CALGARY, ALBERTA--(Marketwired - Sept. 1, 2016) - Zargon Oil & Gas Ltd. (the "Company" or "Zargon") (TSX:ZAR)(TSX:ZAR.DB) announces the closing of the sale of all of its Southeast Saskatchewan assets for cash consideration of $89.5 million. The effective date of the transaction is July 1, 2016. The proceeds of this transaction have initially been used to eliminate Zargon's bank debt. As outlined below, Zargon's net debt (including debentures) will be approximately $35.5 million following [Read more]
Headlines
Alberta August 31 Landsale Best of the Year at $16.56 Million
The August 31st Alberta land sale brought in $16.56 million, which is enough to make this the highest earning sale for 2016. This just edged out the previous high sale which was $16.1 million on June 22. There were a total of 64 parcels with acceptable lease bids for this sale and the cumulative total for all 2016 land sales now stands at $110.7 million. The chart below illustrates the trend of the Alberta land sale results for all of 2016 and also shows the running total for the [Read more]
TORC Oil & Gas Announces Closing of Strategic Acquisition in Southeast Saskatchewan
CALGARY, September 1, 2016 /CNW/ - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX:TOG) is pleased to announce the closing of the previously announced complementary asset acquisition in southeast Saskatchewan. The strategic acquisition includes 1,120 boepd (~95% light oil and liquids) of low decline, high netback, light oil producing assets. In conjunction with the acquisition, TORC completed an $86 million bought deal public offering and a $25 million private placement with its [Read more]
Saudis Are Sick Of Cheap Oil, Losing Billions Of Dollars
Saudi Arabia is facing internal pressure to cut oil production to boost prices after two years of a crude price war they started. “The Saudis are going to Algeria for a freeze,” a source within OPEC told Reuters. “More and more ministers are now talking among themselves to evaluate their production position.” The Kingdom embarked on a policy of increasing production in 2014 to keep oil prices low and push out high-cost producers, like Venezuela and Nigeria. The Saudis also likely refused to cut [Read more]
Quebec MP running for Tory leadership says he’ll push for pipeline projects
SASKATOON - One of the candidates vying for the leadership of the federal Conservative Party says he opposes a federal carbon tax. Quebec MP Maxime Bernier was in Saskatoon on Wednesday and also says he will push to have pipeline projects go ahead so western oil to the coasts for sale overseas. Bernier also says balancing the budget should be Canada's priority, not spending more and piling on debt. He also says he would push for a smaller government to give more freedom [Read more]
Sunshine Oilsands Ltd.: Inside Information Extension of Forbearance With Noteholders
HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - Sept. 1, 2016) - The Board of Directors (the "Board") of Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine") (HKEX:2012) is pleased to announce the following: EXTENSION OF FORBEARANCE WITH NOTEHOLDERS Reference is made to the announcements of the Corporation dated August 5, 2014, August 8, 2014 and February 5, 2016 (all Hong Kong time) in relation to, among other things, the offering of US$200 million principal amount of senior [Read more]
Stubbs: Energy East decision must be guided by facts, not protests
TWO HILLS, AB – Today, Shannon Stubbs, Member of Parliament for Lakeland and Official Opposition Deputy Critic for Natural Resources urged the federal Liberal government to ensure that regulatory decisions are made by experts and based on evidence and facts. On Monday, August 29, National Energy Board hearings on the proposed Energy East pipeline were scheduled to begin in Montreal as part of their extended 21-month review process. Unfortunately, unruly protests canceled the first two days of [Read more]
If Alberta’s NDP are so concerned about the environment, where are they on the abandoned well issue?
It has been a shocking surprise to me. In Alberta, our environmentally obsessed and economically negligent NDP government; the same one imposing a carbon tax too high for business to be globally competitive and too low to have an impact on consumer behaviour; the same one willing to cost Alberta billions of dollars through an oil sands emission cap, which will fail to meaningfully impact CO2 output; has been virtually silent on Alberta's most pressing environmental concern: Abandoned oil [Read more]
Why Wall Street Is Throwing Billions At The Permian
The collapse of oil prices has ground shale drilling to a halt, but the one region where drilling is still active, and even increasing, is in West Texas. The Permian Basin is one of the last profitable areas to still drill with sub-$50 oil, and as other regions fall by the wayside, an increasing portion of drilling activity and spare investment dollars are flowing into the Permian. The rebound in the rig count in the U.S. is largely concentrated in the Permian. The West Texas shale basin has [Read more]
Companies turn to software to help weather low-price environment
Calgary, AB, Canada, August 30, 2016 – As the lower for longer sentiment has grown, so has the number of demo requests and software inquiries received daily by Calgary-headquartered oil and gas software maker, Energy Navigator. The drivers behind the inquiries are varied, but there is a common concern: oil and gas companies are operating with fewer people in an effort to contain operating costs. Key individuals and significant knowledge resources are gone, but the work still needs to be [Read more]