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GasFrac to replace its entire board of directors

GasFrac Energy Services announced today it reached a deal with 5.4% owner, Nanes Balkany Partners, to replace its entire board of directors with a slate put forward from the New-York based activist investment fund. According to a Calgary Herald article, the move has garnered praise from environmentalists, but no love from shareholders. Read the press release courtesy GasFrac below: CALGARY, ALBERTA–(Marketwired – April 29, 2014) - GASFRAC Energy Services Inc. (“GASFRAC” or the [Read more]

WATCH: Terrific film shot in 1947 about the oilfields in Turner Valley

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We here at the BOE Report love history. Specifically, the oilpatch's history. So when we came across a video, shot in 1947 and filmed in Turner Valley, which showcased Southern Alberta's oilfields, we had to share it. Story of Oil explains 1940's Turner Valley oil exploration, seismology, coring labs, drilling and completion--and offers a friendly reminder why the world needs oil. Enjoy! [Read more]

Suncor Energy reports employee fatality at its Oil Sands site

FORT MCMURRAY, ALBERTA--(Marketwired - April 20, 2014) - Suncor Energy regretfully reports there has been an employee fatality at its Oil Sands site on Sunday, April 20, 2014. Suncor emergency service personnel responded at approximately 11:30 a.m. when an employee was severely injured while working. The employee was immediately transported to the Northern Lights Regional Health Centre where he was pronounced deceased. Suncor is working with the appropriate authorities and will complete a [Read more]

Polar vortex, shrinking loonie, create short-term boost for Canadian gas

Disappearances of Canadian benchmarks will influence future oil and gas forecasts and evaluations CALGARY, ALBERTA (April 1, 2014) – Deloitte’s Resource Evaluation & Advisory group released its current Canadian domestic oil and gas price forecast today, noting recent increases in Henry Hub natural gas futures for 2014 as high as US$4.94/Mcf. Deloitte’s Andrew Botterill, Senior Manager Resource Evaluation & Advisory, attributes the increases to above-normal draws on U.S. natural gas [Read more]

Sunshine Oilsands faces 71 lawsuits

Sunshine Oilsands is facing 71 lawsuits seeking a total of $94 million for unpaid bills. The story was first reported in the Globe and Mail. The Chinese-backed oilsands producer has been struggling to raise money to restart a a 10,000 bbl/d steam-assisted oilsands project at West Ellis. Read more from the Globe and Mail... [Read more]

Apache Agrees To Sell Western Canada Assets For US$374 Million

HOUSTON, March 31, 2014 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) and its subsidiaries today announced an agreement to sell producing oil and gas assets in the Deep Basin area of western Alberta and British Columbia, Canada, for $374 million. Incremental to Apache's earlier $2 billion share re-purchase announcement, the company plans to use the proceeds of this transaction to buy back Apache common shares under the 30-million-share repurchase program that was authorized by Apache's [Read more]

Oil near $99 after China manufacturing drops

The price of oil fell slightly Monday following a drop in China’s manufacturing. Benchmark U.S. crude for May delivery was down 3 cents at $99.43 a barrel at 0825 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 56 cents to $99.46 on Friday. Brent crude, used to set prices for international varieties of crude, fell 28 cents to $106.64 a barrel The preliminary version of HSBC’s purchasing managers’ index for China released Monday showed manufacturing dropped [Read more]

Laricina Energy Ltd. issues $150 million Senior Secured Notes to CPPIB Credit Investments Inc., and provides Operational Update

Laricina Energy Ltd. (“Laricina”) advises shareholders that it has completed the issuance to CPPIB Credit Investments Inc. (“CII”), a wholly-owned subsidiary of CPP Investment Board (“CPPIB”), of $150 million in 11.5% senior secured notes with a four year term (the “Notes”) pursuant to a trust indenture. “CPPIB has been a strategic financial investor in Laricina since its initial equity investment in 2010,” said Glen Schmidt, President and Chief Executive Officer of Laricina. “They are our [Read more]

New BOE Report industry activity map is set to revolutionize the oil and gas industry

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CALGARY - Canada's fastest growing oil and gas news website has launched a new industry activity map that is set to revolutionize the industry's access to information. The creators of BOEReport.com have made a fully filterable display of all wells, licenced and spudded, in western Canada since 2010--and they did it for the best price: free! The map gives users the ability to filter several different criteria to limit wells. Using the BOE Report's Industry Activity Map users can quickly search [Read more]