CALGARY, May 26, 2016 /CNW/ - Ironhorse Oil & Gas Inc. ("Ironhorse" or the "Company") (TSX-V: IOG) announces its financial and operating results for the three months ended March 31, 2016. Financial and Operation Summary The Company's reported production has decreased 71% to 67 boe/d in the first quarter of 2016 from 231 boe/d produced in the fourth quarter of 2015. The decrease in production is attributed to the Nisku L2L Pool shut in of production on January 19, 2016. As a result, [Read more]
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DXI to Expand Woodrush Oil Production
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 26, 2016) - DXI Energy Inc. (NYSE MKT:DXI)(TSX:DXI) ("DXI" or the "Company"), an upstream oil and gas exploration and production company operating in Colorado's Piceance Basin and the Peace River Arch region in British Columbia, today announced its strategic plan to expand production and improve operational efficiencies at its core Woodrush project in NEBC. As previously reported, the Woodrush project currently includes 4 oil wells and 9 natural [Read more]
49 North Resources Inc. Announces Completion of Transaction with Westcore Energy Ltd.
TSX Venture Exchange Symbol FNR SASKATOON, May 26, 2016 /CNW/ - 49 North Resources Inc. ("49 North" or the "Company") (TSXV: FNR) announces the completion of the previously announced transaction with Westcore Energy Ltd. ("Westcore") regarding the sale of a 100% working interest in the oil and gas properties of Allstar Energy Limited ("Allstar"), in addition to the subsequent sale of all associated oil and gas property and equipment of Allstar (the "Transaction"). In satisfaction of the [Read more]
Payload is Seeking Experienced Oil and Gas Professionals to Participate in a Paid Industry Discussion
Payload is currently looking for experienced oil and gas professionals to take part in a 2 hour, informal, discussion about the challenges and trends in the upstream petroleum industry. Get paid to share your opinion and expertise! We’ll discuss key problems, priorities, tools and technology. Selected candidates will join us for lunch and receive a $100 pre-paid Visa card on completion of the study. It takes less than a minute to submit your application! For more information and to [Read more]
AltaGas Ltd. Announces $400 Million Common Share Offering
CALGARY, ALBERTA--(Marketwired - May 26, 2016) - AltaGas Ltd. ("AltaGas") (TSX:ALA) announced today that it has entered into an agreement with a syndicate of underwriters co-led by TD Securities Inc., RBC Capital Markets and BMO Capital Markets to issue 13,350,000 common shares (the "Common Shares"), on a bought deal basis, at an issue price of $30.00 per Common Share (the "Offering Price"), for total gross proceeds of approximately $400 million (the "Offering"). The net proceeds resulting from [Read more]
Bonavista Energy Corporation Announces $100 Million Bought Deal Financing
CALGARY, ALBERTA--(Marketwired - May 26, 2016) - Bonavista Energy Corporation (TSX:BNP) ("Bonavista") announces today that it has entered into an agreement to sell, on a bought deal basis to a syndicate of underwriters, 29,851,000 common shares (the "Common Shares") at $3.35 per Common Share to raise gross proceeds of approximately $100 million (the "Offering"). The syndicate of underwriter (the "Underwriters") will be co-led by CIBC Capital Markets and TD Securities Inc. Bonavista has also [Read more]
Canadian banks set aside more money for bad loans to oilpatch, consumers
TORONTO - Canadian banks are setting aside more money for sour loans as the oil price shock continues to take its toll on borrowers in Western Canada. Royal Bank (TSX:RY) said Thursday it has boosted its provision for credit losses to $460 million, up $178 million from a year ago, while CIBC (TSX:CM) earmarked $324 million for bad loans in the second quarter, an increase of $197 million from a year earlier. Laura Dottori-Attanasio, CIBC's chief risk officer, says the bulk of the increase [Read more]
New emission requirement will result in more costs for Trans Mountain: company
CALGARY - The company behind the Trans Mountain expansion says an unprecedented requirement to account for and offset greenhouse gas emissions for pipeline construction will add millions of dollars in costs to the $6.8-billion project. But Ian Anderson, president of Kinder Morgan Canada, says he still welcomes the new condition because it gives the company a chance to reduce its environmental footprint. Last week, the National Energy Board gave a conditional blessing to the project. But [Read more]
Bubblin’ crude: A look at what is driving the recent rise in oil prices
CALGARY - Benchmark oil prices averaged below US$35 per barrel in the first three months of this year, but since then they've strengthened to the point where they were trading above US$50 on Thursday. What's driving the rally in West Texas Intermediate and other types of crude? Put simply, it's supply and demand.Here are five reasons why oil prices are making a comeback:U.S. OIL PRODUCTION IS DOWN: The U.S. Energy Information Administration reported Wednesday that crude oil production in the [Read more]
Canada’s Oil and Energy Industry Remains Positive about the Future Despite Increasing Market Volatility says PwC
Greater collaboration between industry players, government, and special interest groups is key to success and long-term growth CALGARY, May 26, 2016 /CNW/ - Despite drastically reduced commodity prices, a changing political climate, and the inability to access new markets for Canadian oil products Canada's oil and energy sector remains positive about its global position as it adapts to new market realities that depend on collaboration between industry, government, special interest groups, and [Read more]