OTTAWA—Canada’s battered energy industry will get a $1.6-billion boost from Ottawa on Tuesday to try to slow the political and economic bleeding. Natural Resources Minister Amarjeet Sohi and International Trade Diversification Minister Jim Carr will be at an Edmonton college campus to unveil a support package for oil and gas companies, which are reeling from record-low oil prices. The funds will be divided among several different programs, including money to help companies invest in clean [Read more]
Headlines
Pulse Oil Corp. Announces First Well Drilling operations Completed at Queenstown Light Oil Field
CALGARY, Dec. 18, 2018 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) announces Pulse's first exploration well, PUL HZ QUEENSTN 16-15-19-21 W4, has now reached a total measured depth of 3322m (TVD 1373m), including 1282m of lateral section cased with frac ports in preparation for completion. The lateral section successfully targeted a new 3-D seismic interpretation intended to focus on the highest porosity / permeability lithic deposits within the Mannville-aged [Read more]
Connacher Oil and Gas Limited Announces Extension of Time to Complete Restructuring Transaction
CALGARY, Dec. 18, 2018 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") and East River Oil and Gas Ltd. (the "Plan Sponsor"), with the consent of the Consenting First Lien Lenders (as defined in the Company's Amended and Restated Plan of Compromise and Arrangement (the "Plan")) and in consultation with Ernst & Young Inc., the monitor ("Monitor") in the Company's proceedings under the Companies' Creditors Arrangement Act ("CCAA"), have agreed to amend the "Outside Date" [Read more]
Groups preparing new pipeline legal challenge, argue government’s mind made up
OTTAWA - A Vancouver-based environment charity is readying itself to go back to court if — or they believe when — the federal government re-approves the Trans Mountain pipeline expansion next year. The Wilderness Committee returned $25,000 in participant funding to the National Energy Board last month citing the short timeline for the board's new review on the marine impacts of the proposed expansion. Peter McCartney, climate campaigner for the committee, says the timelines are [Read more]
Husky Energy Announces Regulatory Approvals For MEG Energy Acquisition
CALGARY, Alberta, Dec. 18, 2018 (GLOBE NEWSWIRE) -- Husky Energy (TSX:HSE) today announced it has met all regulatory requirements for its full and fair offer to acquire MEG Energy, including approval granted under the Investment Canada Act. “Receiving regulatory approvals is a significant step toward realizing this compelling opportunity,” said CEO Rob Peabody. “Our proposal offers an enhanced shareholder return proposition with much lower risk. Together, Husky and MEG will create a stronger, [Read more]
Whitecap Resources Inc. Announces 2019 Capital Budget and Outlook to 88,000 – 90,000 boe/d Over the Next Three Years
CALGARY, Dec. 18, 2018 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that its Board of Directors has approved a $425 - $475 million capital budget for 2019 that includes the drilling of 220 (191.5 net) horizontal wells. The 2019 capital program and the annual dividend of $0.324 per share is expected to be fully funded by internally generated funds flow. Canadian crude oil price differentials, and associated short term contracts, have been [Read more]
Ottawa to announce help for struggling oil patch, but no money for rail cars yet
OTTAWA - The federal government is taking a step Tuesday to help Canada's battered energy industry. Natural Resources Minister Amarjeet Sohi and International Trade Diversification Minister Jim Carr will be at an Edmonton college campus to unveil a support package for oil and gas companies to reach new markets. The announcement is in Alberta, but the funds are available to any oil and gas companies nationwide. Premier Notley has made no secret in recent weeks of her desire to have [Read more]
Energy assessment law needed to avoid another Trans Mountain impasse, PM says
OTTAWA - Prime Minister Justin Trudeau says he is overhauling how Canada assesses big energy projects in a bid to ensure new projects can get built without the government having to buy them to make that happen. "We're going to work to make sure that we're creating a system where you don't have to pass a law to get a pipeline built, you don't have to buy an energy project in order to de-risk it," Trudeau said in a recent interview with The Canadian Press. "We want an energy sector [Read more]
Tidewater announces TransAlta’s ownership interest in the Pioneer pipeline and dividend announcement
CALGARY, Dec. 17, 2018 /CNW/ - TransAlta Pioneer pipeline option exercise Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") is pleased to announce that TransAlta has exercised its option to acquire a 50 percent ownership interest in the Pioneer pipeline connecting the Tidewater owned Brazeau River Complex to TransAlta's generating units in the Keephills and Sundance area. Tidewater will construct and operate the 120 km natural gas pipeline, with an 11km [Read more]
Protesters boo Quebec, free trade at Calgary rally supporting oil industry
CALGARY - Angry protesters demanding that Canada build new pipelines interrupted speeches by Calgary's mayor and councillors at a downtown rally on Monday. City council had passed a resolution declaring its support for the oil and gas industry as well as calling for solutions to a low oil price crisis blamed on a lack of pipeline export capacity. But loud boos rose from the protesters at any mention of Quebec or free trade. Rally organizer Cody Battershill of Canada [Read more]