NEW YORK - President-elect Donald Trump has tapped ExxonMobil CEO Rex Tillerson to lead the State Department, dismissing concerns about the businessman's close ties to Russia and bringing a long public audition process to a conclusion. Two people close to Trump's transition team said Monday night that Trump had selected Tillerson. They insisted on anonymity because they were not authorized to disclose the pick ahead of that announcement. Trump was set to announce his nomination [Read more]
Headlines
Chinook Energy Announces Closing of Arrangement
CALGARY, ALBERTA--(Marketwired - Dec. 12, 2016) - Chinook Energy Inc. (TSX:CKE) ("Chinook" or the "Company") is pleased to announce that it has completed its previously announced plan of arrangement (the "Arrangement") under the provisions of the Business Corporations Act (Alberta) involving Chinook and the shareholders of Chinook. The Arrangement was approved by 99.98% of the votes cast by shareholders present in person or represented by proxy at Chinook's special meeting of shareholders (the [Read more]
Oil production pledges prompt optimism that Canadian oilpatch will grow again
CALGARY - A dramatic jump in oil prices linked to the promise of lower global production is fuelling hope that the Canadian oil sector may soon recover from a two-year economic slump. Observers say they are optimistic that Saudi Arabia, the top exporter in the Organization of the Petroleum Exporting Countries, is committed to cut exports to reduce a global oil glut that has depressed prices and contributed to thousands of layoffs in Western Canada. They are also taking heart from [Read more]
Winter strikes hard and nothing will save you but fossil fuels
In a week of brutally cold temperatures, when pedestrians wonder if they’ll make it to the next building alive, the title above might seem like gloating, like an energy industry just dying to say “you’re welcome” in response to a society that would surely be grateful for its services. But it’s not gloating. It is not smug, or righteous, or in-your-face. It is a fact about a simple physical reality that the energy industry would love to see discussed with the frequency it deserves. We hear [Read more]
Property Divestiture: C Group Energy Inc. – Niton/McLeod Area
Sayer Energy Advisors has been engaged to assist C Group Energy Inc. (“C Group” or the “Company”) with the divestiture of its oil and natural gas property located in the Niton/McLeod area of Alberta (the “Property”). Recent production (three months ended October 31, 2016) net to C Group from the Property has averaged 195 boe/d, consisting of 88 barrels of oil and natural gas liquids per day and 645 Mcf/d of natural gas sales. C Group holds working interests ranging from 45-100%, mainly [Read more]
Inter Pipeline to Acquire Remaining Interest in the Cold Lake Pipeline System and Announces New Oil Sands Transportation Agreement
CALGARY, ALBERTA--(Marketwired - Dec. 12, 2016) - Inter Pipeline Ltd. ("Inter Pipeline")(TSX:IPL) announced today that it has entered into an agreement to acquire Canadian Natural Resources Limited's ("Canadian Natural") 15 percent interest in the Cold Lake pipeline system for $527.5 million, subject to closing adjustments. As a result, Inter Pipeline will own 100% of the Cold Lake pipeline system. Canadian Natural will receive $350 million in cash and $177.5 million through the issuance of [Read more]
Canadian Natural Resources Limited Announces the Sale of its Ownership Interest in the Cold Lake Pipeline
CALGARY, ALBERTA--(Marketwired - Dec. 12, 2016) - Canadian Natural Resources Limited (TSX:CNQ)(NYSE:CNQ) ("Canadian Natural" or the "Company") is pleased to announce that it has reached an agreement to monetize the Company's non-core ownership interest in the Cold Lake Pipeline, to Inter Pipeline Ltd ("Inter Pipeline"). The transaction consists of the monetization of the Company's entire 15% ownership interest of Cold Lake Pipeline Ltd. and its 14.7% ownership interest in the Cold Lake Limited [Read more]
Perpetual Launches Note Exchange Proposal for its 8.75% Senior Notes
CALGARY, Dec. 12, 2016 /CNW/ - (TSX: PMT) – Perpetual Energy Inc. ("Perpetual" or the "Company") announces a proposal to exchange all of its 8.75% senior notes due March 15, 2018 (the "2018 Senior Notes") and 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 Notes") having an extended maturity date of December 23, 2021 (the "Note Exchange Proposal"). The Note [Read more]
Baytex Announces 2017 Budget and CEO Succession
CALGARY, ALBERTA--(Marketwired - Dec. 12, 2016) - Baytex Energy Corp. ("Baytex") (TSX:BTE)(NYSE:BTE) announces that its Board of Directors has approved a 2017 capital budget of $300 to $350 million, which is designed to generate average annual production of 66,000 to 70,000 boe/d. Baytex also announces that Ed LaFehr, President, will succeed James Bowzer as Chief Executive Officer in May 2017. 2017 Budget Commenting on the budget announcement, James Bowzer, Chief Executive Officer, said: [Read more]
Baytex Closes $115 Million Bought Deal Financing
CALGARY, ALBERTA--(Marketwired - Dec. 12, 2016) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) has closed the previously announced bought deal financing (the "Equity Financing"). Baytex issued 21,907,500 common shares (the "Common Shares"), including 2,857,500 common shares pursuant to the full exercise of the over-allotment option, at a price of $5.25 per share for aggregate gross proceeds of approximately $115 million. The net proceeds from the Equity Financing will be used to fund [Read more]