BOE Report

BOE Report Staff

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Nexen to update oil leak

Nexen Energy is scheduled to update its cleanup efforts following a oil pipeline leak last week near its Long Lake oilsands facility. The spill was about 32,000 barrels of bitumen, sand and produced water and was discovered by a contractor last Wednesday near Nexen’s Long Lake oilsands facility, about 35 kilometres southeast of Fort McMurray. The company says the pipeline was installed last year and a warning system didn’t detect the leak. The affected area is about 4 acres. [Read more]

Exactly who is chairing Alberta’s comprehensive review of climate change policy?

Today was a big day for the NDP and what they plan to do about the environment. Environment Minister Shannon Phillips announced that the existing $15-per-tonne levy will increase to $20 per tonne next year and $30 per tonne in 2017. Phillips also announced that industrial facilities that emit more than 100,000 tonnes of carbon dioxide equivalent per year will need to cut emissions intensity below a base line to 15% (from 12% today) in 2016 and 20% in 2017. Phillips also appointed Alberta [Read more]

The BOE Report reached over 100,000 users in May

For the BOE Report: The month of May proved exceptional for audience engagement and overall user growth. Since first launching only two and a half years  ago, the BOE Report proudly has grown its user base to over 100,000 users. For this past May, the site reached 100,474 users and 318,672 unique page views, 90% of which came from within Alberta. BOE has experienced continued growth in the news service’s readership and user base. Since the news service’s inception, user numbers have grown [Read more]

Natural Gas Climbs to 11-Week High on Outlook for Greater Demand

Natural gas advanced to an 11-week high on speculation that demand for the power-plant fuel will rise. Plants will burn 13 percent more gas this year to average a record 25.21 billion cubic feet a day, according to data from an Energy Information Administration report Tuesday. The government raised its estimate from 24.9 billion in last month’s outlook. “At these levels it absolutely makes sense that consumption will be strong this summer,” Stephen Schork, president of Schork Group Inc., a [Read more]

Apache Targets Montney, Duvernay in Summer Drilling

Apache released it's 2015 first quarter results where it made mention to its Canadian activity and operations: Apache completed four Montney wells, including a successful test of the previously untested lower Montney in the Wapiti area. During the first quarter, the region averaged four rigs and reduced the count to zero as the region moves into breakup season. Activity will be focused on completing a seven-well Duvernay pad in the summer, along with two Montney wells currently in [Read more]

Quattro Closes Three Acquisitions and One Divestiture in Western Canada, Adding 120 boe/d of Shut-In Production While Increasing Its Canadian Land Interests to 303,134 Acres (Net)

CALGARY, Alberta, April 30, 2015 (GLOBE NEWSWIRE) -- Quattro Exploration and Production Ltd. (TSX-V:QXP) ("Quattro" or the "Company") is pleased to report the completion of three acquisitions and one divestiture resulting in a total addition of 59,933 acres (net) of exploration land, bringing the Company's total net land position in Canada to 98,533 developed acres and 204,581 undeveloped acres (aggregate 303,134 acres) in the Company's core areas of operation. Quattro initially will be [Read more]

Crude Oil Surges, Near $58

Benchmark U.S. crude oil rose nearly $2/bbl to above $58.00 a barrel on the New York Mercantile Exchange. Oil was steady after two days of declines as U.S. crude stockpiles expanded further from a record. A Saudi Arabia-led coalition renewed air raids on Shiite rebels in Yemen, reigniting concerns over supply disruptions in the region. [Read more]

Saudi Arabia Adds Half a Bakken to Oil Market in a Month

Saudi Arabia boosted crude production to the highest in three decades in March, with a surge equal to half the daily output of the Bakken formation in North Dakota. The kingdom boosted daily crude output by 658,800 barrels in March to an average of 10.294 million, according to data the country communicated to the Organization of Petroleum Exporting Countries’ secretariat in Vienna. The Bakken formation, among the fastest-growing shale oil regions in the U.S., pumped 1.1 million barrels a day [Read more]

Bullish bets on oil increase

Speculators increased bullish oil bets by the most in more than four years, wagering that the U.S. production boom is slowing. Hedge funds boosted net-long positions on West Texas Intermediate crude by 30 percent in the seven days ended April 7, the biggest jump since October 2010, U.S. Commodity Futures Trading Commission data show. Long bets rose to a nine-month high, while shorts tumbled 21 percent. U.S. crude output and inventories may peak this month amid a record drop in rigs [Read more]

SunOcean Energy Ltd. Announces Strategic Alternatives Process for Rainbow Lake Divestment

SunOcean Energy Ltd. (SEL), a privately held Alberta corporation, announces a strategic alternatives process for its remaining Rainbow Lake, north-western Alberta assets.  In conjunction with SEL’s directors resolution dated December 10, 2014, SEL will consider full or partial divestment of all of its interests in the Rainbow Lake assets, including but not limited to; a merger, financing, corporate or asset divestment. SunOcean has released an information memorandum and opened its electronic [Read more]