LONDON (AP) — Oil companies saw their shares take a beating Thursday as crude prices slid to their lowest in over four years in the wake of OPEC's decision to maintain production levels even though prices have fallen sharply in recent weeks. With U.S. markets closed for Thanksgiving, investors around the world were taking their cue from developments in Vienna, Austria, where the OPEC oil cartel was meeting. The oil ministers opted to keep their production target at 30 million barrels a [Read more]
News
Pembina Pipeline Corporation Announces $105 Million New Gas Processing Plant at its Musreau Facility
CALGARY, Nov. 27, 2014 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that it plans to construct a new facility and expand its gas processing capacity at Musreau by 100 million cubic feet per day ("MMcf/d") ("Musreau III") for an estimated cost of $105 million. "The areas surrounding Pembina's existing gas processing facilities at Musreau, part of our Cutbank Complex, continue to be a focus for our customers producing liquids-rich [Read more]
Canadian Spirit Resources Inc. Announces Third Quarter 2014 Financial Results
CALGARY, ALBERTA--(Marketwired - Nov. 27, 2014) - Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI)(OTCBB:CSPUF) announces the release of its interim financial results and Management Discussion and Analysis ("MD&A") for the three and nine month periods ended September 30, 2014. This news release summarizes information contained in the unaudited interim condensed financial statements and MD&A for the three and nine month periods ended September 30, 2014 and [Read more]
Kinder Morgan lawyer raises doubts about arrests at B.C. anti-pipeline protests
VANCOUVER - A judge threw out civil contempt charges Thursday against dozens of activists who have been arrested while demonstrating against a pipeline project on a mountain near Vancouver.The ruling came a week after the RCMP began rounding up protesters on Burnaby Mountain, where Kinder Morgan is conducting drilling work related to its proposed Trans Mountain pipeline expansion.More than 100 people were arrested, nearly all of whom faced civil contempt proceedings for violating a court [Read more]
International Frontier Resources Corporation: Third Quarter Results
CALGARY, ALBERTA--(Marketwired - Nov. 27, 2014) - International Frontier Resources Corporation (TSX VENTURE:IFR) ("IFR" or the "Company") today reported its financial results for the period ended September 30, 2014. The Company recorded a consolidated net loss of $40,175 ($0.001 per share) compared to a consolidated net loss of $29,025 ($0.001 per share) for the period ended September 30, 2013. In the third quarter oil revenue, net of royalties, was $262,305 compared to $241,035 in Q3, 2013. [Read more]
OPEC oil ministers decide to keep present output target of 30 million barrels a day
VIENNA (AP) — OPEC oil ministers decided Thursday to keep their production target at 30 million barrels a day, despite an oversupply of crude and plunging prices. The global price of crude oil fell after the announcement, trading down $2.85 at $74.90 a barrel. As recently as June it was around $115. The decision in Vienna was mostly expected — OPEC oil power Saudi Arabia had indicated before the meeting that it favors the status-quo. The Saudis are the top producers within the 12-nation [Read more]
Saskatchewan government says budget still balanced despite sinking oil prices
REGINA - Saskatchewan's finance minister says the province is still projecting a budget in the black for 2014-15 because higher oil prices earlier this year offset a recent slide that has seen them hit four-year lows.Finance Minister Ken Krawetz is projecting a $70.9 million surplus — down slightly from his prediction in the spring of $71.4 million."We had a very good first six months. The average oil price was over $100 a barrel. It is going to be lower. We know that already," Krawetz said as [Read more]
OPEC unlikely to cut output amid oil glut, price plunge
VIENNA - Facing few options to reverse plunging oil prices, OPEC oil ministers decided Thursday to keep their production target on hold, a move that is likely to push the market even lower at a time of already high supply.Oil prices fell sharply on the news. Even though the decision was largely expected, it showed the once-powerful cartel is losing the power to push up markets to its own advantage.Some experts said the move was an effort by OPEC to allow prices to fall further — even at the cost [Read more]
Forent Energy – Operational Update & Third Quarter 2014 Results
CALGARY, ALBERTA--(Marketwired - Nov. 27, 2014) - Forent Energy Ltd. (TSX VENTURE:FEN) is pleased to provide an operational update and to announce that it has filed its Interim Financial Statements and MD&A for the three and nine months ended September 30, 2014, on SEDAR and its website. Q3 2014 HIGHLIGHTS Third quarter production averaged 221 boe per day, an increase of 28% over the second quarter; Third quarter revenues, net of royalties, exceeded $1.0 million, an increase of 36% [Read more]
Bonterra Energy Corp. Enters Into An Agreement with Canada Revenue Agency With Regard to Its Conversion From A Trust To A Corporation
CALGARY, ALBERTA--(Marketwired - Nov. 27, 2014) - Bonterra Energy Corp. ("Bonterra" or "the Company") (TSX:BNE) announces that it has resolved issues with Canada Revenue Agency ("CRA") relating to CRA's objection to the tax consequences of the conversion of Bonterra's income trust structure into a business corporation. This will result in: No cash outlay by the Company for the taxation years 2009 to 2013 and reduced cash outlays for subsequent periods; A charge in the statement of [Read more]