WABASCA, Alta. - An out of control wildfire in northern Alberta has prompted Cenovus Energy Inc. to evacuate its Pelican Lake heavy oil facility.The company says the fire was discovered about one kilometre away from its complex about 300 kilometres north of Edmonton.Cenovus (TSX:CVE) says safety is its top priority and the evacuation and shutdown are a precaution.There was no damage to facilities or infrastructure.Alberta Wildfire officials say the blaze is about 55 hectares in size and is being [Read more]
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Twin Butte provides update on credit facilities
CALGARY, June 7, 2016 /CNW/ - (TSX: TBE) – Twin Butte Energy Ltd. ("Twin Butte" or the "Company") announces that its bank syndicate has not extended the maturity date of Twin Butte's $85 million non-revolving credit facility past June 7, 2016 and has not extended the expiry of the revolving period of Twin Butte's $140 million revolving credit facility past June 7, 2016. Unless otherwise agreed to by the lenders, the lenders will be entitled to make a demand for the full repayment of the amounts [Read more]
Touchstone Liquidates Hedging Contracts and Repays Bank Loan Balance
CALGARY, ALBERTA--(Marketwired - June 7, 2016) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP) announces that it liquidated its outstanding commodity hedging contracts on June 2, 2016 for gross proceeds of US$2,019,000 and voluntarily repaid its outstanding US$2,000,000 principal credit facility balance. Effective June 7, 2016, the Company and its lender executed an Amendment and Limited Waiver to the Credit Agreement (the "Amendment"). The Amendment waived the [Read more]
Suncor Energy announces $2.5 billion bought-deal common share financing
CALGARY, ALBERTA--(Marketwired - June 7, 2016) - Suncor today announced it has entered into an agreement to sell 71.5 million common shares from treasury, on a bought deal basis, at a price of $35.00 per share (the "Offering"). The net proceeds of the Offering will be used for the previously announced acquisition of an additional five percent interest in the Syncrude joint venture and to reduce certain outstanding indebtedness in order to provide ongoing balance sheet flexibility, including for [Read more]
Gear Energy Ltd. Announces Strategic Combination With Striker Exploration Corp., A $15 Million Bought Deal Financing, and Pro Forma $50 Million Senior Secured Revolving Credit Facilities
CALGARY, ALBERTA--(Marketwired - June 7, 2016) - Gear Energy Ltd. ("Gear") (TSX:GXE) and Striker Exploration Corp. ("Striker") (TSX VENTURE:SKX) are pleased to announce that they have entered into a definitive agreement (the "Arrangement Agreement") providing for the acquisition by Gear of all the issued and outstanding common shares of Striker (the "Striker Shares") pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). In addition, Gear has entered [Read more]
ConocoPhillips restarts Surmont oilsands production after wildfire shutdown
CALGARY - ConocoPhillips Canada says it has restarted production at the Surmont oilsands facility after the site was shut down because of the wildfires in Fort McMurray, Alta.The company says there was minor damage to the Surmont infrastructure because of the fire, with no impact on ongoing operations.It expects to gradually ramp up production back to pre-shutdown levels of roughly 60,000 barrels a day and have the majority of its 700 workers back on-site by the end of the week.ConocoPhillips is [Read more]
Shell’s shift away from growth raises new doubts for LNG Canada project in B.C.
CALGARY - Royal Dutch Shell says it's shifting away from growing its liquefied natural gas business, a move that raises fresh doubts about the future of its proposed LNG Canada project in Kitimat, B.C.The company said Tuesday the pace of new investment in LNG will slow as it moderates growth and prioritizes cash flow generation and returns on existing projects.Shell said while its integrated gas business was previously a "growth priority," it has now reached a critical mass after completing the [Read more]
Oil settles above US$50 a barrel for first time since July 2015
TORONTO - Oil prices settled above US$50 a barrel for the first time in nearly a year on Tuesday, a sign that traders are confident that a balance can be struck between supply and demand in the global crude market.The July benchmark contract for West Texas Intermediate crude closed 67 cents higher to US$50.36 a barrel, marking the first time oil has settled above the US$50 mark since July 21, 2015."$50 is a big psychological hurdle for crude oil, and it's one that it's been bumping up against [Read more]
A shortage of capital and surplus of turmoil may soon decimate global oil production, and shale hype won’t fill refineries
Despite the risk of sounding like an anti-shale lunatic, it’s important to counter the fan-boy mentality that’s gripped the media and swept away the common sense of analysts and commentators who might possibly know better. Any discussion about potential future global production shortfalls is dismissed with a hand wave and the ubiquitous “shale production will fill the void” nonsense. The same phenomenon existed 25 years ago with the “call on OPEC”, where it was universal knowledge that OPEC [Read more]
Sun on the rise as opposition MLAs battled proposed Alberta climate change bill
EDMONTON - Premier Rachel Notley's New Democrats have used their majority to pass the first part of Alberta's landmark climate-change plan in the legislature.Notley says she is extremely proud and adds that taking action on climate change was long overdue.The legislation gives the province the power to levy a carbon tax on home and business heating bills and on gasoline at the pumps.It was, at times, a bitter fight in the house.Politicians stayed up until almost dawn today debating amendments to [Read more]