CALGARY, ALBERTA--(Marketwired - Oct. 29, 2015) - Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) is pleased to announce that it has successfully closed its previously announced non-brokered private placement (the "Private Placement") of common shares of the Corporation ("Shares") issued on a "flow through" basis eligible for the renunciation of Canadian development expenses within the meaning of the Income Tax Act (Canada). The Corporation issued 1,168,000 Shares for gross proceeds [Read more]
Headlines
Cuts continue in oil and gas sector as companies struggle to reduce costs
CALGARY - Canada's oilpatch continues to move aggressively to cut costs and companies say the efforts are starting to show results.Cenovus Energy said Thursday that it had increased to 700 the number of people laid off in the second half of the year, roughly double what it forecast in July, after cutting 800 jobs in February.The company said it expects to end the year with 24 per cent fewer staff than it started with and there are plans for more cuts next year as it makes structural [Read more]
Wall defends lack of transparency on problems at carbon- capture facility
REGINA - Saskatchewan Premier Brad Wall is defending the government's silence on problems at the province's much-celebrated carbon-capture facility.The $1.5-billion facility at the Boundary Dam power plant near Estevan can capture 90 per cent of emissions when it's working. However, background notes prepared for the government and leaked to the Opposition NDP show it's only been working 45 per cent of the time.The premier says, in hindsight, the government and SaskPower could have been more [Read more]
Canadian Oil Sands Reports Over $1 Billion of Cost Savings Achieved at Syncrude Year to Date
CALGARY, AB--(Marketwired - October 29, 2015) - All financial figures are unaudited, have been prepared in accordance with Canadian Generally Accepted Accounting Principles ("GAAP") and are reported in Canadian dollars, unless otherwise noted.Canadian Oil Sands Limited (TSX: COS) (OTCQX: COSWF) ("COS") reported cash flow from operations of $82 million, or $0.17 per Share, in the third quarter, reflecting a 41 percent decline in our realized selling price and reduced production volumes, offset [Read more]
Alberta Land Sale Nets $2.47 Million
The downward trend for Alberta land sales is continuing with yesterday's results coming in at $2.47 million. This result is 32% lower than the result of the last sale, October 14th, which was $3.7 million. The results for the October 28th sale can be broken down as $2,321,700 for petroleum and natural gas leases and $148,969 for Oilsands leases. The total Alberta sale proceeds to date for 2015 are $252.5 million. The number of companies participating is also much lower at 26. The [Read more]
Alberta and New Brunswick premiers pledge renewed effort on Energy East pipeline
EDMONTON - Alberta Premier Rachel Notley and her New Brunswick counterpart Brian Gallant say they're hoping for a renewed push to get the Energy East pipeline built under incoming prime minister Justin Trudeau.But both agreed specific steps to reduce climate change must work alongside the proposed $12-billion TransCanada line.Gallant said the record of outgoing Prime Minister Stephen Harper is testament to why fixing climate change is not only good policy but also good business."Under the Harper [Read more]
Suncor CEO says COS takeover offer is fair, signalling bid won’t be sweetened
CALGARY - The CEO of Suncor Energy is throwing cold water on speculation that its hostile takeover offer for Canadian Oil Sands will be sweetened.Steve Williams said Thursday the $4.3-billion bid should be good enough for shareholders given the gloomy outlook for oil prices, operational woes at the Syncrude oilsands mine, the absence of a competing offer and Suncor's better resilience to commodity swings than its target."We think it is a full and fair offer and compelling," he said Thursday, a [Read more]
Cenovus Energy plans to cut $400 million in costs, lay off more workers
CALGARY - Cenovus Energy says it plans to cut $400 million in costs and has laid off more workers than originally expected as it continues to tighten its belt amid prolonged low crude prices.In announcing its third-quarter results today, the Calgary-based oil producer and refiner said it has reduced its workforce by 700 people for the second half of the year, about double what it forecast in July.That's on top of the 800 positions Cenovus eliminated in February.Cenovus says it expects to finish [Read more]
Canbriam Energy Commissions Phase 2 of its Altares Processing Facility and Provides Operational Update
CALGARY, Oct. 29, 2015 /CNW/ - Canbriam Energy Inc. ("Canbriam" or the "Company") provides an operational update on the commercial development of its over pressured, liquids-rich Altares Montney asset, located west of Fort St. John, BC, highlighted by: Commissioning of Phase 2 of the Altares Processing Facility, bringing Canbriam's total processing capacity to 210 million cubic feet per day, or approximately 40,000 barrels of oil equivalent per day including natural gas liquids [Read more]
ConocoPhillips Reports Third-Quarter 2015 Results; Accelerating Capital and Operating Cost Reductions
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE:COP) today reported a third-quarter 2015 net loss of $1.1 billion, or ($0.87) per share, compared with third-quarter 2014 earnings of $2.7 billion, or $2.17 per share. Excluding special items, third-quarter 2015 adjusted earnings were a net loss of $466 million, or ($0.38) per share, compared with third-quarter 2014 adjusted earnings of $1.6 billion, or $1.29 per share. Special items for the current quarter related primarily to the termination of a [Read more]