CALGARY, Dec. 14, 2017 /CNW/ - Gear Energy Ltd. ("Gear" or the "Company") (TSX:GXE) is pleased to provide the following update to shareholders. 2018 BUDGET Gear is pleased to announce a 2018 capital budget of $58 million, targeting a balance between low risk production growth and continued expansion of future drilling inventory. The budget is forecasted to include the drilling of 41 horizontal oil wells throughout Gear's heavy and light oil asset base. The 2018 budget includes an [Read more]
Headlines
Whitecap Resources Inc. Announces Closing of Previously Announced Acquisition, Issuance of Senior Notes and Confirms Monthly Dividend for December
CALGARY, Dec. 14, 2017 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has now closed its previously announced acquisition of high quality light oil assets in southeast Saskatchewan, which includes current production of approximately 14,800 boe/d for cash consideration of $940 million before closing adjustments (the "Acquisition"). Crude oil prices remain well supported in the US$55 to US$60/bbl WTI range relative to our crude oil price [Read more]
Investors pour cash into U.S. shale despite questions on returns
HOUSTON, Dec 14 (Reuters) - Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. The United States is on track to deliver up to 80 percent of the world’s oil production gains through 2025, the International Energy Agency estimates, increases fueled in part by easy access to capital. Rising U.S. production is undermining OPEC’s attempts to curb global supply and boost prices, forcing the oil [Read more]
Kelt Announces Board Appointment
CALGARY, AB--(Marketwired - December 14, 2017) - The Board of Directors (the "Board") of Kelt Exploration Ltd. ("Kelt" or the "Company") (TSX: KEL) is pleased to announce that it has appointed Geri Greenall as a director of the Company effective December 14, 2017. Ms. Greenall is currently Executive Vice President, Portfolio Manager and Chief Operating Officer of Kyklopes Capital Management Ltd. She has over 14 years of experience either as a Portfolio Manager or Research Analyst in the oil and [Read more]
Bellatrix Announces a Fourth Quarter 2017 Operational Update, 2018 Capital Budget, and Publication of Its Annual Corporate Responsibility Report
TSX, NYSE: BXE - CALGARY, Dec. 14, 2017 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix", "we", "our" or the "Company") (TSX, NYSE: BXE) is pleased to announce a fourth quarter 2017 operational update, including completion of its 2017 capital program with production volumes exceeding guidance, and reconfirmation of its bank credit facility borrowing base. In addition, Bellatrix is pleased to announce that its Board of Directors has approved a 2018 capital budget designed to deliver sustained [Read more]
Cenovus Energy plans to cut 15 per cent of workforce as it looks to reduce costs
CALGARY - The new chief executive of Cenovus Energy Inc. unveiled plans for a leaner oilsands company Thursday, announcing hundreds of job cuts, lower-than-expected 2018 capital spending and the departure of three key executives. Alex Pourbaix, who replaced Brian Ferguson at the Cenovus (TSX:CVE) helm last month, said the company will move to get its financial house in order one year faster than planned under the previous regime. "We will build on the success of our divestiture [Read more]
Tidewater Midstream and Infrastructure Ltd. Announces 6.75% Senior Unsecured Note Offering and Amendment to Credit Facility
CALGARY, Alberta, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Senior Unsecured Note Offering Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) (TSX:TWM) is pleased to announce that it has agreed to issue $125 million of 6.75% senior unsecured notes due December 19, 2022 (the “Notes”) by way of private placement (the “Private Placement”). The Notes will be issued at a price of $994.79 per $1,000 principal amount. The Private Placement is expected to close December 19, 2017, [Read more]
Cenovus’s 2018 budget continues focus on deleveraging
CALGARY, Alberta, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) plans to invest between $1.5 billion and $1.7 billion in 2018, with the majority of the budget allocated to sustain base production at the company’s oil sands operations. The remaining capital will primarily support continued construction at the phase G oil sands expansion at Christina Lake, where costs are coming in below original expectations, and a targeted drilling program in the Deep Basin. This [Read more]
Brent eases as traders become sanguine about pipeline outage: Kemp
LONDON, Dec 14 (Reuters) - Brent futures for delivery in the first months of next year have given up much of their premium since the announcement on Monday that the Forties pipeline system would be shut for emergency repairs. The Forties pipeline system, which carries around 450,000 barrels per day and handles nearly a quarter of North Sea output, is likely to be shut for several weeks, according to owner Ineos. But traders have become much more sanguine about the impact on benchmark North [Read more]
North Sea oil deliveries halted in first force majeure in decades
LONDON (Reuters) - Deliveries of crude oil through the Forties pipeline in the North Sea are under force majeure for the first time in decades and operator INEOS said on Thursday there was no timeline yet for repair work that could last several weeks. The 169-km pipeline, which carries around a quarter of all North Sea crude output and around a third of Britain’s total offshore gas production, has been closed since Monday, following the discovery of a small crack in part of the system onshore [Read more]