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]
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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]
Blackbird Energy Inc. Announces Upsizing of Previously Announced Private Placement of Flow-Through Shares
CALGARY, ALBERTA--(Marketwired - Nov. 27, 2014) - Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird" or the "Company") is pleased to announce an increase to the previously announced non-brokered flow-through share private placement (the "Private Placement") to 16,231,446 shares at a price of $0.45 per flow-through share for gross proceeds of $7.30 million. The available proceeds from the Private Placement will be used by the Company to incur eligible Canadian Exploration Expense ("CEE"). [Read more]
Northern Spirit Resources Inc. Announces Operations Update and Filing of Third Quarter 2014 Financial Statements and Management’s Discussion and Analysis
CALGARY, ALBERTA--(Marketwired - Nov. 26, 2014) - Northern Spirit Resources Inc. ("Northern Spirit" or the "Company") (TSX VENTURE:NS) is pleased to report that all 5 (3.8 net) of the horizontal wells drilled by the Company in 2014 have been completed, equipped and commenced production in September 2014. The wells were drilled in East Central Alberta in the Provost area. Three wells were drilled at Klein North, one at Klein South and the fifth at Sounding Lake. The Klein wells are operated by [Read more]
Gear Energy Ltd. Announces Initiation of Monthly Updates from the President
CALGARY, ALBERTA--(Marketwired - Nov. 26, 2014) - Gear Energy Ltd. (TSX:GXE) ("Gear" or the "Company") is pleased to announce that starting today the Company will begin posting regular monthly updates to the website. Management and the Board of Directors have decided to initiate this process in order to increase the frequency of communication with shareholders by providing brief operational updates on Gear as well as providing some perspective on the industry in general. The updates will [Read more]
Saskatchewan premier continues to call for support of Energy East pipeline
REGINA - Saskatchewan's legislature passed a motion Wednesday calling for the removal of what Premier Brad Wall calls unnecessary barriers to the Energy East pipeline project."We just wanted to make the point in the legislature that this is Canadian oil replacing foreign oil," he said. "Even though we are one of the most prolific producers of oil in the world, parts of our country import oil from Iraq, Algeria, Saudi Arabia, Venezuela, the United States. This doesn't make a lot of sense."The [Read more]
Saudi Oil Minister Naimi suggests OPEC does not need to cut output in effort to drive up price
VIENNA - Top OPEC producer Saudi Arabia suggested Wednesday there is no need for the cartel to cut its output ceiling despite a plunge in prices that has poorer members of the organization hurting.Saudi Oil Minister Ali Naimi told reporters he expects the oil market to eventually "stabilize itself." That suggests the Saudis, who effectively determine OPEC's production policy, will not back any calls for reducing output by other nations at Thursday's oil ministers' meeting.The global price of oil [Read more]