DALLAS - A persistent glut of oil is trumping Middle Eastern tension, extending the slump in oil markets into the new year.The price of oil fell 30 per cent last year, following a 50 per cent plunge in 2014. At below $36 a barrel on Tuesday, the price is down more than 2 per cent early in 2016. Even the breakoff of diplomatic relations between Saudi Arabia and Iran, two big oil-producing countries, failed to halt the slide.Oil prices are likely to remain about where they are until either [Read more]
Headlines
Vermilion Energy Inc. Announces 2016 Budget
CALGARY, Jan. 5, 2016 /CNW/ - Vermilion Energy Inc. ("Vermilion", "We", "Us", or "Our") (TSX, NYSE: VET) is pleased to announce that our Board of Directors has approved an exploration and development ("E&D") capital budget for 2016 of $285 million. Highlights Budgeted E&D investment of $285 million for 2016 represents a 41% decrease from 2015 forecasted E&D investment of $485 million, and a 59% decrease from 2014 investment of $688 million. Production guidance for 2016 is 62,500 to [Read more]
Groundstar Resources Limited Announces Closing of Flow-Through Financing
CALGARY, ALBERTA--(Marketwired - Jan. 5, 2016) - Groundstar Resources Limited (TSX VENTURE:GSA) (the "Company") is pleased to announce that it has closed its previously announced financing through the issuance of 4,440,000 common shares in the capital of the Company issued on a "flow-through" basis within the meaning of the Income Tax Act (Canada) (the "Flow-Through Shares") at a price of $0.05 per Flow-Through Share by way of a non-brokered private placement for total gross proceeds of [Read more]
Shell-led joint venture obtains key permit for LNG facility in Kitimat, B.C.
VANCOUVER - A Shell-led joint venture company has obtained a key permit to build a liquefied natural gas export facility in northern British Columbia.LNG Canada is the first in the province to receive a facility permit from the B.C. Oil and Gas Commission. The document outlines the requirements for design, construction and operation of the proposed facility in Kitimat, B.C.Director of external affairs Susannah Pierce said it's a crucial development for the project, following environmental [Read more]
South Dakota regulators again approve portion of Keystone XL pipeline
PIERRE, S.D. - Regulators in South Dakota have again approved the portion of the embattled Keystone XL oil pipeline that would go through the state.The Public Utilities Commission's decision Tuesday still requires TransCanada Corp. to get a presidential permit for the project.President Barack Obama blocked the pipeline in November, but an attorney for the company has said TransCanada remains committed to the project, which could be revived under the next president.The state authorized the [Read more]
Upstream Oil and Gas M&A Deal Count and Asset Transaction Value Plunged in 2015 as Weak, Volatile Oil Market Sidelined Many Buyers and Sellers, IHS Says
HOUSTON--(BUSINESS WIRE)--Despite an ample supply of oil and gas assets on the market due to low oil prices, the overall merger and acquisition (M&A) deal count in the upstream energy sector plunged in 2015 as the weakness and volatility in oil prices made it difficult for buyers and sellers to achieve consensus on value and outlook. These findings come from new analysis by IHS Inc. (NYSE: IHS), the leading global source of critical information and insight. Despite the boost from Shell’s [Read more]
Toscana Energy Stops Active Operation of Its Dividend Reinvestment Plan
CALGARY, Alberta, Jan. 05, 2016 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana Energy" or the "Company") (TSX:TEI) announces that it plans to stop the active operation of its Dividend Reinvestment Plan ("DRIP") effective after payment of Toscana Energy's recently announced December dividend. The DRIP will remain in place in the event Toscana Energy decides to reactive the DRIP at a future date. [Read more]
Penn West Receives Continued Listing Standard Notification From The New York Stock Exchange Regarding The Price Of Its Common Stock
CALGARY, Jan. 5, 2016 /PRNewswire/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("Penn West", "we", "us" or "our") announces that it received notification on January 4, 2016 from the New York Stock Exchange (the "NYSE") that Penn West is no longer in compliance with one of the NYSE's continued listing standards applicable to Penn West because the average closing price of Penn West's common stock was less than US$1.00 per share over a consecutive 30 trading day period. As of December 30, [Read more]
Seymour Schulich Releases Open Letter to Canadian Oil Sands Shareholders: Why I’m Not Selling to Suncor at This Price — And You Shouldn’t Either
CALGARY, Jan. 5, 2016 /CNW/ - (TSX: COS) - Canadian Oil Sands Limited shareholder Seymour Schulich has written a letter to shareholders, that is also featured in full page advertisements in the Globe and Mail and Financial Post, urging them to reject Suncor Energy Inc.'s ("Suncor") hostile bid. In the letter, Schulich makes it clear Suncor is "offering an unacceptable price for an irreplaceable asset" and why shareholders should join with him in rejecting Suncor's hostile bid. The text of [Read more]
Tourmaline Oil Corp. Achieved 2015 Exit Guidance in Late November
CALGARY, AB--(Marketwired - January 04, 2016) - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to update fourth quarter 2015 operating and financial performance. The Company has further reduced the 1H 2016 capital spending program. PRODUCTION UPDATE The Company achieved target 2015 exit guidance of 190,000-200,000 boepd (1.005 bcf/day, 27,700 bpd oil, condensate and NGLs) during the last week of November, well ahead of schedule. A significant further [Read more]