CALGARY, Jan. 19, 2016 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") announces that in response to the severe decline in crude oil prices in the past few weeks, we are implementing multiple initiatives to adapt to the lower prices. Our priority in the current commodity price environment is to protect our balance sheet and to re-calibrate our business plan to ensure long-term sustainability while being positioned for an eventual commodity price recovery. Capital [Read more]
Headlines
Bank of Canada weighing rate cut to help cushion commodity punch to economy
OTTAWA - Regardless of the direction Stephen Poloz chooses, Wednesday's closely watched decision on the Bank of Canada's key interest rate will take place in front of an unsightly economic backdrop.With oil prices in free fall, the global economy weakening and the prospects for Canadian growth dim, the central bank governor will reveal whether he intends to move the trend-setting rate. It's a question Poloz has had to face more than once as head of the bank: whether the strong medicine of [Read more]
Canadian Spirit Resources Inc. Announces Grant of Stock Options
CALGARY, ALBERTA--(Marketwired - Jan. 19, 2016) - Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI)(OTCBB:CSPUF) announces that the Corporation has granted options to acquire 1,600,000 common shares of the Corporation in accordance with the terms and conditions of the Corporation's Stock Option Plan. Two independent directors of the Corporation were each granted options to purchase 100,000 common shares as compensation for their services. Three executive officers [Read more]
The Ladyfern legend: huge reserves, frenzied drilling, and no one made money. Sound familiar?
North America is presently in a comfortable natural gas supply position. This is due to the rapid development of shale gas reserves. While shale deposits have been known about for decades, recent rapid changes in technology unlocked huge amounts of gas at moderate prices. New fracking techniques and more efficient capital usage enabled rapid development of these huge reservoirs. Production has indeed increased dramatically, and well productivity has also boomed. It’s almost like a [Read more]
Tamarack Valley Energy Ltd. Achieves Record Fourth Quarter 2015 Production With Lower Expenditures and Debt and Provides 2016 Guidance
CALGARY, ALBERTA--(Marketwired - Jan. 19, 2016) - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX:TVE) is pleased to announce that a successful second half 2015 drilling program in the Wilson Creek and Alder Flats areas of Alberta contributed to a record fourth quarter 2015 production average of approximately 9,870 boe/d (59-60% liquids) (using field estimates for December, 2015), exceeding Tamarack's exit guidance of 9,500-9,700 boe/d (55-60% liquids). Tamarack achieved its exit [Read more]
CNOOC Limited Announces Its 2016 Business Strategy and Development Plan
HONG KONG, Jan. 19, 2016 /CNW/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2016. The Company's net production target for 2016 is in the range of 470-485 million barrels of oil equivalent (BOE), of which approximately 66% and 34% are produced in China and overseas respectively. The net production targets set for 2017 and 2018 are around 484 and 502 million BOE respectively. The estimated net [Read more]
Energy Navigator offers free Val Nav software for unemployed oil and gas professionals looking to boost their skills
Calgary, AB, Canada, January 19, 2016 – Calgary-based oil and gas software maker Energy Navigator announced today that it is offering free Value Navigator software and training for oil and gas industry professionals who are unemployed due to the current downturn. Free access to the industry-leading software provides out-of-work oil and gas professionals the ability to improve their production forecasting, economic analysis and reserves management skills as they search for work. “When you talk [Read more]
Perpetual Energy Inc. Announces Successful Closing of Rights Offering
CALGARY, Jan. 18, 2016 /CNW/ - (TSX: PMT) – Perpetual Energy Inc. ("Perpetual" or the "Company") is pleased to announce the successful closing of its previously announced rights offering which expired on January 15, 2016 (the "Rights Offering"). The Rights Offering together with the equity backstop arrangement generated approximately $25 million in gross proceeds to the Company which will be used to fund the Company's 2016 capital expenditure program. The Company issued an aggregate of 665.4 [Read more]
Connacher Provides Operational Update
CALGARY, Jan. 18, 2016 /CNW/ - Connacher Oil and Gas Limited (CLC – TSX; "Connacher" or the "Company") announces that in light of exceptionally low commodity prices, the Company plans to further reduce production at Great Divide. Average production for the month of January is expected to be 7,000 to 8,000 barrels per day. February and March production is expected to be 3,000 to 4,000 barrels per day. Both plants at Great Divide will remain operating the majority of this time and equipment [Read more]
NuVista Energy Ltd. Announces Operational Update and Reconfirms Credit Facility
CALGARY, ALBERTA--(Marketwired - Jan. 18, 2016) - NuVista Energy Ltd. ("NuVista" or the "Company") (TSX:NVA) is pleased to announce a number of updates that highlight the economic viability and flexibility of NuVista's ongoing business. Corporate metrics have met all original guidance expectations for 2015, while well results continue to improve and outperform. The company is entering 2016 with a healthy balance sheet and a plan underpinned by new data showing the lowest well costs and best well [Read more]