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Redford heads to Washington to lobby for Keystone XL

  EDMONTON - Alberta Premier Alison Redford says she is heading to Washington this weekend to lobby for the Keystone XL pipeline and she remains confident it will be approved. Redford says Albertans have the same environmental concerns as Americans do over the province's oilsands and her government is taking steps to minimize 'climate change'. The premier is to meet in the U.S capital with state governors and with Canada's U.S. ambassador Gary Doer. President Barack Obama's [Read more]

Ample crude supplies slam oil prices down

  By Jonathan Fahey NEW YORK, N.Y. - Oil prices plunged for a second day Thursday, raising hopes that a relentless rise in U.S. gasoline prices may slow or reverse at least temporarily. Benchmark crude oil fell $2.31, or 2.4 per cent, to $92.91 per barrel in midday trading in New York, the second drop of 2 per cent in two days. Brent crude, which is used to price oil used to make gasoline in many U.S. refineries, fell $1.76 to $113.84 in London. Crude oil's recent dip is a [Read more]

Natural gas storage drops 127 Bcf

February 8: 2,527 Bcf February 15: 2,400 Bcf Change: -127 Bcf [table] [attr style="width: 25%"]`[attr style="width: 25%"]February 15`[attr style="width: 25%"]February 8`[attr style="width: 25%"]Change East`1,108`1,187`-79 West`367`380`-13 Producing`925`960`-35 Total`2,400`2,527`-127 [/table] Source: EIA [Read more]

Crew Energy Inc.- Announces 2012 Year End Reserves

CALGARY, ALBERTA--(Marketwire - Feb 21, 2013) - Crew Energy Inc. (CR.TO) of Calgary, Alberta ("Crew" or the "Company") is pleased to announce the results of its independent reserve evaluation for the year ended December 31, 2012 as prepared by Sproule Associates Ltd. ("Sproule"). 2012 HIGHLIGHTS Achieved all-in finding, development and acquisition ("FD&A") costs of $8.17 per boe on proved plus probable reserves, including changes in future development costs, resulting in a recycle [Read more]

Celtic Announces Investment Canada Approval of Proposed Acquisition by ExxonMobil Canada Ltd.

CALGARY, ALBERTA--(Marketwire - Feb. 20, 2013) - Celtic Exploration Ltd. ("Celtic") (CLT.TO) is pleased to announce that under the terms of the Investment Canada Act, the Minister of Industry has approved the proposed acquisition of Celtic by a subsidiary of ExxonMobil Canada Ltd. ("ExxonMobil Canada"). No further regulatory approvals are required. The proposed acquisition of Celtic by ExxonMobil Canada is to be carried out by way of a plan of arrangement under the Business Corporations Act [Read more]

Zargon Oil & Gas Ltd. Sanctions Little Bow ASP Tertiary Recovery Project Construction, Provides an Operational Update, Provides 2013 Guidance and Releases 2012 Year End Reserves

CALGARY, ALBERTA--(Marketwire - Feb. 20, 2013) - Zargon Oil & Gas Ltd. (the "Company" or "Zargon") (TSX:ZAR) (TSX:ZAR.DB) is pleased to announce the sanctioning of the construction of the Little Bow Alkaline Surfactant Polymer ("ASP") tertiary recovery facility, provide an operational update, provide 2013 guidance and report its 2012 year end reserves. Zargon intends to release its 2012 audited financial results on March 12, 2013, after market close. LITTLE BOW ASP PROJECT [Read more]

Class action lawsuits totaling $702 million filed against National Bank over Poseidon

  TORONTO - Two class-action lawsuits seeking damages totaling $702 million have been filed against National Bank of Canada (TSX:NA) over the financial reporting of Poseidon Concepts Corp. (TSX:PSN). The lawsuits, which were filed with the Ontario Superior Court of Justice, name National Bank and its underwriters and allege the defendants of misrepresenting the value of the oilfield services company's securities. None of these allegations have been proven in court. Last week, [Read more]

Crude oil prices drop, stocks retreat from 5-year high

  NEW YORK, N.Y. - The price of oil fell Wednesday, as a drop in metals commodities overflowed to crude markets and stocks retreated from five-year highs. Benchmark West Texas Intermediate crude for April delivery dropped $2.14, or 2.2 per cent, to $94.96 a barrel in midday trading on the New York Mercantile Exchange. Brent crude, used to price many international varieties of oil imported by U.S. refineries, fell $1.54 to US$115.98 a barrel in London. The stock market backed off on [Read more]

Talisman cuts 90 jobs in Calgary office as part of reorganization

By Canadian Press Talisman Energy Inc. (TSX:TLM) has laid off 90 employees at its Calgary office. The Calgary-based international oil and gas producer says the job cuts are part of an effort to reorganize and streamline its Canadian operations. The company says low North American natural gas prices have caused it to reduce spending. It still has 1,500 employees in Canada, with 1,200 of those in Calgary. Talisman has been trying to reduce costs and better focus its operations since [Read more]