VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 28, 2015) - Hemisphere Energy Corporation ("Hemisphere" or the "Company") (TSX VENTURE:HME) is pleased to provide an update on corporate production, highlights from the fourth quarter, and operational plans for 2015. Production Update Hemisphere achieved record production rates since bringing the wells from its fall drilling program on-stream. Based on field estimates, production during the last two weeks has averaged 1,025 boe/d (88% oil), [Read more]
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Tamarack Valley Energy Ltd. Announces $47 Million Capital Budget for 2015
CALGARY, ALBERTA--(Marketwired - Jan. 28, 2015) - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX VENTURE:TVE) is pleased to announce its Board of Directors has approved the 2015 capital expenditure budget. Tamarack has always been a rate of return driven company focused on drilling wells that target a return on capital cost payout of 1.5 years or less. With the current commodity price environment and current cost of services, the number of investment opportunities able to deliver [Read more]
Cenovus responds to low oil prices with additional reductions to its capital budget
CALGARY, Jan. 28, 2015 /CNW/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is further reducing its 2015 capital spending in order to preserve cash and maintain the strength of its balance sheet. The company has identified approximately $700 million in additional capital expenditures originally planned for 2015 that can be deferred until crude oil prices recover. "We have great assets, we're in a strong financial position and we have the flexibility in our capital plan to make these additional [Read more]
Obama signals opening up Atlantic Ocean to drilling for first time, removes areas off Alaska
WASHINGTON - The Obama administration floated a plan Tuesday that for the first time would open up a broad swath of the Atlantic Ocean to drilling, even as it moved to restrict drilling indefinitely in environmentally-sensitive areas of the state of Alaska.The proposal envisions auctioning areas located more than 50 miles (80 kilometres) off the coasts of Virginia, North and South Carolina, and Georgia to oil companies no earlier than 2021, long after President Barack Obama leaves office. For [Read more]
Whitecap Resources Inc. Announces 66% Increase to 2014 Year End Reserves and Provides 2015 Revised Guidance
CALGARY, Jan. 27, 2015 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report record production in the fourth quarter of 2014 of 37,600 boe/d (74% oil and NGLs) and a 2014 exit rate of 37,000 boe/d. Average production volumes in the fourth quarter were 850 boe/d higher than our initial forecast of 36,750 boe/d, providing a strong and stable base production platform heading into 2015. We are also pleased to present the results of our 2014 year end oil and [Read more]
PSAC 2015 Drilling Forecast Declines 24% Amid Slumping Oil Prices
Calgary, Alberta – In its first update to the 2015 Canadian Drilling Activity Forecast, released today, the Petroleum Services Association of Canada (PSAC) has revised its forecasted number of wells drilled (rig releases) across Canada for 2015 to 7,650 wells. This is a decrease of 2,450 wells from PSAC’s original 2015 drilling forecast released in late October 2014, representing a 24 per cent decline. PSAC is basing its updated 2015 forecast on average natural gas prices of $2.50 CAD$/mcf [Read more]
Saturn Minerals Completes Seismic Survey on Bannock Creek Oil Project, Little Swan Permits Received
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 27, 2015) - Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) ("Saturn" or the "Company") announces that it has completed the previously announced 2D seismic program over Petroleum Exploration Permit 72 (the "Bannock Creek Property") and that it has received final work permits to complete the seismic program on Petroleum Exploration Permit 71 (the "Little Swan Property"). The Company has retained GeoStrata Resources Inc. of Calgary to complete [Read more]
Rock Energy Inc. Provides 2014 Operations Update and Revised 2015 Guidance
CALGARY, ALBERTA--(Marketwired - Jan. 26, 2015) - Rock Energy Inc. (TSX:RE) ("Rock") is pleased to provide a 2014 operations update and revised 2015 guidance. Rock is a Calgary-based crude oil exploration, development and production company. OPERATIONS UPDATE During the fourth quarter of 2014 the Company drilled a total of 27 (27.0 net) wells including 16 (16.0 net) Onward Viking Horizontal wells, 8 (8.0 net) Mantario wells, 1 (1.0 net) exploration well and 2 (2.0 net) dry and abandoned wells [Read more]
Key issues on Keystone pipeline as Senate vote nears on the Canadian project
WASHINGTON - The United States Senate is closing in on a vote to authorize the Keystone XL oil pipeline this week.But the fate of the $8 billion Canadian project depends not only on what happens in Congress, but also in the courts, at the White House and with Calgary-based TransCanada Corp., the pipeline's developer. TransCanada has been waiting more than six years for approval of the pipeline.The odds of building seem to change almost daily.A lawsuit is tossed out, then some others filed. The [Read more]
Rally against Energy East Pipeline to be held in downtown Halifax
HALIFAX - A group opposed to the development of the Energy East Pipeline is calling on the National Energy Board to open up meetings about pipeline safety, an idea the federal regulator says it is considering.About a dozen people staged a rally Monday in Halifax as the board met with groups during closed-door meetings to discuss the project.Members of Stop Energy East Halifax held signs and a makeshift pipeline with the words "tar sands=climate bomb" in front of the Halifax Central Library.Over [Read more]