OTTAWA - A timeline of the controversial Keystone XL pipeline project: July 2008: TransCanada Corp. (TSX:TRP) and ConocoPhillips, joint owners of the Keystone Pipeline, propose a major extension to the network, dubbed Keystone XL to carry hundreds of thousands of barrels of oilsands bitumen from Alberta to Texas. 2009: As the U.S. State Department wades through comments based on an environmental assessment of the project, TransCanada starts visiting landowners potentially [Read more]
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Saskatchewan premier says Keystone approval good for both countries
REGINA - Saskatchewan Premier Brad Wall says President Donald Trump's approval of the Keystone XL pipeline is a win for both Canada and the United States. Wall says in a statement that the pipeline will help energy industries and consumers on both sides of the border while assuring energy security. He says it means Canada will be able to move oil to its biggest customer, get access to overseas markets and free up room on railways to move other products. He says it will [Read more]
Craft Oil Ltd. Announces Strategic Disposition Assets
CALGARY, ALBERTA--(Marketwired - Jan. 24, 2017) - Craft Oil Ltd. ("Craft" or the "Company") is pleased to announce that it has entered into a definitive agreement with Cardinal Energy Ltd. ("Cardinal") to sell assets (the "Cardinal Assets") for $41 million, prior to any closing adjustments (the "Cardinal Disposition"), consisting of approximately $4.0 million in cash and approximately 4.0 common shares of Cardinal ("Cardinal Shares") at a deemed price of $9.1727 per Cardinal Share (collectively, [Read more]
geoLOGIC systems is Proud to Announce Drill Stem Test Training Sessions
geoLOGIC systems is proud to collaborate with Drill Stem Test expert and hydrodynamacist Richard Bartlett to offer free-of-charge training sessions focused on understanding Drill Stem Test’s and their application to petroleum hydrodynamics. Other applications will be addressed. This hands-on session will cover the digital application of Drill Stem Tests; their purpose and uses for petroleum exploration and exploitation as demonstrated using the DST Pro module within geoSCOUT. Drill Stem [Read more]
MEG Announces Closing of $518 million Subscription Receipt Offering
CALGARY, ALBERTA--(Marketwired - Jan. 24, 2017) - MEG Energy Corp. ("MEG") (TSX:MEG) announced today that it has closed its previously announced public offering on a bought deal basis (the "Offering") of 66,815,000 subscription receipts (the "Subscription Receipts"), including the 8,715,000 Subscription Receipts issuable on exercise of the over-allotment option granted by MEG to the underwriters in connection with the Offering, at a price of $7.75 per Subscription Receipt for aggregate gross [Read more]
Cardinal Energy Ltd. Announces Its 2017 Capital Budget
CALGARY, ALBERTA--(Marketwired - Jan. 24, 2017) - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX:CJ) announced today that its Board of Directors has approved a $100 million capital expenditure budget for 2017 that focuses on balance sheet strength, maintaining a significant and sustainable dividend and development of all of our three core areas. The 2017 capital budget is designed to achieve significant growth in funds flow per share, and maintaining the Company's annualized dividend [Read more]
Point Loma Resources Announces Agreement to Acquire Oil & Gas Assets
CALGARY, AB--(Marketwired - January 24, 2017) - Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or "Point Loma") is pleased to announce that it has entered into a definitive agreement to acquire oil & gas assets from a private oil and gas company (the "Acquisition") for the consideration of $1.6 million with the issuance of four million shares of Point Loma. The Acquisition will be subject to customary closing conditions and regulatory approvals including the approval of the [Read more]
Petrus Resources Announces Term Loan Refinancing, Production and Operations Update and 2017 Outlook
CALGARY, ALBERTA--(Marketwired - Jan. 24, 2017) - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX:PRQ) is pleased to announce a term loan refinancing and provide a corporate update including a 2017 outlook. SECOND LIEN TERM LOAN Petrus has entered into an agreement with Macquarie Bank Limited to extend the Company's $42 million second lien term loan by two years; now due October 2019. Concurrent with the extension, the Company reduced the amount outstanding by $7 million through [Read more]
Electric vehicle fever – the latest madness of crowds
If you are quite young, or quite old, you won’t remember the dot-com madness that swept the world in the late 1990s. For example, ever heard of a site called theGlobe.com? It was an IPO darling in 1998, setting a record for the largest gain in the first day of trading, rising 600 percent. It had a market capitalization of over $800 million, and went out of business without ever making a nickel. There were dozens just like it that died similar deaths. What does that have to do with anything? [Read more]
Perpetual Exchanges $17.4 Million 8.75% Senior Notes for New 8.75% Senior Notes With Extended Maturity Date of January 2022
CALGARY, Jan. 23, 2017 /CNW/ - (TSX: PMT) – Perpetual Energy Inc. ("Perpetual" or the "Company") announces that it has exchanged approximately $8.4 million aggregate principal amount of its 8.75% senior notes due March 15, 2018 (the "2018 Senior Notes") and approximately $9.0 million aggregate principal amount of its 8.75% senior notes due July 23, 2019 (the "2019 Senior Notes" and together with the 2018 Senior Notes, the "Existing Senior Notes") for new 8.75% senior notes (the "Exchange Senior [Read more]