Atikwa Resources Inc. ss previously announced in September 2012, the board of directors of Atikwa retained CB Securities to assist the Company in identifying and evaluating a number of strategic alternatives available to the Company to enhance shareholder value. As previously reported in December 2012, the Company has received a number of proposals and non-binding indications of interest, from which they have selected the most attractive options to pursue. In light of recent trading activity [Read more]
Headlines
SIX BILLION DOLLARS SHORT: Redford Points to Low Alberta Energy Prices for Massive Budget Shortfall
EDMONTON - Alberta Premier Alison Redford, in her first TV address, warned Thursday of tough fiscal times and multibillion-dollar revenue shortfalls due to the "bitumen bubble." She said the bubble — the difference between the benchmark price for oil in North America versus Alberta's oilsands bitumen — has grown so wide it will take a $1-billion bite out of this year's budget and $6 billion the next. "As we prepare this year's budget, it means we have to make some very difficult choices," [Read more]
Cenovus CEO: pipeline squeeze means Canadians ‘subsidize’ U.S. energy consumers
The CEO of oilsands company Cenovus says each Canadian is subsidizing U.S. energy consumers to the tune of $1,200 annually through cheap Alberta crude. Brian Ferguson told a CIBC investor conference says a lack of pipeline capacity is a major issue not just for the industry, but for Canadians. A report by CIBC last year said Canada's oil industry was missing out on $18 billion a year because of the steep double discount its crude it gets in relation to both U.S. and global [Read more]
Equal Energy Files Suit against Nawar Alsaadi and Adam Goldstein; Cites Repeated and Flagrant Violations of Securities Laws
Equal Energy Ltd. has today initiated legal proceedings against Mr. Nawar Alsaadi and Dr. Adam Goldstein on the grounds of their repeated and flagrant violation of disclosure requirements under US securities laws. Equal's filing with the United States District Court, Southern District of New York, alleges that Mr. Alsaadi and Dr. Goldstein have ignored since as early as February 2012 disclosure requirements under Sections 13(d) and 14(a) of the US Securities Exchange Act of 1934 and the rules [Read more]
MEG Energy to release fourth quarter financial results
MEG Energy Corp. ("MEG") announces that it intends to release its financial results for the fourth quarter ended December 31, 2012 on Thursday, January 31, 2013. A conference call will be held to review the financial results at 7:30 a.m. Mountain Time (9:30 a.m. Eastern Time) on Thursday, January 31, 2013. The U.S./Canada toll-free conference call number is 1 888-231-8191. The international/local conference call number is 647-427-7450. A recording of the call will be available from 10:30 a.m. [Read more]
Oil prices rise to near $96 per barrel on China manufacturing and US jobless claims data
The price of oil rose Thursday on positive economic news from the U.S. and China. Benchmark oil gained 72 cents to $95.95 a barrel on the New York Mercantile Exchange in morning trading. There are signs that oil demand is picking up in China. HSBC's monthly purchasing managers' index, which gauges manufacturing activity in China, rose for the fifth consecutive month in January to 51.9 from December's 51.5. Readings above 50 indicate expansion. More manufacturing means more energy [Read more]
Gas Storage Continues to Fall with a Modest Withdrawal of 172 BCF
January 11: 3,168 Bcf January 18: 2,996 Bcf Change: -172 Bcf [table] [attr style="width: 25%"]`[attr style="width: 25%"]January 18`[attr style="width: 25%"]January 11`[attr style="width: 25%"]Change East`1,520`1,600`-80 West`416`455`-39 Producing`1,060`1,113`-53 Total`2,996`3,168`-172 [/table] Source: EIA [Read more]
Alberta Average Price Per Hectare Remains Low as ‘Buyers Market’ Continues
[table] [attr style="width: 25%"]`[attr style="width: 25%"]Plains/HA`[attr style="width: 25%"]Northern/HA`[attr style="width: 25%"]Foothills/HA January 9, 2013` $229.35` $302.44`$407.20 January 23, 2013` $261.49` $296.40`$379.30 Change`+$32.14`-$6.04`-$27.90 [/table] Source: Alberta Energy [Read more]
Crocotta Energy Increases Bank Credit Facility
Crocotta Energy Inc. is pleased to announce that it has increased its revolving bank credit facility by 40% to $140 million from $100 million. [Read more]
Crude oil prices drops 1.5% on pipeline problems, IMF caution on economy
The price of crude fell by the biggest amount of the year on Wednesday on reports that the amount of oil moving through a key pipeline to the Gulf Coast had been cut in half. Benchmark West Texas Intermediate crude dropped $1.45, or 1.5 per cent, to finish at US$95.23 per barrel in trading on the New York Mercantile Exchange, the first decline of more than one per cent since Dec. 21. Even before the price sank in the afternoon, traders were questioning whether recent gains in oil [Read more]