The price of oil climbed above US$100 a barrel Monday as escalating tensions in Ukraine outweighed a fourth month of contraction in China's manufacturing. Benchmark U.S. crude for June delivery was up 34 cents to $100.10 a barrel at 3:25 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract rose 34 cents to settle at $99.76 on Friday. Brent crude, a benchmark for international varieties of oil, gained 11 cents to $108.70 on the ICE exchange in London. Violence [Read more]
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WATCH: The best LNG video ever
LNG (liquified natural gas) has generated a lot of buzz over the past few years. Many - especially those in BC - see it as the future of Canada's economy. But there are still those who see it as an evil fossil fuel which will bring destruction to our planet. For the anti-LNG crew, here's a short informative video of how LNG is the safest fuel available. And for the pro-LNG-ers, share this with your anti-LNG friends: [Read more]
TransCanada CEO says no NAFTA challenge to Keystone XL delays — for now
CALGARY - TransCanada Corp. (TSX:TRP) hopes it won't have to resort to a challenge under the North American Free Trade Agreement to get its long-delayed Keystone XL pipeline built, CEO Russ Girling said Friday."Those are issues that are sort of well beyond what we're contemplating at the current time and not something we've spent a whole bunch of time analyzing," he told reporters following the company's annual general meeting."Down the road that's something that hopefully we don't have to take [Read more]
B.C. First Nation launches legal challenge over Kinder Morgan pipeline
NORTH VANCOUVER, B.C. - A B.C. First Nation has launched a legal challenge of the National Energy Board's planned review of a controversial pipeline project.The Tsleil-Waututh (TSLAY'-wah-tooth) Nation is disputing the board's decision to review Kinder Morgan's proposed expansion of its Trans Mountain pipeline between Alberta's oilsands and Metro Vancouver.Last month, the National Energy Board announced it would hold hearings beginning in August, allowing 400 interveners out of more than 2,100 [Read more]
Dave Hancock, in first party speech as premier, apologizes for Redford era
In his first speech to Progressive Conservative party members as premier, Dave Hancock apologized to them for the mistakes of the Alison Redford era. Without mentioning Redford by name, Hancock told about 1,300 party members Thursday that he was sorry the governing caucus lost touch with the grassroots. “We took Albertans and your support for granted and acted in a way that’s contrary to our values,” Hancock said at the party’s annual Edmonton fundraising dinner. “I am truly sorry that [Read more]
TransCanada reports $412M first-quarter profit, revenue up 28 per cent
CALGARY - TransCanada Corp. (TSX:TRP) said Friday it earned $412 million in its latest quarter as revenue grew nearly 30 per cent compared with a year ago.The company behind the controversial Keystone XL project said the profit amounted to 58 cents per share for the quarter ended March 31, compared with a profit of $446 million or 63 cents per share a year ago.Revenue increased to $2.88 billion, up from $2.25 billion a year ago.Excluding certain one-time items, TransCanada said its comparable [Read more]
Oil company abandons plan to drill wells in Lethbridge city limits after petition
LETHBRIDGE, Alta. - The mayor of a southern Alberta city says an oil and gas company's decision to abandon plans to drill three exploratory wells within city limits is a victory for activism. Goldenkey Oil Inc. announced Wednesday that it will not be applying to the Alberta Energy Regulator to access its mineral rights in the Lethbridge area. Goldenkey says the decision was the result of public consultations, inquiry responses and numerous meetings with stakeholders. Project [Read more]
Marquee Energy Ltd. announces closing of $20.1 bought deal equity financing
CALGARY, May 2, 2014 /CNW/ - Marquee Energy Ltd. ("Marquee") (TSX-V: MQL) is pleased to announce that it has closed its previously announced bought deal financing of 22,115,650 common shares, including the 15% over-allotment option of 2,884,650 common shares in the capital of Marquee ("Common Shares") at a price of $0.91 per Common Share for total gross proceeds of $20,125,242 (the "Offering"). The Offering was conducted through a syndicate of underwriters co-led by National Bank Financial Inc. [Read more]
Border Announces Closing of Asset Sale
CALGARY, ALBERTA--(Marketwired - May 1, 2014) - Border Petroleum Limited ("Border" or the "Corporation") (TSX VENTURE:BOR) announces that, subject to final TSX Venture Exchange approval, it has completed an arm's length transaction pursuant to an Agreement of Purchase and Sale between the Corporation and a private limited partnership whereby the Corporation has divested of its Leduc assets in consideration for $1,800,000 in cash. Border also announces the termination of John Aihoshi's [Read more]
NEB Approves Aurora LNG and Oregon LNG Export Licenses
CALGARY, May 1, 2014 /CNW/ - The National Energy Board (NEB or Board) today approved two applications for 25 year natural gas export licences. A licence was approved for Aurora Liquefied Natural Gas Ltd. (Aurora LNG) to export liquefied natural gas (LNG), for a maximum term amount of 849.82 109m3. The export point would be in the vicinity of Prince Rupert, British Columbia at the outlet of the loading arm of a proposed liquefaction terminal. A licence was also approved for Oregon LNG [Read more]