Warren Buffett has bought into the Alberta oil sands with a stake in Suncor Energy Inc., according to a Securities Exchange Commission filing released today. Buffett's fund, Berkshire Hathaway bought 17.8 million shares stake in Suncor, Canada's biggest oil and gas producer. That stake was valued at $524 million at the end of the second quarter. Read more... [Read more]
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Arcan Second Quarter Results on Target; Shifts Focus for Balance of 2013 to Debt Reduction
CALGARY, ALBERTA--(Marketwired - Aug. 16, 2013) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Corporation") announces its financial and operating results for the three and six-month periods ended June 30, 2013. Results on key metrics are in line with earlier guidance. Given the current economic climate and the state of the capital markets, Arcan plans to reduce capital [Read more]
Lone Pine misses US$10.1M interest payment
CALGARY - Lone Pine Resources Inc. (TSX:LPR) failed to make a US$10.1-million, semi-annual interest payment on its senior secured notes Thursday, setting the clock ticking on a possible default the could force the natural gas and light oil developer to seek protection from creditors.The company, incorporated in Delaware but headquartered in Calgary, said failure by Lone Pine Resources Canada Ltd. to make the payment will result in default on the 10.375 per cent senior notes maturing in [Read more]
Pinecrest Energy Inc. announces its 2013 second quarter results
CALGARY, Aug. 15, 2013 /CNW/ - Pinecrest Energy Inc. ("Pinecrest" or the "Company") is pleased to announce that it has filed on SEDAR its unaudited financial statements and related Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2013. The statements will be available for review atwww.sedar.com or www.pinecrestenergy.com. Second Quarter 2013 Achievements Pinecrest is pleased to provide the following update on our achievements during the three [Read more]
Lone Pine Resources Provides Update on Senior Notes Interest Payment
CALGARY, ALBERTA--(Marketwired - Aug. 15, 2013) - Lone Pine Resources Inc. ("Lone Pine" or the "Company") (TSX:LPR)(NYSE:LPR) today announced that Lone Pine Resources Canada Ltd. ("LPR Canada") elected not to make the US$10,115,625 semi-annual interest payment due on August 15, 2013 in respect of its outstanding 10.375% senior notes due 2017 (the "Senior Notes"). The indenture, dated February 14, 2012 (the "Indenture"), among LPR Canada, the Company and certain other guarantors and U.S. [Read more]
Cenovus closes US$800 million debt offering
Proceeds to be used for early redemption of 2014 notes CALGARY, Aug. 15, 2013 /CNW/ - Cenovus Energy Inc. (TSX, NYSE: CVE) has completed a public offering in the United States of US$800 million in senior unsecured notes in two series - US$450 million 3.8% senior notes due 2023 and US$350 million 5.2% senior notes due 2043. The notes were issued under Cenovus's short form base shelf prospectus dated June 6, 2012, as amended, and a prospectus supplement dated August 12, 2013 filed with [Read more]
Canadian Pacific Railway to refuse order to pay for Lac Megantic
MONTREAL - Canadian Pacific says it's not responsible for paying to clean up Lac-Megantic, Que.The railway is rejecting a legal demand by the provincial government that it help fund the cleanup of the devastated town.The Canadian Press has learned that the railway will announce today that it will appeal the legal order.The news comes one day after the provincial government added CPR to a list of defendants that it says are responsible for paying for the cleanup.That legal notice [Read more]
Ontario to address Enbridge pipeline reversal concerns
TORONTO - Ontario Premier Kathleen Wynne is promising to address environmental concerns amid protests over a west-east pipeline plan that would transport Alberta oil to foreign markets. Protests that have cropped up in the province include a blockade of an Enbridge pumping station near Hamilton in June. Eighteen people were arrested and charged in that incident when they refused to leave the station. They oppose Enbridge's plan to reverse the flow of oil in a stretch of [Read more]
Apache Agrees To Sell Alberta Oil And Gas Assets To Ember Resources For US$214 Million
HOUSTON, Aug. 15, 2013 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) announced today it has agreed to sell oil and gas producing properties in the Nevis, North Grant Lands and South Grant Lands areas of western Alberta, Canada, to Ember Resources Inc., a private Canadian company, for US$214 million (CAN$220 million). "Going forward, Apache is focused on growing our liquids production from a deep inventory of crude oil- and liquids-rich opportunities that generate attractive rates of [Read more]
Oil rises above $107 per barrel on turmoil in Egypt, U.S. crude supplies fall
The price of oil climbed above $107 a barrel Thursday as the escalating violence in Egypt was seen as threatening stability in the Middle East, and U.S. crude supplies fell in a possible sign of stronger demand. By early afternoon in Europe, benchmark crude for September delivery was up 48 cents to $107.33 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 2 cents to close at $106.85 on Wednesday. The Egyptian Health Ministry said that 525 people had died [Read more]
