The Alberta Energy Regulator's LMR rating is used as an indicator by the government to show which companies are at risk of potentially carrying too many liabilities compared to their production. Is it fair to say that the LMR ratio is accurate on identifying companies on the brink of default? The answer is usually no. This summer, several companies unfortunately fell into receivership as a result of the current economic downturn. One of the companies, a junior oil and gas producer in central [Read more]
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All eyes on Ottawa this week as Trudeau mulls whether to appeal a ruling that quashes Northern Gateway
The federal government has until Thursday to decide whether to appeal a ruling that quashes approval for the Northern Gateway Pipeline. In a split decision released June 30, the Federal Court of Appeal quashed approval for Enbridge’s $7.9-billion Northern Gateway project. The judgment said the government neglected to discuss subjects of critical importance to First Nations by ignoring many of the project’s impacts and offering only a “brief, hurried and inadequate” opportunity for [Read more]
Journey Energy Inc. Announces a Change in Major Shareholder
CALGARY, Sept. 19, 2016 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") announces that Maple Investments Limited ("MIE") has agreed to acquire an aggregate of 16,355,798 common shares and restricted voting shares (collectively, the "Shares") in the capital of Journey from Infra-PSP Partners Inc. ("PSP") for aggregate consideration of $33,846,602 (being an amount of approximately $2.069 per Share) pursuant to a share purchase agreement dated September 15, 2016. On closing of [Read more]
David Suzuki says Premier Brad Wall isn’t taking climate change seriously
SASKATOON - One of Canada's best-known environmental activists says that if Premier Brad Wall isn't a climate change denier, he certainly isn't taking the issue seriously. David Suzuki was in Saskatoon on Sunday for a literary festival, and told a reporter from CKOM radio that he's shocked Saskatchewan voters would elect a climate denier to play a role in leading the province. Suzuki says the main reason he wanted to come to the city was to talk to the Saskatchewan people who [Read more]
Petromin Retains Viking Zone in Redwater Sale
VANCOUVER, Sept. 17, 2016 /CNW/ - Petromin Resources Ltd. (Petromin) announces that it has entered into an agreement to sell, assign and convey its' Redwater assets to the operator, Rifle Shot Corp. (Rifle) and has completed the transfer as of September 17, 2016. The consideration payable by Rifle shall be an absolute discharge and forgiveness of all monies outstanding and owing for all lease operation and all Capital Charges both incurred or intending to be incurred. Rifle shall also [Read more]
Oil and gas companies looking for corporate suitors not feeling the love
CALGARY - It's getting so bad in the oilpatch that companies in trouble can't even sell themselves. TD Securities recently analyzed the strategic reviews of 15 Canadian energy firms over the past 18 months. Three have found buyers, the TD Securities report said. Six are still searching for a suitor, four have slipped into receivership, one closed down after selling all of its assets and another dropped its strategic review and hired a new CEO, according to the analysis released [Read more]
Manitok Energy Inc. Announces Filing of a Preliminary Base Shelf Prospectus and Issuance of Stock Options
CALGARY, ALBERTA--(Marketwired - Sept. 16, 2016) - Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) announces that it has filed a preliminary base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada for the offering of up to a cumulative amount of CDN$150,000,000 of common shares, preferred shares, debt securities, subscription receipts, warrants, units or any combination thereof (the "Securities") over the 25-month period for [Read more]
Water OK: Oil-spill cities can open intakes on North Saskatchewan River
REGINA - Communities affected by an oil spill into the North Saskatchewan River are being told it's OK to start using the water again. Saskatchewan's Water Security Agency says the cities of North Battleford, Prince Albert and Melfort can resume taking water from the river. The cities had to shut off their intakes and find alternate water sources after the oil plume from a Husky Energy (TSE:HSE) pipeline spill moved downstream. Up to 250,000 litres of oil mixed with a [Read more]
Blackrod SAGD Project Receives Regulatory Approval
CALGARY, ALBERTA--(Marketwired - Sept. 16, 2016) - BlackPearl Resources Inc. ("BlackPearl" or the "Company") (TSX:PXX)(OMX:PXXS) is pleased to announce that its 80,000 barrel per day commercial development application at Blackrod, located in the Athabasca Oil Sands, has received regulatory and environmental approval from the Alberta Energy Regulator and the Alberta government. John Festival, President and CEO of BlackPearl commented that "in addition to extensive delineation drilling and [Read more]
Questfire Energy Corp. Announces Credit Facility Amendment and Revised Terms
CALGARY, ALBERTA--(Marketwired - Sept. 15, 2016) - Questfire Energy Corp. (the "Corporation" or "Questfire") (TSX VENTURE:Q.A)(TSX VENTURE:Q.B) announces that the Corporation and its syndicate of lenders have agreed in principle to amend the terms of its bank facility, with such amended bank facility anticipated to have the following material provisions: a revised maturity date from May 30, 2017 to November 30, 2016; a restructuring of the Corporation's $44.5 million aggregate borrowing [Read more]