Economic recovery in sight, but not until 2017 OTTAWA, June 13, 2016 /CNW/ - With another difficult drilling season, Alberta is dealing with the worst economic downturn in 30 years. Alberta will be facing another year of recession, contracting by 2 per cent this year, according to The Conference Board of Canada's latest Provincial Outlook: Spring 2016. "Nearly all sectors of the economy are struggling and, if that was not enough, the wildfires in northern Alberta have added to the economic [Read more]
Headlines
Paramount Resources Ltd. Announces the Closing of its Annual Bank Credit Facility Renewal
CALGARY, ALBERTA--(Marketwired - June 13, 2016) - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX:POU) announces the closing of the annual renewal of its bank credit facility (the "Facility"). The revolving period of the Facility has been extended to April 28, 2017 and the maturity date has been extended to April 28, 2018. Commitments under the renewed Facility are $350 million, with a scheduled step-down to $300 million on the earlier of October 31, 2016, or the occurrence of [Read more]
Chinook Energy Announces Strategic Transaction to Create a Well Capitalized Montney Focused Growth Company
CALGARY, ALBERTA--(Marketwired - June 13, 2016) - Chinook Energy Inc. (TSX:CKE) ("Chinook" or the "Company") announced today that it has completed the divestiture of the majority of its Alberta oil and natural gas assets, excluding its Montney assets (the "Subject Assets"), with an effective date of May 1, 2016, to Tournament Exploration Ltd ("Tournament"), a private oil and natural gas company, for common shares in Tournament (the "Transaction") representing approximately 70% of the issued and [Read more]
Connacher Oil and Gas Limited Announces Extension of CCAA Stay
CALGARY, June 13, 2016 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") announced that it has obtained an order from the Alberta Court of Queen's Bench extending the period of the Court-ordered stay of proceedings against Connacher and its subsidiaries under the Companies' Creditors Arrangement Act ("CCAA") until August 16, 2016. The Company has been operating under the protection of the CCAA since May 17, 2016. All inquiries regarding Connacher's CCAA proceeding should be [Read more]
Journey Energy Inc. finalizes its credit facility review
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]
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]