The East Shale Basin is HOT! More than half of the June 21st Alberta land sale bonus was paid for East Shale Basin acreage. Recent drilling activity, improving results and skyrocketing land prices of up to $5,000/ha are focussing attention on this emerging light oil play. With a number of important land sales and disposition packages on the horizon, parties interested in evaluating these opportunities will want to get up the learning curve fast. Canadian Discovery is leveraging its [Read more]
Archives for July 2017
Indian Oil plans to buy N. American sour crude for the first time
India's top refiner has issued its first tender to buy high-sulphur, or sour, crude from North America as it seeks to diversify imports, three trading sources said on Tuesday. The purchase comes after Indian Prime Minister Narendra Modi's visit to the United States last week when President Donald Trump said the U.S looked forward to exporting more energy products to the world's third-biggest oil buyer. It is part of Trump's policy to assert power globally by boosting natural gas, coal and [Read more]
Canadian National Railway says oil spills after train derails in U.S.
Canadian National Railway Co said about 20,000 gallons of oil was released following a freight train derailment at Plainfield, the U.S. state of Illinois on Friday, according to a filing with state pollution regulators. The cause of the derailment was unknown, a filing with the Illinois Emergency Management Agency said on Saturday. Local media reports estimated the spill to be 45,000 gallons. The incident occurred when 20 cars of a Canadian National Railway Co freight train, carrying [Read more]
Sunshine Oilsands Ltd.: Delay in Despatch of Circular
CALGARY, ALBERTA and HONG KONG, CHINA--(Marketwired - July 4, 2017) - Reference was made to the announcement issued by Sunshine Oilsands Ltd. (HKSE:2012) dated June 5, 2017 (the "Announcement") in relation to, among other matters, the Subscription Agreement entered into between the Corporation and the Subscriber on June 5, 2017 pursuant to which the Subscriber has conditionally agreed to subscribe, and the Corporation has conditionally agreed to allot and issue, an aggregate of 455,074,788 [Read more]
Oil prices dip ahead of U.S. holiday after 8 days of gains
Oil prices retreated in early Asian trade on Tuesday, halting a run of eight straight days of gains on signs that a relentless rise in U.S. crude production was running out of steam. Brent crude futures were at $49.43 per barrel at 0147 GMT, down 25 cents, or 0.5 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were trading down 22 cents, or 0.5 percent, at $46.85 a barrel. The falls came after both benchmarks recovered around 12 percent from their recent [Read more]
GE Announces Completion of GE Oil & Gas and Baker Hughes Merger
BOSTON--(BUSINESS WIRE)--GE (NYSE:GE) announced today the completion of the previously announced combination of GE’s oil and gas business with Baker Hughes. Baker Hughes, a GE company (NYSE:BHGE) is the first and only company to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development. BHGE provides differentiated services for customers by combining digital solutions and [Read more]
American Energy Investor Sues Polish State-Controlled Energy Giant Tauron for $325 Million in Losses for Unlawful Termination of Long-Term Agreements
WARSAW, Poland, July 3, 2017 /PRNewswire/ -- Invenergy, a globally recognized American energy company, announced today that it has, through affiliated companies, filed a series of lawsuits against Tauron Polska Energia S.A. ("Tauron"), one of four major energy companies in Poland. Total damages of over PLN 1.2 billion (approximately $325 million) claimed in these four suits make this one of the largest recent commercial legal actions in the Polish courts. These [Read more]
Oil prices rise on first drop in U.S. drilling in months
Oil markets edged up on Monday, lifted by the first fall in U.S. drilling activity in months, although price gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply. Brent crude futures had climbed 13 cents, or 0.3 percent, to $48.90 per barrel by 0643 GMT, after jumping 5.2 percent last week in their first weekly gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.4 percent, to $46.21 per barrel, adding [Read more]
Butte Energy Inc. Announces Asset Disposal
CALGARY, Alberta, July 02, 2017 (GLOBE NEWSWIRE) -- Butte Energy Inc. (the “Corporation”) (TSXV:BEN.H) announces it has entered into an agreement regarding the sale of its Chigwell properties to RKSmith Energy Corp. for $35,000 (the “Transaction”). The Transaction, if completed, will constitute the final disposition of all the Corporation’s remaining assets and no finders fees will be paid in respect of the Transaction. The closing of the Transaction is contingent upon customary closing [Read more]
Oil prices edge up on first drop in U.S. drilling in months
Oil prices edged up on Monday, supported by the first fall in U.S. drilling activity in months, although rising output from OPEC despite a pledge to cut supplies capped gains. Brent crude futures added 6 cents or 0.1 percent to $48.83 per barrel by 0137 GMT, after jumping 5 percent last week for the first gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 15 cents, or 0.3 percent, to $46.19 per barrel after a more than 7 percent gain last week from depressed levels. [Read more]