WABASCA, Alta. - An out-of-control wildfire in northern Alberta that prompted two companies to curtail heavy oil production in the Pelican Lake area is now being held, one of the companies says.Cenovus Energy Inc. (TSX:CVE) said it safely shut down about 23,000 barrels a day of production and ordered the evacuation of 118 staff from its Pelican Lake facility Tuesday after a fire was discovered about one kilometre away from its complex.Late Wednesday afternoon, the company said the fire had been [Read more]
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Hemisphere Energy announces non-brokered private placement of CDE flow-through common shares and common shares for total gross proceeds of up to $1.6 million
TSX-V: HME VANCOUVER, June 8, 2016 /CNW/ - Hemisphere Energy Corporation ("Hemisphere" or the "Company") (TSX-V: HME) is pleased to announce a non-brokered private placement offering (the "Offering") of up to 3,100,000 common shares of Hemisphere ("Flow-Through Shares") at a price of $0.21 per Flow-Through Share to be issued on a Canadian Development Expense flow-through basis pursuant to the provisions of the Income Tax Act (Canada) and up to 5,000,000 common shares of Hemisphere ("Common [Read more]
Alberta carbon tax prompts fierce oil and gas competitiveness debate
CALGARY - The impact of Alberta's new carbon levy on the oil and gas industry was hotly debated in Calgary on Wednesday, a day after it was passed by the NDP government. Alberta Energy Minister Marg McCuaig-Boyd, who spoke at an industry conference, insisted the province can compete with neighbouring Saskatchewan, which doesn't have a carbon tax. "We're still pretty competitive overall in Canada," said McCuaig-Boyd. "We're one of the lowest (tax) jurisdictions and, I always have to remind [Read more]
Premier Brad Wall says oil and gas industry losing public relations battle
CALGARY - The energy industry is losing the public relations battle against environmentalists and needs to redouble efforts to get out its side of the story, Saskatchewan Premier Brad Wall said Wednesday."Today there continues an existential threat to this industry," said Wall."It's posed by ... some who just aren't that comfortable that we have all this oil and what oil might mean. And it's also posed by some who just want to shut it down completely."Wall made the remarks Wednesday in a speech [Read more]
Gear Energy Ltd. Announces Increase to Bought Deal Equity Financing
CALGARY, ALBERTA--(Marketwired - June 8, 2016) - Gear Energy Ltd. ("Gear" or the "Company") (TSX:GXE) is pleased to announce that in connection with its previously announced bought deal financing, Gear and the syndicate of underwriters led by Peters & Co. Limited, and including AltaCorp Capital Inc., FirstEnergy Capital Corp., National Bank Financial Inc., and GMP Securities L.P., have agreed to increase the size of the financing. Gear will now issue 25.0 million common shares ("Common [Read more]
CPP Investment Board lines up US$450 million oil and gas deal with LongPoint
TORONTO - Canada Pension Plan Investment Board has committed US$450 million to LongPoint Minerals, a Denver-based company that focuses on investments in the U.S. oil and gas sector.The Toronto-based pension fund manager says it will end up with a significant majority stake in LongPoint within two to three years.LongPoint's strategy is to acquire mineral and royalty interests in three key oil and gas production areas in the U.S.CPPIB manages a fund worth C$278.9 billion as of March 31 on behalf [Read more]
BOE Report Podcast Episode 5
On this episode, the BOE Report team talks about oil price forecasts and the massive capital shortfall facing the industry. They also talk with Tim Dell from OSY Rentals about the Global Petroleum Show. Get episode on Google Play | iTunes | RSS On the Show Josh Groberman Terry Etam Tim Dell Topics Shortage of capital facing oil industry Global Petroleum Show Advertisers Big Bore Directional Drilling OSY Rentals RiggerTalk Treeline Well Services Uptech [Read more]
Shell donates controversial Arctic exploration permits for protected area
Shell Canada is donating its controversial Arctic energy exploration permits to clear the way for creating Canada's third national marine protected area.The 30 legally questionable permits are being given to the Nature Conservancy of Canada, which in turn has handed them to the federal government."(The region) is adjacent to where the government has already said it would like to establish a conservancy, so our hope is that it will contribute to a much larger marine conservation area in the [Read more]
Questerre reports on new Quebec oil and gas law and results from AGM
CALGARY, June 8, 2016 /CNW/ - Questerre Energy Corporation ("Questerre" or the "Company") (TSX,OSE:QEC) reported today that the Government of Quebec has introduced Bill 106 to modernize hydrocarbon legislation in the province. Michael Binnion, Chief Executive Officer of Questerre, commented, "The Quebec Government did what it said it would do. It has been a six year process including the most comprehensive environmental studies in Canada as well as extensive public consultations. By slowing [Read more]
North Alberta wildfire prompts Cenovus to evacuate Pelican Lake heavy oil complex
WABASCA, Alta. - An out of control wildfire in northern Alberta has prompted Cenovus Energy Inc. to evacuate its Pelican Lake heavy oil facility.The company says the fire was discovered about one kilometre away from its complex about 300 kilometres north of Edmonton.Cenovus (TSX:CVE) says safety is its top priority and the evacuation and shutdown are a precaution.There was no damage to facilities or infrastructure.Alberta Wildfire officials say the blaze is about 55 hectares in size and is being [Read more]