WASHINGTON - As the long-running saga over the Keystone XL pipeline enters a critical phase, U.S. President Barack Obama is allowing suspense to linger for at least a few more days.A spokesman wouldn't reveal the president's intentions Monday as the new Republican-dominated Congress prepared legislation that would force construction of the pipeline from Canada."I'm going to reserve judgment ... until we actually see what language is included in that specific piece of legislation," said Obama [Read more]
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Elkwater Resources Ltd. Provides an Operations Update and Announces First Quarter 2015 Capital Budget
CALGARY, ALBERTA--(Marketwired - Jan. 5, 2015) - Elkwater Resources Ltd. ("Elkwater" or the "Company") (TSX VENTURE:ELW) is pleased to provide an operations update and announce details of its first quarter 2015 capital budget. OPERATIONS UPDATE During the fourth quarter of 2014, the Company invested approximately $7.0 million in the drilling and development of its newly acquired properties in Drayton Valley and Killam, targeting light oil from the Cardium and Belly River zones, and medium [Read more]
CaiTerra International Energy Corporation Announces Closing of Third Tranche of Previously Announced Private Placement Financing
CALGARY, ALBERTA--(Marketwired - Jan. 5, 2015) - CaiTerra International Energy Corporation (the "Company") (TSX VENTURE:CTI) announces that it has closed the third tranche of its previously announced private placement financing of common and flow-through shares and has issued an aggregate of 240,000 common shares of the Company on a "flow-through" basis pursuant to the Income Tax Act (Canada) ("Flow-Through Shares") at a price of $0.25 per Flow-Through Share for aggregate proceeds of [Read more]
Tourmaline Exceeds 2014 Production Exit Guidance and Closes Peace River High Joint Venture Deal
CALGARY, AB--(Marketwired - January 05, 2015) - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to provide an update on year end 2014; The Company achieved a 2014 production exit of 151,000 boepd and remains on track to meet or exceed 2015 average production guidance of 164,500 boepd (approximately 40% higher than 2014 average production on the current, reduced 2015 capital program of $1.4 billion). Tourmaline expects to tie-in and start up approximately 90 new [Read more]
Markets plunge as oil dips below $50
NEW YORK (AP) — After six months of falling oil prices, investors are starting to worry that the prolonged slump is signaling a weaker global economy. That fear shook financial markets Monday as oil plunged again, dipping below $50 for the first time in more than five years. The drop prompted a big sell-off, not just among energy stocks, but across the entire stock market. Stocks had already endured a weak open because of concerns that Greece could exit the euro, adding to worries about [Read more]
Washington gears up for Keystone XL showdown
Senate Republican Leader Mitch McConnell says approving the Keystone XL pipeline will top the Senate agenda for 2015. The issue sets up an early 2015 veto confrontation with President Barack Obama. Congressional Republicans have been pushing for approval of the pipeline for years. Obama has resisted because of environmental concerns. The Republican-led House has repeatedly passed legislation approving the pipeline. But the bills have died in the Democratic-controlled [Read more]
Oil falls to 5 1/2-year low near $50/bbl
Crude oil dropped to 5 1/2-year low early Monday as worries continue about a global supply glut. Benchmark U.S. crude was down $1.56 at $51.13 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped 58 cents to $52.69 on Friday. Oil is down from $106 a barrel in June as global demand slackened while supplies remained high. OPEC's decision to not cut back on oil output and recent record-high production from Russia and the US have been the primary causes of [Read more]
Low oil prices unlikely to hurt railroads much
OMAHA, Neb. — The stunning collapse in oil prices over the past several months won’t derail the railroads’ profit engine even if it does slow the tremendous growth in crude shipments seen in recent years. Carloads of crude oil spiked well over 4000 percent between 2008 and last year — from 9,500 carloads to 435,560 — as production boomed and the cost for a barrel of oil soared into the triple digits. Those prices have tumbled severely, to just above $50 per barrel Friday, and that has [Read more]
Questerre Targets Conservative Capital Program for 2015
CALGARY, ALBERTA--(Marketwired - Jan. 2, 2015) - Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC)(OSLO:QEC) reported today on its preliminary plans for 2015. Michael Binnion, President and Chief Executive Officer of Questerre, commented, "Our goals for this year are to maintain a strong balance sheet and finance our capital program primarily with cash flow and, to a lesser extent, our credit facilities. In 2015, we expect to generate positive cash flow from operations [Read more]
Tamarack Valley Energy Ltd. Announces a Record 2014 Exit Production Rate of 9,700 boe/d and Temporary Oil Battery Curtailment
CALGARY, ALBERTA--(Marketwired - Jan. 2, 2015) - Tamarack Valley Energy Ltd. (TSX VENTURE:TVE) ("Tamarack" or the "Company") is pleased to announce that a successful second half 2014 drilling program in the Wilson Creek area contributed to a record exit production rate averaging approximately 9,700 boe/d (based on field estimates) during the last 14 days of December, 2014, exceeding its exit production target of 9,500 boe/d. All 10.9 net wells drilled in the fourth quarter were brought on [Read more]