According to a Bloomberg report, Spain's largest oil company, Repsol, is eyeing down Calgary-based Talisman Energy as a potential takeover target. Bloomberg cite's the sources of the rumor as 'people familiar with the matter.' A Spanish newspaper earlier reported Repsol was working with JPMorgan to evaluate potential targets as the company looks to expand on its international asset base. Spokesmen from Repsol, Talisman and JPMorgan all declined to comment on the matter. UPDATE: Talisman [Read more]
Nexen sold assets to Pine Cliff
BNN energy reporter, Jameson Berkow, has confirmed that Nexen was the seller of $100 million of SE Alberta and SW Sask gas assets to Pine Cliff Energy. The shallow gas assets are primarily located Outside Medicine Hat and near Maple Creek. Confirmed: Nexen has indeed sold $100M worth of gas assets to Pine Cliff, spokesperson tells me, as Chinese-owned corp looks to cut costs— Jameson Berkow (@crudereporter) July 18, 2014 See the map of Nexen's conventional assets in Western [Read more]
These Are The 5 Countries Most Plagued by Oil Theft
Nigeria As much as 400,000 barrels of oil a day are stolen in Nigeria. This equates to losses of $1.7 billion a month for Africa's new largest economy. This represents 7.7 percent of its GDP vanishing, or more than the country spends on education and healthcare. These numbers paint a harsh picture about the inability of the Nigerian government, and the multinational oil companies in the Niger Delta, to do anything about this rampant theft. Shell executives have railed against the futility [Read more]
New Star Energy Enters Strategic Alternatives
Calgary-based junior producer New Star Energy has announced through Macquarie Tristone that it has entered strategic alternatives. The company, producing between 4,000 - 5,000 boe/d, holds nearly 80,000 acres of land west of Edmonton. The company reports 2p reserves of approximately 20 MMboe (60% liquids). Read the full release below from Macquarie Tristone's website: New Star Energy Ltd. ("New Star") has undertaken a process to identify strategic alternatives and has retained Macquarie [Read more]
Canadian oil and gas prices likely to maintain momentum to end of 2014: Report
Loss of Edmonton Par data and other benchmarks still cause for concern as Canada eyes export markets outside the U.S. CALGARY, ALBERTA (July 3, 2014) – Deloitte’s Resource Evaluation & Advisory group released its current Canadian domestic oil and gas price forecast today, noting that the strengthening prices experienced during the second quarter are likely to continue, resulting in a stronger second half of 2014 for Canadian oil and gas producers. “April through June has seen a [Read more]
Strata Oil Commences Seismic Study To Assess Primary Heavy Oil Production Potential
For the past year we've been looking at the potential of our 100%-owned Cadotte Project to support a cold heavy oil production component, as we reported last June. This was a result of some new findings in our Resource Evaluation of the western portion of our project, which boosted our resource by 3.4 billion barrels in-place, of which 887 are estimated to be recoverable using existing technology. Due to its relatively low cost and favorable economics, cold production in the Peace River area [Read more]
Canadian Law Makes It Cheaper To Prevent Oil Sands Leaks Than Clean Them Up
As the Canadian government pushes a new law rendering pipeline companies liable for all damages from leaks and spills, the only friend to both sides in this polarized world of dirty oil sands is leak prevention technology. On May 14, amid heightened opposition to two planned pipelines, Canada's Natural Resources Ministry unveiled a new law making pipeline operators liable for all the costs and damages related to oil spills, regardless of whether the operators were at fault or demonstrated [Read more]
Pilot Energy Corp. Announces Swift Current Asset Acquisition
Pilot Energy Corp. has duly executed an offer to purchase (the "OTP" or letter of intent) with the Vendor of certain oil and gas assets comprising 2,320 gross acres (1,838 net acres) in the Swift Current corridor as previously defined in Pilot's Corporate presentations. The assets comprise of 20 barrels of oil per day (gross/net) currently producing, plus 90 barrels per day (net) of suspended oil that can be re-activated immediately from six (6) gross (4.1 net) wells. The working interest in [Read more]
The California Shale Bubble Just Burst
The great hype surrounding the advent of a shale gas bonanza in California may turn out to be just that: hype. The U.S. Energy Information Administration (EIA) – the statistical arm of the Department of Energy – has downgraded its estimate of the total amount of recoverable oil in the Monterey Shale by a whopping 96 percent. Its previous estimate pegged the recoverable resource in California’s shale formation at 13.7 billion barrels but it now only thinks that there are 600 million barrels [Read more]
Twin Butte appoints new President and new COO
In today's 2014 Q1 press release, Twin Butte announced a new President a new Chief Operating Officer. Read from the press release below courtesy Twin Butte: Management Changes As part of the long term growth plan for the Company, the following management changes have been made. The Company is pleased to announce that Rob Wollmann and David Middleton have joined the Company as President and Chief Operating Officer, respectively, replacing the individuals that formerly held these roles. Both [Read more]
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