Birchcliff Energy CEO Jeffrey Tonken spoke with BNN to discuss the ramifications of the increasing levels of taxation towards the energy industry from both the federal and provincial governments. Mr. Tonken compared the difference on the regulatory environment in Canada vs. the United States and how much more welcoming the US government is towards such a vital industry. WATCH: CEO Jeffrey Tonken on consequences of AB NDP Govt & Trudeau Liberals kicking our energy sector while it's down [Read more]
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Cenovus facing tough market for critical asset sales
Cenovus Energy Inc's efforts to sell C$5 billion ($3.8 billion) of energy assets, already facing a rocky road because weak oil prices are depressing the appetite for deals, has become complicated by the surprise departure of its chief executive officer, fund managers said. Brian Ferguson's announcement on Tuesday that he will step down as CEO in October is the latest sign of tumult within Canada's oil sands industry, which has seen international oil majors dump $22.5 billion in assets this [Read more]
Oil headed for weakest first-half performance in two decades
Oil was mostly flat on Wednesday, after paring earlier losses, but was set for its biggest price drop in the first half of the year since 1997, a sign that investors are discounting evidence that major producers are sticking to a deal to cut output. August Brent crude futures LCOc1 were up 8 cents at $46.10 a barrel by 1258 GMT, having fallen earlier to seven-month lows at $45.53. U.S. crude futures CLc1 were up 14 cents at $43.65, having hit their lowest since September on Tuesday. So [Read more]
Oilsands through the hourglass: Defining moments that shaped an economic juggernaut
The Canadian oilsands industry is beset with environmental concerns and low crude prices. Nonetheless, production is expected to grow. The Canadian Association of Petroleum Producers estimates that oilsands output will reach 3.7 million barrels per day in 2030 from 2.4 million bpd last year. Some key dates in the history of the oilsands: 1719: A Cree man named Wa-Pa-Su presents an oilsands sample for trade at the Hudson's Bay Company to Henry Kelsey, who was the first recorded [Read more]
Oilsands pioneers recall big promise, big problems with industry’s first mine
FORT MCMURRAY, Alta. - The launch of Canada's first large-scale oilsands mine began on a cold and overcast September day in 1967, with speeches to a crowd of about 600 VIPs predicting incredible wealth would be unlocked from the massive energy resource in northern Alberta. But veteran employees of the Great Canadian Oil Sands project say that early promise was soon met with harsh challenges, including emergency shutdowns, labour strife, cold weather and biting insects. George [Read more]
Cardinal Energy Ltd. Closes $170 Million Bought Deal Financing
CALGARY, ALBERTA--(Marketwired - June 21, 2017) - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX:CJ) is pleased to announce that it has completed its previously announced bought deal financing of 30,910,000 subscription receipts (the "Subscription Receipts") at a price of $5.50 per Subscription Receipt for gross proceeds of approximately $170 million (the "Offering") through a syndicate of underwriters led by RBC Capital Markets, and including CIBC Capital Markets, GMP FirstEnergy, [Read more]
Point Loma Resources Announces the Closing of Second Tranche Investment with Evenergy Company Limited and the Appointment of a New Director
CALGARY, AB--(Marketwired - June 21, 2017) - Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or "Point Loma") is pleased to announce the second tranche investment with Evenergy Company Limited ("Evenergy") to acquire 4,630,122 common shares of Point Loma for $2,222,459 representing a purchase price of $0.48 per share (the "Investment") has now been completed. In total, Evenergy has now invested $4,020,000 in exchange for 8,375,000 common shares of Point Loma. Highlights [Read more]
Spartan Energy Corp. Announces Results of Election of Directors and Details of Common Share Consolidation
CALGARY, ALBERTA--(Marketwired - June 20, 2017) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) announces that at its annual general and special meeting (the "Meeting") of the holders ("Shareholders") of common shares ("Common Shares") of the Company held on June 20, 2017 the five nominees were elected as directors of the Company to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed. The vote was passed by way of [Read more]
Journey Energy Inc. Reports Board of Director Changes
CALGARY, June 20, 2017 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") is pleased to announce that Glenn A. Hamilton has been appointed to the Board of Directors as of today. Mr. Hamilton recently retired from Bonavista Energy Corporation where he held the positions of Senior Vice President and Chief Financial Officer. Mr. Hamilton has over 35 years of experience in accounting and finance in the oil and gas industry. He is a Chartered Professional Accountant and with [Read more]
Study finds Canadian oil and gas spending at risk under stricter emissions limit
CALGARY - A study by financial think-tank Carbon Tracker says Canadian oil and gas companies rank among some of the most exposed to climate policy risk. The report is part of an effort to increase disclosure on climate risks in the industry by looking at what projects and spending among 68 publicly listed companies might be jeopardized by a crackdown on emissions. "We've had a sort of ongoing discussion with investors, and there's a growing desire to understand who the winners [Read more]