CALGARY, AB--(Marketwired - June 21, 2016) -(TSX: ECA)(NYSE: ECA) Encana Corporation announced today that it has reached an agreement to sell its Gordondale assets in northwestern Alberta to Birchcliff Energy Ltd. (TSX: BIR) for a total cash consideration of C$625 million. The sale includes approximately 54,200 net acres of land and associated infrastructure. In addition, through the transfer of current and future obligations, Encana is reducing midstream and downstream commitments by more [Read more]
Headlines
Penn West Announces Competition Act Clearance to Complete Sale of Saskatchewan Assets
CALGARY, June 21, 2016 /CNW/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE.BC) ("Penn West", "we", "us" or "our") is pleased to announce that a notice has been issued under the Competition Act by the Commissioner of Competition granting clearance to Penn West and Teine Energy Ltd. to complete the previously announced sale of all of Penn West's Saskatchewan assets, including its Dodsland Viking area, for cash consideration of $975 million, subject to normal closing adjustments. This [Read more]
Marksmen Announces Drilling of Oil Well in Pickaway County, Ohio
CALGARY, ALBERTA--(Marketwired - June 21, 2016) - Marksmen Energy Inc. ("Marksmen" or the "Company") (TSX VENTURE:MAH)(OTCQB:MKSEF) is pleased to announce that Marksmen, as operator, and its joint venture partner Houghton Investments LLC., drilled a discovery well at its Pickaway County, Ohio, Davis-Holbrook #1 well location on a large Cambrian Knox target outlined by Marksmen's 3D Seismic programs. The discovery well was spudded on June 14, 2016. The well which had a projected total depth of [Read more]
Licensee Eligibility – Alberta Energy Regulator Measures to Limit Environmental Impacts Pending Regulatory Changes to Address the Redwater Decision
On May 19, 2016, the Alberta Court of Queen’s Bench issued its decision in a matter involving a dispute between the receiver of Redwater Energy Corporation (Grant Thornton Limited), the Alberta Treasury Branches, the Alberta Energy Regulator (AER), and the Orphan Well Association (OWA) (the Redwater decision). The Court found that receivers and trustees of AER licensees may selectively disclaim unprofitable assets (and their associated abandonment and reclamation obligations) under section [Read more]
Natural gas and power can move anywhere, but oil is too dangerous? How long do we have to put up with this nonsense?
Enough is enough. Major, nation-building infrastructure projects are being derailed for no good reason. Meanwhile almost anything can proceed in the name of green energy, no matter how appalling the environmental footprint, and all is silent. Pipelines currently bear the brunt of the attack, because everyone likes a dopey villain. People in British Columbia swear they will put their lives at risk to stop construction of any oil pipeline. Their sad enthusiasm is built on the work of [Read more]
The Alberta oil-patch’s mass exodus of multinational oil companies
Over the past two years Canada, and specifically Alberta, have seen an unprecedented exit of capital. This has been caused by several factors - topping the list of course is the collapse of oil prices. Of course the oil industry has been hit the hardest, but why have multinationals left Alberta and western Canada when, concurrently, they have maintained (and in some cases increased) operational activity in other parts of the world? There are three reasons for this: higher operating costs, [Read more]
43% of private equity investors plan to deploy capital into oil and gas by first half of 2017
LONDON, June 21, 2016 /PRNewswire/ -- Private equity (PE) firms are readying to deploy capital into the global oil and gas sector with 25% planning acquisitions before the end of the year and 43% by the first half of 2017, according an EY global survey of 100 PE firms active in the sector. With US$971.4b of PE dry powder from June 2016 still to be deployed, EY's survey, Capitalizing on opportunities: Private equity investment in oil and gas, reveals that PE firms are now preparing to increase [Read more]
Birchcliff Energy Ltd. Announces Strategic Montney/Doig Acquisition of High Quality Oil and Liquids-Rich Natural Gas and $530 Million Bought Deal Financing
CALGARY, ALBERTA--(Marketwired - June 21, 2016) - Birchcliff Energy Ltd. ("Birchcliff" or the "Corporation") (TSX:BIR) is pleased to announce that it has entered into an asset sale agreement (the "Acquisition Agreement") with Encana Corporation (the "Vendor") to purchase 100% of the Vendor's interests in the Gordondale area (the "Assets") which is within Birchcliff's primary focus area of Pouce Coupe/Gordondale, for cash consideration of $625 million, subject to closing adjustments (the [Read more]
Tamarack Valley Energy Ltd. Announces Strategic Acquisitions, $72 Million Bought Deal Financing and Increased 2016 Guidance
CALGARY, ALBERTA--(Marketwired - June 20, 2016) - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX:TVE) is pleased to announce that it has entered into binding agreements to undertake two strategic asset acquisitions, the total aggregate cash consideration for which will be $85 million (the "Acquisitions"), subject to certain closing adjustments. The first acquisition is a strategic consolidation of assets located in Tamarack's core operating areas of Redwater and Wilson Creek [Read more]
1 killed, 3 hurt in oil well explosion in North Dakota
BISMARCK, N.D. - One worker was killed and two others were seriously injured in an explosion and fire at an oil well in western North Dakota, authorities said. The McKenzie County Sheriff's Department said 52-year-old Johnny Stassinos of Rock Springs, Wyoming, died Saturday afternoon from injuries suffered that morning at a well site operated by XTO Energy Inc. near Watford City. The department's statement issued Monday said Daniel Montes, 28, of Fruita, Colorado, and Richard [Read more]