CALGARY - Surge Energy Inc. (TSX:SGY) is selling some of its oil-producing assets in Saskatchewan and Manitoba for $430 million to an unidentified Canadian company.Calgary-based Surge said the sale will allow it to reduce its indebtedness and prepare it to redeploy capital to the Upper Shaunavon oil discovery in southwestern Saskatchewan.The assets for sale currently produce the equivalent of about 4,750 barrels of oil per day. They have 12.6 million barrels of proved reserves while proved plus [Read more]
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Gibsons Announces Expansion of Its Hardisty West Terminal
CALGARY, ALBERTA--(Marketwired - April 27, 2015) - Gibson Energy Inc. ("Gibsons" or the "Company") (TSX:GEI) announced today that it will construct and operate an additional 900,000 barrels of storage capacity at Gibsons' Hardisty West Terminal located in Hardisty, Alberta. The expansion is intended to support Suncor Energy's growth plans. The Hardisty West Terminal was developed in 2011 as a joint venture with Suncor involving the construction of four storage tanks totaling 1.2 million [Read more]
Surge Energy Announces Continued Expansion of Crude Oil Discovery at Shaunavon, Saskatchewan; and $430 Million Asset Sale of SE Saskatchewan and Manitoba
CALGARY, April 27, 2015 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) announces that its previously disclosed Upper Shaunavon crude oil discovery in SW Saskatchewan is continuing to expand with excellent on-going delineation drilling results. Surge now believes that this high quality, conventional sandstone pool is over 250 million barrels of net original oil in place ("OOIP"1), with over 200 (net) low risk development drilling locations, and full waterflood upside. Surge [Read more]
Toro Oil & Gas Ltd Announces Filing of Year-End Materials
CALGARY, ALBERTA--(Marketwired - April 27, 2015) - Toro Oil & Gas Ltd. (TSX VENTURE:TOO) ("Toro" or the "Company") announces that it filed its financial and operating results for the fourth quarter and year ended December 31, 2014 with the Canadian Securities Administrators. The Company's financial statements, Management's Discussion & Analysis ("MD&A") and Annual Information Form ("AIF") can be found on the SEDAR website (www.sedar.com) or on the Company's website (www.torooil.com). [Read more]
TORC Oil & Gas Announces Strategic Acquisition in Southeast Saskatchewan, Bought Deal Financing, Concurrent Private Placement to Cornerstone Investor and Increase to 2015 Production Guidance
CALGARY, ALBERTA--(Marketwired - April 27, 2015) - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX:TOG) is pleased to announce that it has entered into an agreement to acquire high quality, light oil assets which are complementary to TORC's existing assets in southeast Saskatchewan. The strategic acquisition (the "Acquisition") includes 4,750 boepd (~98% light oil and liquids) of low decline, high netback, light oil producing assets in southeast Saskatchewan and Manitoba (the "Acquired [Read more]
Pembina Pipeline Corporation Places Pipeline Expansion into Service and Revises Time of First Quarter Conference Call and Webcast
CALGARY, April 27, 2015 /CNW/ – Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE: PBA) announced that it has placed its Phase II low vapour pressure ("LVP"), crude oil and condensate pipeline expansion ("Phase II LVP Expansion") into service. The Phase II LVP Expansion, which is underpinned by long-term contracts with Pembina's customers, was commissioned on April 8, 2015 and was placed into service on April 24, 2015, adding an incremental 55,000 barrels per day [Read more]
Five things to expect when oilpatch firms report first-quarter results
CALGARY - This coming week the toll of weak oil prices will be thrown into stark relief as some of Canada's biggest energy names report first-quarter results and hold annual shareholder meetings. In the first three months of the year, crude hovered around US$50 — less than half last summer's highs. It'll be the first full quarter to register the new crude reality.Oilpatch earnings season kicks off with major oilfield service firm Precision Drilling Corp. (TSX:PD) on Monday, followed by oilsands [Read more]
National Energy Board to audit existing Kinder Morgan emergency response plans
VANCOUVER - Vancouver-area mayors grilled federal officials in charge of pipeline regulation and oil-spill cleanup on Friday, with one saying the Canadian Coast Guard is "vastly underfunded."National Energy Board chair Peter Watson and Canadian Coast Guard Assistant Commissioner Roger Girouard attended a meeting of the Metro Vancouver Mayors' Committee to discuss pipeline safety in the region.Mayors interrogated the coast guard for its response to a recent fuel spill in English Bay and lambasted [Read more]
US oil and natural gas rig count drops by 22 to 932; down 19 in Texas
Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 22 this week to 932 amid depressed oil prices.Houston-based Baker Hughes said Friday 703 rigs were seeking oil and 225 explored for natural gas. Four were listed as miscellaneous. A year ago, 1,861 rigs were active.Among major oil- and gas-producing states, Texas lost 19 rigs; North Dakota lost five; Oklahoma was down three; and Alaska, New Mexico and West Virginia each [Read more]
Saturn Minerals Granted Permit & License for Bannock Creek Oil Well
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 24, 2015) - Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) ("Saturn" or the "Company") is pleased to announce that the Company has been granted a Permit & License under the Oil and Gas Conservation Act, Province of Saskatchewan, to drill an oil well at its Bannock Creek Property. Saturn has contracted with West Rock Energy Consultants Ltd., Calgary, AB to provide all logistical support and drill for the drilling program under the [Read more]