CALGARY - TransCanada Corp. says an independent report predicts the equivalent of 10,000 full-time jobs will be directly supported during the development and construction phase of the proposed Energy East pipeline to New Brunswick. Energy East is expected to take six years to complete, supporting 2,300 jobs from now through 2015 during the development phase and 7,700 jobs during the construction phase between 2016 and 2018, according to estimates prepared by Deloitte & Touche [Read more]
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Global crude oil supply disruptions and strong demand support high oil prices
Source: U.S. Energy Information Administration, based on Bloomberg, LP While Brent crude oil spot prices have increased as much as $7 per barrel (6%) since the chemical weapons incident in Syria on August 21, 2013, market fundamentals had been moving Brent prices higher even earlier. From mid-April to August 20, Brent crude oil spot prices increased almost $15 per barrel (15%) because of increasing global refinery demand coupled with record levels of unexpected crude oil production [Read more]
Bellatrix Announces an Increase of $100 Million in Capital Committed to a $244 Million Joint Venture in the Notikewin/Falher in the Willesden Green Area and in the Cardium in the Brazeau Area
CALGARY, Sept. 10, 2013 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX:BXE, NYSE:BXE) is pleased to announce that Grafton Energy Co I Ltd. ("Grafton"), has elected to exercise an option to increase its committed capital investment by an additional $100 million on the same terms and conditions as the previously announced joint venture (the "Joint Venture") to accelerate development on a portion of Bellatrix's extensive undeveloped land holdings. The Joint Venture is in [Read more]
Blackbird Energy Inc. Announces Agreement to Purchase Two Sections of P&NG Rights in South East Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 10, 2013) - (TSX VENTURE:BBI) Blackbird Energy Inc. ("Blackbird" or the "Company") is pleased to announce its proposed acquisition of certain oil and gas assets through its wholly-owned subsidiary, Ruger Energy Inc., for total cash consideration of $52,000 (the "Acquisition"). The vendor of the assets, which consist of two sections of Petroleum & Natural Gas Rights comprising a total of 1,280 acres located in Bromhead in South East Saskatchewan [Read more]
B.C. union leaders join Clark’s bid to train thousands of LNG workers
VICTORIA - Some of British Columbia's most powerful labour leaders are pledging to work with Premier Christy Clark's Liberal government and the energy industry to help thousands of B.C. workers land jobs in what could be the province's multi-billion-dollar liquefied natural gas industry.B.C. Federation of Labour President Jim Sinclair and B.C. building trades council executive director Tom Sigurdson emerged from a closed-door meeting with Clark saying jobs trump politics when it comes [Read more]
Arsenal Energy Inc. Releases Operational Update
CALGARY, ALBERTA--(Marketwired - Sept. 9, 2013) - Arsenal Energy Inc. ("Arsenal" or the "Company") (TSX:AEI)(PINKSHEETS:AEYIF) is pleased to release this operations update. In the third quarter to date, Arsenal has drilled four (4 net) wells at Princess, one (1 net) well at Chauvin, one (0.5 net) well in the Alberta deep basin, and has completed four (0.25 net) Bakken wells at Lindahl in North Dakota. At Princess, Arsenal has drilled four wells, resulting in two oil wells, one gas well [Read more]
Inter Pipeline raises dividend 13 per cent amid strong performance, new projects
CALGARY - Inter Pipeline Ltd. says it has raised its monthly dividend by 13 per cent as new projects begin to generate cash flow.The Calgary-based company said its September dividend, payable in mid-October, will be worth 10.75 cents per share, up from 9.5 cents per share.On an annualized basis, that amounts to $1.29, up from $1.14.CEO David Fesyk says it's the eleventh increase in a row and the single-largest in the company's history.It is supported by the continuing strong [Read more]
TORC Oil & Gas Ltd. Announces Closing of Acquisition and Strategic Transition to a Sustainable Dividend Plus Growth Company
CALGARY, Sept. 9, 2013 /CNW/ - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX:TOG) is pleased to announce the closing of the acquisition of low decline, high netback, light oil producing assets in southeastSaskatchewan and the strategic transition of the Company's business model to an intermediate light oil producer paying sustainable dividends while also delivering disciplined per share production growth. The acquired assets are complementary to TORC's current light oil platform in the [Read more]
Pengrowth Closes Southeast Saskatchewan Asset Disposition
CALGARY, ALBERTA--(Marketwired - Sept. 9, 2013) - Pengrowth Energy Corporation (TSX:PGF) (NYSE:PGH) has closed the previously announced divestiture of its non-core southeast Saskatchewan assets, effective June 1, 2013. Proceeds from the sale are $510 million, prior to closing adjustments. The assets sold had production of approximately 5,700 barrels of oil equivalent per day (boe/d) (93% liquids) and proved plus probable reserves of 21.3 million barrels assigned to them at December 31, [Read more]
Texas seismologist: Fracking doesn’t cause earthquakes
MORGANTOWN, W.Va. (AP) — A University of Texas seismologist says human activity associated with oil and gas production can sometimes cause earthquakes, but hydraulic fracturing isn’t the problem. Cliff Frohlich told scientists gathered in Morgantown for a National Research Council forum that when quakes do happen, they’re typically linked to the disposal of drilling fluids in underground injection wells. And Frohlich says the vast majority of injection wells don’t cause quakes, [Read more]