OTTAWA - The premier of the Northwest Territories says it's time to start laying the groundwork for a potential oil pipeline to the Arctic Ocean, notwithstanding currently depressed global energy prices.Bob McLeod announced to an Ottawa reception Thursday evening that he's launching a year-long feasibility study that will examine an energy, communications and transportation corridor up the Mackenzie Valley."We know we need to find a way to get our resources to market and it is time for us to [Read more]
News
Bonterra Energy Corp. Announces 2015 Operational Update and Dividend Adjustment
CALGARY, ALBERTA--(Marketwired - Jan. 29, 2015) - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX:BNE) ("Bonterra" or "the Company") today announces changes that are necessary to ensure the Company maintains its financial strength and long-term objectives during this period of extreme market volatility. Based on current commodity pricing assumptions, the Company is taking the following steps: Capital expenditures for 2015 are currently budgeted to be approximately $58 million compared [Read more]
NEB approves Woodside Energy LNG export license
CALGARY, Jan. 29, 2015 /CNW/ - The National Energy Board (NEB or Board) approved the application of Woodside Energy Holdings Pty Ltd. (Woodside Energy) for a 25 year natural gas export licence with a maximum term quantity of 807 billion cubic metres1. The export point would be in the vicinity of Grassy Point, north of Prince Rupert, British Columbia at the outlet of the loading arm of a proposed natural gas liquefaction terminal. The issuance of this licence is subject to the approval of the [Read more]
BlackPearl Announces 2014 Year-End Reserves and Contingent Resource Estimates and Provides Production Update
CALGARY, ALBERTA--(Marketwired - Jan. 29, 2015) - BlackPearl Resources Inc. ("BlackPearl" or the "Company") (TSX:PXX)(OMX:PXXS) is pleased to announce the results of its 2014 year-end oil and gas reserves evaluation, contingent resource evaluation and to provide fourth quarter and annual oil and gas production data. Highlights include: Proved reserves of 66 million barrels of oil equivalent; an increase of 4% year over year; Total proved plus probable reserves of 297 million barrels of [Read more]
Hemisphere Energy Grants Incentive Stock Options
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 29, 2015) - Hemisphere Energy Corporation ("Hemisphere" or the "Company") (TSX VENTURE:HME) announces that it has granted incentive stock options to officers, directors, employees and consultants of the Company entitling them to purchase up to a total of 1,125,000 common shares at an exercise price of $0.24 each, pursuant to the Company's Stock Option Plan for a term of five years and subject to the receipt of the necessary regulatory [Read more]
Canadian Oil Sands Announces Fourth Quarter Results, $0.05 per Share Dividend and Cost Reductions at Syncrude
CALGARY, ALBERTA--(Marketwired - January 29, 2015) - All financial figures are unaudited and in Canadian dollars unless otherwise noted. Canadian Oil Sands Limited ("COS") (TSX:COS) generated cash flow from operations of $1,106 million ($2.28 per Share) in 2014 and $207 million ($0.43 per Share) during the fourth quarter of the year. Cash flow from operations in the fourth quarter was down about 47 per cent compared with the same period of 2013, largely reflecting lower crude oil prices and [Read more]
US Senate poised to approve Keystone pipeline bill, defying White House
WASHINGTON - Long-suffering supporters of the Keystone XL pipeline won a moral victory in the U.S. Congress on Thursday — but that's about all they won.A bill to build the oil pipeline from Canada was approved by the Senate for the first time in the almost seven-year struggle over one of the best-known, most-debated pieces of oil infrastructure in memory.Previous efforts to approve the pipeline crashed into the notoriously high hurdle for getting anything through the U.S. Congress's upper [Read more]
Forget the falling price, US oil industry renews push to lift ban on exporting US oil
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]
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]