EDMONTON - Cash-strapped Alberta is banking on bad times getting better in a fingers-crossed budget that drips red ink but promises a hospital, new schools and more money for seniors and social services. Critics pounced on it as a selfish and short-sighted blueprint that heralds a looming — and very ugly — day of financial reckoning. "We are laying the foundation for a return to economic growth," Finance Minister Joe Ceci said Thursday prior to tabling his 2017-18 fiscal plan. [Read more]
Headlines
Delphi Energy Corp. Reports 2016 Year End Results, Reserves and Provides Operations Update
CALGARY, ALBERTA--(Marketwired - March 15, 2017) - Delphi Energy Corp. (TSX:DEE) ("Delphi" or the "Company") is pleased to announce its financial and operational results, crude oil and natural gas reserves information for the year ended December 31, 2016 and an operations update. 2016 HIGHLIGHTS Achieved a Company record low finding and development cost ("F&D") for proved producing reserves in 2016 of $10.17 per barrel of oil equivalent ("boe"). Including dispositions in the year [Read more]
Surge Energy Inc. Announces Q4 and Year End 2016 Results; Exceeds 2016 Production Exit Rate Target; Cash Flow Per Share Up 43 Percent; Confirms March 2017 Dividend
CALGARY, March 15, 2017 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) announces its operating and financial results for the year and quarter ended December 31, 2016. 2016 - POSITIONED FOR OUTPERFORMANCE Management has been strategically positioning Surge for success in a lower crude oil price environment for over 30 months. In the extended downturn for world crude oil prices, Surge focused on creating financial liquidity, balance sheet management, rigorous cost cutting [Read more]
Traverse Energy Operations Update and 2016 Year End Reserves
CALGARY, ALBERTA--(Marketwired - March 15, 2017) - Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE:TVL) provides an operations update and presents its 2016 year-end reserves. Traverse's independent reserve report, dated February 21, 2017, was prepared by Sproule Associates Limited ("Sproule") in accordance with National Instrument 51-101 effective December 31, 2016. Operations update In 2016 Traverse reduced its capital program in response to the continuing weak commodity [Read more]
Zargon Oil & Gas Ltd. Provides 2016 Fourth Quarter and Full Year Financial Results
CALGARY, ALBERTA--(Marketwired - March 15, 2017) - Zargon Oil & Gas Ltd. ("Zargon" or the "Company") (TSX:ZAR)(TSX:ZAR.DB) HIGHLIGHTS FROM THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2016 For calendar 2016, funds flow from operating activities of $3.50 million ($0.11 per basic share) was 86 percent lower than the $24.14 million ($0.80 per basic share) recorded in the prior year. For the fourth quarter 2016, funds flow from operating activities were $0.86 million ($0.03 per basic [Read more]
Painted Pony Announces Strategic Montney Acquisition and $100 Million Equity Financing
CALGARY, ALBERTA--(Marketwired - March 15, 2017) - Painted Pony Petroleum Ltd. ("Painted Pony" or the "Corporation") (TSX:PPY) is pleased to announce that it has entered into a share purchase agreement (the "Agreement") to acquire all of the issued and outstanding shares of UGR Blair Creek Ltd. ("UGR") (the "Acquisition"), a privately held 100% controlled subsidiary of Unconventional Resources Canada, LP ("URC"), a portfolio investment held in certain private equity funds advised by ARC [Read more]
TransGlobe Energy Corporation Announces New Director Appointments
CALGARY, ALBERTA--(Marketwired - March 15, 2017) - TransGlobe Energy Corporation ("TransGlobe") (TSX:TGL)(NASDAQ:TGA) is pleased to announce the appointment of Mr. Matthew Brister and Mr. Steve Sinclair to its Board of Directors effective March 15th, 2017. Mr. Brister is an independent businessman and corporate director with more than 40 years' experience in the energy sector in Western Canada, North Africa and the North Sea. Mr. Brister is Chairman of Chinook Energy Inc. having previously [Read more]
Yangarra Announces 2016 Year End Financial and Operating Results
CALGARY, March 15, 2017 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) announces its financial and operating results for the year ended December 31, 2016. 2016 Highlights Adjusted EBITDA (which excludes changes in derivative financial instruments, and includes gain on settlement of lawsuit) was $31.2 million ($0.42 per share - basic). Oil and gas sales were $29.1 million with funds flow from operations of $16.3 million ($0.22 per share - basic). Net income [Read more]
Birchcliff Energy Ltd. Announces Filing of Its 2016 Year End Disclosure Documents, Highlights of Its Montney/Doig Resource Assessment and Retirement of Senior Executive
CALGARY, ALBERTA--(Marketwired - March 15, 2017) - Birchcliff Energy Ltd. ("Birchcliff") (TSX:BIR) is pleased to announce that it has filed its Annual Information Form (the "AIF") and its Audited Annual Financial Statements and related Management's Discussion and Analysis for the financial year ended December 31, 2016 (collectively, the "Annual Filings") on the System for Electronic Document Analysis and Retrieval ("SEDAR"). Birchcliff is also pleased to provide highlights of its 2016 [Read more]
N.W.T. premier says Arctic drilling ban, emission restrictions hurt oil industry
CALGARY - The premier of the Northwest Territories is blasting federal policies including promises to restrict greenhouse gas emissions that he says will stifle a viable energy sector in the North. Bob McLeod told the Arctic Oil & Gas Symposium on Wednesday that a national carbon price and a five-year ban on drilling in the Arctic's Beaufort Sea have created a "no-win situation" for his territory's efforts to develop a strong resource economy. The federal government is proposing [Read more]