CALGARY, ALBERTA--(Marketwired - Sept. 25, 2015) - Terra Energy Corp. ("Terra" or the "Company") (TSX:TT) is pleased to announce that the Company has entered into a Purchase and Sale Agreement with an industry partner for the sale by the Company of certain non-core, P&NG assets in the Boundary Lake and Worsley areas of the Province of Alberta. The purchase price for the assets is $10.615 million and is scheduled to close September 28th, 2015. Current production associated with the assets [Read more]
News
Kinder Morgan files new report to NEB touting benefits of proposed pipeline
CALGARY - Kinder Morgan has filed new reports to the National Energy Board touting the economic benefits of its proposed Trans Mountain pipeline expansion, replacing evidence that the regulator ordered removed from the record last month.The filings include an 89-page market analysis by Dallas consulting firm Muse Stancil and an updated Conference Board of Canada tally of the project's broader economic spinoffs.Muse Stancil estimates $73.5 billion (in 2012 dollars) will be added to producers' [Read more]
Hillary goes green!
Over six years ago, TransCanada applied for a permit to construct the Keystone XL pipeline with a proposal to build a “1,179 mile (1,897 kilometer), 36-inch-diameter crude oil pipeline beginning in Hardisty, Alta”. Beginning in the early 2000's Mexican and Venezuelan oil output dwindled, making room for Canada to become the main provider of foreign oil to the United States. Unfortunately for both the exporter and importer alike, all pipelines currently running “north-south” have been [Read more]
Nailing down Saudi Arabia’s breakeven prices
With WTI hovering at roughly $45 per bbl, Saudi Arabia's ongoing struggle to maintain its share of the global oil market seemingly shows little sign of winding down. On the face of it, Saudi Arabia's strategy makes intuitive sense: leverage its substantial production capacity to flood the market with crude oil and drive down the price to the point where rival shale production at current levels is uneconomical. True enough, US rig counts continue to drop and without a doubt production targets [Read more]
NEB delaying review of Kinder Morgan’s pipeline expansion project
CALGARY - The National Energy Board says it needs more information before proceeding with a review of Kinder Morgan Canada's Trans Mountain pipeline expansion.The board says in a news release that it is going to implement an "excluded period" for the review, beginning last week and lasting until Jan. 8, 2016.Its recommendations were to have been handed down on Jan. 26 but the delay means a new deadline of May 20 next year.The board did not specify what additional information it was seeking.The [Read more]
5 energy predictions that didn’t come true
There have been many energy predictions that were deemed to doom us all that never came to be. Granting the predictors the benefit of the doubt, the claims themselves must stand as they are. In that spirit, gathered below are some of the most historic and gloomy predictions concerning energy that never came true. [Read more]
Alberta Premier Notley wants to see at least one ‘drama-free’ pipeline project
CALGARY - Alberta's premier says she wants at least one new "drama-free" pipeline built that will carry the province's oil to new markets.Rachel Notley told delegates to an Alberta Urban Municipalities Association convention on Thursday that she plans to achieve that through ongoing discussions with British Columbia, Ontario and Quebec.It is essential for Alberta, with its reliance on resource revenue, to get access to overseas customers, she said.Canada's premiers signed a Canadian Energy [Read more]
NEB releases new schedule for Trans Mountain Expansion hearing
CALGARY, Sept. 24, 2015 /CNW/ - The National Energy Board (NEB) has implemented an excluded period for the review of the Trans Mountain Expansion Project (Project) beginning on September 17, 2015 and ending January 8, 2016, to acquire additional information related to the Project. The NEB has a legislated time limit of 15 months from the date it determines an application is complete until issuing a decision or recommendation to Governor in Council. The term excluded period refers to the [Read more]
TransCanada warns layoffs coming as oil downturn squeezes customers
CALGARY - Employees at TransCanada were informed this week that more job cuts are coming as part of a major overhaul that includes shedding a fifth of senior leadership positions from the pipeline and power company."Falling oil prices and the current environment are having a profound impact on our customers and we must do all we can to drive down costs and pursue our projects more efficiently and strategically," spokesman James Millar said in an emailed statement."We are now introducing [Read more]
Calfrac Well Services cuts dividend by 75% as it grapples with oil, gas downturn
CALGARY - Calfrac Well Services Ltd. (TSX:CFW) is cutting its dividend by 75 per cent, the second reduction this year in response to low oil and natural gas prices.The Calgary-based company provides specialized oilfield services to increase production of wells drilled in western Canada, the United States, Russia, Argentina and Mexico.Calfrac says its next payout to shareholders will be about 1.5 cents per common share, payable Oct. 15, down from 6.25 cents per share paid on July 15.The dividend [Read more]