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Enbridge, Energy Partners outline plan for shipping more crude to Gulf Coast

  CALGARY - Enbridge Inc. (TSX:ENB.TO) and a partner are planning to convert some of their natural gas capacity to ship crude oil from a pipeline hub in Illinois to refineries in the eastern Gulf Coast refinery market. The Calgary-based pipeline company and Energy Transfer Partners would each own 50 per cent of the joint venture, which they expect to be in service by 2015. The plan requires U.S. regulatory approvals and Enbridge says its participation will depend on getting a [Read more]

Keyera posts $56.7 million profit in fourth quarter, reversing year-earlier loss

  CALGARY - Midstream natural gas company Keyera Corp. (TSX:KEY.TO - News) posted a $56.7 million profit during the last three months of 2012, turning around a year-earlier loss. The net income amounted to 73 cents per share, compared to a loss of $21.2 million, or 30 cents per share, during the fourth quarter of 2011, Calgary-based Keyera said Thursday. Distributable cash flow was $74.4 million, or 96 cents per share, up from $51.2 million, or 72 cents per share. Capital [Read more]

Cenovus says oilsands expansions likely to go ahead, despite differentials

  By Lauren Krugel CALGARY - Cenovus Energy Inc. can "power through" its new oilsands projects even though the company, like most Alberta crude producers, is getting a steep discount for its oil. CEO Brian Ferguson said Thursday that operating costs at its oilsands operations are low enough that it can turn a good profit even if the differential - the price gap between heavy Alberta crude and the U.S. benchmark - persists. "That gives us the ability to actually power through [Read more]

Gas storage drops 157 Bcf; Natural gas prices get slammed

February 1: 2,684 Bcf February 8: 2,527 Bcf Change: -157 Bcf [table] [attr style="width: 25%"]`[attr style="width: 25%"]February 8`[attr style="width: 25%"]February 1`[attr style="width: 25%"]Change East`1,187`1,303`-116 West`380`388`-8 Producing`960`993`-33 Total`2,527`2,684`-157 [/table] Source: EIA Source: CME Group [Read more]

Encana Finishes 2012 Ahead of Guidance and With $3.2 Billion Cash on Balance Sheet

CALGARY, ALBERTA--(Marketwire - Feb 14, 2013) - Encana Corporation (ECA.TO) (ECA) finished the year ahead of 2012 guidance as the company reported annual cash flow of $3.5 billion, or $4.80 per share, and $997 million in operating earnings, or $1.35 per share. In the fourth quarter of 2012 the company generated cash flow of $809 million, or $1.10 per share, and operating earnings of $296 million, or $0.40 per share. In addition, Encana ended the year with $3.2 billion in cash and cash [Read more]

Cenovus total proved reserves up 12% to 2.2 billion BOE

Oil sands production increases 35% in 2012 Proved bitumen reserves at the end of 2012 were more than 1.7 billion barrels (bbls), up 18% from 2011. Economic bitumen best estimate contingent resources at year end were 9.6 billion bbls, a 17% increase over 2011. Combined oil sands production at Foster Creek and Christina Lake averaged nearly 90,000 barrels per day (bbls/d) net in 2012, up 35% from 2011. Average production at Christina Lake nearly tripled in 2012 to almost 32,000 bbls/d [Read more]

Talisman says Kurdistan oil discovery ‘giant,’ may seek joint-venture partner

  By Lauren Krugel, The Canadian Press CALGARY - Talisman Energy Inc. said Wednesday it has no intention of ditching its potentially "giant" oil discovery in the Iraqi region of Kurdistan as it pares other high-risk exploration projects from its portfolio. Some observers have pressed Talisman (TSX:TLM.TO - News) to shed Kurdistan, but CEO Hal Kvisle said the company will take its time to explore its options, one of which could be bringing on new partners to help develop the [Read more]

Peyto Adds 30,000 boe/d in 2012 Replacing 527% of Production

CALGARY, ALBERTA--(Marketwire - Feb 13, 2013) - Peyto Exploration & Development Corp. (PEY.TO) ("Peyto" or the "Company") is pleased to present the results and analysis of the independent reserve report effective December 31, 2012. The evaluation encompassed 100% of Peyto''s reserve assets and was conducted by InSite Petroleum Consultants ("InSite"). Peyto''s capital program for 2012 was the largest in the Company''s 14 year history with $452 million spent on developing Peyto''s assets [Read more]

BlackPearl Announces 2012 Year-End Reserves and Resource Estimates and Provides Operations Update

CALGARY, ALBERTA--(Marketwire - Feb 13, 2013) - BlackPearl Resources Inc. ("BlackPearl" or the "Company") (PXX.TO)(OMX:PXXS) is pleased to announce the results of its 2012 year-end oil and gas reserves evaluation, contingent resource evaluation and to provide an operations update on the Company''s current activities. Highlights include: 496% increase in total proved and probable reserves to 213 million barrels of oil equivalent; The increase is primarily attributable to the initial [Read more]

Birchcliff Energy Ltd. Announces Material Production Gains, Unaudited 2012 Financial Results, Significant 2012 Reserves Additions and 2012 Resource Assessment

CALGARY, ALBERTA--(Marketwire - Feb. 13, 2013) - Birchcliff Energy Ltd. ("Birchcliff") (BIR.TO) is pleased to announce its 2012 fourth quarter results, 2012 unaudited financial and operational results, highlights from its 2012 independent reserves evaluation and 2012 independent Montney/Doig natural gas resource assessment, its 2013 capital budget and operational update. All financial amounts referred to in this press release are management's best estimates, which have not yet been [Read more]