FREDERICTON - British Columbia's opposition to the Northern Gateway project puts greater attention on a proposal to build a west-to-east oil pipeline, New Brunswick Premier David Alward said on the eve of a meeting with his Alberta counterpart, Alison Redford.The two will get together Friday to discuss the idea of shipping oil from Alberta as far east as Saint John in their continued efforts to promote a development they say will bring jobs and ensure greater energy security for the [Read more]
News
Argosy Energy Inc. Announces Receivership and Resignation of Directors
CALGARY, ALBERTA--(Marketwired - June 6, 2013) - Argosy Energy Inc., (TSX:GSY) which includes its wholly owned subsidiary, Radius Resources Corp. (the "Company") announces that, pursuant to an order of the Court of Queen's Bench of Alberta (the "Court") dated May 30, 2013, FTI Consulting Canada Inc. has been appointed as the receiver and manager of all of the Company's assets, undertakings and property. In addition, the Court has approved the transactions (the "Transactions") [Read more]
Report urges government to halt future Chinese takeovers of Canadian firms
OTTAWA - A new report from Calgary's School of Public Policy is warning the government against approving any more takeovers from Chinese state-owned companies.The paper by economist Duanjie Chen argues that Chinese state-owned enterprises are agents of the Chinese regime and do not play by the same rules as Canadian companies, or those from most Western countries.The report comes after Ottawa gave China National Offshore Oil Co. the green light to acquire oil producer Nexen Inc., but [Read more]
Natural gas storage builds well above expectations, prices get slammed
Working gas in storage was 2,252 Bcf as of Friday, May 31, according to EIA estimates. This represents a net change of +111 Bcf, well above analyst estimates of ~=90 Bcf. As a result, Natural gas futures on NYMEX dropped nearly 4% Thursday morning to $3.85. Here's the details courtesy EIA: [table] [attr style="width: 25%"]`[attr style="width: 25%"]May 31`[attr style="width: 25%"]May 24`[attr style="width: [Read more]
Perpetual Energy Inc. Announces Normal Course Issuer Bid for its 7.25% and 7.00% Convertible Debentures
CALGARY, June 6, 2013 /CNW/ - (TSX: PMT) - Perpetual Energy Inc. ("Perpetual") announced today that the TorontoStock Exchange ("TSX") has accepted Perpetual's Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as Perpetual considers advisable, up to a maximum of $7,536,000 principal amount of 7.25% convertible extendible unsecured subordinated debentures (the "7.25% Debentures") and $3,873,000principal amount of 7.00% convertible [Read more]
Aroway Energy Inc. Discovers Oil Pool and Builds on Land Position in New Core Area
CALGARY, ALBERTA--(Marketwired - June 6, 2013) - AROWAY ENERGY INC. (TSX VENTURE:ARW) (OTCQX:ARWJF) (www.arowayenergy.com) (the "Company") is pleased to announce that it was successful in acquiring a section of land at the recent Alberta crown land sale. The 640 acre parcel of land adjoins Aroway's 100% owned and operated Kirkpatrick Lake producing assets and is strategic to the growth of Aroway's new core area. The Company also announces that it has filed a Good Production Practice ("GPP") [Read more]
Offshore oil regulators defy environment commissioner’s advice for Newfoundland
By Heather Scoffield OTTAWA - Oil and gas regulators in Newfoundland have done exactly what the federal environment commissioner told them not to do: issued a call for bids to explore parts of the Gulf of St. Lawrence several months before a key environmental assessment has concluded. The commissioner, who audits government operations for their environmental performance, warned the Canada-Newfoundland Offshore Petroleum Board earlier this year to make sure strategic environmental [Read more]
“Public trust has been eroded”; Pipeline companies discuss safety at NEB forum
CALGARY - The bosses of Canada's largest pipeline companies are acknowledging more has to be done to win public confidence when it comes to pipeline safety.A spate of high-profile oil spills have vaulted the once largely anonymous pipeline sector to the top of newscasts in recent years."We have experienced incidents and public confidence has been shaken quite considerably — I think quite rightly so, since several of those high profile incidents resulted in very significant [Read more]
Enbridge Launches Second Open Season for Southern Access Extension
CALGARY, ALBERTA--(Marketwired - June 5, 2013) - Enbridge (TSX:ENB) (NYSE:ENB) today announced a second binding open season ("Open Season") to solicit additional commitments from shippers for capacity on the proposed Southern Access Extension pipeline, to be constructed, owned and operated by U.S. subsidiary Enbridge Pipelines (Illinois) L.L.C. (the "Carrier"). The new pipeline will transport crude oil from Pontiac, Illinois, at Enbridge's Flanagan Terminal, where it will receive crude oil from [Read more]
Oil rises as US supplies of oil, gasoline drop
NEW YORK - The price of oil rose Wednesday as a big drop in U.S. oil supplies offset concerns about a plunge in the stock market.Benchmark oil for July delivery rose 43 cents to close at $93.74 a barrel on the New York Mercantile Exchange.The price rose as high as $94.48 a barrel immediately after the Energy Department said U.S. crude oil inventories shrank by 6.3 million barrels in the week ended May 31, thanks to a sharp drop in imports. Analysts expected a drop of 1 million barrels. [Read more]