PEACE RIVER, ALBERTA--(Marketwired - July 30, 2014) - Strata Oil & Gas Inc. ("Strata" or the "Company") (OTCQB:SOIGF) announced today that its technical team has provided recommendations to the Board of Directors pursuant to the Cold Production study initiated by the Company relating to the Cadotte West land holdings in the Peace River oil sands region of Alberta. The study, which is ongoing, utilizes existing well data as well as seismic data from lines which have been shot on and around [Read more]
News
Cenovus oil sands production increases 33%
Cash flow up 37% on higher volumes and prices Combined oil sands production at Foster Creek and Christina Lake averaged almost 125,000 barrels per day (bbls/d) net in the second quarter, up 33% from a year earlier. Production at Christina Lake averaged nearly 68,000 bbls/d net in the second quarter, an increase of 77% when compared with the same period a year earlier as phase E reached its design capacity. Foster Creek production averaged almost 57,000 bbls/d net in the quarter, an [Read more]
MEG Energy Reports Fifth Consecutive Quarter of Record Production Growth and Increased 2014 Production Guidance
CALGARY, ALBERTA--(Marketwired - July 30, 2014) - MEG Energy Corp. (TSX:MEG) today reported second quarter 2014 operational and financial results. Highlights include: Record cash flow from operations of $261.7 million; Record quarterly production of 68,984 barrels per day (bpd), nearly 18 per cent higher than the first quarter and 115 per cent higher than the second quarter of 2013, all while factoring in the impact of planned maintenance on Phases 1 and 2; Christina Lake Phase 2B [Read more]
Penn West’s board, new CFO initiate independent review of accounting practices
CALGARY - Penn West Petroleum Ltd. (TSX:PWT) says its board has initiated an independent review of the company's accounting practices going back several years, after a preliminary internal review by the company's new chief financial officer found inadequate documentation to support how some of its expenses were classified in the past.The Calgary-based company said the review will lresult a restatement of previous financial reports for at least 2012 and 2013, as well as for the first quarter of [Read more]
Penn West Reports Second Quarter 2014 Average Production of 108,130 boe per day
Maintains 2014 production guidance of 101,000 - 106,000 boe per day CALGARY, July 29, 2014 /CNW/ - PENN WEST PETROLEUM LTD. (TSX: PWT) (NYSE: PWE) ("Penn West", "we", "our", "us" or the "Company") today reported second quarter 2014 average production of 108,130 barrels of oil equivalent ("boe") per day (64 percent oil and liquids) and maintained 2014 production guidance of 101,000 - 106,000 boe per day. Penn West also reported other key operating results for the second quarter of 2014 and [Read more]
Penn West Announces Management-Initiated Internal Review of Accounting Practices and Decision to Restate Certain Historical Financial Statements
No impact on previously disclosed cash and debt balances Penn West anticipates possible delay in reporting second quarter financial results CALGARY, July 29, 2014 /CNW/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("PENN WEST", the "COMPANY", "we", "us" or "our") announced today that the Audit Committee of the Company's Board of Directors is conducting a voluntary, internal review of certain of the Company's accounting practices. While this review is not yet completed, the Board of [Read more]
Baytex Announces Sale of North Dakota Assets
CALGARY, ALBERTA--(Marketwired - July 29, 2014) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) announces that it has entered into an agreement to sell its North Dakota assets (the "Assets") to SM Energy Company, effective July 1, 2014, for gross proceeds of approximately $357 million (US$330.5 million). The transaction is expected to close toward the end of the third quarter with after tax net proceeds from the sale, estimated at $275 million, to be applied against outstanding bank [Read more]
Cardinal Energy Ltd. Announces Significant Acquisition, Equity Financing and Dividend Increase
CALGARY, ALBERTA--(Marketwired - July 29, 2014) - Cardinal Energy Ltd. ("Cardinal") (TSX:CJ) is pleased to announce that it has signed a purchase and sale agreement to acquire approximately 1,900 Boe/day of long life oil production in the Wainwright area of Alberta (the "Acquisition"). The Acquisition is comprised of 99% crude oil, has an average working interest of 95.5%, includes associated infrastructure, is 99% operated and has a base decline rate of 5% to 7%. The Acquisition is expected [Read more]
US urged to unleash “energy diplomacy” on world stage
The U.S. has long opposed using resource assets as a foreign policy tool but, with its new-found energy wealth, that may be changing RIYADH, Saudi Arabia/ Troy Media/ - The 'invisible hand' is under threat in the very country known by many – if not all – as a bastion of free market economy. For years, even decades, the U.S. has been discouraging the very idea of resource nationalism, insisting instead that free market forces control global energy dynamics. It has always been opposed to [Read more]
Pine Cliff Energy Ltd. Enters into a $33.25 Million Agreement to Acquire Carrot Creek/Edson Area Oil and Natural Gas Assets
CALGARY, ALBERTA--(Marketwired - July 29, 2014) - Pine Cliff Energy Ltd. ("Pine Cliff") (TSX VENTURE: PNE) is pleased to announce that it has entered into a binding agreement (the "Agreement") dated July 29, 2014 to acquire (the "Transaction") oil and natural gas assets in one of its core areas of Carrot Creek/Edson in the Province of Alberta (the "Assets") for cash consideration of $33.25 million, prior to any adjustments. The cash consideration is expected to be financed by a combination of [Read more]