CALGARY - A quick look at the Line 3 oil pipeline replacement project proposed by Enbridge (TSX:ENB): Estimated Cost: $7.5 billion Route: 1,660 kilometres between Hardisty, Alta., to Superior, Wisc. Crosses through Saskatchewan, Manitoba, North Dakota and Minnesota. Capacity: Would restore the pipeline's original regulated capacity of 760,000 barrels of oil per day and allow for further expansion to 915,000 barrels per day. The line is almost half a century old and its [Read more]
Headlines
Donald Trump’s former campaign manager coming to Alberta in January
EDMONTON - A top adviser to U.S. president-elect Donald Trump is visiting Alberta in January. Kellyanne Conway will speak at a private fundraising dinner hosted by the Alberta Prosperity Fund on Jan. 12 in Calgary, and also tour the oilsands. Heather Forsythe, chair of the Alberta Prosperity Fund, says Conway's visit sends a strong signal about the importance of Alberta and Canada to the incoming Trump administration. Trump's victory in November's U.S. presidential [Read more]
Less hiring planned after 65% of oil and gas companies trim staff, survey finds
CALGARY - Nearly a third of oil and gas industry employers are expecting another tough year in 2017 after 65 per cent of them were forced to cut staff this year, according to a survey by recruitment firm Hays Canada. About 28 per cent of energy sector employers expect to hire fewer people in 2017 than in 2016, while 15 per cent expect some growth and about half predict stability, the Canadian arm of U.K.-based Hays reported in its annual sample of hiring intentions released Tuesday. [Read more]
Blacksteel Energy Inc. Closes Acquisition of 30% Working Interest in Girouville Assets
CALGARY, ALBERTA--(Marketwired - Nov. 29, 2016) - Blacksteel Energy Inc. (TSX VENTURE:BEY) ("Blacksteel") is pleased to announce that it has closed the acquisition (the "Acquisition") of a 30% working interest (the "Blacksteel Interest") in certain oil and gas assets around Girouxville in Northwest Alberta (the "Assets"). Blacksteel acquired the Blacksteel Interest (the "Acquisition") from Drakkar Energy Ltd. ("Drakkar"), for a purchase price of $600,000, concurrent with Drakkar's purchase of [Read more]
Fitch: North American Energy Sector Healing, 2017 Challenges Seen
CHICAGO & NEW YORK--(BUSINESS WIRE)--The rating outlook for North American energy remains negative, reflecting lingering challenges in the exploration and production (E&P) and oil field services/drillers subsectors, according to Fitch Ratings. The E&P market remains split. In the investment-grade (IG) E&P space, a key theme was one of compression, with most rating actions limited to a combination of a single-notch downgrade and/or a Negative Outlook. Many IG names mitigated [Read more]
Property Divestiture: C Group Energy Inc.
Sayer Energy Advisors has been engaged to assist C Group Energy Inc. (“C Group” or the “Company”) with the divestiture of several oil and natural gas properties which are located in various areas of Alberta. C Group is offering for sale its working interests in producing oil and natural gas properties in the Garrington, Viking, Buck Lake, Pembina, Skaro and Meyer Lake areas of Alberta (the “Properties”). The Company operates the majority of the Properties, generally holding a high working [Read more]
Manitok Announces Closing of Offering of $5 Million Flow-Through and Common Share Offering
CALGARY, ALBERTA--(Marketwired - Nov. 29, 2016) - Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) is pleased to announce that it has closed its previously announced best efforts offering (the "Offering") for total aggregate proceeds of approximately $5.05 million, completed by way of a short form base shelf prospectus as supplemented by the Corporation's prospectus supplement dated November 22, 2016. In connection with the Offering, Manitok issued: (a) 7,562,923 [Read more]
Over $1.2 billion in Viking deals so far this year, see how it compares to other plays
Yesterday's light oil asset acquisition by Raging River added another $58 million to a substantial sum of deals in Viking play this year. So far in 2016, $1.27 billion worth of transactions has closed with an additional $433 million announced. The Viking has indeed been a sought after play, however, the Montney remains the most active play for M&A activity in western Canada with $2.3 billion in deals completed year-to-date. The Williston Basin and Shaunavon have seen approximately $500 [Read more]
Marquee Energy Ltd. and Alberta Oilsands Inc. Announce Settlement With Smoothwater Capital
CALGARY, AB--(Marketwired - November 29, 2016) - Marquee Energy Ltd. ("Marquee") (TSX VENTURE: MQL) and Alberta Oilsands Inc. ("AOS") (TSX VENTURE: AOS) are pleased to announce that they have reached a settlement with Smoothwater Capital Corporation ("Smoothwater") in respect of Smoothwater's prior opposition to the proposed acquisition of Marquee by AOS through a plan of arrangement involving Marquee, its shareholders and AOS (the "Arrangement") and the completion of the short-form vertical [Read more]
Advantage Announces 2017 Budget and Development Plan
2017 Budget Includes 17% Production Growth, Upsized Glacier Gas Plant Expansion to 400 MMCF/D & $205 Million Capital Program (TSX: AAV, NYSE: AAV) CALGARY, Nov. 28, 2016 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce that its Board of Directors ("Board") has approved a 2017 capital budget and development plan estimates for 2018 and 2019. Advantage's 2017 through 2019 investment will continue with the profitable and sustainable growth of [Read more]