By The Canadian Press CALGARY - A Japanese oil company is moving ahead with a $1.4-billion expansion to an oilsands project in which Nexen Inc. — soon to be acquired by China's CNOOC Ltd. — is a minority partner. Japan Petroleum Exploration Co., or Japex, plans to increase output at its Hangingstone project to 20,000 barrels per day, compared with the 6,000 to 7,000 it currently produces. Once that expansion phase starts up, Japex says it will decide on whether to expand production to [Read more]
News
Perpetual Reports Further Success on Asset Disposition Program, Provides Operational Update at Edson and Advises on Credit Facility Borrowing Base Review
Perpetual Energy Inc. is pleased to announce further positive results from the Corporation's ongoing asset disposition program. Subsequent to the end of the third quarter Perpetual has entered into definitive purchase and sale agreements for the divestiture of certain varied assets which will result in net realized proceeds of $8.2 million, subject to certain closing adjustments and transaction costs. These transactions are scheduled to all be closed on or prior to January 7, 2013. The [Read more]
Hemisphere Provides Operational Update
Hemisphere Energy Corporation is pleased to provide an operational update on its fall drilling program in Jenner, southeast Alberta. Hemisphere has finished drilling three horizontal wells targeting the oil-bearing sandstones of the Glauconitic formation. Each horizontal well targeted a different oil pool within the Company''s core Jenner area. A completion rig has been mobilized to Jenner to begin completion operations. Production results from these three new oil wells will be announced as [Read more]
Oil rises near US$87 after survey shows improvement in China’s manufacturing
By Pablo Gorondi, The Associated Press The price of oil rose to near US$87 a barrel Friday, boosted by a survey that showed the recovery in China's manufacturing is gathering strength. By early afternoon in Europe, benchmark West Texas Intermediate crude for January delivery was up 83 cents to US$86.72 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 88 cents to end at US$85.89 a barrel in New York on Thursday. HSBC Corp. said the [Read more]
Strategic Oil & Gas Ltd. Announces Core Area Acquisitions, New Light Oil Resource Play, Expanded Credit Facility and Grant of Stock Options
Strategic Oil & Gas Ltd. is pleased to announce that it has entered into agreements to acquire certain assets in Strategic''s core area at Steen River, Alberta, (the "Acquisition"), for cash consideration of $23.6 million, subject to customary closing adjustments. The Acquisition will have an effective date of December 1, 2012 and is expected to close on December 21, 2012. SUMMARY OF THE ACQUISITION Strategic is acquiring a 100% working interest in 340 boe/d (83% light oil) of [Read more]
Palliser Oil & Gas Closes Flow-Through Share Financing
Palliser Oil & Gas Corporation is pleased to announce that it has completed the sale on a non-brokered basis of 1,462,631 common shares of Palliser on a flow-through basis (the "Flow-through Shares") at an issue price of $0.82 per Flow-Through Share (the "Offering") resulting in gross proceeds of $1,199,357 . Palliser has paid a finder's fees of an aggregate of $60,000 (6% on certain of the subscriptions) to net $1,139,357 from the Offering. Proceeds from the issuance of the Flow-Through [Read more]
Equal Energy Closes Sale of Royalty Assets; To Start Hunton Drilling Program in Early January
Equal Energy Ltd. is pleased to confirm that the sale of its royalty and fee title lands in Western Canada to Keystone Royalty Corp. has closed as scheduled today. Cash proceeds are $12.13 million. Equal has also agreed to assign residual Canadian resource income tax pools to Keystone as part of the royalty sale transaction. The royalty sale is the final transaction in a series of asset sales concluded as part of Equal's recently completed strategic review process. Hunton [Read more]
Crude oil eases to $86.65 a barrel
By The Associated Press NEW YORK, N.Y. - The price of oil wavered between small gains and losses Thursday as traders balanced concerns over an apparent impasse in Washington's critical budget negotiations with enthusiasm over steps taken to boost a slow-growing economy. President Barack Obama and Republican leaders don't appear to be close a deal to avert the so-called fiscal cliff before year's end. Without an agreement, hundreds of billions of dollars in tax increases and government [Read more]
$4 BILLION JOINT VENTURE: Encana and PetroChina to develop the Duvernay
Encana Corporation has entered into a joint venture arrangement with Phoenix Duvernay Gas (Phoenix), a wholly owned subsidiary of PetroChina, to explore and develop Encana's extensive undeveloped Duvernay land holdings in west-central Alberta. Under the terms of the agreement, Phoenix will gain a non-controlling 49.9% interest in Encana's approximately 445,000 acres in the Duvernay play for total consideration of C$2.18 billion. At closing, C$1.18 billion was paid to Encana and C$1.0 billion [Read more]
Alberta Average Price per HA to December 12
[table] [attr style="width: 25%"]`[attr style="width: 25%"]Plains/HA`[attr style="width: 25%"]Northern/HA`[attr style="width: 25%"]Foothills/HA December 12, 2012` $272.47` $377.08`$386.64 November 28, 2012` $382.56` $289.81`$358.54 Change`-$110.09`+$87.27`+$28.10 [/table] Source: ERCB [Read more]