CALGARY, ALBERTA--(Marketwired - June 24, 2014) -Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG)(NYSE:CPG) is pleased to announce that it has closed a private placement of long-term debt in the form of senior guaranteed notes to a group of institutional investors. The notes issued pursuant to the private placement are unsecured and rank equally with Crescent Point's obligations under its bank facilities. In total, US$310 million and CDN$40 million was raised through [Read more]
Archives for June 2014
Imperial successfully completes Cold Lake turnaround
Project completed on budget, on schedule and with no lost-time safety incidents CALGARY, June 24, 2014 /CNW/ - Imperial Oil Limited today announced the completion of a major maintenance turnaround at its Cold Lake Mahihkan facilities. "We would like to wholeheartedly congratulate and thank our contractors and employees for completing this major turnaround without a lost-time safety incident," said Zaidah Ibrahim, Imperial Production Manager. Ibrahim added that special recognition goes [Read more]
Pengrowth Announces Doubling of Value of 2P Reserves at Lindbergh from $1.0 Billion to $2.2 Billion
CALGARY, ALBERTA--(Marketwired - June 24, 2014) - Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) today announced that GLJ Petroleum Consultants Ltd. (GLJ) has provided an update of bitumen reserves and contingent resources for its Lindbergh project. GLJ has attributed 101.0 MMbbl of 1P reserves and 229.7 MMbbl of 2P reserves to the Lindbergh project. The additional proved reserves at Lindbergh represent an increase of 24 percent from December 31, 2013, while 2P reserves increased by 61 [Read more]
Crude oil price steady as investors monitor impact of Iraqi insurgency
The price of oil was steady Tuesday as investors monitored the insurgency in Iraq for any signs it could affect its oil production and exports. Islamic militants have been steadily expanding their grip on the country's north, where they control a broad swath of territory. But the bulk of the country's production and export operations are in the south, which have so far been spared in this month's advance by the al-Qaeda-inspired group. Iraq's daily oil production hit 3.5 million barrels [Read more]
Economists see more good than bad for Canada’s economy as oil prices rise
CALGARY - Economists see more good than bad for Canada's economy as recent tensions in Iraq drive up global crude oil prices. Scotiabank commodity market specialist Patricia Mohr says the increase has a "two-pronged impact," but the benefits should outweigh the drawbacks. "Of course on the positive side, it really bolsters earnings for Western Canada's oil industry, but also the oil industry in Newfoundland and Labrador," she said. That, in turn, brings more tax and royalty revenues to [Read more]
Pipeline protest targets B.C. Tory MPs
NORTH VANCOUVER, B.C. - A group calling itself "Settlers on Stolen Land" padlocked the doors on the constituency offices of two British Columbia Conservative MPs to protest the federal government's approval of the Northern Gateway pipeline.Notices posted at the entries to the offices of Andrew Saxton in Port Moody and James Moore in North Vancouver blame them for allowing the project.The group says the decision fails to respect the sovereignty of indigenous communities.Heavy chains were wrapped [Read more]
Octagon 88 Resources Announces Confirmation Of First Horizontal Production Well Drill License
ZUG, Switzerland--(BUSINESS WIRE)--Octagon 88 Resources Inc., (OTCBB:OCTX) or “the Company” is pleased to announce that the Manning project’s operator has confirmed it has received the license to drill the first horizontal production well (W 7-10-91-22W5), one of a series of horizontal wells on the Bluesky Gething formation as previously advised. Lease preparation on site has been concluded, based on rig availability the operator is now targeting to spud the well on July 15, 2014. This well [Read more]
Altima Testing Chambers 5-35-41-11 W5M Well and Completing Pipeline and Production Facility
CALGARY, ALBERTA--(Marketwired - June 24, 2014) - Altima Resources Ltd. (TSX VENTURE:ARH)(FRANKFURT:AKC)(PINKSHEETS:ARSLF) announces that the Altima Chambers 5-35-41-11 W5M well (5-35 well) completed fracture stimulation operations on June 19, 2014. Three separate fracture stimulations treatments were conducted on five formations, and all flowed back gas and liquids. Operations are continuing to mill out plugs and commingle all zones, run production tubing, and perform a flow and build up test [Read more]
Oil drops as fear fades over insurgency’s impact on Iraq’s oilfields
The price of oil fell Tuesday as fears receded that the insurgency roiling Iraq would affect its oil production and exports. Islamic militants have been steadily expanding their grip on the country's north, where they control a broad swath of territory. But the bulk of the country's production and export operations are in the south, which have so far been spared in this month's advance by the al-Qaeda inspired group. Iraq's daily oil production hit 3.5 million barrels this year, up from [Read more]
Qingdao Sinoenergy backs Alberta company’s pitch for liquefied natural gas plant
EDMONTON - A Chinese firm is behind a new Alberta joint-venture company that wants to build a liquefied natural gas plant in the province. Gascana AB Energy Ltd. was recently established by the Qingdao Sinoenergy Corporation of China and Calgary based-Petrox Resources. Petrox said the goal is to build a plant that could produce close to 3,000 tonnes of LNG per day for export. The Edmonton Economic Development Corp. is working with Gascana on the proposal and said the project could [Read more]
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