CALGARY, ALBERTA--(Marketwired - May 3, 2016) - Baytex Energy Corp. ("Baytex") (TSX:BTE)(NYSE:BTE) reports its operating and financial results for the three months ended March 31, 2016 (all amounts are in Canadian dollars unless otherwise noted). "We continue to meet the challenges brought on by this low oil price environment head on. During the first quarter, we announced amendments to our bank credit facilities that provide us with increased financial flexibility and we shut-in low or [Read more]
Headlines
Encana posts US$379 million Q1 loss, says cost-cutting on track to meet target
CALGARY - Calgary-based Encana Corp. (TSX:ECA) reported Tuesday a US$379-million net loss for the first quarter mainly due to writedowns and lower oil and gas prices as revenue fell 40 per cent compared with the same time last year.A year ago, the oil and gas producer had a US$1.71-billion loss, also mainly due to asset writedowns.The company, which reports in U.S. dollars, also said it is taking a $31-million restructuring charge to account for a 20 per cent reduction in its workforce in [Read more]
Encana Delivers Basin-Leading Well Performance and Lowers Costs in the First Quarter
CALGARY, AB--(Marketwired - May 03, 2016) - Encana Corporation (TSX: ECA) (NYSE: ECA) Encana built on its track record of strong operational and financial performance through the first quarter. The company delivered basin-leading well results and drilling and completions costs in its core four assets. Encana took decisive steps to further lower its corporate costs and reduce long-term debt. Highlights include: company on track to meet or beat 2016 guidance announced in February [Read more]
BOE Report to launch Podcast
We are pleased to announce the launch of the BOE Report Podcast. Our podcast will feature interviews with leaders in the North American oil and gas industry and lively discussions among the BOE Report team. Stay tuned for our first show's lineup! For more information, or if you would like to participate in a show, please contact our editor James Rose. UPDATE: We have rescheduled the podcast due to an unforeseen scheduling conflict. Tune in next week for our first show! [Read more]
Quattro Exploration and Production Ltd. Announces Year Over Year Increase in Reserves of 150% and Delays Filing Year-End 2015 Financials
CALGARY, Alberta, May 02, 2016 (GLOBE NEWSWIRE) -- Quattro Exploration and Production Ltd. (the "Corporation") (TSXV:QXP) is pleased to announce that at year-end 2015 the Company’s total proven reserves increased by 150% (TP) compared to year-end 2014 to 6.602 million boe, while Proven Plus Probable Reserves (2P) were 10.977 million boe equating to a year over year increase of 166%, having a Reserve Life Index (RLI) of 15.89 years. The Corporation also announces that it has made an application [Read more]
Enbridge predicts $62M in fines, penalties tied to oil spill
MARSHALL, Mich. - A pipeline company says it expects $62 million in fines and penalties related to a 2010 Michigan oil spill.In a filing Monday with the Securities and Exchange Commission, Enbridge says $55 million represents penalties under federal water law. The Alberta-based company says no final fine or penalty has been ordered yet as negotiations continue with the U.S. government.Enbridge says about 20,000 barrels of oil spilled into the Kalamazoo River system, near Marshall, from a [Read more]
Husky Energy Sells Royalty Interests for $163 Million and Additional Interests
CALGARY, ALBERTA--(Marketwired - May 2, 2016) - Husky Energy (TSX:HSE) has reached an agreement on the sale of royalty interests representing approximately 1,700 barrels of oil equivalent per day of expected Western Canada production in 2016 to Freehold Royalties Ltd. This transaction allows the Company to obtain a greater value on the royalty income stream from these lands as compared to the value potentially received as part of the sale of the underlying assets. The sale proceeds include [Read more]
Freehold Royalties Ltd. Enters Into Agreement to Acquire Royalty Production and Mineral Title Lands for $165 Million, Provides Increased 2016 Production Guidance and Announces Equity Financing
CALGARY, ALBERTA--(Marketwired - May 2, 2016) - Freehold Royalties Ltd. ("Freehold" or the "Company") (TSX:FRU) announced today that it has entered into a definitive agreement with Husky Energy Inc. ("Husky") to acquire an extensive suite of royalty production and lands (the "Husky Assets") for an aggregate purchase price of $165 million, prior to normal closing adjustments (the "Transaction"). The effective date of the Transaction will be January 1, 2016 with closing expected to occur on or [Read more]
Twin Butte announces extension to non-revolving credit facility
CALGARY, May 2, 2016 /CNW/ - (TSX: TBE) – Twin Butte Energy Ltd. ("Twin Butte" or the "Company") today announced that its bank syndicate has agreed to extend the maturity date of Twin Butte's $85 million non-revolving credit facility from April 30, 2016 to May 31, 2016, to enable the Company to continue with its strategic alternatives process. As announced on December 9, 2015, Twin Butte has engaged Peters & Co. Limited and National Bank Financial Inc. as its financial advisors to advise [Read more]
Strong bitumen blending prices expected to continue to hurt oilsands
CALGARY - High prices for condensate, a diluent that allows sticky oilsands bitumen to flow in a pipeline, are expected to remain a thorn in the side of producers already reeling from low prices.In first-quarter results last week, both Cenovus Energy Inc. (TSX:CVE) and MEG Energy Corp. (TSX:MEG) complained their losses were magnified by the high cost of condensate. For every 10 barrels of raw bitumen, about three barrels of condensate are required.While bitumen prices tumbled briefly to below [Read more]