CALGARY, March 5, 2014 /CNW/ - MEG Energy Corp. announced today the filing of the corporation's 2013 year-end disclosure documents and a new appointment to its Board of Directors. MEG has filed with Canadian securities regulatory authorities its audited financial statements, Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2013. MEG also announced today the appointment of Jeffrey J. McCaig, effective March 1, 2014, to the board of directors [Read more]
News
Crude oil slips nearly 2% as concerns over Ukraine ease, US supplies rise
The price of oil fell nearly two per cent Wednesday as concerns over the crisis in Ukraine eased and U.S. supplies rose for a seventh consecutive week.Benchmark West Texas Intermediate crude for April delivery dropped $1.88, or 1.8 per cent, to close at US$101.45 a barrel on the New York Mercantile Exchange. On Tuesday, oil fell $1.59 to close at $103.33.Brent crude, used to set prices for international varieties of crude, dropped $1.54 to US$107.76 a barrel on the ICE Futures exchange in [Read more]
Aux Sable Acquires Additional Long-term Liquids Rich Gas Supplies
CALGARY, March 5, 2014 /CNW/ - Aux Sable Canada LP is pleased to announce it has signed long-term Rich Gas Premium (RGP) agreements with Encana Corporation and Phoenix Duvernay Gas (a joint venture participant of Encana). These agreements provide for up to 195 million cubic feet per day (mmcfd) of rich gas supplies from the emerging Duvernay shale play for connection to a receipt zone in Alberta, starting in July 2014 and continuing through to 2020. "We are very pleased to have reached [Read more]
Build support for Keystone with a small carbon levy, says Saskatchewan premier
WASHINGTON - A modest levy on the oil-and-gas sector might be a good idea if it helps buy some goodwill in Washington, Saskatchewan Premier Brad Wall said Wednesday during a trip to the U.S. capital.Any such penalty would need to be small, he stressed."I think you start slow and see what impact it has on the economy," Wall told a group of Canadian journalists at a roundtable discussion. "I don't think you want to kneecap your economy with a carbon tax."He pointed to Alberta's initial $15-a-tonne [Read more]
Exxon Mobil plans to cut capital spending but expects rise in production on oil, other liquids
NEW YORK - Exxon Mobil says it will cut capital spending by 6 per cent this year but still boost production of liquids such as oil by 2 per cent.The nation's biggest oil company said Wednesday that it will spend $39.8 billion on energy projects and other costs this year, down from $42.5 billion last year.Exxon says if it doesn't make acquisitions, annual spending will average less than $37 billion from 2015 to 2017.The Irving, Texas-based company says production will rise 2 per cent this year [Read more]
Pipeline oil leak report shows Alberta government monitoring failing: NDP
EDMONTON - Opposition politicians say a damning report into a major pipeline leak in a central Alberta river indicates the province's monitoring system is failing.New Democrat Rachel Notley says the report into the 2012 Plains Midstream spill into the Red Deer River shows the company knew about problems with the pipeline for four years before it finally cracked.The Alberta Energy Regulator report says a consultant flagged that section of pipe as a high risk in 2008.Notley says that fact Plains [Read more]
Jim Prentice to Lead Renewed Partnership Building With First Nations on Behalf of Enbridge and the Northern Gateway Partners
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 5, 2014) - Northern Gateway and its partners today announced that the Hon. Jim Prentice will lead renewed efforts to consult with and establish partnerships with First Nations and Aboriginal communities in British Columbia and Alberta. This will build on agreements already in place with 26 existing Aboriginal equity partners. "I am doing this because I believe that First Nations should be full partners in resource development and they should [Read more]
Moody’s says increased scrutiny could affect Enbridge’s L3R project
CALGARY - Enbridge's $7-billion plan to replace its Line 3 oil pipeline so it could pump more crude through it "will face increased public, regulatory and political scrutiny," potentially leading to higher costs and delays, says credit rating agency Moody's Investors Service. In a report Wednesday, Moody's said the Line 3 replacement, or L3R, project doesn't affect the credit ratings of Calgary-based Enbridge Inc. (TSX:ENB) or its U.S. affiliate, Enbridge Energy Partners.But Moody's said the [Read more]
Canada’s Building Trades Unions eagerly await the approval of the Energy East Pipeline
OTTAWA, March 5, 2014 /CNW/ - Canada's Building Trades Unions (CBTU) welcomes the filing of the Energy East Project Description with the National Energy Board. This first formal step brings Canada one step closer to energy security and one step closer to no longer having to rely on foreign oil. Speaking on behalf of CBTU, Canadian Director Robert Blakely said in Edmonton today: "Our membership, half a million strong across the country is looking forward to this project; it is as much of a [Read more]
Kelt increases 2014 capital expenditure budget and announces $122 million equity financing
CALGARY, March 5, 2014 /CNW/ - ("KEL" - TSX) - Kelt Exploration Ltd. ("Kelt" or the "Company") has expanded its capital expenditure budget to $250 million for 2014, up from $130 million. The increased spending is expected to result in the drilling of 35 gross (27.5 net) wells during the year, with the largest increase in the Karr and the Pouce Coupe/Spirit River areas in west central Alberta. Summary of 2014 Forecasted Capital Expenditures (CA$ [Read more]