OKLAHOMA CITY--(BUSINESS WIRE)--Devon Energy Corp. (NYSE: DVN) today reported operational and financial results for the fourth quarter and full-year 2016. Also included within the release is the company’s guidance outlook for the first quarter and full-year 2017. Highlights Exceeded fourth-quarter production expectations Achieved record-setting well productivity in 2016 Reduced operating expenses in U.S. by 42 percent from peak rates Attained $1.3 billion in annual cost [Read more]
Headlines
National Energy Board to hold public hearing to consider the Wyndwood Pipeline Project
CALGARY, Feb. 14, 2017 /CNW/ - The National Energy Board (NEB) will hold a public hearing to consider a proposal from Westcoast Energy Inc., doing business as Spectra Energy Transmission, (Westcoast) to build and operate the 27-kilometre-long Wyndwood Pipeline Expansion Project in northeast British Columbia. The NEB's Hearing Order, released today, outlines the key steps and deadlines for the hearing. The hearing will include both oral and written components. Westcoast has applied to the NEB [Read more]
Non-Core Property Divestiture: Blackspur Oil Corp. – Drumheller and Cessford Areas
Sayer Energy Advisors has been engaged to assist Blackspur Oil Corp. (“Blackspur” or the “Company”) with the sale or farm-out of its oil properties located in the Drumheller and Cessford areas of Alberta (the “Properties”). At Drumheller, Blackspur holds 50-100% working interests in over 2.75 sections of land on which it has a 100% working interest in one well producing approximately 29 boe/d, consisting of 16 barrels of oil per day and 80 Mcf/d of natural gas from the Ellerslie [Read more]
Hemisphere Energy announces a 36% increase in Proved plus Probable reserve value to $65.9 million and replaces 427% of 2016 production
TSX-V: HME VANCOUVER, Feb. 14, 2017 /CNW/ - Hemisphere Energy Corporation (TSX-V: HME) ("Hemisphere" or the "Company") is pleased to announce highlights from its independent reserves evaluation as at December 31, 2016 prepared by McDaniel & Associates Consultants Ltd. ("McDaniel"). In 2016, Hemisphere's estimated average corporate production rate was 526 boe/d (86% oil). Throughout the year the Company invested $2.4 million of development capital with specific focus on drilling its first [Read more]
Spartan Energy Corp. Reports Significant Increase to Per Share Reserves
CALGARY, ALBERTA--(Marketwired - Feb. 14, 2017) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to provide a summary of our 2016 year-end reserves and an operational update. Reserve numbers presented herein were derived from an independent reserves report (the "Sproule Report") prepared by Sproule Associates Ltd. ("Sproule") effective December 31, 2016. All financial information presented in this press release is based on estimates and is unaudited. 2016 presented [Read more]
Petrus Resources Announces Ferrier Acquisition and Private Placement
CALGARY, ALBERTA--(Marketwired - Feb. 14, 2017) - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX:PRQ) is pleased to announce that it has entered into an agreement with a private company to acquire certain oil and natural gas interests in the Ferrier area, subject to customary closing conditions (the "Acquisition"). PROPERTY ACQUISITION Pursuant to the Acquisition, Petrus will acquire approximately 40 boe/d of production as well as a 100% working interest in a drilled and completed [Read more]
Prairie Provident Announces Strategic Light Oil Asset Acquisition and $8 Million Equity Financing
CALGARY, ALBERTA--(Marketwired - Feb. 14, 2017) - Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") (TSX:PPR) is pleased to announce that it has entered into an agreement to acquire strategic assets in the Greater Red Earth area of northern Alberta (the "Assets") for cash consideration of $41 million, subject to customary adjustments (the "Acquisition"). The Assets include high quality and low decline oil production which is highly complementary to Prairie Provident's [Read more]
Canadian Natural Resources Limited Announces 2016 Year End Reserves
CALGARY, ALBERTA--(Marketwired - Feb. 14, 2017) - Canadian Natural Resources Limited ("Canadian Natural" or the "Company") (TSX:CNQ)(NYSE:CNQ) is pleased to report its 2016 year-end reserves.f Commenting on the 2016 reserve results, which are 100% evaluated by Independent Qualified Reserves Evaluators, Steve Laut, President of Canadian Natural stated, "Canadian Natural continues to demonstrate the strength of our diverse and balanced asset base, and our ability to create value for [Read more]
Pine Cliff Energy Ltd. Announces 2017 Guidance, 2016 Bank Debt Reduction and Year-End Reserves
CALGARY, ALBERTA--(Marketwired - Feb. 13, 2017) - Pine Cliff Energy Ltd. ("Pine Cliff") (TSX:PNE) is pleased to announce 2017 guidance, 2016 bank debt reduction and its 2016 year-end reserves. 2017 Guidance Pine Cliff's Board of Directors has approved a capital budget of $18.5 million for 2017. Pine Cliff anticipates directing $13.5 million of the capital budget to drilling in the Edson and Viking areas of Alberta and conducting recompletions in various areas. Additionally, Pine Cliff [Read more]
Virginia Hills Oil Corp. Announces Appointment of Receiver
CALGARY, ALBERTA--(Marketwired - Feb. 13, 2017) - Virginia Hills Oil Corp. ("Virginia Hills" or the "Company") (TSX VENTURE:VHO) announces that the Court of Queen's Bench of Alberta has granted the application of the Company's and Dolomite Energy Inc.'s ("Dolomite") lenders, to appoint Alvarez & Marsal Canada Inc. (the "Receiver") as receiver and manager over the assets, undertakings and property of Virginia Hills and Dolomite. The Receiver is charged with managing the day to day affairs of [Read more]