HALIFAX - There are no bidders for the latest four deepwater parcels put on the auction block by the Canada-Nova Scotia Offshore Petroleum Board.The sites on the eastern Scotian Slope of the province's offshore were put up for auction by the regulator on May 5.Bidding closed at the end of last month.BP and Shell (TSX:SHC) are continuing to work on their offshore exploration of deepwater properties.In May, the province announced it would spend $12 million over four years to fund research to [Read more]
Headlines
Saudi move to discount oil signals trouble for OPEC, could mean period of low fuel prices
VIENNA - Saudi Arabia showed little concern for fellow OPEC members by unilaterally cutting its oil prices to the U.S. this week, a move that casts doubts on the cartel's credibility and its ability to find a common plan to stabilize the slumping energy market.And while OPEC struggles to find consensus, oil prices risk remaining low — or falling further — to the benefit of consumers and businesses in the U.S. and worldwide.OPEC is already riven by differences among its members on what the ideal [Read more]
Exall Energy Corporation provides refinancing update
CALGARY, Nov. 5, 2014 /CNW/ - Exall Energy Corporation ("Exall" or the "Company") (TSX:EE and TSX:EE.DB) announced today that in order to complete the previously announced refinancing (see October 6, 2014 press release), it has entered into a forbearance agreement ("Forbearance Agreement") with its current senior Canadian lender. The Forbearance Agreement allows for a monitor to report on, amongst other information, the progress relating to the refinancing under a monitoring agreement [Read more]
Seven Generations Completes $931.5 Million Initial Public Offering
CALGARY, Nov. 5, 2014 /CNW/ - Seven Generations Energy Ltd. (TSX:VII) (the "Company" or "7G") is pleased to announce that it has completed its previously announced initial public offering (the "Offering") of 51.75 million common shares (including 6.75 million common shares issued pursuant to the previously announced exercise in full of the over-allotment option) at $18 per common share for aggregate gross proceeds to 7G of $931.5 million. The underwriting syndicate was co-led by RBC Capital [Read more]
Ikkuma Resources Corp. Announces Closing of Previously Announced Acquisition of Additional Assets in the Alberta Foothills and Guidance and Operations Update
CALGARY, Nov. 4, 2014 /CNW/ - Ikkuma Resources Corp. ("Ikkuma" or the "Corporation") is pleased to announce that it has now closed the previously announced acquisition of certain petroleum and natural gas assets located in several areas of the Western Canadian foothills, including the Brown Creek, Stolberg, Deanne, Burnt Timber, Moose, Jumping Pound, and Ricinus areas in Alberta (collectively, the "Assets"). The purchase price was $23.2 MM, which is subject to adjustments. Current production [Read more]
Penn West Announces its Financial Results for the Third Quarter Ended September 30, 2014 and Preliminary 2015 Outlook
CALGARY, Nov. 5, 2014 /CNW/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("Penn West", the "Company", "we", "us" or "our") is pleased to announce its financial results for the third quarter ended September 30, 2014. All figures are in Canadian dollars unless otherwise stated. Certain comparative figures for the three and nine month periods ended September 30, 2013 are as restated. Three months ended September 30 Nine months ended September [Read more]
Even Canadian oil could be affected: A look at wide-ranging U.S. midterm results
WASHINGTON - It didn't take the Canadian government long to note the far-reaching policy implications of the Republican wave in Tuesday's midterm U.S. elections.It swept the party to power in both chambers of Congress. And it carried into state races, where Republicans were flirting with an 82-year-old party record for most governorships. And it left President Barack Obama wobbling with the unwanted distinction of most seats lost throughout a presidency since the Second World War.But, as Jason [Read more]
Baytex Announces Receipt of Proposal Letter from the Canada Revenue Agency
CALGARY, ALBERTA--(Marketwired - Nov. 4, 2014) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) announces that certain of its indirect subsidiaries have received a letter (the "Proposal Letter") from the Canada Revenue Agency (the "CRA") advising that, subject to submissions by Baytex, the CRA is proposing to reassess those subsidiaries to deny non-capital loss deductions relevant to the calculation of income taxes for the years 2011 through 2013. In 2010, Baytex acquired several private [Read more]
Whitecap Resources Inc. announces 2014 third quarter results and 2015 budget
CALGARY, Nov. 4, 2014 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that we have filed on SEDAR our unaudited interim financial statements and related Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2014. Selected financial and operational information is outlined below and should be read in conjunction with Whitecap's unaudited interim financial statements and related MD&A which are [Read more]
Arsenal Energy Inc. Announces 2014 Third Quarter Results and Declares Quarterly Dividend
CALGARY, ALBERTA--(Marketwired - Nov. 4, 2014) - Arsenal Energy Inc. ("Arsenal") (TSX:AEI)(PINKSHEETS:AEYIF) is pleased to release its 2014 Q3 financial and operational results. Cash flow for the third quarter was $15.0 million or $0.89 per common share, a 28% increase from 2013 Q3. The Board of Directors has declared a quarterly dividend of $0.07 per common share. The dividend is payable on November 28, 2014 (in cash or, if a shareholder has enrolled in Arsenal's Dividend Reinvestment Plan, [Read more]