CALGARY, June 12, 2016 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") is pleased to announce it has concluded its annual bank line review. As previously disclosed in our May 9, 2016 press release the Company's $140 million credit facility was undergoing its annual review. This review is now complete and based on the banking syndicates' final determination, the credit facility has now been set at $110 million. The $110 million facility is comprised of a $15 million [Read more]
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Teine Energy Ltd. Announces Significant Asset Acquisition
CALGARY, June 10, 2016 /CNW/ - Teine Energy Ltd. ("Teine" or the "Company") is pleased to announce that it has entered into an agreement to purchase oil assets ("Assets") in South Western Saskatchewan for cash consideration of $975 million. The acquisition includes a core position within the Saskatchewan Viking light oil play as well as low decline heavy oil properties currently under water flood. The transaction will add significant production, reserves, and undeveloped land to the Company's [Read more]
Penn West Announces $1.1 Billion In Asset Sales, Including The Sale Of Its Saskatchewan Assets For $975 Million
Transforms Penn West Into A Leading Alberta Oil Producer CALGARY, June 10, 2016 /CNW/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE.BC) ("Penn West", the "Company", "we", "us" or "our") is pleased to announce that it has entered into a definitive agreement for the sale of all of its Saskatchewan assets, including its Dodsland Viking area, for cash consideration of $975 million, subject to normal closing adjustments. The Saskatchewan assets are split approximately evenly between medium and [Read more]
Statoil confirms two new oil discoveries off Newfoundland and Labrador
ST. JOHN'S, N.L. - Statoil says a 19-month drilling campaign in the Flemish Pass off the coast of Newfoundland resulted in two discoveries of oil in the Bay du Nord area.The Norwegian company says in a statement the discoveries, at the Bay de Verde and Baccalieu prospects, have reduced uncertainty about the commercial potential of the field.Reserves for the Bay du Nord site were originally estimated between 300 and 600 million barrels, and Statoil says it appears the final volumes will be at the [Read more]
Twin Butte Announces Extension of Credit Facilities
CALGARY, June 9, 2016 /CNW/ - (TSX: TBE) – Twin Butte Energy Ltd. ("Twin Butte" or the "Company") announces that its bank syndicate has agreed to extend the maturity date of Twin Butte's $85 million non-revolving credit facility from June 9, 2016 to June 21, 2016 and the expiry of the revolving period of Twin Butte's $140 million revolving credit facility from June 9, 2016 to June 21, 2016 to enable the Company to continue with its strategic alternatives process. As announced on December 9, [Read more]
Fire threat in northern Alberta eases, Cenovus and CNRL restore production
WABASCA, Alta. - Operations are returning to normal in the Wabasca area of northern Alberta after a wildfire prompted two companies to cut back heavy oil production earlier this week.Cenovus Energy Inc. (TSX:CVE) said Thursday it was bringing about 50 staff back on-site and was in the process of restarting oil production at its Pelican Lake facility.The company evacuated 118 staff from the facility and shut down about 23,000 barrels a day of production after a wildfire was discovered about a [Read more]
Saskatchewan premier pushing pipeline on trip through Eastern Canada
REGINA - Saskatchewan Premier Brad Wall is taking his push for the Energy East pipeline to a place where it may not be welcome — Quebec.Wall is to be in Montreal next Thursday to discuss the pipeline and other matters with Quebec Premier Philippe Couillard. Wall asked for the meeting, but will not be giving a speech.The Saskatchewan premier is also to travel next week to Toronto and Saint John to speak in support of the $15.7-billion project proposed by TransCanada (TSX:TRP). Wall says it's [Read more]
U.S. production rise expected to dent Canadian natural gas growth
CALGARY - Lower prices and increasing competition from the United States are expected to add to the woes of Canadian natural gas producers over the summer, but the picture then brightens, according to a report from the National Energy Board.The federal agency said Thursday it expects natural gas prices to fall from an average of about US$2.70 per million British thermal units in 2015 to an average of US$2.50 this year, and then gradually rise to average US$3 in 2018. Prices were almost US$5 in [Read more]
Royalty and WI Property Divestiture: Hanna Oil & Gas Company – Canada ULC
Sayer Energy Advisors has been engaged to assist Hanna Oil & Gas Company – Canada ULC (“Hanna” or the “Company”) in divesting all of its working interest properties and royalty interest holdings, which are located in various areas throughout Alberta and northeastern British Columbia (the “Properties”). The Properties have been grouped into nine packages for marketing purposes: Duvernay Royalty, Sunset Prairie Royalty, Glacier Royalty, Miscellaneous Royalties, Birch Hills East, Birch [Read more]
Stimulating the economy with private pipeline projects rather than with public deficits
MONTREAL, June 9, 2016 /CNW Telbec/ - Pipeline projects currently in development in Canada represent enormous private investments that can stimulate the Canadian economy more effectively and more sustainably than the approximately $30-billion deficit projected for this year by Ottawa, shows an Economic Note published today by the MEI. The publication is co-signed by the Honourable Joe Oliver, former Canadian Minister of Natural Resources and of Finance and, since March 2016, Distinguished [Read more]