WASHINGTON - A government warning about the dangers of increased use of trains to transport crude oil is giving a boost to supporters of the long-delayed Keystone XL pipeline.U.S. and Canadian accident investigators urged their governments Thursday to impose new safety rules on so-called oil trains, warning that a "major loss of life" could result from an accident involving the increasing use of trains to transport large amounts of crude oil.Pipeline supporters said the unusual joint warning by [Read more]
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To a family of pipeline workers, Keystone XL presents struggle of the century
OMAHA, United States - There's a clan of semi-nomadic tradesmen quietly watching for a sign that, somewhere on the horizon, there might be a resolution to the Keystone XL dispute. The Berringer brothers have travelled far, and often, to build pipelines like their dad did. Between the now-retired father and his two burly boys, their total combined experience adds up to about a century. And in all that prodigious pipeline-laying history, they say, not once have they ever witnessed a struggle [Read more]
Federal New Democrat from B.C. slams energy board over website maintenance
VANCOUVER - An oil pipeline critic and New Democratic MP from British Columbia says plans by the National Energy Board to perform maintenance on its website this weekend are "ridiculous." Burnaby-Douglas MP Kennedy Stewart recently said his community office would hold Saturday computer labs to show people how they could apply online to participate in upcoming hearings on the proposed Kinder Morgan pipeline expansion. The $5.4-billion Trans Mountain pipeline from Edmonton to B.C.'s coast [Read more]
Oil above $97 after rising for 5th straight day
The price of oil edged up Friday for a fifth day in a row on expectations for increased demand.Benchmark U.S. crude for March delivery was up 22 cents to $97.54 a barrel at 0620 GMT in electronic trading on the U.S. Mercantile Exchange. Oil rose 59 cents to $97.32 on Thursday.On Thursday, preliminary results of HSBC's January survey of Chinese factory purchasing managers indicated a contraction in manufacturing for the first time since July. Despite the disappointing China data, the severe cold [Read more]
Long Run Exploration Ltd. Announces Senior Management Change
CALGARY, ALBERTA--(Marketwired - Jan. 23, 2014) - Long Run Exploration Ltd. ("Long Run" or the "Company") (TSX:LRE) announces that William Tang Kong, Vice President, Corporate Development, will be leaving the company for personal reasons. Mr. Tang Kong was a part of the initial recapitalization of Galleon Energy in August 2011 and has played an important role in the success of the Company to date. We appreciate the work he has done and wish him well in his future endeavors. Long Run is a [Read more]
CEO: new Penn West less ‘hung up on barrels’
CALGARY - The CEO of Penn West Petroleum Ltd. says the company is in the midst of a big cultural shift, focused less on churning out as much oil as possible and more on profitability. "I lot of people get hung up on barrels," said David Roberts, the former Marathon Oil executive who took the reins of Penn West in June. "Barrels don't matter unless you're making money." Roberts defended his company's new strategy following a nearly 13 per cent slide in its share price over the past two [Read more]
Cardinal Energy Ltd. Announces Bantry Asset Acquisitions and $28,000,000 Million Private Placement
CALGARY, ALBERTA--(Marketwired - Jan. 23, 2014) - Cardinal Energy Ltd. ("Cardinal") (TSX:CJ) is pleased to announce that it has entered into agreements with two private companies to purchase assets in Cardinal's core Bantry area for an aggregate purchase price of approximately $27 million before adjustments (the "Acquisitions"). The Acquisitions add approximately 350 Boe/d (90% oil and NGLs) of high netback production. In connection with the Acquisitions, Cardinal also announces a bought deal [Read more]
AltaGas: Small players key to B.C. LNG
CALGARY - The CEO of AltaGas Ltd. (TSX:ALA) says smaller players have an important role to play in B.C.'s liquefied natural gas industry.Speaking at a CIBC investor conference, David Cornhill said Thursday that the companies pitching LNG export facilities on the West Coast can be broken up into two categories, the first being enormous global firms such as Chevron, Petronas and Royal Dutch Shell that have interests in the natural gas fields themselves. "But I think it's also critical for the [Read more]
Natural gas locomotives may prove cheaper, cleaner
OMAHA, Neb. - The diesel-burning locomotive, the workhorse of American railroads since World War II, will soon begin burning natural gas — a potentially historic shift that could cut fuel costs, reduce pollution and strengthen the advantage railroads hold over trucks in long-haul shipping.Rail companies want to take advantage of booming natural gas production that has cut the price of the fuel by as much as 50 per cent. So they are preparing to experiment with redesigned engines capable of [Read more]
Saudi, IEA talk impact of US shale on oil price
RIYADH, Saudi Arabia - Saudi Arabia's oil minister and the head of the International Energy Agency have met in the kingdom to discuss the effects of growing U.S. shale oil production on global oil prices. The Saudi Press Agency says Ibrahim al-Naimi met IEA Executive Director Maria van der Hoeven in Riyadh on Thursday. Earlier this week, al-Naimi was quoted by the Saudi Press Agency saying that the kingdom welcomes the new source of energy to keep up with global demand. He made his [Read more]