The price of U.S. oil was up nearly one per cent Tuesday along with a rising stock market. Global crude slipped, though, on the prospect of rising supplies from Libya, the North Sea and Iran.Benchmark West Texas Intermediate crude for February delivery rose 79 cents to close at US$92.59 a barrel on the New York Mercantile Exchange.Brent crude, used to set prices for international varieties of crude used by many U.S. refineries, fell 86 cents to close at US$106.39 in London."The overall outlook [Read more]
News
Alberta should offer energy incentives: report
EDMONTON - A report says Alberta could save money and cut greenhouse gas emissions if it offered people and businesses financial incentives to become more energy efficient.The report was put together by the Alberta Energy Efficiency Alliance and submitted to the provincial government."The No. 1 action that we would like to see right now is for the provincial government to put some of their climate change emission management fund dollars into energy efficiency programs," Jesse Row, the alliance's [Read more]
Canexus crude-by-rail project costs soar
CALGARY - Canexus Corp. says the price tag of its oil-by-rail terminal expansion project in Bruderheim, Alta., has risen by 40 per cent over the previous cost estimate of $225 million.The stock was down about 13 per cent to $6.56 at mid-day on the Toronto Stock Exchange.CEO Gary Kubera says the company is disappointed with the revised estimate, but noted Canexus has "established a state-of-the-art facility."The first phase of the expansion is in the process of starting up and the company expects [Read more]
Gear Energy Ltd. Announces Record Production and Provides Operational Update
CALGARY, ALBERTA--(Marketwired - Jan. 14, 2014) - Gear Energy Ltd. ("Gear") (TSX:GXE) is pleased to announce the following operational updates: Gear achieved record production of approximately 4,600 boe/d in the fourth quarter of 2013, a significant increase from third quarter volumes of 3,940 boe/d. December average production came in at the upper end of Gear's 2013 guidance at approximately 5,000 boe/d and liquids weighting increased to 95 per cent as a result of new oil production. [Read more]
Tuscany Announces Successful Macklin Well Placed on Production
CALGARY, ALBERTA--(Marketwired - Jan. 14, 2014) - Tuscany Energy Ltd. (TSX VENTURE:TUS) ("Tuscany" or the "Corporation") is pleased to announce that it has placed the recently completed horizontal heavy oil development well at Macklin, 96/7-28-39-27W3, on production at an initial rate of approximately 125 barrels of oil per day. It is anticipated that the well will decline to approximately 50 barrels of oil per day over the next six months with production rates remaining relatively stable [Read more]
Softrock reports location for first well on farmed out section
TSXV: SFT CALGARY, Jan. 14, 2014 /CNW/ - Nick Taylor, CEO of Softrock ("or the Company") (TSXV: SFT) reports that the farmee of Softrock's and Greencastle's interest in Section 11 Township 78 Range 7W6, DEML (Direct Energy Marketing Limited) has been issued a license by the Alberta Government to drill a 2950 meter horizontal test for Charlie Lake Oil, located in LSD 15 of Section 02 immediately south of Section 11 (the farmed-out section owned by Softrock and Greencastle) and proceeding [Read more]
Pinecrest Energy Inc. provides corporate update
TSX Venture Exchange: PRY CALGARY, Jan. 14, 2014 /CNW/ - Pinecrest Energy Inc. ("Pinecrest" or the "Company") announces an update to its production guidance for the fourth quarter of 2013, its credit facility and 2014 capital program. Production Update Based on field estimates, average production for the fourth quarter of 2013 was approximately 2,580 boepd (97% oil and liquids). Average production for the month of December, based on field estimates, was 2,308 boepd, below the Company's budget [Read more]
Opposition criticizes Alberta $1B loan guarantee for refinery
EDMONTON - Alberta's official Opposition says a $1-billion loan guarantee from the government to a refinery project shows poor business judgment. Wildrose party critic Jason Hale says the money is at risk because the project has already hit cost overruns and delays at a time when other refinery developments are being mothballed. On Friday, Premier Alison Redford's cabinet agreed to put up $1 billion in provincially backed loans or other guarantees for the $8.5-billion North West Redwater [Read more]
Time to phase out older tank cars: CN Rail
OTTAWA - The head of safety for CN Rail says the railway industry wants to phase out older model tank cars that have been implicated in several recent accidents.But the consensus at a forum on rail safety in Ottawa was that there's no quick fix for a decades-old problem that has almost 80,000 sub-standard tank cars carrying flammable liquids on North American tracks — and that the cost will eventually be borne by consumers.A derailment and fire involving a CN train in northwestern New Brunswick [Read more]
Oil markets sending mixed signals
JEDDAH, Saudi Arabia/ Troy Media/ - With a number of variables in play, oil markets are in for considerable fluctuation throughout 2014. While global shale output is on up, the International Energy Agency (IEA) recently raised its forecasts for global oil consumption amidst the strongest U.S. demand growth in a decade. It is now forecasting global oil demand growth of 1.2m b/d – its highest level over the last few years – this year. The Paris- based IEA believes that the rise in non-OPEC [Read more]