CALGARY, ALBERTA--(Marketwired - March 17, 2014) - Southern Pacific Resource Corp. ("Southern Pacific" or the "Company") (TSX:STP) today announced an operational update highlighted by continued positive results from its inflow control devices ("ICD") recently installed into the 2P1 and 1P5 well pairs at its STP-McKay Thermal Project. Total Corporate Production Total corporate production, which includes bitumen production from STP-McKay Phase 1 and heavy oil production from STP-Senlac, [Read more]
News
Oil down slightly below $99 a barrel after Crimea votes to split from Ukraine, join Russia
Oil prices were slightly lower Monday after Crimea's vote to split from Ukraine and join Russia.Benchmark U.S. crude for April delivery was down 9 cents to $98.80 a barrel at 0715 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 69 cents to close at $98.89 on Friday.Brent crude, used to set prices for international varieties of crude, was down 21 cents to $108 on the ICE exchange in London.Residents in Crimea voted Sunday overwhelmingly in favour of the split in a [Read more]
Residents near Alberta gas plant told not to use water from their wells
EDSON, Alta. - Alberta Health Services is urging residents near a gas plant to not use water from their wells due to possible contamination.AHS says the potential contaminant is Sulfolane, an industrial solvent used to purify natural gas.The government says residents located within five kilometres of the South Rosevear Gas Plant in Yellowhead County near Edson should get drinking water from other sources than their private wells.AHS says foods can be cooked in well water only if water will be [Read more]
Crude oil prices gain ahead of Sunday’s referendum on Crimean secession
The price of oil rose Friday on concerns that tensions over Ukraine could rise with this weekend's referendum on Crimean secession.But oil still finished the week down more than three per cent, largely because traders were concerned about the strength of demand from China.Benchmark West Texas Intermediate crude for April delivery rose 69 cents to close at US$98.89 a barrel on the New York Mercantile Exchange on Friday. But for the week, oil was down US$3.69 a barrel, or 3.6 per cent.Brent crude, [Read more]
Terra Energy Closes Final Tranche of Private Placement of Units and Flow-Through Shares
CALGARY, ALBERTA--(Marketwired - March 14, 2014) - Terra Energy Corp. ("Terra" or the "Company") (TSX:TT) is pleased to announce that it has closed the second and final tranche of its the recently announced non-brokered private placement offering (the "Offering") pursuant to the issuance of: (i) 645,000 units of the Company ("Units") at a price of $0.40 per Unit; and (ii) 600,000 common shares of the Company issued on a "flow-through" basis ("Flow-Through Shares") at a price of $0.40 per [Read more]
Do you support Northern Gateway recommendations, Kitimat to ask residents
KITIMAT, B.C. - The district of Kitimat has released the wording of a question that will be asked of residents in an upcoming referendum on the Northern Gateway pipeline.The municipal ballot will ask eligible residents: "Do you support the final report recommendations of the Joint Review Panel (JRP) of the Canadian Environmental Assessment Agency and National Energy Board, that the Enbridge Northern Gateway Project be approved, subject to 209 conditions set out in Volume 2 of the JRP’s final [Read more]
Democrats grapple with election-year dilemma over Keystone XL oil pipeline
WASHINGTON - Democrats are grappling with an election-year dilemma posed by the Keystone XL oil pipeline.Wealthy party donors are funding candidates who oppose the project — a high-profile symbol of the political debate over climate change. But some of the party's most vulnerable incumbents are pipeline boosters, and whether Democrats retain control of the Senate after the 2014 midterm elections may hinge on them.The dilemma was highlighted Thursday as President Barack Obama's former national [Read more]
Octagon 88 Resources Announces Bluesky Gething Well Successfully Spudded
ZUG, Switzerland--(BUSINESS WIRE)--Octagon 88 Resources Inc. (OTCBB:OCTX) is pleased to announce the well 07-10-091-22W5 on the Bluesky Gething formation has been successfully spudded and is currently drilling. The well is located in the Peace River Block of NW Alberta. The Manning Projects Operator reports: -The first targeted Bluesky Gething well 07-10-091-22W5 was successfully spudded on March 10, 2014 11:39 MST time. -Drilling has commenced and will continue on the vertical leg [Read more]
Athabasca Announces the Appointment of a New Chairman and a New Director to Its Board of Directors
CALGARY, March 14, 2014 /CNW/ - Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or "the Company") announces the appointment of Thomas Buchanan as Chairman of the Board of Directors (the "Board"), replacing William Gallacher, effective March 14, 2014. William Gallacher has served as Chairman of the Board since founding the Company in 2006 and was instrumental in guiding and growing Athabasca to where it is today. Mr. Gallacher has chosen to resign from Athabasca's board to concentrate on his [Read more]
Tamarack Valley Energy Ltd. Announces 67% Increase to Reserves and Exceeds 2013 Production Guidance with Record Production and Cash Flow
CALGARY, ALBERTA--(Marketwired - March 13, 2014) - Tamarack Valley Energy Ltd. (TSX VENTURE:TVE) ("Tamarack" or the "Company") is pleased to announce the results of its independent reserve evaluation as of December 31, 2013, which include a 67% increase in proved plus probable reserves to 18.684 mmboe, a proved plus probable finding and development cost of $17.57/boe and a recycle ratio of 2.3. The Company is also pleased to announce a record quarter production average of 4,336 boe/d for the [Read more]