CALGARY, Dec. 16, 2014 /CNW/ - In response to the dramatic drop in crude oil prices over the past six weeks, Whitecap's Board of Directors and Management felt it prudent and necessary to revise our budget outlook for 2015. Our capital program for 2015 will be reduced by 32% to $245 million from $360 million in order to maintain our financial flexibility and to provide continuous long term sustainability for our shareholders. The capital reduction will allow Whitecap to still grow production per [Read more]
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Bonavista Energy Corporation Confirms 7% Production Growth in 2015 with Revised Budget and Change to Dividend
CALGARY, ALBERTA--(Marketwired - Dec. 16, 2014) - Bonavista Energy Corporation (TSX:BNP) ("Bonavista") announces that its Board of Directors has approved a reduction in our 2015 capital budget and an adjustment of our monthly dividend to $0.035 per share from $0.07 per share, beginning with the payment due on February 16, 2015. 2015 Guidance To reflect the current outlook for commodity prices, Bonavista's 2015 capital budget has been revised to between $375 and $425 million, drilling [Read more]
Obama signs order withdrawing Alaska’s Bristol Bay from offshore oil and natural gas drilling
ANCHORAGE, Alaska - President Barack Obama announced Tuesday that he's removing more than 52,000 square miles of waters off Alaska's coast from consideration for oil and gas exploration or drilling.The president said in a video announcement that Bristol Bay and nearby waters, covering an area roughly the size of Florida, would be withdrawn from consideration for petroleum leases. He called Bristol Bay one of the country's great natural resources and a massive economic engine."It's something [Read more]
Dejour Discovery Nets 38’ Combined Pay at Woodrush
Encounters Both Halfway Oil Pool Extension and Gething Gas Pool VANCOUVER, British Columbia--(BUSINESS WIRE)--Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ) (“Dejour” or the “Company”), an independent oil and natural gas exploration and production company operating in North America's Piceance Basin and Peace River Arch regions, updates current development progress underway at the Woodrush/Hunter Project (“Woodrush”) in NE B.C. As per the previously announced 2014 development program, [Read more]
Priority No. 1 for incoming U.S. Congress: Keystone XL pipeline, Republicans say
WASHINGTON - A showdown over the Keystone XL pipeline is set for early in the new year, with the Canadian oil project having been anointed as the No. 1 priority of the new Republican-dominated Congress.A Keystone XL bill will be the first item in the Senate after the new Congress convenes on Jan. 6, the next leader of the chamber, Republican Mitch McConnell, announced Tuesday.McConnell also said he'll allow amendments to the bill. That means it could become a venue for horse-trading, as [Read more]
Quebec premier says not interested in exploiting shale gas deposits
MONTREAL - Premier Philippe Couillard has ruled out exploiting Quebec's shale gas reserves — at least for now.Quebecers are largely against hydraulic fracturing and exploiting the natural resource in today's market is not economically viable, he said Tuesday.Couillard made the comments shortly after Quebec's environmental review board concluded the ecological and social risks associated with hydraulic fracturing, or "fracking," outweigh the financial benefits.Fracking is a process whereby a [Read more]
Hibernia estimated to have more than 1.6 billion barrels of oil, regulator says
ST. JOHN'S, N.L. - The federal-provincial regulator for Newfoundland and Labrador's offshore oil industry says there is more oil in the Hibernia offshore site than previously estimated.The Canada-Newfoundland and Labrador Offshore Petroleum Board says Hibernia is now estimated to have 1.644 billion barrels of oil.That's up from its previous 2010 estimate of 1.395 billion barrels of oil.Hibernia, which began producing oil in November 1997, is Newfoundland's oldest offshore site.It is located [Read more]
Repsol to Acquire Talisman Energy for US$8.00 Per Common Share In All-Cash Transaction
CALGARY, ALBERTA--(Marketwired - Dec. 15, 2014) - Highlights: All-cash price of US$8.00 (C$9.33) per Talisman common share delivers significant and immediate value to Talisman common shareholders. The purchase price for common shares represents a 75% premium to the 7-day volume weighted average share price and a 60% premium to the 30-day volume weighted average price. A cash price of C$25 plus accrued and unpaid dividends per Talisman preferred share if holders approve their [Read more]
Spanish company Repsol to purchase Talisman Energy
CALGARY - The CEO of Talisman Energy Inc. (TSX:TLM) says a multibillion-dollar takeover by Spanish energy giant Repsol is the best case scenario for shareholders in a gloomy oil price environment. The total purchase price is US$13 billion — US$8.3 billion for Talisman stock plus the assumption of its debt. The Repsol deal is a "terrific outcome" for a company facing a litany of challenges as crude prices plummet, from its large debt load to its sizable spending commitments in the U.K. [Read more]
Toro Announces $20 Million of Equity Financings
CALGARY, ALBERTA--(Marketwired - Dec. 16, 2014) - Toro Oil & Gas Ltd. (TSX VENTURE:TOO) ("Toro" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. and including Dundee Securities Ltd., National Bank Financial Inc. and GMP Securities L.P. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, [Read more]