BURNABY, B.C. - The National Energy Board has rejected the City of Burnaby's request that it rescind orders allowing the company building the Trans Mountain pipeline expansion to conduct work at its terminal in the city. The Metro Vancouver city had asked that the board cancel the orders after the Federal Court of Appeal quashed government approval for the expansion project. Burnaby had argued the terminal work was primarily related to the project, but the board said in a written decision [Read more]
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Jupiter Announces 2019 Capital Program and Board of Directors
CALGARY, Jan. 17, 2019 /CNW/ - Jupiter Resources Ltd. and its affiliates (collectively, "Jupiter" or the "Company") announced today that its newly appointed Board of Directors has approved a $190 – 210 million capital program for 2019 weighted approximately two-thirds to the second half of the year. The 2019 program balances the importance of achieving profitable returns and preserving both liquidity and long-term flexibility. New capital investment is focused on Jupiter's liquids-rich natural [Read more]
Indigenous energy firm touts job creation in joint venture to make bitumen pucks
CALGARY - The CEO of an Indigenous energy company says a project to transform oilsands bitumen into pucks for safer shipping to customers around the world will potentially create needed jobs in northern Alberta while helping to recycle plastic litter. Jeff Paquin says the project his company, Wapahki Energy Ltd., is working on with Canadian National Railway Co. could also result in a long-term revenue stream for its owner, the Heart Lake First Nation, a tiny community of about 250 members [Read more]
Bernier looks to strike some popular chords during first East Coast stops
SAINT JOHN, N.B. - Maxime Bernier looked to garner support for his fledgling People's Party of Canada Thursday as he spoke to a small business audience in New Brunswick — his first East Coast foray since starting his new party four months ago. He pitched his support for a revived Energy East pipeline, reducing equalization and removing barriers to interprovincial trade. Speaking to about 60 members of the Saint John Region Chamber of Commerce, Bernier said the federal government needs to [Read more]
U.S. Gulf Coast hunt for heavy crudes send prices higher
Heavy, sour U.S. Gulf Coast crudes firmed to the strongest levels in three months this week on tight supplies of heavy oils, traders said on Thursday. Heavy Louisiana Sweet (HLS), a heavy coastal grade delivered into Empire, Louisiana, traded around an $8-per-barrel premium to U.S. West Texas Intermediate crude futures (WTI) on Wednesday, the strongest since mid-October and up $1 over last week. Valero Energy Corp, Marathon Petroleum Corp and other Gulf Coast refiners have plants that are [Read more]
MEG Energy Responds to Expiration of Husky Energy’s Takeover Offer
CALGARY, Jan. 17, 2019 /CNW/ - MEG Energy Corp. (TSX:MEG, "MEG" or the "Company") acknowledges Husky Energy's ("Husky") press release, stating that the takeover offer for MEG did not meet Husky's minimum tender conditions, due to insufficient shareholder support. "MEG Shareholders' rejection of the Husky offer confirms that the bid did not fully recognize the quality and long-term potential of MEG." said Derek Evans, President and Chief Executive Officer. "During this process we had the [Read more]
Husky Offer For MEG Expires Without Extension
Offer expired January 16 with minimum tender condition not met Husky will not extend its offer given lack of MEG Board and shareholder support Company to focus on developing its deep portfolio of organic growth projects as set out at Investor Day on May 28, 2018 Potential divestment of Husky’s retail business and Prince George Refinery will continue; proceeds provide for enhanced cash returns to shareholders and accelerating organic growth investments CALGARY, Alberta, Jan. 17, 2019 (GLOBE [Read more]
Wait until Trans Mountain pipe built before buying in, Indigenous investors told
CALGARY - Indigenous communities interested in taking an equity stake in the Trans Mountain pipeline should wait until after its controversial expansion is built to avoid risk, says Barrie Robb, a principal with Fivars Consulting Ltd. of Calgary. Taking an ownership stake in a major energy project can deliver significant rewards, said the consultant who helped broker a $545-million investment by two northern Alberta Indigenous communities in a Suncor Energy Inc. oilsands storage tank farm in [Read more]
Zargon Oil & Gas Ltd. Engages Financial Advisor
CALGARY, Alberta, Jan. 16, 2019 (GLOBE NEWSWIRE) -- Zargon Oil & Gas Ltd. (“Zargon” or the “Company”) (TSX:ZAR) has re-engaged Macquarie Capital Markets Canada Ltd. as financial advisor to assist in seeking outcomes that will maximize value for the Company and its stakeholders. These outcomes may include a corporate merger, sale, recapitalization or reorganization. Zargon’s long-life, low-decline oil exploitation assets have significant upside potential in a period of prolonged higher oil [Read more]
Marksmen Announces Operational Update
CALGARY, Alberta, Jan. 16, 2019 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) is a 60% working interest owner in the Leaman #1horizontal well operated by Hocking Hills Energy and Well Services LLC, in Hocking County, Ohio. In a press release dated December 19, 2018, Marksmen announced that a new horizontal/lateral leg paralleling the original well bore was successfully drilled at the Leaman #1 horizontal well. The well has recently been equipped with tanks, a pumping [Read more]