Environmentalists aren't interested in the facts By Barry Cooper CALGARY, AB/ Troy Media/ - One of the biggest political stories of 2014 will continue a major story of 2013: getting Alberta oil to world markets. Enbridge’s reversal of Line 9 through Ontario and Quebec (300,000 bpd) and the expansion of Kinder Morgan’s Trans-Mountain pipeline (300,000 bpd) are important. The most interesting (and weirdest) discussions concern the big ones, TransCanada’s Keystone XL (830,000 bpd) and [Read more]
News
Alberta regulator investigates CNRL well leak
COLD LAKE, Alta. - The Alberta Energy Regulator is investigating another leak from a Canadian Natural Resources (TSX:CNQ) bitumen well near Cold Lake.The regulator says 27,000 litres of contaminated water were released underground on Jan. 3 at the company's troubled Primrose field.Darin Barter, a spokesman for the regulator, says the leak has been stopped.He says none of the water reached the surface or contaminated underground aquifers.Barter says the leak was caused by a well failure — unlike [Read more]
Prentice: Keystone XL a "distraction"
CALGARY - Former Conservative cabinet minister Jim Prentice is urging Canada and the United States to look beyond the contentious and high-profile Keystone XL oil pipeline when it comes to their trade relationship.Prentice — who handled the environment and industry files during his time in government — says the two countries have been "preoccupied by a dispute over a single pipeline."Prentice, now a senior executive at CIBC (TSX:CM), says "we must move beyond this distraction" and calls for a [Read more]
Column: New Brunswick derailment highlights rail vs pipeline tradeoffs
By Kenneth P. Green CALGARY, AB/ Troy Media/ - Yet another train derailment involving petroleum products has re-invigorated the debate over how we transport oil in Canada. In this case, 17 cars on a train near Plaster Rock, New Brunswick, derailed; nine of which carried dangerous goods including crude oil and liquefied petroleum gas. According to recent reports, the cause of the derailment seems to involve a brake failure of some kind. As we have seen in other derailments, the derailed [Read more]
Officials hope to tackle train fire in New Brunswick after removing several cars
PLASTER ROCK, N.B. - Officials said they hoped to start Friday tackling the fire that continues to burn on several train cars days after they derailed in New Brunswick, sparking a blaze fuelled by liquefied petroleum gas and crude oil on board. CN (TSX:CNR) spokesman Jim Feeny said crews worked through the night and removed about six box and crude cars to allow firefighters to get closer to the site of the blaze in Wapske (Wob-ski), near Plaster Rock in northwestern New Brunswick. "Before [Read more]
Sunshine Oilsands Ltd. Announces Additional Closing of Private Placement Financing of HK$336 Million of Common Shares and Warrants Under the General Mandate
CALGARY, Alberta and HONG KONG, Jan. 10, 2014 /CNW/ - Sunshine Oilsands Ltd. (the "Corporation") (HKEX: 2012, TSX: SUO) is pleased to provide an update with respect to its private placement (the "Placement") referred in its announcements dated December 3, 2013 and December 10, 2013. The Corporation is pleased to announce that it has received and accepted an irrevocable subscription agreement (the "Strong Subscription Agreement") from Strong Petrochemical Holdings Limited ("Strong Petrochemical") [Read more]
Lone Pine Resources Announces Canadian Court Approval of Restructuring Plan
CALGARY, ALBERTA--(Marketwired - Jan. 9, 2014) - Lone Pine Resources Inc. ("Lone Pine" or the "Company") today announced that the Court of Queen's Bench of Alberta (the "Canadian Court") has issued an order (the "Sanction Order") sanctioning and approving Lone Pine's previously announced First Amended and Restated Plan of Compromise and Arrangement (the "Plan") under the Companies' Creditors Arrangement Act ("CCAA"). As previously disclosed, the Plan provides for, among other things, [Read more]
Oil falls to 8-month low of US$91.66
NEW YORK - The price of oil closed at the lowest level in eight months Thursday as traders worried about bulging supplies of crude and falling demand for gasoline.Meanwhile, natural gas prices fell five per cent on forecasts for warmer than normal weather in the coming weeks.Benchmark West Texass Intermediate crude for February delivery fell 67 cents to close at US$91.66 a barrel on the New York Mercantile Exchange. The price did rise back above $92 in electronic trading after the close, perhaps [Read more]
Feds quietly adopt new rail industry rules
OTTAWA - Transport Canada quietly approved new safety rules drafted by the railway industry on Boxing Day just as an emergency directive issued in the wake of last summer's Lac-Megantic disaster was set to expire.The federal department also reissued a new emergency directive on Jan. 1, again without public notification, covering those rail companies that are not part of the Railway Association of Canada.Transport Minister Lisa Raitt issued the emergency directive last July to address some of the [Read more]
Baytex Provides Operational and Marketing Update
CALGARY, ALBERTA--(Marketwired - Jan. 9, 2014) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) is pleased to provide an operational and marketing update. Commenting on the outlook for 2014, James Bowzer, President and Chief Executive Officer, said: "We are excited to be entering 2014 in what could truly be a break-out year for Canadian heavy oil. Our drilling program is well underway and we are targeting 6% production growth this year. Importantly for Baytex, heavy oil [Read more]