CALGARY - Alberta's economy is likely going to get worse before it gets better, says the chief economist of regional financial services group ATB Financial."It is probably going to be another eight to 12 months of pretty tough sledding for Albertans," Todd Hirsch said during a news conference Thursday announcing the bank's fourth-quarter outlook.The latest outlook sees Alberta in a recession for 2015 with a 0.7 per cent contraction of real GDP, a more pessimistic view than in early July when the [Read more]
Headlines
As oil wealth dwindles, Saudi Arabia faces change
JIDDAH, Saudi Arabia (AP) — At a gas station in Saudi Arabia's second largest city of Jiddah, drivers are fueling up their cars at just 45 cents a gallon — four times less than the price of water. To make that possible, the kingdom spends up to $10.7 billion per year on gasoline subsidies. It also offers a range of perks and welfare support to its citizens such as free healthcare and education, including thousands of scholarships to expensive Western universities. Such largesse, however, [Read more]
Penn West Announces The Sale Of Its Non-Operated 9.5% Working Interest In The Weyburn Unit For $205 Million And UpDates Its Annual Production Guidance
CALGARY, Oct 1, 2015 /CNW/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("Penn West", "we", "us" or "our") is pleased to announce that it has entered into a definitive agreement for the sale of its non-operated 9.5% working interest in the Weyburn Unit in Southeast Saskatchewan for cash consideration of $205 million, subject to closing adjustments customary in transactions of this nature. We intend to use the proceeds from this disposition to reduce our senior debt. Upon the completion [Read more]
Sunshine Oilsands Ltd: Announcement of Closing of Private Placement Under General Mandate and Extension of Closing of Private Placement Under Special Mandate and Completion of TSX Delisting
HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - Oct. 1, 2015) - Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine") (HKEX:2012) wishes to announce the following: Closing of Private Placement under General Mandate Reference is made to the announcement of the Corporation dated September 21, 2015 (Hong Kong) in relation to the proposed issue of new Class "A" Common Voting Shares ("Shares") to Coherent Gallery International Limited ("Coherent Gallery") under the [Read more]
Manitok Energy Inc. Provides A Corporate Update
CALGARY, ALBERTA--(Marketwired - Oct. 1, 2015) - Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) wishes to provide this update to inform its shareholders of the proactive steps that the Corporation is taking to withstand the current commodity market conditions. The significant, unforeseen drop in energy prices has reduced the value of the Corporation's oil and natural gas reserves, impacting the Corporation's credit facilities, as noted in the [Read more]
Strike Group Inc. and TriWest Capital Partners Announce Partnership
CALGARY, Sept. 30, 2015 - Strike Group Inc. (including subsidiaries Strike Energy Services Inc., Strike Projects Ltd., Strike Industrial Ltd., Strike Electric & Instrumentation Ltd., SSG Developments Ltd., Strike Management Ltd. and Bob Dale Oilfield Services Ltd.) and TriWest Capital Partners (“TriWest”) are pleased to announce their partnership effective September 30, 2015. The partnership will operate under the name Strike Group Limited Partnership (“Strike Group”) and will provide the [Read more]
Premier Notley says Trans Mountain pipeline may need new terminal for support
CALGARY - Alberta Premier Rachel Notley says Kinder Morgan Inc. may need to move the proposed terminal for the Trans Mountain pipeline expansion to win support for the project.Speaking at a Bloomberg Live conference in New York, Bloomberg reported Wednesday that Notley said it could be better if the terminal were shifted further south rather than following the current pipeline's route through Burnaby in British Columbia's lower mainland.Notley said a port near the Tsawwassen ferry terminal in [Read more]
National Energy Board approves Line 9 hydrotest results, continues regulatory oversight
CALGARY, Sept. 30, 2015 /CNW/ - The National Energy Board (NEB) has approved the hydrostatic test results submitted by Enbridge for the Line 9B Reversal and Line 9 Capacity Expansion Project (Line 9) and will continue its strict regulatory oversight as Enbridge moves the pipeline into operation. In June 2015 the NEB directed Enbridge to conduct hydrostatic testing on three segments of Line 9. The successful hydrotests confirm the NEB's confidence in the integrity of the pipeline and its [Read more]
First Nations’ challenges of Northern Gateway pipeline to be heard in court
VANCOUVER - Multiple legal challenges aimed at overturning the federal government's approval of the Enbridge (TSX:ENB) Northern Gateway pipeline will be heard starting Thursday.The challenges are expected to bring new scrutiny to the government's environmental approval process and its responsibility to consult with aboriginal groups.Eight First Nations, four environmental groups and one labour union launched the legal actions, which will be heard at the Federal Court of Appeal over six days in [Read more]
Alberta’s outgoing U.S. representative blasts NDP on last day of his contract
EDMONTON - Alberta's outgoing senior representative to the United States took some parting shots at the NDP government on the final day of his contract.Rob Merrifield said Wednesday that Premier Rachel Notley's decision to dismiss him comes as Washington grapples with key economic and trade issues that are critical to the province.He said those include the proposed Keystone XL oilsands pipeline and the U.S. country-of-origin meat-labelling law.Merrifield said now is not the time to send mixed [Read more]