CALGARY, ALBERTA--(Marketwired - Jan. 9, 2014) - Lone Pine Resources Inc. ("Lone Pine" or the "Company") today announced that the Court of Queen's Bench of Alberta (the "Canadian Court") has issued an order (the "Sanction Order") sanctioning and approving Lone Pine's previously announced First Amended and Restated Plan of Compromise and Arrangement (the "Plan") under the Companies' Creditors Arrangement Act ("CCAA"). As previously disclosed, the Plan provides for, among other things, [Read more]
News
Oil falls to 8-month low of US$91.66
NEW YORK - The price of oil closed at the lowest level in eight months Thursday as traders worried about bulging supplies of crude and falling demand for gasoline.Meanwhile, natural gas prices fell five per cent on forecasts for warmer than normal weather in the coming weeks.Benchmark West Texass Intermediate crude for February delivery fell 67 cents to close at US$91.66 a barrel on the New York Mercantile Exchange. The price did rise back above $92 in electronic trading after the close, perhaps [Read more]
Feds quietly adopt new rail industry rules
OTTAWA - Transport Canada quietly approved new safety rules drafted by the railway industry on Boxing Day just as an emergency directive issued in the wake of last summer's Lac-Megantic disaster was set to expire.The federal department also reissued a new emergency directive on Jan. 1, again without public notification, covering those rail companies that are not part of the Railway Association of Canada.Transport Minister Lisa Raitt issued the emergency directive last July to address some of the [Read more]
Baytex Provides Operational and Marketing Update
CALGARY, ALBERTA--(Marketwired - Jan. 9, 2014) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) is pleased to provide an operational and marketing update. Commenting on the outlook for 2014, James Bowzer, President and Chief Executive Officer, said: "We are excited to be entering 2014 in what could truly be a break-out year for Canadian heavy oil. Our drilling program is well underway and we are targeting 6% production growth this year. Importantly for Baytex, heavy oil [Read more]
Column: Obama punting a golden opportunity to create jobs
CALGARY, AB, Jan 9, 2014/ Troy Media/ – “Punt” is an interesting choice of words to describe U.S. President Barack Obama’s dithering on the contentious Keystone XL Pipeline, a piece of infrastructure that would make it easier to ship Canadian bitumen to the southern U.S. But Prime Minister Stephen Harper’s decision to use that slang term this week is more than apt. The Urban Dictionary defines punt as “to skip class” or “avoid doing work”. And that’s pretty much what Obama has done. The [Read more]
Canadian Natural to keep Montney shale assets
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) has decided to keep the Montney shale gas assets that it put on the market early last year. The Calgary-based oil, gas and oilsands producer says it received "a number of expressions of interest" for the assets but none was sufficient to merit a deal at this time. CNQ announced in March it was looking for buyers or partners for the assets, which are in a part of northeastern British Columbia that contains huge reserves of natural gas [Read more]
Husky Energy Approves Two New Heavy Oil Thermal Projects
CALGARY, ALBERTA--(Marketwired - Jan. 9, 2014) - Husky Energy (TSX:HSE) has sanctioned two new heavy oil thermal projects in Saskatchewan, which will deliver a total of 20,000 barrels per day (bbls/day) of production. Engineering is underway with construction of the 10,000 bbls/day Edam East project and the 10,000 bbls/day Vawn project scheduled to begin this year with first oil expected in 2016. The projects build on the success the Company has had in the Lloydminster region in using [Read more]
Canadian Natural Resources Limited Announces an Update on the Montney Disposition Process
CALGARY, ALBERTA--(Marketwired - Jan. 9, 2014) - Canadian Natural Resources Limited (TSX:CNQ) (NYSE:CNQ) ("Canadian Natural" or the "Company") announces the completion of its process of exploring options to monetize or joint venture a portion of its Montney acreage in the liquids rich fairway of Northeast British Columbia. As part of the review process, third party evaluators established contingent resources of approximately 6.7 TCFe on the relevant acreage. Canadian Natural received a number of [Read more]
Surge forecasts more than 40 percent production growth and more than 65 percent growth in FFO for 2014
CALGARY, Jan. 8, 2014 /CNW/ - The Board of Directors of Surge Energy Inc. ("Surge" or the "Company") ("SGY": TSX) has approved the Company's 2014 capital expenditure program. In 2014 Surge will spend a budgeted $114.5 million, and deliver the following: Growth in annual production of more than 40% over 2013; in 2014 Surge is targeting record annual production of 15,250 boepd (15,500 boepd exit rate); A production mix of over 83% light and medium gravity crude oil; Growth in annual [Read more]
Latest derailment and fire fans safety concerns posed by oil by rail
OTTAWA - Yet another railway fire involving crude oil has prompted the chief executive officer of CN Rail to suggest that long-overdue regulatory changes to the tank cars used to transport dangerous goods will be introduced soon.What is being called a controlled burn had been raging for more than 18 hours in northwestern New Brunswick late Wednesday after 17 cars on a CN train — some carrying propane, others crude oil — derailed and caught fire.It is the fifth significant railway accident in [Read more]