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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

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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

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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]

REPORT: Repsol exploring bid to buy Talisman

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

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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]