CALGARY, ALBERTA--(Marketwired - Nov. 22, 2016) - Lightstream Resources Ltd. (the "Company" or "Lightstream") announces that the sale procedures under the Companies' Creditors Arrangement Act ("CCAA") have concluded and that the credit bid ("Credit Bid") submitted by the ad hoc committee of holders of approximately 91.5% of the Company's 9.875% second lien secured notes due 2019 is the successful bid. In accordance with the sale procedures, the Company will seek to implement the Credit Bid by [Read more]
Headlines
AIMCo Announces Significant Investment in Savanna Energy Services
EDMONTON, Nov. 22, 2016 /CNW/ - Alberta Investment Management Corporation ("AIMCo") is pleased to announce that it has signed a letter of commitment and a subscription agreement, on behalf of certain of its clients, to enter into a strategic financing relationship with Savanna Energy Services, ("Savanna") (TSE: SVY), one of North America's premier energy services providers, headquartered in Calgary, Alberta. The transaction is anticipated to close on or about December 15, 2016. Based upon the [Read more]
Baytex Announces Strategic Acquisition That More Than Doubles Land Base at Peace River and $100 Million Equity Financing
CALGARY, ALBERTA--(Marketwired - Nov. 22, 2016) - Baytex Energy Corp. ("Baytex") (TSX:BTE)(NYSE:BTE) is pleased to announce that it has entered into an agreement to acquire heavy oil assets located in the Peace River area of northern Alberta, effective October 1, 2016, for cash consideration of $65 million (the "Acquisition"). The assets are located immediately adjacent to our existing Peace River lands, add approximately 3,000 boe/d of production and more than double our land base in the area. [Read more]
Without pipelines, Canada’s prosperity is on the line
Will lead to a loss of full-time, well-paying jobs, shrunken energy industry supply chains across the country, and diminished revenues for governments VANCOUVER, B.C. / Troy Media/ – When it comes to reaching new energy markets, Canada lags dangerously behind the Americans, who have aggressively expanded their oil and gas industry and built the infrastructure necessary to support it. There are approximately 840,000 km of pipelines in Canada – 25,000 km of feeder lines, 250,000 km of [Read more]
Tervita Announces Settlement With a Significant Portion of Its Secured Noteholders
CALGARY, ALBERTA--(Marketwired - Nov. 22, 2016) - Tervita Corporation and certain of its affiliates ("Tervita" or the "Company") announced today that Tervita has reached a settlement (the "Settlement") with certain holders (the "Settling Secured Noteholders") of the 8.00% and 9.00% senior secured notes issued by Tervita due 2018 (collectively, the "Secured Notes," and the holders of such Secured Notes, the "Secured Noteholders") of the dispute (the "Prepayment Dispute") as to whether an early [Read more]
Traverse Energy Ltd. Announces Private Placement Financing
CALGARY, ALBERTA--(Marketwired - Nov. 22, 2016) - Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) intends to complete a non-brokered private placement (the "Private Placement") of up to of 5,125,000 common shares of the Corporation for total gross proceeds of $2,245,000. Of the total number of common shares to be issued by the Corporation (i) up to 1,875,000 common shares will be issued at $0.40 per share ("Common Shares"); and (ii) up to 3,250,000 common shares will be issued on a [Read more]
Carbon price won’t be determining factor for oilsands development: report
CALGARY - Alberta's incoming carbon taxes will have a minimal effect on new oilsands development compared with oil prices and market access, says a new report. TD Bank economist Dina Ignjatovic said in the paper released Tuesday that if oil prices rise above US$60 a barrel then a carbon tax likely won't make or break investment decisions at all, while below that price few projects will get approved either way. "Basically US$60 is that threshold, where before that you're not going [Read more]
Saskatchewan deficit balloons to $1B with falling resource, tax revenue
REGINA - The Saskatchewan government is cutting spending and has imposed a hiring freeze as it wrestles with a ballooning deficit of about $1 billion. Finance Minister Kevin Doherty released a fiscal update Tuesday that shows the shortfall is far higher than the $434 million deficit the government projected when it introduced the budget in June. Low oil and potash prices are having a greater impact on revenue than expected, but corporate income tax, personal income tax, [Read more]
Drilling contractors say oil and gas activity will stage a modest rise next year
CALGARY - U.S. president-elect Donald Trump's promise to ramp up energy production soon after he takes office is raising concern in Alberta's oilpatch, where several industry groups say such a move could set Canada back in its ability to compete for investment. In a video posted Monday on YouTube, Trump committed to cancelling "job-killing restrictions on the production of American energy, including shale energy and clean coal" within his first 100 days of power. While his [Read more]
Mayor of Saskatchewan city affected by Husky oil spill still has questions
PRINCE ALBERT, Sask. - The mayor of a city affected by an oil spill in the North Saskatchewan River says a report by the company responsible hasn't answered all his questions. Prince Albert had to shut down its intake from the river and find other water sources for almost two months after the July spill. A Husky Energy (TSX:HSE) report last week said shifting ground caused a pipeline to break and leak 225,000 litres of heavy crude oil and diluent. About 40 per cent ended [Read more]