CALGARY - A new report says the inability to get oilsands crude to the right markets is costing the Canadian economy dearly. The Canada West Foundation says each stalled pipeline project means a loss of between $30 million and $70 million every day. Senior economist Michael Holden says if pipeline projects such as Keystone XL, Trans Mountain and Northern Gateway don't go ahead, Canada would miss out on $1.3 trillion in economic output between now and 2035. The report was paid [Read more]
News
Natural gas storage falls 118 Bcf
January 25: 2,802 Bcf February 1: 2,684 Bcf Change: -118 Bcf [table] [attr style="width: 25%"]`[attr style="width: 25%"]February 1`[attr style="width: 25%"]January 25`[attr style="width: 25%"]Change East`1,303`1,391`-88 West`388`398`-10 Producing`993`1,013`-20 Total`2,684`2,802`-118 [/table] Source: EIA [Read more]
Tamarack Valley Energy Ltd. Announces Record 2012 Exit Production, Fourth Quarter Drilling Results and 2013 Guidance
Tamarack Valley Energy Ltd. (TSX VENTURE:TVE) ("Tamarack" or the "Company") is pleased to provide an update on its year end results, 2012 fourth quarter Redwater Viking oil drilling program and 2013 Guidance. Tamarack is pleased to announce, based on field estimates in December, it averaged 2,160 boe/d (46% liquids) in 2012 which exceeded the mid-point of its previously announced 2012 guidance of 2,000-2,200 boe/d (43% - 47% liquids). Tamarack achieved an exit rate of 2,704 boe/d (52% [Read more]
Bonterra Energy Corp. Provides Corporate Reserve Information on the Spartan Acquisition, Pro Forma Reserves Summary and Additional Updates
Bonterra Energy Corp. (Bonterra) (www.bonterraenergy.com) (BNE.TO) reports the results of the independent reserve report prepared by Sproule Associates Limited with an effective date of December 31, 2012 for Spartan Oil Corp.; provides a pro forma reserves summary; updates its 2013 operating cost guidance; and corrects its finding, development and acquisition costs excluding future development costs for 2012. Highlights Proved plus Probable (P+P) reserves on a pro forma basis of 70.5 [Read more]
Pinecrest Energy Inc. Provides Update
Pinecrest Energy Inc. ("Pinecrest" or the "Company") is pleased to announce its 2013 capital budget, waterflood scheme progress, an increase in its credit facility, hedging programs, and a management change. 2013 Capital Budget The Board of Directors of Pinecrest has approved a 2013 capital budget of $136MM, focused on drilling, completion, equipping, tie-in and waterflooding the Slave Point light oil resource play in the Company's greater Red Earth core area. The capital and operating [Read more]
ARC Resources Ltd. Announces Fifth Consecutive Year of Greater than 200 per cent Produced Reserves Replacement in 2012
ARC Resources Ltd. ("ARC") released today its 2012 year-end reserves and resources information. HIGHLIGHTS Replaced 200 per cent of 2012 total production, adding 69 mmboe of proved plus probable ("2P") reserves. 2P reserves increased six per cent to 607 mmboe, comprised of 2.5 Tcf of natural gas and 186 mmbbls of crude oil and natural gas liquids ("NGL's") at year-end 2012. ARC's 2P Reserve Life Index ("RLI") increased to 17.5 years, based on the 2013 mid-point production guidance of [Read more]
Report says time running out for Canadian oil producers to access Pacific
By Bill Graveland CALGARY - A research paper is reinforcing the idea that Canada's resource industry is at risk of being left behind internationally if it doesn't find a way to get oil to receptive markets in the Pacific Rim. The report from the School of Public Policy at the University of Calgary says demand for heavy oil from Alberta's oilsands lies primarily in southeast Asia, but warns the window of opportunity will begin to close. Author Michal Moore says Canada needs to [Read more]
ARC Resources Ltd. Reports Fourth Quarter and Full Year 2012 Results
(ARX - TSX) ARC Resources Ltd. ("ARC") is pleased to report its fourth quarter and full year 2012 operating and financial results. Fourth quarter production was a record 95,725 boe per day and funds from operations were $208.4 million ( $0.68 per share). ARC's 2012 Audited Consolidated Financial Statements and Notes, as well as ARC's Management's Discussion and Analysis ("MD&A") for years ended December 31, 2012 and 2011, are available on ARC's website at www.arcresources.com and on SEDAR [Read more]
Angle Energy Reports 113% Increase in Light Oil Reserves, Announces New Independent Director
Angle Energy Inc. ("Angle" or the "Company") (NGL.TO) announces a significant increase to its 2012 year-end oil reserves and top tier capital efficiencies in its oil reserve additions. The Company also announces the addition of M. Scott Bratt, an experienced financial executive, to its Board of Directors. 2012 YEAR END RESERVES REPORT HIGHLIGHTS The following highlights are calculated using the estimated and unaudited financial results of 2012, pro forma the Edson gas asset disposition [Read more]
Artek Exploration Ltd. Announces 2013 Capital Program and Provides Operational Update
Artek Exploration Ltd. ("Artek" or the "Company") (RTK.TO) - Artek exited 2012 at a record production level of over 4,000 boe/d (approximately 44% oil and natural gas liquids). On the back of this success, Artek is pleased to announce its 2013 capital expenditure budget of $55 to $58 million which contemplates the drilling of approximately 14 to 15 gross (8 to 9 net) wells. The currently planned capital program will be weighted 100% to projects targeting oil and condensate with associated [Read more]