ST. JOHN'S, N.L. - Newfoundland and Labrador's fiscal forecast took a dramatic turn for the worse Tuesday amid slumping oil prices and declining offshore production.Premier Dwight Ball told a decidedly downbeat news conference his resource-dependent province will be taking immediate steps to deal with a ballooning deficit, which is expected to grow to $1.96 billion in 2015-16 — an increase of 79 per cent from the original budget prediction."We are not providing this outlook to cause upset and [Read more]
Headlines
Encana’s DJ Basin Sale Expected to Close in the Second Quarter of 2016
CALGARY, AB--(Marketwired - December 21, 2015) - Encana Corporation announced today that its wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., expects the previously announced sale of its DJ Basin assets to Crestone Peak Resources, 95 percent owned by Canada Pension Plan Investment Board and five percent by The Broe Group, to close in the second quarter of 2016. Encana and Crestone Peak Resources remain committed to closing this transaction and Crestone Peak Resources has increased [Read more]
Lightstream Announces Resignation From Board of Directors
CALGARY, ALBERTA--(Marketwired - Dec. 21, 2015) - Lightstream Resources Ltd. (the "Company" or "Lightstream") (TSX:LTS) announces that Mr. Craig Lothian has resigned from the Company's Board of Directors, effective December 21, 2015. The Board of Directors of Lightstream, comprised of Ian Brown, Martin Hislop, Kenneth R. McKinnon, Corey C. Ruttan, W. Brett Wilson and John D. Wright, thank Mr. Lothian for his contribution to the Board and wish him well in his future endeavours. Lightstream [Read more]
No short term fix for Alberta job losses: federal employment minister
CALGARY - Canada's employment minister says there is no short-term fix for Alberta's growing unemployment rate.MaryAnn Mihychuk met with Calgary business, municipal and economic leaders Monday to address economic difficulties facing the province.She said there's no magic wand the federal government can wave to undo the impact of low oil prices, which have led to 40,000 job losses in the energy sector."We understand the crisis here in Alberta. It's not only here. This is the most dramatic, but [Read more]
Alberta’s finance minister says low oil may delay programs, initiatives
EDMONTON - Alberta's finance minister says low oil prices may force him to hit the brakes on millions of dollars in initiatives promised by the NDP government such as child-care benefits, school fee reductions, student hiring and environmental retrofits.Joe Ceci said in a year-end interview that some or all of a dozen programs set to begin in the 2016-17 fiscal year may be delayed."We've addressed a lot of (our commitments). We've done a lot of them," Ceci told The Canadian Press. "The ones that [Read more]
Protest at valve site disrupts operations on Line 9 pipeline in Sarnia
SARNIA, Ont. - Enbridge Inc.'s Line 9 pipeline was offline for about 90 minutes on Monday morning after three activists concerned about the line's environmental impacts locked themselves to a valve site on the outskirts of Sarnia, Ont.The line, which runs from southwestern Ontario to Montreal, is back in service and crude deliveries have not been affected, said company spokesman Graham White.Lindsay Gray, speaking on behalf of the trio of "land defenders" who staged the protest, said it was [Read more]
Ironhorse Oil & Gas Advises Shareholders to Take No Action to 1927297 Alberta Ltd.’s Extension of the Expiry of its Hostile Bid and Responds to 1927297’s Tactics to Conceal the Inadequacies of the Bid
CALGARY, Dec. 21, 2015 /CNW/ - Ironhorse Oil & Gas Inc. ("Ironhorse" or the "Company") (TSX-V:IOG), advises its shareholders to take no action in response to the extension of 1927297 Alberta Ltd.'s (the "Offeror") hostile bid to acquire the common shares ("Common Shares") of Ironhorse at $0.17 per share in cash (the "Offer"). The Offer, as extended, will expire on February 5, 2016. The Offer remains the same, aside from the extension to February 5, 2016. The Offer significantly [Read more]
Vital Energy Inc.: News Release
CALGARY, ALBERTA--(Marketwired - Dec. 21, 2015) - Vital Energy Inc. ("Vital" or the "Corporation") (TSX VENTURE:VUX) announced today its intention to complete a non-brokered private placement offering of 8% secured convertible debentures in the principal amount of up to $2,500,000. The debentures will bear interest at the rate of eight percent (8%) per annum, calculated and paid quarterly and will mature on the date that is two years from the date of issuance. The debentures will be secured [Read more]
Inter Pipeline Announces Capital Expenditure Program for 2016
CALGARY, ALBERTA--(Marketwired - Dec. 21, 2015) - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today a $250 million capital expenditure program for 2016, primarily directed towards its conventional oil gathering and oil sands transportation businesses. Organic growth projects are expected to account for approximately $190 million of total capital expenditures, with sustaining capital requirements accounting for the remainder. As expected, Inter Pipeline's 2016 capital program [Read more]
Long Run Exploration Ltd. Announces Plan of Arrangement
CALGARY, ALBERTA--(Marketwired - Dec. 21, 2015) - Long Run Exploration Ltd. ("Long Run" or the "Company") (TSX:LRE) is pleased to announce that it has entered into a definitive arrangement agreement (the "Arrangement Agreement") with a group of investors based in the People's Republic of China (the "Purchaser") pursuant to which the Purchaser has agreed to acquire: i) all of the outstanding common shares of Long Run ("Long Run Shares") for cash consideration of $0.52 per share (the "Share [Read more]