Surge Announces Upward Revision to 2014 Guidance, and 11 Percent Increase in Dividend CALGARY, June 5, 2014 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) and Longview Oil Corp. ("Longview") (TSX: LNV) are pleased to announce that they have completed their previously announced business combination whereby Surge has acquired all of the issued and outstanding common shares of Longview pursuant to an arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). [Read more]
Oil slips 2 cents despite drop in crude supplies because refined fuel supplies are ample
The price of crude oil stayed flat Wednesday as falling stockpiles of crude were offset by rising supplies of refined fuels. Benchmark U.S. oil for July fell 2 cents to close at $102.64 a barrel in New York Mercantile Exchange. Brent crude, a benchmark for international oil used by many U.S. refineries, fell 42 cents to close at $108.40 a barrel in London. The Energy Department reported Wednesday that U.S. crude supplies fell by 3.4 million barrels last week as refiners increased activity [Read more]
Ex-Navy SEAL Team Six member commissioned by pipeline critics to help kill Keystone XL project
WASHINGTON - A member of U.S. special operations forces who worked on the project to kill Osama bin Laden is now working on the project to kill the Keystone XL pipeline. Dave Cooper is a former member of the Navy SEALs squad, known informally as SEAL Team Six, who supervised and helped train the soldiers who killed bin Laden in 2011. The now-retired military man was hired by opponents of Keystone XL to conduct a threat assessment against the possible pipeline. The group that [Read more]
Husky Energy says it’s facing cost pressures at Sunrise oilsands plant
CALGARY - Husky Energy Inc. (TSX:HSE) says the price tag for the first phase of its Sunrise oilsands project in northern Alberta is going up, with costs of its central plant coming in higher than expected.Speaking at Husky's investor day on Wednesday, executives provided no details on how much higher costs could climb, as a final estimate has not been finalized.Sunrise Phase 1 was most recently projected to cost $2.7 billion. It is still on track to start up in the second half of this year."I'm [Read more]
Pipeline company Plains Midstream fined after guilty plea in Alberta spills
RED DEER, Alta. - A pipeline company has been fined after pleading guilty in two spills that sent nearly five million litres of oil into Alberta rivers and wetlands. Plains Midstream is to pay a total of $1.3 million for its role in the spills, one of which was the second largest in Alberta history. In April 2011, a poorly welded and highly stressed section of pipe cracked and leaked about 4.5 million litres of oil into low-lying marshlands near the northern community of Little [Read more]
Two studies in Nova Scotia say fracking poses low risk to groundwater
HALIFAX - Two new reports from an expert panel on hydraulic fracturing in Nova Scotia suggest the process — if handled properly — does not pose a serious threat to the province's groundwater supply.The panel, led by Cape Breton University president David Wheeler, says the province's stable geology will make contamination of drinking water wells less likely.The reports also say that establishing monitoring and regulatory practices to ensure wells are properly installed is "relatively [Read more]
Scientists’ letter to Prime Minister Stephen Harper: Reject Northern Gateway
VANCOUVER - Hundreds of scientists are asking Prime Minister Stephen Harper to reject a federal panel report recommending approval of the Northern Gateway pipeline.In an open letter, the scientists say the joint review panel report that recommended approval of the project is fundamentally flawed.Among the problems, they say the panel did not look at the overall increase in global greenhouse gas emissions that will result from the expansion in oil sands production.The letter says the panel also [Read more]
Oil steady at $102 a barrel on China, U.S. data
The price of oil was steady near US$102 a barrel Tuesday after an improvement in Chinese manufacturing was offset by reduced consumer spending in the U.S.Benchmark U.S. oil for July delivery was down 7 cents to $102.40 a barrel at 5 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract fell 24 cents to $102.47 on Monday.Brent crude, a benchmark for international oils, was down 31 cents to $108.52 a barrel in London.Energy demand from China was likely to stay solid as a [Read more]
Alberta oilsands worker injured while fixing bulldozer, dies in hospital
FORT MCMURRAY, Alta. - A man has died while working on a giant bulldozer in Alberta's oilsands.The provincial government says the 37-year-old was doing maintenance work on the machine at a Suncor (TSX:SU) mine site near Fort McMurray.The government says a reservoir or sump pan fell on the worker's head.The man was taken to hospital in Fort McMurray, where he died of his injuries.He worked for the North American Construction Group.The Edmonton-based company said in a statement that the man was an [Read more]
Keystone, times a few hundred: U.S. shakes up climate debate with new plan
WASHINGTON - The United States announced the most aggressive climate-change measures in its history Monday, a move that promptly triggered speculation about a potential ripple effect in other countries, including Canada.The regulations released by the Obama administration would chop carbon emissions from U.S. power plants by 30 per cent by 2030, the majority of those cuts coming by the end of this decade.That would take the U.S. a large step toward actually achieving the target it shares with [Read more]
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