CALGARY - The two largest publicly traded Canadian oilfield fracking companies say prices for their services continue to be unsustainably low despite rising activity spurred by higher oil and gas prices. Calfrac Well Services (TSX:CFW) and Trican Well Service (TSX:TCW), both based in Calgary, say they don't expect a return to normal pricing levels until the second half of this year. The companies work for oil and gas producers to provide well completion services such as [Read more]
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Surge Energy Inc. announces 2016 year end reserves; new net asset value of $5.47 per share; and $3.74 per boe FD&A
CALGARY, Feb. 23, 2017 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") announced the results of its independent reserves evaluation (the "Sproule Report") effective December 31, 2016, as prepared by Sproule Associates Limited ("Sproule"). Surge is pleased to announce an increase in the Company's year-end 2016 net asset value ("NAV") of more than 12 percent per share over 2015, to $5.47 per share. The Company also reported that its 2016 capital program resulted in a finding, [Read more]
The Dakota Protest Campsites Are Officially Emptied Out
Only a handful of stragglers remain at campsites in North Dakota set up for activists protesting the Dakota Access Pipeline. Gov. Doug Burgum, a Republican, said during a news conference Wednesday there are only 25 to 50 protesters left at the Riverside campsite. He said the anti-DAPL activists were still free to leave if they don’t interfere with sanitation crews scheduled to enter the site at 9 a.m. Thursday. “We’ve very firm that the camp is now closed,” Burgum said at the news conference. [Read more]
Canadian oil and gas companies reduce headcount by as much as 50% during downturn
Not all changes were made in a value-focused and sustainable way CALGARY, Feb. 23, 2017 /CNW/ - According to a new EY market study, completed in association with the University of Calgary's Haskayne School of Business, 81% of oil and gas companies that reduced headcount by between 25% and 30% during the downturn reported the highest level of reorganization success. "Our study results point to a clear relationship between greater headcount reductions and overall perceived success of [Read more]
Montana Exploration Corp. Announces US$20 Million Strategic Development Agreement for the Company’s Montana Oil and Gas Prospects
CALGARY, Feb. 23, 2017 /CNW/ - Montana Exploration Corp. ("Montana Exploration" or the "Company") (TSXV: MTZ) today announced that it has entered into an agreement (the "Farm-out Agreement") with a private US-based family office group (the "Farmee") pursuant to which the Farmee will fund up to US$20 million in drilling costs in the Company's Montana oil and gas prospects (the "Participation"). Farm-out Agreement Funds committed by the Farmee under the Farm-out Agreement will be applied [Read more]
Enbridge and Spectra Energy Merger Expected to Close February 27, 2017
CALGARY, ALBERTA and HOUSTON, TEXAS--(Marketwired - Feb. 23, 2017) - Hightlights All conditions in merger agreement have been met; Transaction expected to close on February 27 The combined company will be a global energy infrastructure leader and the largest energy infrastructure company in North America with roughly C$166 billion (US$126 billion) enterprise value Leading strategic business platforms including liquids and natural gas pipelines, natural gas distribution utilities [Read more]
AltaGas Ltd. Reports 2016 Fourth Quarter and Year End Results
CALGARY, ALBERTA--(Marketwired - Feb. 23, 2017) - Highlights (all financial figures are unaudited and in Canadian dollars unless otherwise noted) Announced transformational $8.4 billion pending acquisition of WGL Holdings, Inc.; Record normalized EBITDA(1) of $701 million in 2016, a 20 percent increase compared to 2015; Normalized funds from operations(1) increased by approximately 18 percent to $554 million; Increased common share dividend by 6.1 percent to $2.10 per share [Read more]
Crescent Point Announces Year-End 2016 Results, Exceeds Annual Production Guidance and Replaces 137 Percent of Production at $7.02 Per Boe Finding & Development Costs
CALGARY, ALBERTA--(Marketwired - Feb. 23, 2017) - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG) (NYSE:CPG) is pleased to announce its operating and financial results for the year ended December 31, 2016. The Company also announces that its audited financial statements and management's discussion and analysis for the year ended December 31, 2016, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at [Read more]
Vancouver seeking judicial review of Trans Mountain pipeline expansion
VANCOUVER - The City of Vancouver is launching another court case in a bid to derail Kinder Morgan's proposed pipeline expansion. Council members have voted to go ahead with a judicial review of the provincial government's environmental assessment of the Trans Mountain project. In June, the city filed another court challenge aimed at quashing the National Energy Board's recommended approval of the $6.8-billion project. The federal government has already approved the [Read more]
Journey Energy Inc. Reports 2016 Reserves Highlighting a 44% Increase in Proved Developed Producing Net Asset Value Per Share
CALGARY, Feb. 22, 2017 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") is pleased to report its year-end 2016 oil and gas reserves evaluation. During 2016, the Company invested approximately $16 million in exploration and development activities, and realized $9 million of net proceeds from acquisition and divestiture ("A&D") activities. A&D initiatives throughout the year included the disposition of non-core assets, consolidation of working interests in core [Read more]