and financial results for the first quarter of 2014. Highlights include: Average production of 4,373 boe per day in the quarter, up from 3,007 boe per day in the first quarter of 2013, an increase of 33% per debt-adjusted share. The operating netback was $36.71 per boe in the first quarter of 2014, compared to $21.98 per boe in the same period of 2013 (a [Read more]
Artek Exploration Ltd. announces closing of bought deal equity financing
CALGARY, June 3, 2014 /CNW/ - Artek Exploration Ltd. ("Artek" or the "Corporation") (TSX: RTK) is pleased to announce the closing of its recently announced bought deal financing for aggregate gross proceeds of approximately $43 million. An aggregate of 8,050,000 common shares of the Corporation were issued at a price of $4.10 per common share and 1,987,000 common shares of the Corporation were issued on a "flow-through" basis within the meaning of the Income Tax Act (Canada) at a price of $5.04 [Read more]
Over-Allotment Option Exercised in Connection With PrairieSky Royalty Initial Public Offering
CALGARY, ALBERTA--(Marketwired - June 3, 2014) - Encana Corporation ("Encana") (TSX:ECA)(NYSE:ECA) and PrairieSky Royalty Ltd. ("PrairieSky") (TSX:PSK) announced today that, in connection with the initial public offering of 52,000,000 common shares of PrairieSky (the "Offering") at an offering price of $28.00 (the "Offering Price"), the over-allotment option granted to the underwriters to purchase up to an additional 7,800,000 common shares (the "Over-Allotment Option") at the Offering Price has [Read more]
Oil steady at $102 a barrel on China, U.S. data
The price of oil was steady near US$102 a barrel Tuesday after an improvement in Chinese manufacturing was offset by reduced consumer spending in the U.S.Benchmark U.S. oil for July delivery was down 7 cents to $102.40 a barrel at 5 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract fell 24 cents to $102.47 on Monday.Brent crude, a benchmark for international oils, was down 31 cents to $108.52 a barrel in London.Energy demand from China was likely to stay solid as a [Read more]
Gear Energy Ltd. Announces Appointment of Board Director
CALGARY, ALBERTA--(Marketwired - June 2, 2014) - Gear Energy Ltd. ("Gear") (TSX:GXE) is pleased to announce that effective June 2, 2014, Mr. Harry English has been appointed to the Board of Directors of Gear. Mr. English is a Chartered Accountant with over 37 years' experience, most recently as a senior partner at Deloitte LLP. He is a former Professional Practice Director for Deloitte LLP's audit division in Alberta, Saskatchewan and Manitoba and spent the majority of his professional career [Read more]
Canadian Law Makes It Cheaper To Prevent Oil Sands Leaks Than Clean Them Up
As the Canadian government pushes a new law rendering pipeline companies liable for all damages from leaks and spills, the only friend to both sides in this polarized world of dirty oil sands is leak prevention technology. On May 14, amid heightened opposition to two planned pipelines, Canada's Natural Resources Ministry unveiled a new law making pipeline operators liable for all the costs and damages related to oil spills, regardless of whether the operators were at fault or demonstrated [Read more]
Tamarack Valley Energy Ltd. Announces Operational Update and a Record Production Rate
CALGARY, ALBERTA--(Marketwired - June 2, 2014) - Tamarack Valley Energy Ltd. (TSX VENTURE:TVE) ("Tamarack" or the "Company") is pleased to announce record corporate production, as a result of the successful 2014 drilling program. Based on field estimates, Tamarack has averaged 5,850 boe/d during the last 7 days of May 2014. Although Tamarack has been affected by production curtailments due to un-scheduled third party facility downtime in central Alberta, stronger than budgeted results from the [Read more]
Alberta oilsands worker injured while fixing bulldozer, dies in hospital
FORT MCMURRAY, Alta. - A man has died while working on a giant bulldozer in Alberta's oilsands.The provincial government says the 37-year-old was doing maintenance work on the machine at a Suncor (TSX:SU) mine site near Fort McMurray.The government says a reservoir or sump pan fell on the worker's head.The man was taken to hospital in Fort McMurray, where he died of his injuries.He worked for the North American Construction Group.The Edmonton-based company said in a statement that the man was an [Read more]
Keystone, times a few hundred: U.S. shakes up climate debate with new plan
WASHINGTON - The United States announced the most aggressive climate-change measures in its history Monday, a move that promptly triggered speculation about a potential ripple effect in other countries, including Canada.The regulations released by the Obama administration would chop carbon emissions from U.S. power plants by 30 per cent by 2030, the majority of those cuts coming by the end of this decade.That would take the U.S. a large step toward actually achieving the target it shares with [Read more]