CALGARY, July 4, 2017 /CNW/ - (TSX:PMT) - Perpetual Energy Inc. ("Perpetual" or the "Company") is pleased to announce that the Company has entered into a new reserve-based credit facility agreement which increases the borrowing capacity available by 100% to $40 million from the previous $20 million. The increase is a result of Perpetual's improved funds flow performance driven by high graded operations and strong drilling results in the Company's East Edson focus area, coupled with financing [Read more]
Headlines
Eagle’s 2017 Annual Meeting Result Challenged by Unsuccessful Dissidents
CALGARY, ALBERTA--(Marketwired - July 4, 2017) - Eagle Energy Inc. (TSX:EGL) announced that dissident shareholders Kingsway Financial Services Inc. and Daniel Gundersen have commenced legal action against Eagle. The dissidents allege that Eagle's 2017 annual meeting on June 27 was improperly conducted. Eagle believes that the dissidents' allegations are completely without merit. The meeting was conducted in an impartial manner that was lawful, proper and fair to Eagle shareholders, despite [Read more]
East Shale Basin Tactical Insights
The East Shale Basin is HOT! More than half of the June 21st Alberta land sale bonus was paid for East Shale Basin acreage. Recent drilling activity, improving results and skyrocketing land prices of up to $5,000/ha are focussing attention on this emerging light oil play. With a number of important land sales and disposition packages on the horizon, parties interested in evaluating these opportunities will want to get up the learning curve fast. Canadian Discovery is leveraging its [Read more]
Indian Oil plans to buy N. American sour crude for the first time
India's top refiner has issued its first tender to buy high-sulphur, or sour, crude from North America as it seeks to diversify imports, three trading sources said on Tuesday. The purchase comes after Indian Prime Minister Narendra Modi's visit to the United States last week when President Donald Trump said the U.S looked forward to exporting more energy products to the world's third-biggest oil buyer. It is part of Trump's policy to assert power globally by boosting natural gas, coal and [Read more]
Canadian National Railway says oil spills after train derails in U.S.
Canadian National Railway Co said about 20,000 gallons of oil was released following a freight train derailment at Plainfield, the U.S. state of Illinois on Friday, according to a filing with state pollution regulators. The cause of the derailment was unknown, a filing with the Illinois Emergency Management Agency said on Saturday. Local media reports estimated the spill to be 45,000 gallons. The incident occurred when 20 cars of a Canadian National Railway Co freight train, carrying [Read more]
Butte Energy Inc. Announces Asset Disposal
CALGARY, Alberta, July 02, 2017 (GLOBE NEWSWIRE) -- Butte Energy Inc. (the “Corporation”) (TSXV:BEN.H) announces it has entered into an agreement regarding the sale of its Chigwell properties to RKSmith Energy Corp. for $35,000 (the “Transaction”). The Transaction, if completed, will constitute the final disposition of all the Corporation’s remaining assets and no finders fees will be paid in respect of the Transaction. The closing of the Transaction is contingent upon customary closing [Read more]
Canada Weekly Rig Count Up 19 to 189
Western Canada’s fleet of drilling rigs have risen again this week to 189 actively drilling rigs according to data collected by Baker Hughes for the week of June 30. Drilling activity has increased the last month, and is still very active in comparison to last year’s count. From one week ago, Alberta rig counts rose from 94 to 115, Saskatchewan rig counts decreased for the first time after six consecutive weeks of gains – current count at 46 which is down from 48 last week. Oil drilling [Read more]
AER Issues Order to Journey Energy Inc. Following Two Crude Oil Emulsion Spills
CALGARY, Alberta, June 30, 2017 (GLOBE NEWSWIRE) -- The Alberta Energy Regulator (AER) has issued an order to Journey Energy Inc. (Journey) in response to two releases of an unknown amount of crude oil emulsion near Winfield, Alberta that was originally reported to the AER on June 28, 2017. The order directs the company to: immediately suspend operations, contain the release and prevent it from spreading; identify anyone who may be affected by the release and make sure they are [Read more]
Canbriam Energy Announces C$100 Million Private Equity Investment
CALGARY, June 30, 2017 /CNW/ - Canbriam Energy ("Canbriam") has completed a US$74 million (approximately C$100 million) investment from its existing private equity sponsors which include Warburg Pincus, ARC Financial, Ontario Teachers' Pension Plan, BlackRock and State Street (formerly GE Capital). The investment was funded on a pro rata basis with existing private equity shareholders and management. "This planned equity investment will help fund the infrastructure additions required for [Read more]
Trudeau, Notley welcome B.C.’s Horgan despite Trans Mountain pipeline rift
VICTORIA - British Columbia premier-designate John Horgan said he spoke with Prime Minister Justin Trudeau on Friday about the softwood trade dispute with the United States and he is planning meetings in Ottawa and Washington, D.C. Horgan, who will head a minority NDP government, said he expected the meeting with Trudeau will happen before the recall of B.C.'s legislature, now expected shortly after Labour Day. "We talked about housing," he said. "We talked about transit. We [Read more]