The great ideological battle between the US and the USSR that began after the Second World War is slowly fading from memory, or at least the general public’s consciousness. Except in small fiercely protected bunkers at universities, the debate about the merits of state control vs. free markets is pretty much over. The biggest nails in the coffin were the collapse of the Soviet Union and China’s embrace of a market economy; after those events few people on the planet were willing to insist that a [Read more]
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Countdown is on for tow of massive Hebron oil platform to field off Newfoundland
BULL ARM, N.L. - It was made with more concrete than the Empire State Building — and it moves. Dignitaries cut ceremonial mooring chains on the massive Hebron oil platform Tuesday, marking the wind-up of construction for a $14-billion project that employed more than 7,500 people at its height. Geoff Parker, senior project manager, said a slip form for the gravity-based structure tanks, which sit mostly under water, used more concrete than the famed New York City skyscraper. The [Read more]
Perpetual successfully completes the early redemption of its 8.75% senior notes due in 2018
CALGARY, April 17, 2017 /CNW/ - (TSX: PMT) – Perpetual Energy Inc. ("Perpetual" or the "Company") announces that it has successfully completed the previously announced early redemption of all of its outstanding 8.75% senior unsecured senior notes due March 15, 2018 (the "2018 Senior Notes"). Approximately $27.1 million principal amount of the 2018 Senior Notes were redeemed for cash and $0.5 million principal amount of the 2018 Senior Notes were redeemed for new 8.75% senior notes having an [Read more]
Northeastern B.C. towns see Montney natural gas drilling recovery
CALGARY - Increasingly empty industrial yards around the northeastern B.C. city of Fort St. John are a welcome sign for Jennifer Moore. Moore, a regional economic development officer, says the return of parked natural gas drilling rigs and related equipment to the field shows that a recovery is underway for one of Canada's biggest new energy plays. Fort St. John sits atop the Montney, a natural gas-bearing formation that straddles the B.C.-Alberta border. Like the oilsands hub of [Read more]
Husky Signs Agreement for New Exploration Block Offshore China
CALGARY, AB--(Marketwired - April 13, 2017) - Husky Energy (TSX: HSE) has signed a Production Sharing Contract (PSC) for a new exploration block offshore China. Block 16/25 is located in the Pearl River Mouth Basin, about 150 kilometres southeast of the Hong Kong Special Administrative Region. The Company expects to drill two exploration wells on the shallow water block during the 2018 timeframe, in conjunction with two planned exploration wells at the nearby exploration Block [Read more]
Westcore Energy Ltd. to Expand Non-Brokered Private Placement and Extend Closing
SASKATOON, SASKATCHEWAN--(Marketwired - April 13, 2017) - Westcore Energy Ltd. ("Westcore" or the "Company") (TSX VENTURE:WTR) announces that it is expanding its previously announced non-brokered private placement (the "Placement") from the previously announced maximum of 3,333,333 units at a subscription price of $0.15 for gross proceeds of $500,000, to a maximum of 4,000,000 units for maximum gross proceeds of $600,000. Each unit shall consist of one common share of the Company and one common [Read more]
Anterra Announces Extension of CCAA Protection Until June 2, 2017
CALGARY, ALBERTA--(Marketwired - April 13, 2017) - Anterra Energy Inc. ("Anterra" or the "Company") (TSX VENTURE:AE.A) announces that the Court of Queen's Bench of Alberta, Judicial Centre of Calgary (the "Court") has granted an extension until June 2, 2017 of the stay of proceedings granted in the Initial Order dated May 6, 2016 pursuant to which Anterra was granted creditor protection under the Companies' Creditors Arrangement Act (Canada) (the "CCAA"). The extension was supported by [Read more]
Veresen Announces Closing of Gas-Fired Power Assets
CALGARY, ALBERTA--(Marketwired - April 13, 2017) - Veresen Inc. ("Veresen") (TSX:VSN) is pleased to announce it has closed the previously announced sale of the gas-fired power assets. The company continues to expect the sale of its remaining power assets to be completed during the second quarter of 2017. Each of the agreements is subject to closing adjustments and conditions customary in transactions of this nature, including the receipt of all necessary approvals. The company expects to [Read more]
Canada Weekly Rig Count Down 14 to 118
Western Canada’s fleet of drilling rigs are slowing down on account of seasonality in the drilling business with only 118 actively drilling according to data collected by Baker Hughes for the week of April 13. Drilling activity is starting to slow down, but still very active in comparison to last year’s count. Will will see a continued drop in activity due to the upcoming spring breakup. Rigs activity will stay low likely until June, when activity will start to pick up again. From one [Read more]
Chevron said to be considering sale of stake in Shell oilsands mining project
CALGARY - California-based Chevron Corp. is looking at selling its 20 per cent stake in the Athabasca Oil Sands Project in northern Alberta, according to a media report. The company has discussed with investment banks the idea of selling its stake in the oilsands mine and upgrading project, Reuters reported Thursday, citing anonymous sources. Chevron said in an email that it had no comment on the report. A spokesman for project operator Royal Dutch Shell said it wouldn't comment [Read more]