BOE Report

Pre-existing Defect a Central Factor in 2012 Pipeline Explosion in British Columbia

GATINEAU, QC, June 4, 2013 /CNW/ - The Transportation Safety Board of Canada (TSB) has concluded in its investigation report (P12H0105) that a pre-existing flaw in the pipe was the primary cause of a Westcoast Energy Inc. pipeline explosion that occurred on 28 June 2012, approximately 40 km northwest of Buick, British Columbia. On 28 June 2012, the 16-inch Nig Creek pipeline ruptured; gas escaping from the ruptured pipeline ignited, and the resulting fire spread to the surrounding forested [Read more]

National Energy Board hosts 2013 Safety Forum focussing on Emerging Issues in Oil and Gas Industry Safety Management

CALGARY, June 4, 2013 /CNW/ - The National Energy Board (NEB or the Board) is taking concrete action to continually improve safety and environmental protection in the energy sector. As a key component of the NEB's Action Plan on Safety and Environmental Protection 2011-2012, the Board will be hosting a forum on the safety of energy infrastructure on June 5 - 6, 2013 in Calgary, Alberta, at the BMO Centre at Stampede Park. This event presents an opportunity to explore emerging practices and [Read more]

First Mountain Exploration Ltd. announces property acquisition and files Q1 2013 financial results

CALGARY, June 4, 2013 /CNW/ - First Mountain Exploration Ltd. ("First Mountain") (TSX Venture: FMX) is pleased to announce that it has closed the acquisition of certain assets in the Buffalo Atlee area of Alberta (the "Assets") from a private Company for cash consideration of $175,000, before closing adjustments.  The effective date of the acquisition was May 1, 2013. The Assets consist of a 50% operating working interest in 2 producing wells and 1,120 gross acres of land.  The Assets are [Read more]

Whitecap Resources Inc. announces resignation of director

CALGARY, June 3, 2013 /CNW/ - Whitecap Resources Inc. (TSX: WCP) announces that Don Cowie has resigned from the Board of Directors effective May 29, 2013. We are pleased to have had Don join the Whitecap Board at the time of the Spry corporate acquisition in April 2011. The Board of Directors and management of Whitecap would like to thank Don for his contribution and guidance over the past two years and wish him success in his future endeavors. Whitecap Resources Inc. is a dividend paying, [Read more]

Bellatrix Exploration Ltd. announces that the previously announced Korean JV closing will not be extended beyond May 31, 2013

CALGARY, June 3, 2013 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE MKT: BXE) announces that the Seoul Korea based company was not able to meet the remaining closing conditions required to close the previously announced Ferrier area Korean $300 million Cardium Joint Venture on May 31, 2013.  Bellatrix has not extended the deadline for satisfying such conditions beyond May 31, 2013 and as a result Bellatrix will consider alternative joint venture partners for the [Read more]

Advantage Announces Natural Gas Hedging Update

CALGARY, May 31, 2013 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce that we have increased our natural gas commodity price hedges for the period October 2013 to March 2014. Below is a list of the new derivative contracts entered into by Advantage:   Average Price Description of Derivative  Term  Volume  $Cdn. AECO Natural gas - AECO Fixed price October 2013 to March 2014 5,687 [Read more]

Surge Energy Inc. Announces Closing of Non-Core Asset Sale

CALGARY, May 31, 2013 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce that it has closed the sale of its previously announced non-core assets in North Dakota. Non-core Asset Sale Closed: The non-core, primarily non-operated assets in North Dakota were sold to a Canadian oil and gas producer for a total of US$42.7 million. Financial Advisors: Macquarie Capital Markets Canada Ltd. is acting as lead financial advisor to Surge with respect to the [Read more]

SilverWillow Energy Corporation announces Philip Aldred’s retirement

CALGARY, May 31, 2013 /CNW/ - SilverWillow Energy Corporation (TSXV:SWE) announces the retirement of Mr. Philip Aldred, Vice President, Resources.  Throughout his career, Mr. Aldred has enjoyed more than thirty years with a variety of energy companies and has been with his current colleagues since 2006. "Phil has been a key part of the management team at SilverWillow and our predecessor companies and we have greatly appreciated his personal and professional contributions," said Howard Lutley, [Read more]

Cequence Energy announces increased credit facility and current production

CALGARY, May 30, 2013 /CNW/ - Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: "CQE") is pleased to announce that the aggregate borrowing base under its credit facilities has been increased from $100 million to $125 million pursuant to the terms of a credit amending agreement between Cequence and a syndicate of Canadian chartered banks (the "Lenders"). The Lenders determine the amount of the borrowing base primarily through the Lender's assessment and analysis of the Company's oil and [Read more]

Second Wave Petroleum Inc. Announces Definitive Agreement for Going Private Transaction

CALGARY, May 29, 2013 /CNW/ - Second Wave Petroleum Inc. (TSX:SCS) ("Second Wave" or the "Company") announces that it has entered into a definitive agreement (the "Arrangement Agreement") with Brookfield Bridge Lending Fund Inc. ("Brookfield"), the Company's controlling shareholder, to effect the previously-announced going private transaction at a cash price of $0.30 per share. The Arrangement Agreement provides for the purchase by Brookfield, through a wholly-owned subsidiary, of all of the [Read more]