HALIFAX, NOVA SCOTIA--(Marketwired - Oct. 7, 2016) - Corridor Resources Inc. ("Corridor") (TSX:CDH) announced today that it has entered into a financial hedge for the period from December 1, 2016 to March 31, 2017 for 2,500 mmbtu per day of natural gas production (approximately 2.3 mmscf per day) at a fixed price of $US6.50/mmbtu. All amounts referred to in this press release are in Canadian dollars unless otherwise stated. Corridor's strategy is to maximize its field operating netback by [Read more]
Headlines
Platitudes are killing the oil and gas industry
How many times have we read a headline that says the oil and gas industry must 'engage', 'evolve', 'discuss', 'harness', 'focus on', 'improve its communication'... It's enough to make you sick. The oil and gas industry uses more platitudes to try to sway people to its side than any other industry on Earth. Which, at this point, is completely unnecessary. Here's a word of advice: stop using platitudes to try to advance your cause - it only delays things further. And delays are losses for [Read more]
AIMCo Announces Investment in Journey Energy Inc.
EDMONTON, Oct. 6, 2016 /CNW/ - Alberta Investment Management Corporation ("AIMCo"), on behalf of certain of its clients, is pleased to announce that it has successfully entered into a strategic financing relationship with Journey Energy Inc. ("Journey") (TSX: JOY). Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in western Canada. Journey's strategy is to provide investors with growth by focusing on drilling its existing core lands, [Read more]
Journey Energy Inc. Announces New Financing
CALGARY, Oct. 6, 2016 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") announces that it has entered into a strategic financing partnership with Alberta Investment Management Corporation ("AIMCo"). AIMCo's investment into Journey has been made through the completion of a private placement of 30,000 units (the "Units") at a price of $1,000 per Unit for aggregate proceeds of $30 million. Each Unit is comprised of: (i) one promissory note (a "Note") with a par value of [Read more]
Pengrowth Announces a 63 Percent Increase in Value of 2P Reserves at Lindbergh From $1.56 Billion to $2.55 Billion
CALGARY, ALBERTA--(Marketwired - Oct. 6, 2016) - Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) today announced that GLJ Petroleum Consultants Ltd. (GLJ) has provided an update of bitumen reserves and contingent resources for its 100 percent owned Lindbergh project in east central Alberta, as of September 30, 2016. The reserves and resources update reflects the successful application approval allowing for the expansion of the project to 30,000 barrels per day (bbl per day), coupled with [Read more]
NEB recommends conditional approval of the Towerbirch Expansion Project
CALGARY, Oct. 6, 2016 /CNW/ - The National Energy Board (NEB) today released a report recommending the Governor in Council (GIC) approve the application by NOVA Gas Transmission LTD. (NGTL) for the Towerbirch Expansion Project (Project), subject to conditions. The recommendations and decisions follow a public hearing process that began on December 22, 2015 when the NEB determined the application was complete. The Report [Filing A79841] contains both the NEB's recommendation to the GIC, and [Read more]
Suncor Energy closes purchase of interest in Rosebank project
CALGARY, ALBERTA--(Marketwired - Oct. 6, 2016) - Suncor Energy UK Limited ("Suncor") today announced it has closed the previously announced purchase of a 30 per cent participating interest in the U.K. North Sea Rosebank project from OMV (U.K.) Limited. All necessary regulatory approvals have been received and as per the agreement, Suncor has made an initial payment of US$50 million to OMV (U.K.) Limited. In the event the co-venturers approve the Rosebank project final investment decision [Read more]
Wolf Midstream Completes Acquisition of 50% Interest in Access Pipeline for $1.4 Billion
CALGARY, Oct. 6, 2016 /CNW/ - Wolf Midstream Inc. (Wolf) announced today that it has closed the acquisition of the previously announced agreement to acquire a 50% ownership interest in Access Pipeline (Access) from Devon Energy Corp. (Devon) for $1.4 billion. The Access Pipeline system includes pipelines that transport blended bitumen and diluent between the Christina Lake area of Northeastern Alberta and Edmonton. Under the terms of the transaction, Devon's thermal-oil acreage is dedicated to [Read more]
Devon Energy Completes Sale of Access Pipeline
OKLAHOMA CITY--(BUSINESS WIRE)--Devon Energy Corp. (NYSE: DVN) today announced that it has completed the sale of its 50 percent ownership interest in Access Pipeline to Wolf Midstream Inc., a portfolio company of Canada Pension Plan Investment Board, for CAD $1.4 billion, or USD $1.1 billion. Devon also has the right to receive an incremental CAD $150 million payment from Wolf Midstream with the sanctioning and development of a new thermal-oil project on Devon’s Pike lease in Alberta, Canada. [Read more]
The problem with a nation wide carbon price
Canadian Prime Minister Justin Trudeau embraced a top-down governance style this past Monday morning as he imposed a one size fits all federal carbon pricing scheme. Starting in two years, Canadians will see the price of carbon go from $10 to $50 in 2022. While Trudeau appeared justified imposing this constraint under the guises of the Paris Accord and climate change, such a move runs counter to the census reached on how Canada best responds to climate change. Since 2007, Canada's Premiers have [Read more]