WASHINGTON - It took less than a day to dent the hopes of Canadian oilsands proponents that a new, Republican-dominated U.S. Congress might finally carry their coveted Keystone XL pipeline project to completion.The plan slammed into a familiar obstacle: the White House.A bill that would force the project to go ahead was introduced by the new Republican majority as the 2015-16 Congress took office Tuesday and, immediately, U.S. President Barack Obama signalled his plan to veto it."I can confirm [Read more]
News
Column: Energy Crisis As Early As 2016
Low oil prices today may be setting the world up for an oil shortage as early as 2016. Today we have just 2% more crude oil supply than demand and the price of gasoline is under $2.00/gallon in Texas. If oil supply falls too far, we could see gasoline prices doubling within 18 months. For a commodity as critical to our standard of living as oil is, it only takes a small shortage to drive up the price. On Thanksgiving Day, 2014 Saudi Arabia decided to maintain their crude oil output of [Read more]
Crescent Point Energy Announces $1.45 Billion Capital Expenditures Budget for 2015
CALGARY, ALBERTA--(Marketwired - Jan. 6, 2015) - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG)(NYSE:CPG) announces a $1.45 billion capital expenditures budget for 2015. The capital expenditures budget is expected to generate average daily production of 152,500 boe/d, a nine percent increase over 2014 guidance. With benchmark oil price volatility currently at elevated levels, Crescent Point's 2015 budget assumptions are conservative and disciplined. "In this [Read more]
Tuscany Reports Production Reached 1,000 BOEd in December 2014 and Updates Q4 2014 Drilling Program
CALGARY, ALBERTA--(Marketwired - Jan. 6, 2015) - Tuscany Energy Ltd. (TSX VENTURE:TUS) announces that in Q4 2014 the Company successfully completed the drilling of two horizontal heavy oil wells on the Company's north Macklin property in Saskatchewan and an initial horizontal heavy oil well on the Company's Morgan property in Alberta. At Macklin, the 91/1-33-39-28W3M well was placed on production in the first week of December and is producing at an estimated rate of 125 BOEd. The Macklin [Read more]
Crew Energy Announces 2015 Capital Budget Focused on Balance Sheet Strength and Long-Term Montney Growth
CALGARY, ALBERTA--(Marketwired - Jan. 6, 2015) - Crew Energy Inc. (TSX:CR) ("Crew" or the "Company") today announces that the Board of Directors has approved a 2015 capital program of up to $185 million, prudently structured to maintain Crew's strong balance sheet position while providing maximum flexibility for the continued development and growth of our core northeast British Columbia ("BC") Montney resource under a variety of commodity price scenarios. This capital budget is designed to [Read more]
Spartan Energy Corp. Exceeds 2014 Exit Production Target and Announces 2015 Capital Budget and Guidance
CALGARY, ALBERTA--(Marketwired - Jan. 6, 2015) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to announce that, as a result of a successful fourth quarter drilling program, we exceeded our 2014 exit production guidance of 8,900 to 9,100 boe/d in early December. We expect our fourth quarter average production to exceed 8,700 boe/d and our 2014 annual average to exceed 5,850 boe/d, 3% above our guidance of 5,700 boe/d. December average production is approximately 9,300 [Read more]
White House lets suspense linger as KXL pipeline saga reaches critical chapter
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]
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]