EDMONTON - Alberta Finance Minister Doug Horner says the province will remain in the hole for the 6th straight year despite higher oil and gas revenues and a lower Canadian dollar. Horner says the province has borrowed $2.7 billion to pay for infrastructure. The rainy day savings contingency account is projected to be at $4.6 billion. Horner is to deliver the new provincial budget March 6. He says he plans to hold spending in place given the volatility of oil and gas revenues. [Read more]
Archives for February 2014
How Junior Companies Survive in the Exploration Wild: Interview with Blackbird
Only the fittest can survive in today's market for junior oil and gas companies, which must demonstrate a great deal of ingenuity in the balancing of risk and reward. Nothing but the most exceptional oil and gas projects will win capital, and, in the words of one junior, this means “finding plays before they are exciting.” Being a junior in this market means being the best of the best, or being shut out entirely. The question is: Who is up to this make-or-break challenge, and who has the secret [Read more]
Palliser Oil & Gas Corporation Reports 2013 Year End Reserves, Operations Update, and Corporate Update
CALGARY, Feb. 25, 2014 /CNW/ - Palliser Oil & Gas Corporation ("Palliser" or the "Company") (TSXV: PXL) would like to provide information on its oil and gas reserves as of December 31, 2013 and an operations and corporate update. Highlights of Palliser's Year End 2013 Reserves are as follows: Generated one and four year average total proved plus probable finding, development and acquisition ("FD&A") costs of $24.90 and $22.45 respectively per boe including changes in future [Read more]
SilverWillow Energy Corporation announces an update to the estimate of Contingent Resources on the Audet Lands
CALGARY, Feb. 25, 2014 /CNW/ - SilverWillow Energy Corporation ("SilverWillow" or the "Corporation") is pleased to announce an update to its estimate of Contingent Resources and Discovered Bitumen Initially-In-Place following an independent evaluation of the bitumen resources attributable to its oil sands property, the Audet Lands, located approximately 110 km northeast of Fort McMurray, Alberta. Sproule Unconventional Limited ("Sproule") prepared the independent evaluation of the bitumen [Read more]
US federal emergency order requires tests of crude oil before shipment by train
WASHINGTON - Federal regulators issued an emergency order Tuesday requiring tests of crude oil before shipment by rail to determine how susceptible the cargo is to explosion or fire, a response to a string of train accidents since last summer involving oil from the Bakken region of North Dakota and Montana.The order also would place crude oil under the two most protective sets of hazardous materials shipping requirements, rather than allowing some shipments to be treated as less dangerous, the [Read more]
Connacher Reports Year-End 2013 Reserves
CALGARY, Feb. 25, 2014 /CNW/ - Connacher Oil and Gas Limited (TSX: CLL) ("Connacher" or the "Company") announces its year-end reserves as of December 31, 2013, as evaluated by GLJ Petroleum Consultants Ltd. ("GLJ"), independent qualified reserves evaluators. Proved producing reserves increased by 13 per cent to 22.5 million barrels with the inclusion of the recently drilled infill wells and well pairs at Pod One. Production in 2013 totaled 4.3 million barrels. Estimated proved ("1P") bitumen [Read more]
Petronas to sell 25% stake in Progress
Petronas has agreed to sell 25% stake in Progress Energy to a state-owned Indian Oil Corp and an Asian gas buyer. “I am pleased to announce that we have just finalized a further 25 per cent equity participation from an Indian party and an established Asian LNG buyer,” the Malaysian corporation's president and CEO Shamsul Azhar Abbas said at a conference in Singapore. According to reports, state-owned Indian Oil Corp will acquire a 10% stake for $1 billion, marking IOC's entry into [Read more]
Yangarra Announces Changes to the Board of Directors
CALGARY, Feb. 25, 2014 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSXV:YGR) announces the appointment of Neil Mackenzie and Ted Morton as independent members of the Board of Directors. Neil MacKenzie is an independent businessman, with more than forty-five years of oil and gas experience. Mr. MacKenzie is a director of various public companies, including Canyon Technical Services, and currently a partner in Blackstone Fluids, an oil and gas drilling fluids company. Mr. [Read more]
Crude below US$102 a barrel, natural gas falls 6%, on shifting weather forecasts
Oil and natural gas prices fell Tuesday as weather forecasts backed off previous predictions of unusually cold temperatures in March and April. Benchmark West Texas Intermediate crude for April delivery dropped 99 cents to close at US$101.83 a barrel on the New York Mercantile Exchange. Natural gas futures fell 35 cents, or 6.4 per cent, to US$5.10 per 1,000 cubic feet after having plunged 11 per cent Monday. Forecasters predict one of the coldest starts to March in history, but later next [Read more]
Energy East opponent says NEB’s TransCanada audit underscores concerns
CALGARY - A group fighting TransCanada Corp.'s proposed Energy East pipeline says a new National Energy Board safety audit underscores its concerns. The Council of Canadians says the problems flagged by the audit should have Canadians worried, considering TransCanada wants to build the country's biggest pipeline. Mark Calzavara, the council's Ontario regional organizer, says TransCanada is not a company that inspires confidence, given its track record. The NEB audit, released Monday, [Read more]
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