TSXV: SFT CALGARY, Jan. 14, 2014 /CNW/ - Nick Taylor, CEO of Softrock ("or the Company") (TSXV: SFT) reports that the farmee of Softrock's and Greencastle's interest in Section 11 Township 78 Range 7W6, DEML (Direct Energy Marketing Limited) has been issued a license by the Alberta Government to drill a 2950 meter horizontal test for Charlie Lake Oil, located in LSD 15 of Section 02 immediately south of Section 11 (the farmed-out section owned by Softrock and Greencastle) and proceeding [Read more]
News
Pinecrest Energy Inc. provides corporate update
TSX Venture Exchange: PRY CALGARY, Jan. 14, 2014 /CNW/ - Pinecrest Energy Inc. ("Pinecrest" or the "Company") announces an update to its production guidance for the fourth quarter of 2013, its credit facility and 2014 capital program. Production Update Based on field estimates, average production for the fourth quarter of 2013 was approximately 2,580 boepd (97% oil and liquids). Average production for the month of December, based on field estimates, was 2,308 boepd, below the Company's budget [Read more]
Opposition criticizes Alberta $1B loan guarantee for refinery
EDMONTON - Alberta's official Opposition says a $1-billion loan guarantee from the government to a refinery project shows poor business judgment. Wildrose party critic Jason Hale says the money is at risk because the project has already hit cost overruns and delays at a time when other refinery developments are being mothballed. On Friday, Premier Alison Redford's cabinet agreed to put up $1 billion in provincially backed loans or other guarantees for the $8.5-billion North West Redwater [Read more]
Time to phase out older tank cars: CN Rail
OTTAWA - The head of safety for CN Rail says the railway industry wants to phase out older model tank cars that have been implicated in several recent accidents.But the consensus at a forum on rail safety in Ottawa was that there's no quick fix for a decades-old problem that has almost 80,000 sub-standard tank cars carrying flammable liquids on North American tracks — and that the cost will eventually be borne by consumers.A derailment and fire involving a CN train in northwestern New Brunswick [Read more]
Oil markets sending mixed signals
JEDDAH, Saudi Arabia/ Troy Media/ - With a number of variables in play, oil markets are in for considerable fluctuation throughout 2014. While global shale output is on up, the International Energy Agency (IEA) recently raised its forecasts for global oil consumption amidst the strongest U.S. demand growth in a decade. It is now forecasting global oil demand growth of 1.2m b/d – its highest level over the last few years – this year. The Paris- based IEA believes that the rise in non-OPEC [Read more]
A lower Canadian Dollar, but not business as usual
The closer the U.S. gets to energy independence, the worse things will get By Ben Brunnen: CALGARY, AB/ Troy Media/ - Much is being said of the Canadian dollar trading at around a two year low of late and what it means for the Alberta economy. Traditionally, Alberta manufacturers and exporters would benefit because their products will be comparatively cheaper and Canadian oil producers who trade in U.S. dollars but pay Canadian salaries and expenses would also see a benefit. However, [Read more]
Surge announces $109 million SE Saskatchewan light oil acquisition, upward revision to 2014 guidance, $70 million equity financing, and four percent increase in dividend
CALGARY, Jan. 13, 2014 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") announced today that it has entered into an agreement to acquire (the "Acquisition") certain high quality, low decline, operated, light oil producing assets strategically located in the Company's core area of SE Saskatchewan (the "Assets"). The Assets include an estimated annualized 1,250 boepd (97 percent oil) of high netback light crude oil production. The purchase price for the Assets is $109 million, payable in cash [Read more]
Neil Young calls oilsands development “greediest, most destructive, disrespectful” (video)
TORONTO — Singer Neil Young has launched a blistering attack on the Harper government and Alberta’s oilsands, calling the development "the greediest, most destructive, disrespectful demonstration". Young told a news conference on Sunday as far as the governing Conservatives are concerned, “money is number one, integrity isn’t even on the map.” The news conference was to kick off the first of four concerts aimed at raising support for an Alberta First Nations that is fighting development of [Read more]
Renegade Petroleum Ltd. Announces Strategic $109.0 Million Asset Disposition and Confirms January 2014 Dividend
CALGARY, ALBERTA--(Marketwired - Jan. 13, 2014) - Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) is pleased to announce that it has entered into an agreement to sell certain oil and gas assets for gross proceeds of $109.0 million and is pleased to confirm its January 2014 dividend. ASSET DISPOSITION The Company has entered into a definitive agreement to sell certain oil and gas assets in southeast Saskatchewan (the "Disposition Assets") effective January [Read more]
Oil falls to near $92 after Friday’s surge
Oil prices fell Monday after a big jump in the previous trading session that was sparked by expectations the Fed might delay stimulus reduction.Benchmark U.S. oil for February delivery was down 36 cents to US$92.36 a barrel at 3: 25 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract surged $1.06 to settle at $92.72 a barrel on Friday.The U.S. added just 74,000 thousand jobs in December, way below market expectations of 196,000 jobs. The unemployment rate fell from [Read more]