FORT MCMURRAY, Alta. - South African Anglican Archbishop Desmond Tutu is expected to open a two-day conference on aboriginal treaties and the oilsands today by answering questions from reporters and taking an aerial tour of the massive industrial development. He is scheduled to appear with industry, aboriginal and political leaders in Fort McMurray. Tutu is to deliver the keynote address on Saturday. Tutu, who won the Nobel Peace Prize for his role in the fight against apartheid, has [Read more]
News
Seven Generations Energy Ltd. Reports First Quarter Results
CALGARY, May 29, 2014 /CNW/ - Seven Generations Energy Ltd. ("7G" or the "Company") is pleased to report its first quarter 2014 operating and financial results. First quarter production averaged a record 20,231 boe per day and funds from operations also set a record at nearly $54 million. Year over year first quarter production more than tripled from the first quarter of 2013, including a 75% increase from the fourth quarter of 2013. The Company drilled 10 wells in the quarter with a 100% [Read more]
Canadian Natural Resources Limited Prices C$1 Billion in 5.5 and 10 Year Notes
CALGARY, ALBERTA--(Marketwired - May 29, 2014) - Canadian Natural Resources Limited (TSX:CNQ) (NYSE:CNQ) ("Canadian Natural" or the "Company") announces that on May 29, 2014, it issued C$500 million principal amount of 2.60% unsecured notes due December 3, 2019 sold at a price of C$99.822 per $100 principal amount to yield 2.635% to maturity, and C$500 million principal amount of 3.55% unsecured notes due June 3, 2024 sold at a price of C$99.633 per $100 principal amount to yield 3.594% to [Read more]
Manitok Energy Inc. Announces Financial Results for the First Quarter of 2014 and an Operational Update
CALGARY, ALBERTA--(Marketwired - May 29, 2014) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA. Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) announces its financial and operating results for the first quarter of 2014. The full text of Manitok's first quarter report containing its unaudited condensed interim financial statements as at and for the three months ended March 31, 2014 and the related management's [Read more]
Oil rises above US$103 a barrel after fall in supplies at key trading hub
The price of oil rose above US$103 barrel Thursday on a drop in supplies at the main U.S. oil trading hub and signs of growing gasoline demand in the United States. Benchmark West Texas Intermediate crude for July delivery rose 86 cents to close at US$103.58 a barrel on the New York Mercantile Exchange. On Wednesday, the Nymex contract dropped $1.39 to close at US$102.72. Brent crude, a benchmark for international oil used by many U.S. refineries, rose 16 cents to close at US$109.97 a [Read more]
Advantage Announces Increase in Credit Facility to $400 Million
(TSX: AAV, NYSE: AAV) CALGARY, May 29, 2014 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") announced today that its lenders have increased the Corporation's borrowing base from $300 million to $400 million following the completion of their annual review. Significant growth in Glacier's proven developed producing reserves combined with the recent production increase to approximately 135 mmcfe/d were key factors in the borrowing base expansion. The borrowing base [Read more]
NEB releases decision on abandonment funding set-aside and collection mechanism
CALGARY, May 29, 2014 /CNW/ - The National Energy Board (NEB or the Board) today announced its decision on NEB-regulated pipeline companies' set-aside and collection mechanism applications (MH-001-2013). The purpose of these mechanisms is to provide money to pay for pipeline abandonment. By 1 January 2015, NEB-regulated pipeline companies must have a set-aside mechanism in place to begin accumulating funds to pay for pipeline abandonment. Most pipeline companies must establish a trust or [Read more]
Canadian Spirit Resources Inc. Announces First Quarter 2014 Financial Results
CALGARY, ALBERTA--(Marketwired - May 29, 2014) - Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI) (OTCBB:CSPUF) announces the release of its interim financial results and Management Discussion and Analysis ("MD&A") for the three month period ended March 31, 2014. This news release summarizes information contained in the unaudited interim condensed financial statements and MD&A for the three month period ended March 31, 2014 and should not be considered a [Read more]
Baytex Announces Pricing of Upsized US$800 Million Private Placement Offering of Senior Notes
CALGARY, ALBERTA--(Marketwired - May 29, 2014) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) announced today the pricing of its previously announced offering of senior notes due 2021 (the "2021 Notes") and 2024 (the "2024 Notes" and, together with the 2021 Notes, the "Notes") in a private placement offering (the "offering") in an aggregate principal amount of US$800 million (upsized from US$780 million). The 2021 Notes will be issued at par in an aggregate principal amount of US$400 [Read more]
Escalating costs causing Total E&P Canada to shelve Joslyn oilsands project
CALGARY - Total E&P Canada is putting its Joslyn oilsands project northwest of Fort McMurray, Alta., on hold indefinitely, saying Thursday that the economics aren't good enough to move ahead. The decision means 150 jobs will be cut by the end of this year, but CEO Andre Goffart said some of those workers may be moved to other parts of the French energy giant's global operations. On a conference call with reporters, Goffart said the challenges Joslyn is facing aren't confined to that [Read more]