Oil prices slumped by more than 5% on Monday after OPEC decided to not cut production. The decision ultimately has sent crude to its lowest level since the depths of the global financial crisis almost seven years ago. Shares in energy companies lost ground as the impact of the drop in oil prices rippled through stock markets. Prices of other commodities also weakened following disappointment among traders on OPEC's Friday decision. Industry research and consultancy firm Wood [Read more]
Headlines
Majority of Albertans oppose carbon tax
A new Mainstreet/Postmedia poll finds strong opposition to a the proposed carbon tax. 66% of Albertans are opposed to the new tax, and overall, 68% oppose the province’s climate plan. Views are mixed however on individual components aside from the carbon tax. “We’ve consistently found opposition to new taxes in Alberta, even with the current economic climate, so it comes as no surprise that most are against the climate plan – and in particular, the carbon tax,” said Quito Maggi, President of [Read more]
Saskatchewan to Rebound from Recession in 2016
HIGHLIGHTS Saskatchewan's economy is expected to bounce back from recession, with real GDP forecast to expand by 2 per cent in 2016. The construction sector will be the main driver of growth for the provincial economy over the next two years. Oil production in Saskatchewan will continue to decline over the next two years, falling by 2.8 per cent and 2.4 per cent in 2016 and 2017 respectively. British Columbia will have the fastest growing provincial economy from 2015 to [Read more]
Veresen Announces Approval of the $715 Million Tower Rich Gas Processing Complex and 2016 Guidance
CALGARY, ALBERTA--(Marketwired - Dec. 7, 2015) - Veresen Inc. ("Veresen" or the "Company") (TSX:VSN) today announced that the Cutbank Ridge Partnership ("CRP") has sanctioned the $715 million Tower rich gas processing complex ("Tower"), which is the second major new gas plant now under construction as part of the Veresen Midstream Limited Partnership ("Veresen Midstream") infrastructure development. Veresen now has $1 billion net of growth projects under construction, including Tower and the [Read more]
Husky Energy Continues Flemish Pass Appraisal, Secures Rig for Ongoing Drilling Activities
CALGARY, AB--(Marketwired - December 07, 2015) - Husky Energy (TSX: HSE) and its partner continue to advance appraisal work on the landmark Bay du Nord oil discovery offshore Newfoundland and Labrador. Since late 2014, the West Hercules drill rig has undertaken an appraisal program related to the Bay du Nord discovery in the Flemish Pass Basin. Appraisal activities are progressing as expected and will continue into early 2016. "The Bay du Nord appraisal program has been progressing well [Read more]
Seven Generations appoints Charlotte Raggett to evaluate liquids-rich natural gas market opportunities
CALGARY, Dec. 7, 2015 /CNW/ - Seven Generations Energy Ltd. is pleased to announce that Charlotte Raggett has joined 7G as Vice President, Midstream Business Development. Raggett brings more than 20 years of experience in the midstream energy sector, most recently as Vice President, Supply & Marketing and Chief Commercial Officer at a major midstream processing company. "With our growing daily production and assets in the midstream sector, we are looking to explore value optimization in [Read more]
Devon Energy Sharpens Focus on Core Assets
OKLAHOMA CITY--(BUSINESS WIRE)--Devon Energy Corp. (NYSE:DVN) today announced it has agreed to acquire 80,000 net surface acres, with up to 10 prospective zones, in the Anadarko Basin STACK play from privately held Felix Energy, a portfolio company of EnCap Investments, for $1.9 billion. In a separate transaction, the Company has also agreed to acquire 253,000 net acres in the Powder River Basin for $600 million. The transactions will be funded with approximately $1.35 billion of Devon equity [Read more]
Calgary faces both uncertainty and opportunity in 2016 after oil price plunge
CALGARY - A year into the global oil price plummet, and Calgary's boom-and-bust economy is decidedly leaning towards bust.Home prices are down, unemployment is up, food bank usage is climbing, and no one knows when things might turn around with oil below US$40 a barrel on Monday from highs of well over US$100 less than two years ago."It's very uneasy," Stephen Scott, 45, who lost his engineering job at Cenovus Energy in an October wave of layoffs, said in a recent interview. "There are probably [Read more]
BlackPearl Renews Its $150 Million Credit Facilities and Provides Initial 2016 Guidance
CALGARY, ALBERTA--(Marketwired - Dec. 7, 2015) - BlackPearl Resources Inc. ("BlackPearl" or the "Company") (TSX:PXX)(OMX:PXXS) is pleased to announce the renewal of its credit facilities and provide initial 2016 guidance for the Company. Highlights include: Our credit facilities were renewed, with the borrowing base maintained at $150 million; The 2016 capital budget was set at $15 million, reflecting the current low oil price [Read more]
Sunshine Oilsands Ltd.: Extension of Closing of Private Placement Under the Specific Mandate
HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - Dec. 6, 2015) - The Board of Directors (the "Board") of Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine") (HKSE:2012) wishes to announce the following: EXTENSION OF CLOSING DATE FOR PRIVATE PLACEMENT UNDER SPECIFIC MANDATE Reference is made to the announcements of the Corporation dated June 1, 2015 (Hong Kong), July 28, 2015 (Hong Kong), August 21, 2015 (Hong Kong), October 1, 2015 (Hong Kong) and November 2, 2015 [Read more]