BOE Report

BOE Report Staff

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Natural gas prices soar, AECO spot price reaches 2 1/2 year high

Natural gas prices soared Friday on bullish supply data released on Thursday as well as chilly forecasts. On the NYMEX, natural gas futures for delivery in January traded at USD4.169/mmbtu during the day, up 0.88%. The AECO spot price in Alberta also caught fire as it shot up CAD$0.14/Mcf to settle at $4.04, it's highest level since June 2011. Cold weather gripping much of the US will hit the heavily populated eastern U.S. in the coming days, according to updated weather forecasts, [Read more]

Alberta Investment management sells 56,000,000 shares of Precision Drilling in massive overnight transaction

In a massive overnight trade, Alberta Investment Management sold its entire 56 million share holding of drilling giant Precision Drilling. The trade swapped over $530 million of equity. The stock is down 9% on the day. From today's Precision Drilling press release: Today, Alberta Investment Management Company ("AIMCo") sold its entire equity position in Precision Drilling Corporation (PD.TO) (PDS), approximately 56 million shares, in an overnight marketed transaction. AIMCo acted [Read more]

Primary Petroleum and social media company announce proposed merger

Primary Petroleum, a junior oil and gas company engaged in exploration and development activities in NW Montana, has entered into a letter of intent to buy Keek - a social video sharing service. From the press release: The LOI contemplates Primary acquiring all of the outstanding shares of Keek in exchange for shares of Primary on a one-for-one basis. The transaction would be accounted for as reverse take-over of Primary by Keek under the policies of the TSX Venture Exchange (the [Read more]

Taqa North staff cuts total 162

According to a recent TAQA press release, the Abu Dhabi-based oil and gas giant announced it had cut 162 staff from Canada. Read the release below courtesy TAQA: During the [past] nine months, TAQA undertook a significant structural reorganization aimed at maximizing efficiencies and positioning the business to become a leading intermediate energy company in North America. As part of this process, overall staff count was reduced by 162, whilst delivering the same activity through a simpler [Read more]

BUILD THE DAMN THING! Bush urges Obama to approve Keystone

Speaking at a shale gas industry luncheon at Pittsburgh’s DUG East conference, former president George W. Bush had some frank words for current president Obama on the merits of approving Keystone XL. “I think the goal of the country ought to be ‘how do we grow the private sector?’” Bush said during his speech. “That ought to be the laser-focus of any administration. And therefore, once that’s the goal, an issue like Keystone pipeline becomes a no-brainer.” “If private sector growth is the [Read more]

Bakken oil production forecast to top 1 million barrels per day next month

Source: U.S. Energy Information Administration, Drilling Productivity Report The latest monthly update of estimated crude oil production in the Bakken region of North Dakota and Montana shows total wellhead output topping 1 million barrels of oil per day (bbl/d) next month. The update appears in the most recent issue of the U.S. Energy Information Administration's Drilling Productivity Report (DPR). The Bakken region now accounts for a little over 10% of total U.S. oil production and [Read more]

Redford says Washington Keystone pipeline talks went well

WASHINGTON - Alberta Premier Alison Redford says she senses a shift in discussions with some U.S. government officials about the proposed Keystone XL oilsands pipeline.After her fifth trip to Washington, D.C., Tuesday to lobby for the project, Redford says some people there are starting to appreciate that shipping bitumen by rail generates more greenhouse gases than shipping it by pipeline.Redford says she met with U.S. State department officials as well as members of Congress and the Senate and [Read more]

Drilling efficiency is a key driver of oil and natural gas production

Source: U.S Energy Information Administration, Drilling Productivity Report Increases in drilling efficiency have contributed to the breakdown of traditional methods that seek to estimate oil and natural gas production based principally on rig counts. The Drilling Productivity Report (DPR) analyzes drilling efficiency using the average number of wells a rig can drill over a period of time (left chart above) as well as a measure of how productive each new well is expected to be (right [Read more]

Laricina Energy Reports Third Quarter 2013 Results

2013 continues to be an important year for Laricina with significant progress made at both Germain and Saleski. Steam injection and a staged conversion to production at the Germain Commercial Demonstration Project (CDP) continued throughout the third quarter. Our first three wells converted to production after three months of steaming and we expect bitumen production from these wells in the fourth quarter. The Saleski pilot continues to provide the blueprint for Grosmont carbonate [Read more]

UPDATE: Trudeau praises Redford’s NATIONAL ENERGY strategy

Speaking at the petroleum club in Calgary, Justin Trudeau praised Alberta Premier Alison Redford's National Energy Strategy. Throughout his speech, the federal Liberal leader slammed Harper and the conservatives for the environment policy and not acting enough on getting Keystone XL approved. Below is a feed of tweets with highlights of the speech: Trudeau touts carbon pricing and tougher regs at Calgary's Petroleum Club. Supports national energy strategy - just don't call it [Read more]