WASHINGTON (AP) — In a far corner of North Dakota, just a few hundred miles from the proposed path of the Keystone XL pipeline, 84,000 barrels of crude oil per day recently began flowing through a new line that connects the state's sprawling oilfields to an oil hub in Wyoming. In West Texas, engineers activated a new pipeline that cuts diagonally across the state to deliver crude from the oil-rich Permian Basin to refineries near Houston. And in a string of towns in Kansas, Iowa and South [Read more]
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US oil and natural gas rig count drops again
HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. fell by 67 this week to 1,125 amid depressed oil prices. Houston-based Baker Hughes said Friday that 866 rigs were seeking oil and 257 exploring for natural gas. Two were listed as miscellaneous. The count is down from 1,809 rigs active a year ago. Among major oil- and gas-producing states, Texas lost 37 rigs, Louisiana declined by seven, Oklahoma was down five, [Read more]
Traverse Energy Announces 2014 Year End Reserves
CALGARY, ALBERTA--(Marketwired - March 13, 2015) - Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE:TVL) presents its 2014 year-end reserves. Traverse's independent reserve report was prepared by Sproule Associates Ltd. ("Sproule") in accordance with National Instrument 51-101 with an effective date of December 31, 2014. Highlights The Company share proved reserves increased from the prior year report by 28% from 1,447.2 MBOE (thousand barrels of oil equivalent) to 1,850.2 [Read more]
High North Resources Ltd. Announces Operations Update and Proposal to Amend the Terms of Its Convertible Debenture Indenture
CALGARY, ALBERTA--(Marketwired - March 13, 2015) - High North Resources Ltd. (TSX VENTURE:HN) (the "Company" or "High North") is pleased to provide an operational update regarding project development and recent production. High North also announces that it is seeking the approval of the holders ("Debentureholders") of its 12.00% convertible unsecured subordinated debentures (the "Debentures") to amend (the "Indenture Amendments") the terms of the convertible debenture indenture entered into [Read more]
Perpetual Energy Inc. Announces Swap of West Edson Property for 6.75 Million Tourmaline Shares with Market Value of $256.5 Million
CALGARY, March 12, 2015 /CNW/ - (TSX:PMT) - Perpetual Energy Inc. ("Perpetual", the "Corporation" or the "Company") is pleased to announce the signing of a definitive agreement with Tourmaline Oil Corp. ("Tourmaline") to swap its joint interest share in its West Edson asset in West Central Alberta in exchange for 6.75 million TOU common shares ("TOU Shares") having a current market value of approximately $256.5 million based on today's closing price of the TOU Shares on the Toronto Stock [Read more]
Tourmaline Oil Corp. Consolidates Deep Basin Assets
CALGARY, AB--(Marketwired - March 12, 2015) - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") has entered into a transaction to acquire Perpetual Energy Inc.'s ("Perpetual") interests in the West Edson area of the Alberta Deep Basin. The interests include Perpetual's land interests, production, reserves and facilities that are currently joint with Tourmaline. Tourmaline will issue 6.75 million shares to acquire the assets, currently producing 5,750 boepd net to Perpetual. Closing [Read more]
Dejour Secures C$2MM Bridge Loan
James Dai Joins Board of Directors VANCOUVER, British Columbia--(BUSINESS WIRE)--Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ) (“Dejour” or the “Company”), an independent oil and gas exploration and production company operating in North America’s Piceance Basin and Peace River Arch regions, today announced that it has closed the initial tranche of an industry-standard bridge loan commitment of up to C$ 2MM from a principal and director of the Company. These funds will provide a flexible [Read more]
Toscana Energy Announces Fiscal Year 2014 Financial and Operating Results and 2014 Reserves
CALGARY, March 12, 2015 /CNW/ -Toscana Energy Income Corporation ("TEI" or the "Corporation") (TSX: TEI) announces financial and operating results for the year ended December 31, 2014, and the Corporation's 2014 year-end reserves. Financial and operating results: The following summarizes information contained in the Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2014. This news release should not be considered a [Read more]
Alberta Energy Regulator to inspect integrity of 65 energy industry dams
EDMONTON - The Alberta Energy Regulator says it will inspect the structural integrity and review the safety records of 65 dams used by the oilsands and coal industries in the province.The announcement follows criticism by the auditor general that the provincial government is failing to properly regulate Alberta's network of dams and tailings ponds.The 65 dams are used to contain industrial waste and the regulator says 32 are classified as posing either "extreme" or "very high" environmental [Read more]
Transport Canada proposes tougher protections for rail tanker cars
OTTAWA - Proposed new federal regulations will give shippers until 2025 to upgrade rail tank cars to a higher safety standard, a transition that would come almost 30 years after serious deficiencies in the fleet were first identified —— and as oil-by-rail accidents continue to pile up.The safety upgrade would build on standards voluntarily adopted by the industry in 2011 and require shippers to make tank cars more resistant to punctures and valve failures in the case of derailment or [Read more]