CALGARY, Alberta, Jan. 12, 2016 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana Energy" or the "Company") (TSX:TEI) announces that it will not proceed with the previously disclosed acquisition of assets that produce 300 barrels a day of light oil production, for $15,000,000 in cash, as outlined in the press release dated November 25, 2015. The significant erosion in energy prices coupled with very soft debt and financial markets are the main drivers in the decision. In [Read more]
Headlines
SAIT students gain valuable hands-on experience thanks to $2.4 million software donation from Energy Navigator
Calgary, AB, Canada, January 13, 2016 – Students at the Southern Alberta Institute of Technology’s McPhail School of Energy (SAIT) will have a leg up in the job market after graduation thanks to a donation of $2.4 million worth of software from Calgary-based Energy Navigator Inc. The donation of licenses and training for Value Navigator (Val Nav®) forecasting, economics and reserves software, and AFE Navigator (AFE Nav®) capital tracking and cost control software will benefit well over 350 [Read more]
Alberta’s Notley says royalty review will not raise costs on industry now
EDMONTON - Premier Rachel Notley says Alberta's review of energy royalties will not be a wallet-buster given that worldwide oil prices are in the tank."I can say very definitively that no one's going to see a royalty review that increases anybody's costs in the near future," Notley told a legislature news conference Tuesday."We're very, very conscious of the situation that we're in here in Alberta."What we're going to do is bring forward a process that is predictable (and) more transparent that [Read more]
Burnaby, B.C., mayor asks Justin Trudeau to suspend NEB pipeline review
VANCOUVER - A Vancouver-area mayor is urging Prime Minister Justin Trudeau to immediately suspend National Energy Board hearings into the proposed Trans Mountain pipeline expansion.Burnaby Mayor Derek Corrigan has sent a letter asking Trudeau to put the review on hold while the federal government implements promised changes to the way the regulator evaluates projects."I am now writing to request that the amendments be expedited to avoid perpetuation of the current, deeply flawed NEB process that [Read more]
Alberta urges NEB to OK Trans Mountain pipeline, says all of Canada benefits
EDMONTON - Premier Rachel Notley says the proposed expansion of a pipeline to the B.C. coast is not just in Alberta's best interests, but is the best thing for Canada as well."Our government believes that this project is good for Albertans and good for all Canadians," Notley told reporters Tuesday."It will create jobs, it will spur economic growth, and it will help ultimately fund many of the programs that support our province's transition to a greener, less carbon-intensive economy."Her remarks [Read more]
Oilsands projects to keep pumping while losing money, analyst says
CALGARY - Oilsands operators have little choice but to keep pumping despite the fact they are losing money on every barrel they produce at today's crude prices, according to an industry analyst.The price of West Texas Intermediate crude, the closely watched U.S. benchmark, fell to its lowest level in 12 years on Tuesday, settling at $30.44 after briefly dipping below the US$30 threshold in intraday trading. That's more than a 70 per cent decline from mid-2014 highs.And the WTI price looks robust [Read more]
Canadian banks stress testing loan portfolios for rock-bottom oil prices
TORONTO - Canadian banks are taking a closer look at their loan books in light of continued declines in the price of crude, with one bank stress-testing its oil and gas sector portfolio to see how it would perform if the commodity dips as low as US$25 a barrel."You've got to ask yourself, how low could it go?" Bank of Montreal's chief executive Bill Downe said as he laid out the bank's stress test scenarios during a conference of bank CEOs in Toronto on Tuesday.Banks use stress tests, which are [Read more]
Oil company BP cutting 4,000 jobs by end of 2017 amid sharp drops in the price of crude
LONDON - Oil company BP is cutting some 4,000 jobs in exploration and production over the next two years amid sharp drops in the price of crude. The cuts in BP's upstream business globally will include the loss of some 600 jobs in the North Sea. The cost-cutting announced Tuesday comes as the price of oil dropped to a 12 year-low near $31 a barrel. Part of the decline is due to concern over a drop in demand in China, which is depressing commodity prices worldwide. Company officials [Read more]
Bellatrix Announces Strong 2015 Operational Results and a Focused First Half 2016 Capital Budget
TSX, NYSE: BXE CALGARY, Jan. 12, 2016 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE: BXE) is pleased to announce strong preliminary 2015 operational results and a focused first half 2016 capital budget of $46 million. Building on the operational successes from 2015, the Company's first half 2016 capital budget targets continued full cycle profitable growth through development of the Company's Spirit River liquids rich natural gas play, which remains one of the [Read more]
Enerplus Announces Sale of Certain Canadian Natural Gas Assets
CALGARY, Jan. 11, 2016 /CNW/ - Enerplus Corporation ("Enerplus") (TSX & NYSE: ERF) announces that it has entered into agreements to sell various Canadian natural gas properties located in Alberta. The total cash consideration for these assets is approximately $193 million, subject to closing adjustments, and is accretive on both a funds flow per debt adjusted share and production per debt adjusted share basis. Enerplus intends to use the proceeds to reduce outstanding indebtedness providing [Read more]