CALGARY - The war of words is intensifying between oilsands giant Suncor Energy and its reluctant takeover target, Canadian Oil Sands.Suncor issued an open letter to COS shareholders on Thursday — under the heading "hope is not a strategy" — reiterating its view that sticking with the status quo is a risky proposition.In return, COS deemed the letter a "desperate attempt to scare shareholders." The leadership of COS has urged its shareholders to do nothing, accusing Suncor of being opportunistic [Read more]
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Suncor Energy sends letter to Canadian Oil Sands shareholders
CALGARY, ALBERTA--(Marketwired - Nov. 12, 2015) - Suncor today announced that it is sending a letter to shareholders of Canadian Oil Sands Limited ("COS"). The letter explains why COS shareholders should disregard a recommendation from the Board of COS opposing Suncor's full and fair $4.7 billion offer to purchase all of the shares of Canadian Oil Sands (the "Offer"). Including COS' estimated outstanding net debt of $2.2 billion as at September 30, 2015, the total transaction value is [Read more]
Delphi Energy Reports Third Quarter Results
CALGARY, ALBERTA--(Marketwired - Nov. 12, 2015) - Delphi Energy Corp. (TSX:DEE) ("Delphi" or the "Company") is pleased to announce its financial and operational results for the quarter ended September 30, 2015. Third Quarter 2015 Highlights Generated funds from operations of $10.1 million and realized net earnings of $10.7 million in the third quarter of 2015; Closed the disposition of its Wapiti assets for gross proceeds of $50.0 million. The proceeds were applied against the [Read more]
Spartan Energy Corp. Announces Third Quarter Financial and Operating Results
CALGARY, ALBERTA--(Marketwired - Nov. 12, 2015) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to report its financial and operating results for the three and nine months ended September 30, 2015. Selected financial and operational information is set out below and should be read in conjunction with Spartan's September 30, 2015 interim financial statements and the related management's discussion and analysis, which are available for review at www.sedar.com or on the [Read more]
Victory Energy Signs Letter of Intent to Acquire Proved Producing Reserves
AUSTIN, TX--(Marketwired - November 12, 2015) - Victory Energy Corporation (OTCQX: VYEY) ("Victory" or "the Company"), a growth stage exploration and production company, today announced it has entered into a letter of intent to acquire 181 net barrels of oil equivalent per day ("BOEPD"). The company expects the acquisition to result in ~77.1% - 88.6% working interest in three producing wells and ~38.6% - 44.3% working interest in 1,370 net acres that are currently held by production. Upon [Read more]
Northern Blizzard Resources Inc. Announces Third Quarter 2015 Results and Preliminary 2016 Guidance
CALGARY, Nov. 12, 2015 /CNW/ - Northern Blizzard Resources Inc. ("Northern Blizzard" or the "Company") (TSX: NBZ) announces its operating and financial results for the three and nine months ended September 30, 2015. Northern Blizzard's unaudited financial statements and management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2015 are available on our website at www.northernblizzard.com and on SEDAR at www.sedar.com. HIGHLIGHTS Third quarter 2015 [Read more]
Ikkuma Resources Corp. Announces the Renewal of its Syndicated Credit Facilities
CALGARY, Nov. 12, 2015 /CNW/ - Ikkuma Resources Corp. ("Ikkuma" or the "Corporation") (TSXV: IKM) has renewed its syndicated credit facilities ("Facilities") and the lenders thereunder have confirmed a borrowing base of $65 million, down from $75 million, with no other material changes to the existing terms and conditions thereof. Ikkuma's outstanding bank debt at October 31, 2015 was $28.8 million. The reduction in the borrowing base is due to insufficient production history on [Read more]
Encana writes down more assets, postpones Alberta investment until royalty, climate review complete
CALGARY - Encana Corp. (TSX:ECA) is deferring some investment plans in Alberta until the provincial government completes its royalty and climate change reviews.Chief executive Doug Suttles said Thursday the company is deferring the decision to build its next gas plant in the Duvernay area even though plant capacity is the limiter to growth in the area."It will mean the growth will a little slower because we'll make that decision after we see the outcome of their current reviews," Suttles told [Read more]
Encana Lowers Costs and Grows High Margin Production in the Third Quarter
CALGARY, AB--(Marketwired - November 12, 2015) - Encana Corporation (TSX: ECA) (NYSE: ECA) Encana continued to grow high margin production in each of its core four assets during the third quarter and took further decisive steps to lower its cost structures, manage its balance sheet and focus its portfolio. Highlights include: liquids production up 10 percent from the second quarter and 35 percent year-over-year to 140,400 barrels per day (bbls/d), marking an eighth consecutive quarter of [Read more]
Forent Energy Ltd. Announces $4.0 Million Crude Oil Acquisition
CALGARY, ALBERTA--(Marketwired - Nov. 12, 2015) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent") is pleased to announce an acquisition (the "Acquisition") of oil weighted production in the Company's core area of Twining near Three Hills, Alberta. The purchase price is $4.0 million less adjustments, subject to a 10% royalty with a put/call arrangement. The effective date of the Acquisition is August 1, 2015, with the closing expected in early December 2015. The Acquisition Forent will [Read more]