CALGARY, June 2, 2014 /CNW/ - The National Energy Board (NEB), along with the Canada Nova Scotia Offshore Petroleum Board and the Canada-Newfoundland and Labrador Offshore Petroleum Board, is taking additional steps to improve safety in the oil and gas industry with the release of a joint statement and framework on Safety Culture. The final paper, titled, "Advancing Safety in the Oil and Gas Industry: Statement on Safety Culture," outlines the NEB's expectations of regulated companies to build [Read more]
News
Plains Midstream charged in Alberta pipe leak
RED DEER, Alta. - Charges have been laid against the owner of a pipeline that leaked nearly half a million litres of oil into a central Alberta river. The Alberta Energy Regulator says Plains Midstream faces a charge under the federal Fisheries Act as well as a provincial charge of failing to report the leak as required by law. The June 7, 2012, spill from the Rangeland pipeline was discovered when landowners just north of Sundre began phoning in reports of a rotten egg smell, the telltale [Read more]
Mexico courting Canadian investment in newly reformed energy sector
CALGARY - Mexico is laying out the welcome mat for Canadian companies to invest in its energy sector, which is opening up to outside investment after more than 75 years of government control.The country doesn't have the technical know-how to exploit its unconventional sources of energy and Mexican government officials are in Calgary to invite Western Canadian companies to contribute their expertise and investment.Mexico has huge potential in so-called unconvential oil and gas that's trapped in [Read more]
Petrus Resources Ltd. Announces Closing of $50 Million Private Placement
CALGARY, ALBERTA--(Marketwired - June 2, 2014) - Petrus Resources Ltd. ("Petrus" or the "Company") is pleased to announce that it has closed its previously announced private placement co-led by RBC Capital Markets Inc. and GMP Securities L.P, and including Peters & Co. Limited, CIBC World Markets Inc. and Acumen Capital Finance Partners Limited (collectively, the "Agents"). The Company issued 9,240,000 Common Shares (including an upsize of 1,540,000 Common Shares from the original offering) [Read more]
Pilot Energy Corp. Announces Swift Current Asset Acquisition
Pilot Energy Corp. has duly executed an offer to purchase (the "OTP" or letter of intent) with the Vendor of certain oil and gas assets comprising 2,320 gross acres (1,838 net acres) in the Swift Current corridor as previously defined in Pilot's Corporate presentations. The assets comprise of 20 barrels of oil per day (gross/net) currently producing, plus 90 barrels per day (net) of suspended oil that can be re-activated immediately from six (6) gross (4.1 net) wells. The working interest in [Read more]
Plans to pipe oilsands crude to Quebec would barely benefit province, according to Greenpeace report
MONTREAL - A new report requested by Greenpeace says proposals to pipe oilsands crude to Quebec refineries would only deliver negligible economic benefits to the province. An economist who co-authored the study says job creation and spinoffs from several active pipeline-and-processing proposals would be insignificant to Quebec's overall economy. At the same time, Brigid Rowan says a pipeline accident could cost lives and put taxpayers on the hook for billions of dollars — particularly if a [Read more]
Tourmaline Oil Corp. Completes $78.4 Million Flow-Through Financing
CALGARY, ALBERTA--(Marketwired - June 2, 2014) - Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities law. Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline") is pleased to announce that it has completed its previously announced flow-through share financing. At closing, Tourmaline issued 1,150,000 common shares (of which 1,000,000 were issued on a "bought deal" basis [Read more]
RedWater Continues to Increase Production and Cash Flow in First Quarter of 2014
OKOTOKS, ALBERTA--(Marketwired - June 2, 2014) - RedWater Energy Corp. ("RedWater") (TSX VENTURE:RED) is pleased to report record financial and operating results for the three month period ended March 31, 2014. Highlights Generated cash flow from operations of $249,551 in the first quarter of 2014 compared to a negative cash flow of ($41,010) in first quarter of 2013; Achieved an operating netback of $22.61 per boe in the first quarter of 2014, a 41.8% increase over the first quarter [Read more]
Oil rises above $103 after China reports improvement in manufacturing
Oil prices rose Monday on the prospect of increased demand from China after data showed an improvement in manufacturing.Benchmark U.S. oil for July delivery was up 58 cents to US$103.29 a barrel at 2:30 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract fell 87 cents to close at $102.71 on Friday.Chinese data showed Sunday that manufacturing grew for the third consecutive month in May, suggesting a slowdown in the world's second-largest economy is stabilizing.The [Read more]
Not a ‘know-all:’ Tutu says he won’t tell Canadians what to do about environment
FORT MCMURRAY, Alta. - South African Archbishop Desmond Tutu says he has come to northern Alberta not as an expert on climate change, but hoping to bring people together on an issue that he says is crucial to the future of all creation."I don't come as a know-all who is going to pontificate and tell you Canadians what you must do," he told reporters Friday before opening a two-day conference on oilsands development and First Nations treaties in Fort McMurray."I think I can almost say, without [Read more]