FREDERICTON - Enbridge Gas has filed a lawsuit against the New Brunswick government alleging it lost money because of changes made to a law that regulates the development of the province's gas distribution system.In its statement of claim filed in the Court of Queen's Bench, Enbridge says amendments in 2012 to the Gas Distribution Act eliminated a deferral account from rate calculations made by the provincial Energy and Utilities Board.Enbridge says under its franchise agreement with the [Read more]
News
Baytex Closes $1.5 Billion Subscription Receipt Offering
CALGARY, ALBERTA--(Marketwired - Feb. 24, 2014) - Baytex Energy Corp. ("Baytex" or the "Company") (TSX:BTE)(NYSE: BTE) has closed the public offering of its bought deal subscription receipt financing (the "Equity Financing"). The Equity Financing was completed in connection with the previously announced agreement by the Company to acquire 100% of the shares of Aurora Oil & Gas Limited (the "Acquisition"). Baytex issued 38,433,000 subscription receipts, including 5,013,000 subscription [Read more]
Longview Announces Passing of President and Chief Executive Officer
CALGARY, Feb. 24, 2014 /CNW/ - Longview Oil Corp. ("Longview") announces with much regret and profound sadness the sudden death while cross-country skiing in Canmore, Alberta this weekend of Kelly Drader, the President and Chief Executive Officer and a director of Longview. He will be missed. Mr. Steven Sharpe, Chairman of Longview, has been appointed as interim Chief Executive Officer of Longview until such time as a suitable successor is appointed. [Read more]
Marquee Energy Ltd. announces acquisition to further consolidate its oil focused Michichi core area, operations update, and upward revision to 2014 guidance
CALGARY, Feb. 24, 2014 /CNW/ - Marquee Energy Ltd. ("Marquee" or the "Company") (TSXV: MQL) is pleased to announce that it has entered into an agreement with Paramount Resources Ltd. ("Paramount") to acquire from Paramount (the "Acquisition") certain low decline, operated, producing assets (the "Assets") contiguous with the Company's operations at Michichi. The Assets are estimated by Marquee's management to have annualized 800 boe/d of production and include 120 net sections of land with 50 net [Read more]
Oil price edges down as market takes breather from rally driven by US demand amid cold weather
The price of oil eased toward $102 a barrel Monday, taking a pause in a six-week rally that has been supported by U.S. demand for heating oil amid prolonged cold weather.By early afternoon in Europe, benchmark U.S. crude for April delivery was down 15 cents to $102.05 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the Nymex contract fell 55 cents but was up 2 per cent over the week amid rising demand for heating oil in the U.S.Forecasters predicted a return of [Read more]
LNG companies say BC LNG tax too high, Coleman says it’s almost at sweet spot
VICTORIA - One of the first questions British Columbia's Finance Minister Mike de Jong was asked when he introduced the Liberal government's proposed Liquefied Natural Gas Income Tax as part of last week's budget, was how oil and gas companies would react to paying a tax that could top out at seven per cent."Of course, they want zero," he replied.But de Jong pointed to a recent government-commissioned Ernst and Young survey that concluded B.C.'s all-in taxes — corporate, federal, provincial, [Read more]
Terra Energy Announces Private Placement of up to $1.25 Million of Units and Flow-Through Shares
CALGARY, ALBERTA--(Marketwired - Feb. 21, 2014) - Terra Energy Corp. ("Terra" or the "Company") (TSX:TT) is pleased to announce that is intends to complete a non-brokered private placement offering of up to an aggregate of 3,125,000 units of the Company ("Units") and common shares of the Company to be issued on a "flow-through" basis ("Flow-Through Shares"), a price of $0.40 per Unit and $0.40 per Flow-Through Share, resulting in gross proceeds of up to $1.25 million (the "Offering"). Each [Read more]
Railroads agree to voluntary measures to make crude oil shipments safer
BILLINGS, Mont. - Railroads that haul volatile crude shipments have reached an agreement with U.S. transportation officials to adopt wide-ranging, voluntary safety measures after a string of explosive and deadly accidents.A copy of the agreement between the U.S. Transportation Department and the Association of American Railroads was obtained Friday by The Associated Press.It calls for railroads to slow down oil trains through major cities, increase track inspections and bolster emergency [Read more]
Brion Energy Corporation and the community of Fort McKay reach agreement on Dover Commercial Project
CALGARY, Feb. 21, 2014 /CNW/ - Brion Energy Corporation (Brion) and the community of Fort McKay have reached an agreement on the development of the Dover Commercial Project, northwest of Fort McMurray, Alberta. As part of the agreement, the Fort McKay First Nation has agreed to remove all of its objections as they pertain to the Alberta Energy Regulator's (AER) approval of the Dover Commercial Project. "I'm pleased Brion and the community of Fort McKay have continuously worked to reach a [Read more]
Will court ruling further delay Keystone XL?
WASHINGTON - The Obama administration says a court decision has forced it to examine whether the Keystone XL pipeline process might have to be delayed once again. A senior official said Friday that numerous lawyers were examining the ruling handed down earlier this week in Nebraska for its possible impact. "I know that lots of lawyers are looking at what the implications of it may be on our process. Nebraska has its own process that it has to go through," said Roberta Jacobson, the [Read more]