Q1 earnings season and release of government data by AER (PG. 18) shows that two different Canadian oil and gas industries are emerging from the downturn. The first consists of small-to-mid-sized companies that have staked their future on short-cycle projects that focus on conventional plays, tight formations and shale. Companies like Raging River (PG. 5), Bellatrix (PG. 9), Painted Pony (PG. 2), TORC (PG. 6), Whitecap (PG. 11) and Blackbird (PG. 7) are using......
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