Crescent Point Energy (ticker: CPG) is expanding its presence in Alberta as the result of a stock for stock merger. On July 2, 2015, the Calgary-based exploration and production company announced the purchase of Coral Hill Energy Ltd. for C$258 million (approximately US$204 million), including the assumption of C$132 million in net debt (approximately US$104 million). CPG was engaged with
In an effort to strengthen its balance sheet, Cenovus (ticker: CVE) has sold its royalty unit to Ontario Teachers’ Pension Plan (Teachers’) for gross cash proceeds of approximately $3.3 billion. The unit, named Heritage Royalty Limited Partnership (HRP), is a wholly owned subsidiary consisting of 4.8 million gross acres of royalties and mineral fee titles in Alberta, Manitoba and Saskatchewan.
Oil sands remain the primary driver of Canadian production The Canadian Association of Petroleum Producers (CAPP) released its annual Crude Oil Forecast, Markets and Transportation report for 2015, projecting Canadian crude oil production to grow 43% to 5.3 MMBOPD by 2030. CAPP expects most of this increased production to come from the Canadian oil sands. According to the 2015 report,
WCS/WTI Spread Lowest since 2009 Canada’s oil production for May 2015 is believed to have dropped below the 4 MMBOPD mark for the first time in nearly two years, according to an estimate from Barclays. Maintenance season contributes to an expected decrease in volumes, but the unexpected element of scores of wildfires forced operators and residents to evacuate regions of
Enhanced oil recovery (EOR) is being mentioned with more and more emphasis in the margin-tightened oil price environment, and Husky Energy (ticker: HSE) is employing methods to generate more from its oil sands projects in western Canada. The Calgary-based company placed online its Rush Lake thermal project this week – nearly two months ahead of schedule. The use of thermal
An OAG360® Exclusive: Interview with Gary Herbert, Governor of Utah Listen to the interview. Today, Utah has one of the lowest levels of unemployment in the United States, second only to North Dakota. The impressive levels of job growth the state has seen in the last few years have come under the leadership of Governor Gary Herbert. Governor Herbert first
NDP’s historic win puts an end to four decades of PC majority in Alberta, uncertainty spooks energy stocks The New Democrat Party (NDP) will take control in Alberta, raising concerns in the local energy sector about the future business environment. The NDP majority government’s surprise win in yesterday’s election puts an end to 44 years of Progressive Conservative (PC) majority
Select Sands Announces Issue of Mining Quarry Permit, Arkansas, USA Select Sands Corp. (TSX VENTURE:SNS) (the “Company”) is pleased to announce receipt of an unconditional Authorization to Quarry in respect to its quarry site (referred to as the Sandtown property) located in Independence County, Arkansas. The Authorization to Quarry, which is dated May 1, 2015, was issued by the Arkansas
Taking a Closer Look at American Sands Energy’s Utah Oil Sands Project Since the shale revolution ramped up, much of U.S. oil production has been light, sweet crude, which presents interesting challenges for operators sending their product to a refinery system that’s been set up to handle heavier crude oil. Much of the heavy crude refined in the U.S. is
Canadian Oil Sands Announces First Quarter Results and Progress on Cost Savings at Syncrude All financial figures are unaudited and in Canadian dollars unless otherwise noted. Canadian Oil Sands Limited (“COS”) reported strong operating performance at Syncrude for the first quarter of 2015, with cost reduction initiatives and stable production mitigating the impact of lower oil prices. COS’ cash flow
Utah oilsands producer American Sands has received DEQ approval American Sands Energy (ticker: AMSE) announced today that it has reached another milestone on the road to starting production at its Sunnyside oilsands project. The Department of Environmental Quality (DEQ) published Ground Water Discharge Permits and its associated Construction Permit for the project, according to a company press release. “Obtaining the
New projections for Alberta look dim, but are a normal part of the cycle ATB Financial, the largest Alberta-based financial institution, released its quarterly projections for the province, with a somewhat pessimistic outlook. The Alberta Economic Outlook predicts a continued slide in consumer and business optimism. This combined with low oil prices is expected to have negative impacts on the
