CALGARY, Feb. 16, 2016 /PRNewswire/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("Penn West", "we", "us" or "our") announced today that it has entered into agreements to settle all class action proceedings in Canada and the United States against Penn West and others commenced by investors alleging damages in relation to Penn West's July 29, 2014 announcement that it intended to restate certain historical financial statements and related management discussion and analysis. The [Read more]
Headlines
Alberta Oilmen’s Bonspiel returns for its 65th year
Online registration is now open for the legendary Alberta Oilmen's Bonspiel. Taking place from March 17-20, this year's event is open to any combination of male and female oil patch personnel. Again for this year, one non oilpatch member may play lead or second. Additionally, there will be a Saturday evening banquet and dance at the Red & White Club in Calgary. Paid entries with full teams on or before February 15th, will be entered into a draw at the banquet for return of entry fee. [Read more]
Touchstone Provides Operational and Credit Facility Covenant Updates
CALGARY, ALBERTA--(Marketwired - Feb. 15, 2016) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP) announces an operations update and an update regarding its credit facility covenants. Operations Update Touchstone entered 2016 with a continued focus on reducing operating costs. The Company has been working with local service providers and suppliers to ensure that all facets of field operations are priced to reflect current commodity prices. During this [Read more]
Oil, gas sites abandoned in B.C. ‘like walking in a ghost town’: survey
An environmental group is raising concerns about pipes, wellheads, pumpjacks and even entire buildings left abandoned in the British Columbia backcountry from oil and gas developments. "We found that very, very few of all the wells we looked at had been what we consider properly restored," said John Werring, science adviser for the David Suzuki Foundation. "Wellheads had been removed but all the casings were there. The ponds to collect process water were still on site. There were pumpjacks [Read more]
Royal Dutch Shell plc: Scheme of Arrangement Becomes Effective
THE HAGUE, February 15, 2016 /PRNewswire/ -- Royal Dutch Shell plc ("Shell") (NYSE:RDS.A)(NYSE:RDS.B) is pleased to announce that the Scheme has become effective and that the entire issued ordinary share capital of BG Group plc ("BG") is now owned by Shell. This follows the Court's sanction of the Scheme at a hearing held on February 11, 2016 and the delivery of the Court Order to the Registrar of Companies today, February 15, 2016. In accordance with the terms of the Scheme, Scheme [Read more]
US rig count drops 30 this week to 541; Texas down 14
HOUSTON - Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 30 this week to 541.The Houston company said Friday 439 rigs sought oil and 102 explored for natural gas amid depressed energy prices. A year ago, 1,358 rigs were active.Among major oil- and gas-producing states, Texas declined by 14 rigs, New Mexico and Oklahoma each dropped four and North Dakota was down three. Colorado, Pennsylvania and Wyoming lost two [Read more]
Oil jumps 12.3% on hopes of production cuts
WTI crude prices jumped as much as 13 percent on Friday after a report from the Wall Street Journal suggested OPEC might finally agree to cut production. Despite the gain, oil prices were poised to end the week down with significant losses. But WTI settled up more than 12 percent, for the best one-day gain since February 2009, when WTI gained 14 percent. It was a rally from a 13-year low the previous day. WTI for March delivery settled up $3.23, or 12.3%, to $29.44 a barrel on [Read more]
Yoho Resources Announces Acquisition of Outstanding Debentures
CALGARY, ALBERTA--(Marketwired - Feb. 12, 2016) - Yoho Resources Inc. ("Yoho" or the "Company") (TSX VENTURE:YO) announces that it has completed the purchase for cancellation of all of its outstanding $11.8 million principal amount of 8.25% convertible secured subordinated debentures due June 30, 2020 (the "Debentures"), pursuant to its offer to purchase the Debentures dated January 8, 2016 (the "Offer") at a price equal to 120% of the principal amount of such Debentures plus accrued and unpaid [Read more]
Moody’s downgrades Suncor credit rating as oil prices hit cash flow and leverage
CALGARY - Moody's Investor Services has cut Suncor Energy Inc.'s credit rating as low oil prices weigh on the company's financials.The ratings agency downgraded the major oilsands producer one notch to a triple B rating as its cash flow and debt leverage have been hurt by oil prices trading below US$30 a barrel.Moody's also downgraded Canadian Oil Sands Ltd., which Suncor is in the middle of taking over, to a double B rating because of the company's "very high cost base" and expectations of very [Read more]
From airlines to telecom, oil price pain seeping into other sectors
CALGARY - From airlines to beer-makers to wireless providers, withering crude prices have been a drag on businesses seemingly far removed from the oilpatch."Sometimes — outside of Alberta, particularly — there's some skepticism or even some derision against the petroleum sector," said Todd Hirsch, chief economist at ATB Financial."Some people actually feel it's getting its comeuppance. ... But they need to realize that it has broader implications for the whole economy."WestJet Airlines [Read more]