Plans to move forward with Grand Rapids oil sands project Combined oil sands production at Foster Creek and Christina Lake averaged 120,444 barrels per day (bbls/d) net in the first quarter, up 20% from a year earlier. Production at Christina Lake averaged 65,738 bbls/d net in the first quarter, an increase of 48% when compared with the same period a year earlier as phase E approached full production capacity. Foster Creek performed at the upper end of Cenovus's expected production [Read more]
News
MEG Energy reports record quarterly production and cash flow
Production increase reflects continuing success in the ramp-up of Phase 2B and the RISER initiative CALGARY, April 30, 2014 /CNW/ - MEG Energy Corp. today reported first quarter 2014 operational and financial results. Highlights include: Record cash flow from operations of $157.0 million; Record quarterly production of 58,643 barrels per day (bpd), an increase of 80% over first quarter 2013 production volumes driven by the continuing ramp-up of production at Christina Lake Phase 2B and [Read more]
Hawk Announces Changes to Board of Directors
CALGARY, April 29, 2014 /CNW/ - Hawk Exploration Ltd. ("Hawk" or the "Corporation") is pleased to announce the appointment of James C. ("Pep") Lough to the Corporation's Board of Directors. Mr. Lough is a retired businessman who has 30 years of experience in senior financial management positions at both public and private oil and gas companies. Mr. Lough was most recently the Chief Financial Officer at Cutpick Energy Inc. and currently serves on the board of directors of two private, Calgary [Read more]
Palliser Oil & Gas Corporation Reports 2013 Financial and Operating Results
CALGARY, April 29, 2014 /CNW/ - Palliser Oil & Gas Corporation ("Palliser" or the "Company") (TSXV: PXL) wishes to report financial and operating results for the three months and year ended December 31, 2013. Certain selected financial and operational information is set out below and should be read in conjunction with Palliser's financial statements complete with the notes to the financial statements and related MD&A which is expected to be available at www.sedar.com and the Company's [Read more]
Vermilion Energy Inc. Completes Acquisition of Southeast Saskatchewan Assets
CALGARY, April 29, 2014 /CNW/ - Vermilion Energy Inc. ("Vermilion", the "Company", "We" or "Our") (TSX, NYSE: VET) is pleased to announce that we have completed our acquisition of Elkhorn Resources Inc. for total consideration of approximately $427 million. Total consideration comprised the assumption of an estimated $42 million of debt, $180 million of cash, and the issuance of 2.8 million common shares of Vermilion valued at approximately $205 million (based on the closing price per Vermilion [Read more]
Bakken oil fields of North Dakota, Montana mark billionth barrel of crude oil production
BISMARCK, N.D. - Oil drillers targeting the rich Bakken shale formation in western North Dakota and eastern Montana have produced 1 billion barrels of crude, data from the two states show. Drillers first targeted the Bakken in Montana in 2000 and moved into North Dakota about five years later using advanced horizontal drilling and hydraulic fracturing techniques to recover oil trapped in a thin layer of dense rock nearly two miles beneath the surface. North Dakota has generated 852 million [Read more]
Oil above US$101 a barrel; investors weigh Russia sanctions, rising supplies
NEW YORK - The price of oil crept above US$101 a barrel Tuesday as investors assessed the latest sanctions on Russia over the country's role in the crisis in Ukraine.Benchmark West Texas Intermediate crude for June delivery gained 44 cents to close at US$101.28 a barrel on the New York Mercantile Exchange. Brent crude, an international benchmark used to price oil used by many U.S. refineries, rose 86 cents to US$108.98 in London.Investors were contemplating the impact of new sanctions by the [Read more]
B.C. chief says would-be Alberta premier Jim Prentice understands oil opposition
OTTAWA - Former federal environment minister Jim Prentice hasn't even formally announced his intention to seek Alberta's premiership yet but he's already attracted a backhanded endorsement from a tough oil and gas opponent next door. Stewart Phillip, the grand chief of the Union of British Columbia Indian Chiefs, says he's been eye-to-eye with Prentice in negotiations before and respects the former land claims negotiator's ability to hear his opponents' point of view. For Phillip, those [Read more]
Supporters of Keystone XL pipeline seek a quick Senate vote to approve the project
WASHINGTON - Supporters of the proposed Keystone XL pipeline are seeking a swift election-year Senate vote on legislation to approve the project that environmentalists oppose strongly and the Obama administration has delayed indefinitely. Pipeline advocates in the Senate, including several Democrats on the ballot next fall, hold a clear majority. They also may command more than the 60 votes needed to overcome blocking tactics by opponents, but appear to be short of the two-thirds majority [Read more]
GasFrac to replace its entire board of directors
GasFrac Energy Services announced today it reached a deal with 5.4% owner, Nanes Balkany Partners, to replace its entire board of directors with a slate put forward from the New-York based activist investment fund. According to a Calgary Herald article, the move has garnered praise from environmentalists, but no love from shareholders. Read the press release courtesy GasFrac below: CALGARY, ALBERTA–(Marketwired – April 29, 2014) - GASFRAC Energy Services Inc. (“GASFRAC” or the [Read more]