TORONTO - Canada's main stock index rebounded from December's selloff by gaining 8.5 per cent in January, fuelled by a surge in crude oil prices. North American markets as a whole performed well in the month, led by the Nasdaq composite, which ended 9.7 per cent higher. The gains were pretty impressive especially since the month started with investors unsure if there would be a temporary or so-called dead cat bounce or a sustainable rally, says Colin Cieszynski, chief market [Read more]
Headlines
Prairie Provident Announces Record Year-End 2018 Reserves and Full-Year Production Volumes
CALGARY, Alberta, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (“Prairie Provident”, “PPR” or the “Company”) is pleased to announce the results of our independent 2018 year-end reserves evaluation conducted by Sproule Associates Limited (“Sproule”) with an effective date of December 31, 2018 (the “Sproule Report”) and provide highlights from our year-end 2018 operations. 2018 RESERVES HIGHLIGHTS Increased proved developed producing (“PDP”), total proved (“1P”) and [Read more]
Amid cries of ‘traitor,’ Canada’s Trudeau set for ugly election
Canadian Prime Minister Justin Trudeau, who swept to power on a wave of optimism in 2015, is set for an ugly reelection campaign this October, judging by exchanges with voters in public town halls this month where he was grilled on topics ranging from immigration to housing affordability. Opinion polls show his center-left Liberals are barely ahead of their rivals, and party insiders privately admit they might lose their majority in the House of Commons, which would crimp the government's [Read more]
Bankrupt energy companies can’t abandon old wells, top court rules
OTTAWA — The Supreme Court of Canada says the trustee for a bankrupt Alberta energy company cannot simply walk away from unprofitable wells on agricultural land without having to clean up. The high court’s 5-2 ruling overturns an Alberta Court of Appeal ruling that upheld a 2016 decision in the Alberta Court of Queen’s Bench that effectively allowed a bankrupt energy company to sever its connection with unprofitable and unreclaimed wells when the company’s assets were sold off to [Read more]
Feds paid on high end for Trans Mountain pipeline, spending watchdog says
OTTAWA - Canada's parliamentary budget watchdog says the Liberal government paid the "sticker price" when it bought the Trans Mountain pipeline from Kinder Morgan for $4.5 billion. Parliamentary Budget Officer Yves Giroux estimates the Trans Mountain pipeline and planned expansion project are worth between $3.6 billion and $4.6 billion. This means government's purchase price of $4.5 billion was on the high end of the project's total calculated value. Giroux also estimates [Read more]
Marksmen Announces Closing of Financing to Replace Outstanding Debenture
CALGARY, Alberta, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) announces that it has closed its previously announced non-brokered financing to replace an outstanding debenture by issuing a non-convertible secured debenture (“Debenture”) in the amount of $1,250,000 and 1,800,000 share purchase warrants of the Company (the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one common share of the Company for $0.24 per share if the [Read more]
Oil prices rise as Saudi Arabia cuts supply to United States
Oil prices rose for a third day on Thursday, pushed up by signs of lower imports into the United States as part of efforts by OPEC to tighten the market. U.S. West Texas Intermediate (WTI) crude futures were at $54.58 per barrel at 0249 GMT, up 35 cents, or 0.7 percent, from their last settlement. WTI closed up 1.7 percent on Wednesday, when prices touched their highest since Nov. 21 at $54.93 a barrel. International Brent crude oil futures were up 52 cents, or 0.8 percent, at $62.17 per [Read more]
Canadian Gas Dialogues – Calgary, April 23, 2019
Natural Gas World, in partnership with the Canadian Gas Association and the BOE Report, presents “Canadian Gas Dialogues”. The Canadian Gas Dialogues conference will take place in Calgary on April 23 and is designed to bring together the spectrum of stakeholders in the natural gas community for the exchange and sharing of insight and viewpoints on how we can collectively move forward the position of the industry in local, national and global communities. Main topics for discussion: Public [Read more]
Alberta to ease oil production cuts by 75,000 barrels per day
EDMONTON - Alberta Premier Rachel Notley says the province is easing mandatory oil production cuts as the value of oil increases. Last month, the province ordered production of raw crude oil and bitumen to be reduced by 325,000 barrels per day to deal with low prices. Notley says Alberta is allowing increased production in February and March by 75,000 barrels per day. Notley says the December decision has helped draw storage levels of oil down. The premier says Alberta is not out of [Read more]
Husky resumes oil production off Newfoundland following November spill
ST. JOHN'S, N.L. - Husky is resuming oil production work off Newfoundland, two months after operations were suspended following a spill of about 250,000 litres. The Canada-Newfoundland Offshore Petroleum Board gave Husky's plan to plug the failed flowline connector its seal of approval this week, along with several conditions. Production began to restart on Wednesday at a section of the White Rose oil field separate from the area where the spill originated in November. Key operations [Read more]