Senate Republican Leader Mitch McConnell says approving the Keystone XL pipeline will top the Senate agenda for 2015. The issue sets up an early 2015 veto confrontation with President Barack Obama. Congressional Republicans have been pushing for approval of the pipeline for years. Obama has resisted because of environmental concerns. The Republican-led House has repeatedly passed legislation approving the pipeline. But the bills have died in the Democratic-controlled [Read more]
Oil falls to 5 1/2-year low near $50/bbl
Crude oil dropped to 5 1/2-year low early Monday as worries continue about a global supply glut. Benchmark U.S. crude was down $1.56 at $51.13 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped 58 cents to $52.69 on Friday. Oil is down from $106 a barrel in June as global demand slackened while supplies remained high. OPEC's decision to not cut back on oil output and recent record-high production from Russia and the US have been the primary causes of [Read more]
What’s ahead for oil prices? 2008 versus 2014
The recent drop in oil prices bears similarities to the tremendous drop of 2008, possibly foreshadowing what's to come in the new year. Let's have a look back at the performance of crude oil in 2008: Oil started the year around $100/bbl and quickly shot up to nearly $150 by June. The price then declined by over $110 and by December, WTI crude oil finished near $35/bbl. Although not as drastic, this year's price drop is extraordinarily similar in terms of timing and [Read more]
As oil prices fall, Alaska governor halts project spending
ANCHORAGE, Alaska (AP) — With oil prices dropping, Alaska Gov. Bill Walker has halted new spending on six high-profile projects, pending further review. Walker issued an order Friday putting the new spending on hold. He cited the state's $3.5 billion budget deficit, which has increased as oil prices have dropped sharply. With oil prices now around a five-year low, officials in Alaska and about a half-dozen other states already have begun paring back projections for a continued gusher of [Read more]
WATCH: Obama shares his true feelings on Keystone XL
After the US House of Representatives overwhelmingly passed a bill to approve Keystone XL, the project is looking more and more like it will land on the President's desk for final approval. However, many believe the President will veto the project which was first proposed 6 years ago. Earlier today President Obama shared his true feelings on Keystone XL at a press conference in Burma. He expressed severe distaste, to say the least. Watch below: [Read more]
Pilot Energy Corp. updates Swift Current, Saskatchewan and Northwest Alberta asset acquisitions and 2014 financing
Pilot Energy Corp. is pleased to provide an update on the previously announced exclusive Swift Current asset acquisition and on the exclusive option to purchase proven shut-in gas assets in North-western Alberta. In conjunction with the subject asset purchase/option and further development thereof, Pilot is currently seeking a minimum of $750,000 and maximum of $2,000,000 of capital financing for Phase 1 of its acquisition and development program through the issuance of common and flow-through [Read more]
TSX falls towards ‘correction territory’, energy stocks plummet
TORONTO - The Toronto stock market flirted with correction territory mid-afternoon Tuesday as worries about deteriorating global economic conditions helped further erode year-to-date gains. The S&P/TSX composite index was off early losses but still down 143.26 points at 14,084.1. The main index had plunged as much as 250 points in the morning, leaving the TSX down 10.2 per cent from its record high reached in early September. A drop of 10 per cent is viewed as an official correction. "I [Read more]
Apache lists Provosts assets (9,551 boe/d) for sale
As listed by Scotia Waterous, Apache Corp has initiated a process to sell its Provost assets. The property is currently producing approximately 9,551 boe/d (49% oil and liquids). Back in March, Apache sold deep basin assets to CNRL for $341 million. The current package includes 2014 annualized operating income of $119 million and 1.1 million acres of land. Proposals are due in mid October. Click here to see the entire package... [Read more]
Pilot Energy Corp. Announces Asset Acquisitions and 2014 financing program
Pilot Energy Corp. is pleased to announce an update to the previously announced Swift Current asset acquisition (June 2, 2014) and the recently executed exclusive option (July 9, 2014) to purchase proven shut-in gas assets in North-western Alberta. In conjunction with the subject asset purchases/options and further development thereof, Pilot is currently seeking up to $20 MM of capital financing. Swift Current Pilot Energy Corp. has duly executed an offer to purchase* (the "OTP" or letter [Read more]
Leonardo DiCaprio visits Fort McMurray after producing anti-oil documentary
Leonardo DiCaprio has landed in Fort McMurray to get a first-hand glimpse of northern Alberta's oilsands. According to a source quoted in the Edmonton Journal: “Leo is in town for a few days working on an environmental documentary,” a source close to DiCaprio said Thursday night. “He wanted to hear about and see — first-hand — the oilsands and their impact on the planet.” The visit comes just a day after DiCaprio-narrated short-video, Carbon (watch below), was released. After his [Read more]
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