NEW YORK - Exxon Mobil says it will cut capital spending by 6 per cent this year but still boost production of liquids such as oil by 2 per cent.The nation's biggest oil company said Wednesday that it will spend $39.8 billion on energy projects and other costs this year, down from $42.5 billion last year.Exxon says if it doesn't make acquisitions, annual spending will average less than $37 billion from 2015 to 2017.The Irving, Texas-based company says production will rise 2 per cent this year [Read more]
News
Pipeline oil leak report shows Alberta government monitoring failing: NDP
EDMONTON - Opposition politicians say a damning report into a major pipeline leak in a central Alberta river indicates the province's monitoring system is failing.New Democrat Rachel Notley says the report into the 2012 Plains Midstream spill into the Red Deer River shows the company knew about problems with the pipeline for four years before it finally cracked.The Alberta Energy Regulator report says a consultant flagged that section of pipe as a high risk in 2008.Notley says that fact Plains [Read more]
Jim Prentice to Lead Renewed Partnership Building With First Nations on Behalf of Enbridge and the Northern Gateway Partners
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 5, 2014) - Northern Gateway and its partners today announced that the Hon. Jim Prentice will lead renewed efforts to consult with and establish partnerships with First Nations and Aboriginal communities in British Columbia and Alberta. This will build on agreements already in place with 26 existing Aboriginal equity partners. "I am doing this because I believe that First Nations should be full partners in resource development and they should [Read more]
Moody’s says increased scrutiny could affect Enbridge’s L3R project
CALGARY - Enbridge's $7-billion plan to replace its Line 3 oil pipeline so it could pump more crude through it "will face increased public, regulatory and political scrutiny," potentially leading to higher costs and delays, says credit rating agency Moody's Investors Service. In a report Wednesday, Moody's said the Line 3 replacement, or L3R, project doesn't affect the credit ratings of Calgary-based Enbridge Inc. (TSX:ENB) or its U.S. affiliate, Enbridge Energy Partners.But Moody's said the [Read more]
Canada’s Building Trades Unions eagerly await the approval of the Energy East Pipeline
OTTAWA, March 5, 2014 /CNW/ - Canada's Building Trades Unions (CBTU) welcomes the filing of the Energy East Project Description with the National Energy Board. This first formal step brings Canada one step closer to energy security and one step closer to no longer having to rely on foreign oil. Speaking on behalf of CBTU, Canadian Director Robert Blakely said in Edmonton today: "Our membership, half a million strong across the country is looking forward to this project; it is as much of a [Read more]
Kelt increases 2014 capital expenditure budget and announces $122 million equity financing
CALGARY, March 5, 2014 /CNW/ - ("KEL" - TSX) - Kelt Exploration Ltd. ("Kelt" or the "Company") has expanded its capital expenditure budget to $250 million for 2014, up from $130 million. The increased spending is expected to result in the drilling of 35 gross (27.5 net) wells during the year, with the largest increase in the Karr and the Pouce Coupe/Spirit River areas in west central Alberta. Summary of 2014 Forecasted Capital Expenditures (CA$ [Read more]
Gear Energy Ltd. Announces 42 Per Cent Increase in Year-End Reserve Value and 249 Per Cent Replacement of 2013 Production
CALGARY, ALBERTA--(Marketwired - March 4, 2014) - Gear Energy Ltd. ("Gear" or the "Company") (TSX:GXE) is pleased to present the results and analysis of its 2013 year-end independent reserve report. HIGHLIGHTS Achieved finding, development and acquisition ("FD&A") costs of $17.84 per proved plus probable ("P+P") boe, including changes in future development costs ("FDC"), which resulted in a Company recycle ratio of 1.8 times. FD&A costs decreased by 26 per cent from 2012. FDC [Read more]
Painted Pony Announces A 52% Increase in Proved Plus Probable Reserves to 1.7 Tcfe With A Net Present Value Discounted at 10% of $1.5 Billion
CALGARY, ALBERTA--(Marketwired - March 4, 2014) - Painted Pony Petroleum Ltd. ("Painted Pony" or the "Company") (TSX:PPY) is pleased to announce the results of the Company's December 31, 2013 reserves position and its Montney natural gas prospective and contingent resource assessments. Highlights include: a 52% increase in proved plus probable ("P+P") reserves to 1.7 trillion cubic feet of gas equivalent ("Tcfe"), or 290.3 million barrels of oil equivalent ("mmboe"), with a corresponding 41% [Read more]
Gear Energy Ltd. Announces Fourth Quarter and Year End 2013 Results; Record Production and Strong Operational Performance
CALGARY, ALBERTA--(Marketwired - March 4, 2014) - Gear Energy Ltd. (TSX:GXE) ("Gear" or the "Company") is pleased to provide the following fourth quarter operating update to shareholders. In conjunction with this fourth quarter release, please refer to Gear's Reserves Press Release for its 2013 year-end reserves update for more information. Gear's Annual Audited Financial Statements and related Management's Discussion and Analysis (MD&A) for the year's ended December 31, 2013 and 2012 are [Read more]
Clearview Announces Acquisition and Change of Director
CALGARY, ALBERTA--(Marketwired - March 4, 2014) - Clearview Resources Ltd. ("Clearview") is pleased to announce that on February 28, 2014 the Company acquired long life natural gas and liquids assets in the Wilson Creek area of West Central Alberta. Production from the 8 gross (3.3 net) wells acquired is estimated at net 150 boe/d, comprised of 660 mcf/d of natural gas and 40 b/d of liquids. The Company also believes there is upside in the assets in the form of multi-zone re-completion, drilling [Read more]