CALGARY, Alberta, Feb. 28, 2019 (GLOBE NEWSWIRE) -- (CJ:TSX) Cardinal Energy Ltd. ("Cardinal" or the "Company") is pleased to announce that its Board of Directors has approved a base operating budget for 2019 that will focus on a sustainable dividend, long-term operating cost reduction initiatives, debt repayment and maintaining our production volumes at 2018 levels. Highlights of 2019 Budget Operating cost reduction initiatives targeting an 8% reduction in operating costs within [Read more]
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Pieridae Energy Limited Announces Closing of Brokered and Non-Brokered Private Placements for a Total of $17.9 Million
CALGARY, Alberta, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (“Pieridae”) (TSXV: PEA) is pleased to announce that it has closed its previously announced brokered private placement of common shares of the Company for gross proceeds of approximately $15.2 million (including the partial exercise of the over-allotment option) (the “Brokered Offering”) and partially closed its non-brokered private placement of common shares for additional gross proceeds of approximately $2.7 million [Read more]
Alberta premier warns energy bill could worsen Canada oil woes
Alberta Premier Rachel Notley warned Canadian senators on Thursday that proposed federal legislation for major project reviews, including crude oil pipelines, risks worsening a slump in the country's energy sector. Notley appeared before a Senate committee considering Bill C-69, controversial legislation aimed at revamping Canada's environmental approval process, but which critics say will deter investment in the oil sector. Alberta is the country's main crude-producing province but oil [Read more]
Whitecap Resources Inc. Announces Fourth Quarter, Year End 2018 Results and 2018 Reserves Evaluation
CALGARY, Feb. 28, 2019 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and audited financial results for the year ended December 31, 2018. Selected financial and operating information is outlined below and should be read with Whitecap's audited annual consolidated financial statements and related Management's Discussion and Analysis ("MD&A") and Annual Information Form ("AIF") which are available at www.sedar.com and on our [Read more]
Brad Wall: Curtailment Considerations
Canoe Financial is the proud presenting partner for Brad Wall's BOEReport.com column Governments, no matter their ideological mooring, earnestly seek to solve problems. That’s been both my experience and my observation. I believe that to be the case with Premier Notley’s efforts to deal with the oil industry's backbreaking and government bank-breaking differential. In this space a few weeks ago I offered that blunt instrument policies like curtailment often lead to unintended consequences [Read more]
Encana reports US$1.03B fourth-quarter profit, production up from year ago
CALGARY - Encana Corp. reported a fourth-quarter profit of US$1.03 billion compared with a loss a year ago as production increased 20 per cent. The Calgary-based energy company, which keeps its books in U.S. dollars, says the profit amounted to $1.08 per share for the quarter ended Dec. 31. That compared with a loss of $229 million or 24 cents per share in the last three months of 2017. Operating earnings for the quarter amounted to $305 million or 32 cents per share, up from an [Read more]
Return Energy announces significant increase in 2P reserves
CALGARY, Feb. 28, 2019 /CNW/ - Return Energy Inc. ("Return" or the "Company") (TSX-V: "RTN") today announced summary results of its 2018 independent reserve report (the "Reserve Report"), prepared by Sproule Associates Limited ("Sproule"), an independent qualified reserve evaluator, showing a significant increase in Proved Plus Probable ("2P") reserves. The Reserve Report is effective as at December 31, 2018, and has been prepared by Sproule in accordance with National Instrument 51-101 [Read more]
Seven Generations delivers $1.67 billion of adjusted funds flow, or $4.60 per share, up 36 percent in 2018
Proved plus probable reserves valued at $12.3 billion by independent reserve evaluator as of December 31, 2018 CALGARY, Alberta--(BUSINESS WIRE)--2018 HIGHLIGHTS 2018 adjusted funds flow of $1.67 billion or $4.60 per share, representing a per share increase of 36 percent compared to 2017. 2018 net income of $440 million, $1.21 per share. Operating income of $574 million, $1.58 per share, up 76 percent versus 2017. As of December 31, 2018, 7G’s trailing 12-month return on capital [Read more]
Encana discloses 2019 full-year proforma guidance
Plan to deliver unique combination of free cash flow, return of cash to shareholders and high-margin liquids growth 2019 full-year proforma capital investment plan set at $2.7 to $2.9 billion, with more than 75 percent allocated to its Core 3 liquids plays - Permian, Anadarko and Montney Company proceeding with plan to return cash to shareholders through $1.25 billion share buyback and recent dividend increase of 25 percent Expect to deliver non-GAAP free cash flow in a low-to-mid $50 [Read more]
Encana reports fourth quarter and full-year 2018 financial and operating results
Sustainable model delivered free cash flow, strong growth in proved reserves and high-margin liquids Fourth quarter and full-year 2018 highlights: Fourth quarter total production of 403,400 barrels of oil equivalent per day (BOE/d) Fourth quarter liquids production grew more than 25 percent year-over-year, to 192,700 barrels per day (bbls/d) Full-year total production of 361,200 BOE/d Full-year liquids production up 30 percent year-over-year to 168,100 bbls/d Generated [Read more]