CALGARY, Dec. 17, 2014 /CNW/ - Effective as at December 17, 2014, Valparaiso Energy Inc. (the "Corporation") (VPO.H) announces the resignation of Anthony D. Milewski Jr. as a Director of the Corporation. The Corporation thanks Mr. Milewski for his service in this role. [Read more]
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Legacy Oil + Gas Inc. Announces 2015 Sustainability Budget and Production Guidance
CALGARY, Dec. 17, 2014 /CNW/ - Legacy Oil + Gas Inc. ("Legacy" or the "Company") is pleased to announce its capital and operating budget and associated production guidance for 2015. In the current environment of low oil prices, the Company is focusing on capital preservation and maintaining liquidity under reduced cash flows by reducing discretionary spending and high grading opportunities. The budget sustains production and accomplishes the strategic objective of progressing and accelerating [Read more]
New York plans to prohibit fracking, citing health issues, dubious economic benefits
ALBANY, N.Y. - Handing environmentalists a breakthrough victory, New York plans to prohibit fracking for natural gas because of what regulators say are its unexplored health risks and dubious economic benefits.New York, which overlies part of the gas-rich Marcellus Shale formation that has led to a drilling boom in Pennsylvania and other nearby states, has banned shale gas development since 2008, when the state began an environmental review of the drilling technique also known as hydraulic [Read more]
B.C. gives five northern First Nations cash to study LNG-related employment
FORT ST. JOHN, B.C. - The B.C. government is giving money to a group of five First Nations to study liquefied natural gas-related job opportunities.The province says the Treaty 8 Tribal Association will get nearly $134,000 for a labour market study that will culminate in a report to be released next year.The project is expected to take 43 weeks and involve a consultant working with the First Nations to look at what skills are needed for future jobs in economic development including LNG.Peace [Read more]
MEG Energy Revises 2015 Capital Plan While Maintaining Its 19% Production Growth Target
CALGARY, ALBERTA--(Marketwired - Dec. 17, 2014) - All dollar amounts in $Cdn unless otherwise noted. MEG Energy (TSX:MEG) today announced a reduction to its 2015 capital program to $305 million from the original $1.2 billion budget. Previously released 2015 guidance remains unchanged, targeting a production increase of approximately 19% to 78,000 to 82,000 barrels per day at non-energy operating costs of $8 to $10 per barrel. "The revision of our 2015 capital investment plan is in [Read more]
Quattro Completes Two Divestitures of Minor Interests Recording a Net Gain of $417,000
CALGARY, Alberta, Dec. 17, 2014 (GLOBE NEWSWIRE) -- Quattro Exploration and Production Ltd. (TSX-V:QXP) ("Quattro" or the "Company") is pleased to report the completion of two divestitures resulting in total net Gains on Sales of $417,000. In two separate transactions the Company sold a total of 38 boe/d (25% oil and liquids) valued at $1,708,900 or $44,950 per flowing boe. The effective date for these divestitures was November 1st, and December 1st, 2014 with both transactions closing on or [Read more]
Penn West Announces A Reduction in its 2015 Capital Budget and 2015 Dividend and Suspends Dividend Reinvestment Plan (“DRIP”)
CALGARY, Dec. 17, 2014 /CNW/ - PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) ("Penn West" or the "Company") announces that in response to the current commodity price environment, it is reducing its capital budget by approximately $215 million and reducing its 2015 dividend by approximately $160 million commencing with the 2015 first quarter dividend payment payable on April 15, 2015. In November 2014, when Penn West announced its 2015 capital budget, the forward strip for crude oil was in [Read more]
Canadian oil sands exporters narrowly survive vote in European Parliament
OTTAWA - Canadian oilsands exporters narrowly survived a vote in the European Parliament on Wednesday that could have once again penalized Alberta bitumen as dirty oil.A proposed fuel quality directive for European Union refineries has been the subject of a well-funded Canadian lobbying campaign for more than two years.Canadian negotiators thought the matter was settled this fall when the European Commission backed off and decided all European feedstock crude would be assigned common carbon [Read more]
Husky Energy Tailors Capital Spending to Deliver on Balanced Growth Strategy
CALGARY, ALBERTA--(Marketwired - Dec. 17, 2014) - Husky Energy's (TSX:HSE) balanced growth strategy and diverse project portfolio continue to support its business objectives and provide significant flexibility in a weak commodity price environment. "We continue to steer a steady ship through stormy waters," said CEO Asim Ghosh. "Our strong financial position and resilient portfolio are helping weatherproof our business against current market conditions." Production growth in 2015 will be [Read more]
Leucrotta Acquires Additional Montney Lands and Provides Operational Update
CALGARY, ALBERTA--(Marketwired - Dec. 17, 2014) - Leucrotta Exploration Inc. ("Leucrotta") (TSX VENTURE:LXE) is pleased to announce that it has added 6,400 acres (10 sections) of Montney lands contiguous to its current landholdings in the greater Dawson area of Northeast British Columbia for $6.6 million. Including the new lands, Leucrotta now has over 170 net sections of Montney prospective lands in the area. During Q4 2014, Leucrotta drilled one Montney horizontal well (8-18) and is [Read more]