The International Energy Agency, in its recently published April Oil Market Report, raised its forecast of 2015 global oil demand by 90,000 barrels per day to 93.6 million b/d. This represents a gain of 1.1 million b/d on the year and a noteworthy acceleration of the 700,000 b/d demand growth in 2014. Of course, the backdrop for increased oil demand is the improving global economy as it slowly gains momentum. The IEA report was clear when it mentioned that given deep changes in supply and [Read more]
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North Montney Mainline Project Receives NEB Recommendation for Approval
CALGARY, ALBERTA--(Marketwired - April 16, 2015) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced today that the National Energy Board (NEB) has issued its report recommending the federal government approve the company's proposed $1.7 billion North Montney Mainline Project. "The Project is a critical component in the infrastructure chain between prolific and growing Canadian gas supply and existing and new markets, and the NEB recommendation is a significant milestone [Read more]
Peyto Exploration & Development Corp. Announces Closing of $172.5 Million Equity Offering
CALGARY, ALBERTA--(Marketwired - April 16, 2015) - April 16, 2015 - Peyto Exploration & Development Corp. (the "Corporation") (TSX:PEY) is pleased to announce that it has closed its previously announced bought deal offering of common shares. Pursuant to the offering, the Corporation issued 5,037,000 common shares (including 657,000 common shares issued pursuant to the exercise in full of the over-allotment option granted to the underwriters) at a price of $34.25 per common share, for total [Read more]
Oil-dependent Newfoundland and Labrador lacks competitive edge, study says
ST. JOHN'S, N.L. - It has come a long way economically in the last 15 years but oil-dependent Newfoundland and Labrador needs innovation and a workforce influx to compete in future, says a new report.The Conference Board of Canada released Thursday a study comparing the province to nine of its main competitors, selected for similar exports among other factors. They include Norway, the United Kingdom, Texas, North Dakota, Alberta, Saskatchewan, Quebec, Nova Scotia and New Brunswick.It ranks the [Read more]
Ikkuma Resources Corp. Announces Fourth Quarter and Year End 2014 Financial and Operating Results
CALGARY, April 16, 2015 /CNW/ - Ikkuma Resources Corp. ("Ikkuma" or the "Corporation") (TSXV: IKM) is pleased to report its financial and operating results for the fourth quarter and year ended December 31, 2014. Selected financial and operational information is set out below and should be read in conjunction with Ikkuma's December 31, 2014 audited annual financial statements and the related management's discussion and analysis ("MD&A"). In addition, the Corporation today announces the [Read more]
Saudi Arabia Adds Half a Bakken to Oil Market in a Month
Saudi Arabia boosted crude production to the highest in three decades in March, with a surge equal to half the daily output of the Bakken formation in North Dakota. The kingdom boosted daily crude output by 658,800 barrels in March to an average of 10.294 million, according to data the country communicated to the Organization of Petroleum Exporting Countries’ secretariat in Vienna. The Bakken formation, among the fastest-growing shale oil regions in the U.S., pumped 1.1 million barrels a day [Read more]
Pinecrest Energy Inc. and Cardinal Energy Ltd. Announce Closing of Plan of Arrangement
CALGARY, ALBERTA--(Marketwired - April 15, 2015) - Pinecrest Energy Inc. (TSX VENTURE:PRY) ("Pinecrest" or the "Company") and Cardinal Energy Ltd. (TSX:CJ) ("Cardinal") announce the completion of the previously announced reorganization of the business of Pinecrest pursuant to a plan of arrangement involving Cardinal, Virginia Hills Oil Corp. ("Virginia Hills"), the Company and the Company's shareholders (the "Arrangement") under the Business Corporations Act (Alberta) (the [Read more]
Bonterra Energy Corp. Announces Closing of Strategic Pembina Cardium Asset Acquisition
CALGARY, ALBERTA--(Marketwired - April 15, 2015) - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX:BNE) is pleased to announce the closing of the previously announced acquisition of certain Cardium focused assets in the Pembina area of Alberta (the "Assets") from a senior oil and gas producer for $172 million prior to normal closing adjustments, financed mainly through bank debt. With the closing, Bonterra has acquired approximately 1,800 boe/d of high-netback, low decline, conventional [Read more]
Traverse Energy Announces 2014 Year End Results
CALGARY, ALBERTA--(Marketwired - April 15, 2015) - Traverse Energy Ltd. ("Traverse" or "the Company") (TSX Venture:TVL) presents financial and operating results for the year ended December 31, 2014. Three Months Ended December 31 (unaudited) Year Ended December 31 Highlights 2014 2013 2014 2013 Financial ($ thousands, except per share amounts) Petroleum and natural gas revenue $ 5,508 $ 4,055 $ 19,717 $ 14,674 Cash [Read more]
BoC keeps 0.75% interest rate, even though economy likely stalled in early 2015
OTTAWA - The Bank of Canada stuck with its trendsetting interest rate Wednesday even though it believes the oil-price shock stalled the economy to the point it had zero growth over the first three months of 2015.The central bank's justification for keeping its key rate at 0.75 per cent hinged, in large part, on its positive outlook for the non-energy sector, which it expects to materialize as the economic pain from the oil slump fades. The bank predicted those improvements would show up in the [Read more]