CALGARY, March 17, 2014 /CNW/ - Imperial Oil Limited has reached an agreement to sell its interest in assets located in Boundary Lake, Cynthia/West Pembina, and Rocky Mountain House in Western Canada to Whitecap Resources Inc. for approximately CA$855 million. The transaction is expected to close in May. Located in British Columbia and Alberta, the assets involved in the transaction produced about 15,000 oil-equivalent barrels per day in 2013 on a net before royalty basis. Production is split [Read more]
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Keyera to Acquire Deep Cut Gas Plant in West Central Alberta
CALGARY, March 17, 2014 /CNW/ - Keyera Corp. (TSX:KEY) ("Keyera") announced today it has entered into an agreement with Whitecap Resources Inc. ("Whitecap") to acquire ownership interests in certain gas processing assets in west central Alberta, and in the associated oil and gas reserves. Whitecap is initially acquiring these assets as part of a larger transaction. Total cost to acquire the assets from Whitecap is approximately $113 million. The acquisition is subject to typical closing [Read more]
Whitecap Resources Inc. Announces Acquisition of Strategic Long Life, Low Decline Light Oil Assets, $500 Million Financing, Increased Dividend by 10% and Increased 2014 Guidance
CALGARY, ALBERTA--(Marketwired - March 17, 2014) - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX:WCP) is pleased to announce that it has entered into an agreement to purchase certain strategic light oil assets focused primarily in Whitecap's Pembina Cardium / West Central core area, as well as at Boundary Lake in northeast BC, which is located just northwest of its core Valhalla area. Total net consideration is $692.7 million after giving effect to the disposition of certain Nisku [Read more]
Southern Pacific Improves Production Rates at STP-McKay With Inflow Control Devices
CALGARY, ALBERTA--(Marketwired - March 17, 2014) - Southern Pacific Resource Corp. ("Southern Pacific" or the "Company") (TSX:STP) today announced an operational update highlighted by continued positive results from its inflow control devices ("ICD") recently installed into the 2P1 and 1P5 well pairs at its STP-McKay Thermal Project. Total Corporate Production Total corporate production, which includes bitumen production from STP-McKay Phase 1 and heavy oil production from STP-Senlac, [Read more]
Oil down slightly below $99 a barrel after Crimea votes to split from Ukraine, join Russia
Oil prices were slightly lower Monday after Crimea's vote to split from Ukraine and join Russia.Benchmark U.S. crude for April delivery was down 9 cents to $98.80 a barrel at 0715 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 69 cents to close at $98.89 on Friday.Brent crude, used to set prices for international varieties of crude, was down 21 cents to $108 on the ICE exchange in London.Residents in Crimea voted Sunday overwhelmingly in favour of the split in a [Read more]
Residents near Alberta gas plant told not to use water from their wells
EDSON, Alta. - Alberta Health Services is urging residents near a gas plant to not use water from their wells due to possible contamination.AHS says the potential contaminant is Sulfolane, an industrial solvent used to purify natural gas.The government says residents located within five kilometres of the South Rosevear Gas Plant in Yellowhead County near Edson should get drinking water from other sources than their private wells.AHS says foods can be cooked in well water only if water will be [Read more]
Crude oil prices gain ahead of Sunday’s referendum on Crimean secession
The price of oil rose Friday on concerns that tensions over Ukraine could rise with this weekend's referendum on Crimean secession.But oil still finished the week down more than three per cent, largely because traders were concerned about the strength of demand from China.Benchmark West Texas Intermediate crude for April delivery rose 69 cents to close at US$98.89 a barrel on the New York Mercantile Exchange on Friday. But for the week, oil was down US$3.69 a barrel, or 3.6 per cent.Brent crude, [Read more]
Terra Energy Closes Final Tranche of Private Placement of Units and Flow-Through Shares
CALGARY, ALBERTA--(Marketwired - March 14, 2014) - Terra Energy Corp. ("Terra" or the "Company") (TSX:TT) is pleased to announce that it has closed the second and final tranche of its the recently announced non-brokered private placement offering (the "Offering") pursuant to the issuance of: (i) 645,000 units of the Company ("Units") at a price of $0.40 per Unit; and (ii) 600,000 common shares of the Company issued on a "flow-through" basis ("Flow-Through Shares") at a price of $0.40 per [Read more]
Do you support Northern Gateway recommendations, Kitimat to ask residents
KITIMAT, B.C. - The district of Kitimat has released the wording of a question that will be asked of residents in an upcoming referendum on the Northern Gateway pipeline.The municipal ballot will ask eligible residents: "Do you support the final report recommendations of the Joint Review Panel (JRP) of the Canadian Environmental Assessment Agency and National Energy Board, that the Enbridge Northern Gateway Project be approved, subject to 209 conditions set out in Volume 2 of the JRP’s final [Read more]
Democrats grapple with election-year dilemma over Keystone XL oil pipeline
WASHINGTON - Democrats are grappling with an election-year dilemma posed by the Keystone XL oil pipeline.Wealthy party donors are funding candidates who oppose the project — a high-profile symbol of the political debate over climate change. But some of the party's most vulnerable incumbents are pipeline boosters, and whether Democrats retain control of the Senate after the 2014 midterm elections may hinge on them.The dilemma was highlighted Thursday as President Barack Obama's former national [Read more]