By The Associated Press NEW YORK, N.Y. - The price of oil wavered between small gains and losses Thursday as traders balanced concerns over an apparent impasse in Washington's critical budget negotiations with enthusiasm over steps taken to boost a slow-growing economy. President Barack Obama and Republican leaders don't appear to be close a deal to avert the so-called fiscal cliff before year's end. Without an agreement, hundreds of billions of dollars in tax increases and government [Read more]
News
$4 BILLION JOINT VENTURE: Encana and PetroChina to develop the Duvernay
Encana Corporation has entered into a joint venture arrangement with Phoenix Duvernay Gas (Phoenix), a wholly owned subsidiary of PetroChina, to explore and develop Encana's extensive undeveloped Duvernay land holdings in west-central Alberta. Under the terms of the agreement, Phoenix will gain a non-controlling 49.9% interest in Encana's approximately 445,000 acres in the Duvernay play for total consideration of C$2.18 billion. At closing, C$1.18 billion was paid to Encana and C$1.0 billion [Read more]
Alberta Average Price per HA to December 12
[table] [attr style="width: 25%"]`[attr style="width: 25%"]Plains/HA`[attr style="width: 25%"]Northern/HA`[attr style="width: 25%"]Foothills/HA December 12, 2012` $272.47` $377.08`$386.64 November 28, 2012` $382.56` $289.81`$358.54 Change`-$110.09`+$87.27`+$28.10 [/table] Source: ERCB [Read more]
Trilogy Energy Corp. Announces Closing of Senior Notes Offering
Trilogy Energy Corp. today announced that it has closed its sale of C$300 million aggregate principal amount of 7.25% senior unsecured notes due December 13, 2019 (the "Notes") at par. The Notes were offered by way of private placement to purchasers in Canada by a syndicate of underwriters led by Scotiabank, RBC Capital Markets and BMO Capital Markets as joint book runners and including CIBC World Markets, TD Securities, AltaCorp Capital Inc. and Stifel Nicolaus Canada Inc. The Notes have [Read more]
Clark: B.C.’s gas export plans on same scale as Alberta’s oil sands
By Dirk Meissner, The Canadian Press VICTORIA - Premier Christy Clark says her government's plan to export liquefied natural gas to Asia is British Columbia's economic equivalent to Alberta's oilsands. In a year-end interview with The Canadian Press, Clark said B.C.'s LNG development ambitions will transform the economy, but the province must act quickly before the opportunity evaporates like gas into the atmosphere. Clark, who has spent the last year describing her "bold" and [Read more]
RMP Energy Announces 2013 Capital Budget and Business Plan
RMP Energy Inc. is pleased to announce that the Company's Board of Directors has approved an exploration and development expenditures program of $85 million for 2013 (the "2013 Capital Budget"). The 2013 Capital Budget is expected to be self-financed by funds from operations (refer to forecasts below). RMP possesses the financial flexibility for additional funding through the Company''s bank credit facility, which was recently expanded to $110 million, for any capital program expansions in [Read more]
Longview Announces 2013 Guidance
Longview Oil Corp. is pleased to announce that the Board of Directors has approved operational guidance and a capital budget of $36 million for the year ending December 31, 2013 . Consistent with our business strategy, we have developed a sustainable and balanced 2013 budget that will preserve a strong balance sheet while utilizing funds from operations to maintain our current dividend policy and fund substantially all of our capital expenditures while maintaining production at 2012 levels. [Read more]
Angle Announces Divestiture of Natural Gas-Weighted Edson Assets for $74 Million
Angle Energy Inc. is pleased to announce that it has signed a definitive purchase and sale agreement (the "Agreement") for the divestiture of certain non-core natural gas-weighted assets in the Edson area of Alberta (the "Disposition Assets") for gross proceeds of $74 million, subject to certain closing adjustments and costs (the "Transaction"). The Disposition Assets included in the Transaction represent all of Angle's interests below the base of the Cardium and above the base of the [Read more]
Traverse Closes Private Placement Financing
Traverse Energy Ltd. is pleased to announce that it has successfully closed its previously announced non-brokered private placement (the "Private Placement") of common shares of the Corporation ("Shares") issued on a "flow through" basis within the meaning of the Income Tax Act (Canada). The Corporation issued 2,800,000 Shares for total gross proceeds of $1,820,000. The Shares issued are subject to a hold period under applicable securities laws until April 13, 2013. The Corporation intends [Read more]
Petronas closes acquisition of Progress
Progress Energy Resources Corp. ("Progress") is pleased to announce the completion of the arrangement with PETRONAS Carigali Canada Ltd. ("PETRONAS Canada"), pursuant to which PETRONAS Canada acquired all of Progress' outstanding common shares at a price of $22.00 in cash for each common share, and Progress acquired the outstanding 5.25% Convertible Unsecured Subordinated Debentures of Progress due October 31, 2014 (the "2014 Debentures") and the 5.75% Series B Convertible Unsecured Subordinated [Read more]