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]
News
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]
SEND IN THE TROOPS: Alberta sends envoy to Ottawa to combat potentially crippling environmental regulations
By Heather Scoffield OTTAWA - As federal officials hash out how to control greenhouse-gas emissions from the oil and gas sector, Alberta is opening an office in Ottawa to ensure its voice is heard. Allan Ross, a lawyer with a background in the energy industry, is setting up shop this week in the capital. The appointment comes at a sensitive time, as Ottawa gears up to announce new rules this year on how oil and gas producers will have to curtail their emissions - and just as [Read more]
US crude oil supplies, gasoline inventories rose last week
NEW YORK - The United States' crude oil supplies increased last week, the government said Wednesday. Crude supplies grew by 2.6 million barrels, or 0.7 per cent, to 371.7 million barrels, which is 9.6 per cent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report. Analysts expected an increase of 3 million barrels for the week ended Feb. 1, according to Platts, the energy information arm of McGraw-Hill Cos. Gasoline supplies [Read more]
Focused Integration Continues to Deliver for Husky Energy
Husky Energy''s (HSE.TO) focused integration strategy contributed to the delivery of strong results in 2012 by capturing Brent-like pricing in a market where deep discounts emerged for Western Canada oil production. "We realized significant progress across all of our business segments in 2012 as we continued to rejuvenate our foundation in Heavy Oil and Western Canada and advance the Liwan Gas and Sunrise Energy Projects toward first production," said CEO Asim Ghosh. "Steady, consistent [Read more]