WASHINGTON - Never mind dropping oil prices. U.S. producers are pushing harder than ever for the right to sell U.S. crude oil overseas.It might seem counterintuitive: Oil prices are as low as they have been at any point since 2009 and the height of the Great Recession, and some say they could drop even further. But oil producers are playing a longer game, betting that long-term demand will be strong and new markets offer lucrative rewards for U.S. producers.Supporters see possible inroads in a [Read more]
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Increasing Demand For Refined Products Will Increase Oil Prices
In last week’s article I posted a chart from the International Energy Agency’s recent Oil Market Report that shows global demand for refined products catching up to supply by the 3rd quarter of this year. My opinion is that all of the analysts who are now blaming the sharp drop in oil prices on a “glut” of supply could change their tune quickly as consumers adjust to lower fuel costs. Just as higher costs reduce demand for any commodity, lower costs will increase demand. This is especially true [Read more]
Bellatrix Announces Updated 2015 Capital Budget, Guidance and Recently Executed Commodity Fixed Price Contracts
TSX, NYSE: BXE CALGARY, Jan. 29, 2015 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE: BXE) announces an updated 2015 net capital budget and operational outlook, and provides an update on its recent commodity price risk management activities. 2015 Revised Capital Expenditure Plans and Operational Guidance In response to continued volatility of oil and gas prices, Bellatrix announces an updated 2015 net capital budget of up to $200 million, reduced from the [Read more]
Toscana Energy renews Normal Course Issuer Bid
CALGARY, Jan. 29, 2015 /CNW/ - Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) today announces that a Notice of Intention to renew its Normal Course Issuer Bid (the "Bid") has been approved by its Board of Directors (the "Board") and has been filed with and accepted by the Toronto Stock Exchange. The Corporation believes that the purchase of its shares at recent market prices is a worthwhile investment since, in its view, recent market prices of its shares do not [Read more]
Connacher Announces Resignation of Director
CALGARY, Jan. 29, 2015 /CNW/ - Connacher Oil and Gas Limited (CLL – TSX; "Connacher" or the "Company") announces that Mr. Greg Boland has tendered his resignation as a director of the Company effective January 29, 2015. The Company would like to thank Mr. Boland for his contributions. About Connacher Connacher is a Calgary-based in situ oil sands developer, producer and marketer of bitumen. The Company holds a 100 per cent interest in approximately 450 million barrels of proved and [Read more]
Shell to cut investment worldwide after oil price drop hurts profit
LONDON (AP) — In a sign of the impact on the oil sector of the slump in energy prices, Royal Dutch Shell Plc said Thursday it plans to cut spending by $15 billion over the next three years amid a drop in earnings. Shell is the first major energy company to report earnings, so its quarterly update is watched for hints on the performance of the wider industry. Europe's largest oil company by market value said fourth quarter net income fell 57 percent to $773 million due to the steep decline [Read more]
Mapan Energy Ltd. Announces 2014 Year-End Reserves, Operations Update and Executive Appointment
CALGARY, ALBERTA--(Marketwired - Jan. 28, 2015) - Mapan Energy Ltd. ("Mapan" or the "Company") (TSX VENTURE:MPG) is pleased to announce its 2014 year-end reserves. Mapan's independent reserve report (the "GLJ report") was prepared by GLJ Petroleum Consultants ("GLJ") in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") with an effective date of December 31, 2014. Highlights The Company's Proved Reserves increased from the March 31, [Read more]
Inter Pipeline Announces Completion of Cold Lake and Polaris Pipeline Expansion Projects
CALGARY, ALBERTA--(Marketwired - Jan. 28, 2015) - Inter Pipeline Ltd. ("Inter Pipeline") (TSX:IPL) is pleased to announce that it has completed construction activity on two major expansion projects on its Cold Lake and Polaris pipeline systems. These projects will provide transportation service to the Foster Creek and Christina Lake oil sands projects owned by the FCCL Partnership ("FCCL"), a business venture between Cenovus Energy and ConocoPhillips. As a result, Inter Pipeline will begin [Read more]
Palliser Oil & Gas Corporation Reports 2014 Year End Reserves, Operations Update, and Corporate Update
Calgary, Alberta / ACCESSWIRE / January 28, 2015 / Palliser Oil & Gas Corporation ("Palliser" or the "Company") (TSX VENTURE: PXL) would like to provide information on its oil and gas reserves as of December 31, 2014 and an operations and corporate update. Reserves Summary Palliser's reserves have been independently evaluated by the Corporation's independent reserve engineering firm, Sproule Unconventional Limited ("Sproule"). The reserves were evaluated in accordance with [Read more]
CaiTerra International Energy Corporation Provides Year-End Update
CALGARY, ALBERTA--(Marketwired - Jan. 28, 2015) - CaiTerra International Energy Corporation (TSX VENTURE:CTI) ("CaiTerra" or the "Company") is pleased to provide a year-end update, announce the appointment of Ms. Perla Woo as President of the Company, and announce the filing of its financial and operating results as at and for the year ended September 30, 2014 and filing of its 51-101F1 reserves report. CORPORATE AND OPERATIONS UPDATE Faust Since the Company's acquisition of its 39.5 [Read more]