OTTAWA - The country's dampened economic prospects could put the Liberal government on pace for $90 billion in deficits over its four-year mandate, a new report said Wednesday. Research by the National Bank of Canada predicts the public books will sink deeper into the red due to the combination of a hobbled economy and Liberal promises of billions in fiscal stimulus.The report offers a look at the degree of pre-budget fiscal pressure on the new government, which faces the dilemma of juggling [Read more]
Headlines
Seven Generations Announces Increase to Private Placement Financing From $260 million to $300 million
CALGARY, ALBERTA--(Marketwired - Feb. 10, 2016) - Seven Generations Energy Ltd. (TSX:VII) is pleased to report that it has increased the size of its previously announced bought deal financing to 21,428,600 common shares at a price of $14.00 per share for gross proceeds of approximately $300 million, up from the $260 million that was announced in 7G's news release on February 9, 2016. In all other respects, the terms of the financing and use of proceeds remain as previously disclosed. This [Read more]
The modified royalty framework: what we know and don’t know
On January 29, 2016, the Alberta Government announced publicly that it would adopt the recommendations of the Royalty Review Advisory Panel, presented in the Alberta at a Crossroads, Royalty Review Advisory Panel Report. The panel’s task was to “identify opportunities to optimize Alberta’s royalty framework” with a focus on optimizing the returns to Albertans while maintaining industry competitiveness, encouraging diversification and innovation in our province and supporting responsible resource [Read more]
Kelt Reports Significant Increases in Reserves, Undeveloped Land and Production in 2015 and Provides Updated 2016 Guidance
CALGARY, AB--(Marketwired - February 10, 2016) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") has released its reserves and operating results for the year ended December 31, 2015. Kelt's audit of its 2015 annual consolidated financial statements has not been completed and accordingly all financial amounts relating to 2015 referred to in this news release are unaudited and represent management's estimates. Readers are advised that these financial estimates are subject to audit [Read more]
Bellatrix Announces Director Resignation
CALGARY, Feb. 10, 2016 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE: BXE) announces that Daniel Lewis has resigned from the Board of Directors of the Company effective immediately. Mr. Lewis has resigned from the Board of Directors of the Company in connection with the recent announcement by Orange Capital LLC ("Orange Capital") of its intention to close its investment fund. As Managing Partner of Orange Capital, Mr. Lewis has determined that resignation from the [Read more]
Husky Energy issues more layoff notices, says step difficult but necessary
CALGARY - Slumping world oil prices continue to hit Calgary’s energy industry hard as more layoffs have been announced.Husky Energy (TSX:HSE) issued pink slips to 400 people arriving for work at the downtown Calgary office on Tuesday but there could be many more when cuts from their other locations are included.These layoffs are coming just a few months after Husky eliminated 1,400 jobs in October.At that time, more than 1,000 of those jobs were contractors but nearly 300 were full-time [Read more]
Trump nails it in New Hampshire
NASHUA, N.H. (AP) — Donald Trump nailed down a decisive first victory in New Hampshire's presidential primary Tuesday, showing his unorthodox campaign can translate the large crowds at his rambunctious rallies into the votes that determine delegates. Ohio Gov. John Kasich, an afterthought in Iowa, popped up in second. "Wow, wow, wow, wow," Trump declared, savoring his victory at a campaign rally before promising swift action as president on the economy, trade, health care, drug abuse and [Read more]
Seven Generations Announces $260 Million Common Share Private Placement Financing
CALGARY, ALBERTA--(Marketwired - Feb. 9, 2016) - Seven Generations Energy Ltd. (TSX:VII) has agreed to issue 18,571,600 common shares at a price of $14.00 per share for gross proceeds of approximately $260 million in a bought deal private placement financing. The proceeds are anticipated to be used for general corporate purposes - primarily 2016 capital investment aimed at growing liquids-rich natural gas production at the Company's Kakwa River Project. With the issuance of this additional [Read more]
Oil companies shouldn’t get federal cash to clean up oil wells: Saskatchewan NDP
REGINA - The Opposition NDP says federal money should not be used to help clean up oil wells in Saskatchewan because there are more important infrastructure projects to be done.Premier Brad Wall has pitched a proposal to Ottawa for $156 million to clean up old wells that aren't being used to help create jobs in the oil-and-gas sector.But NDP deputy leader Trent Wotherspoon says that money would flow to oil companies, which are required by law to clean up their own wells."Let's make sure that as [Read more]
Abandoned well challenges addressed through government intervention could be the solution we’ve all been looking for
The amount of improperly capped oil wells has grown to a meteoric number, with millions estimated globally and over 25,000 in just Alberta alone As Canada struggles with even more abandoned wells caused by the recent plunge in crude prices, and as stories of major gas leaks in California sending people from their homes float the press, the economic and environmental costs associated with aging wells no longer producing is intensifying. Summarized in a report approved by the National [Read more]