Oil prices were little changed Monday as a U.S. budget deadline neared with rival politicians still at odd over key issues. Benchmark oil for February delivery was down 8 cents late morning London at US$90.72 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 7 cents to finish at $90.80 per barrel in New York on Friday. The focus over the rest of the day will continue to focus on developments in Washington D.C. The Senate has to agree a deal [Read more]
News
Raging River Announces the Closing of Acquisitions
Raging River Exploration Inc. is pleased to announce it has closed its previously disclosed acquisitions of two private companies, each holding certain oil and gas assets located in the Kerrobert area of Saskatchewan, for an aggregate purchase price of approximately $29.4 million, subject to post-closing adjustments. The vendors pursuant to the acquisitions are arm''s length of the Company. The purchase price was comprised of approximately $7.2 million in cash and 8,375,000 common shares of the [Read more]
Strategic Oil & Gas Ltd. Closes Core Area Acquisition
Strategic Oil & Gas Ltd. is pleased to announce that it has closed its previously announced acquisition of certain assets in Strategic''s core area at Steen River, Alberta, (the "Acquisition"), for cash consideration of approximately $23.6 million, effective as of December 1, 2012. SUMMARY OF THE ACQUISITION Strategic acquired a 100% working interest in 340 boe/d (83% light oil) of production and over 26 net sections of highly prospective land contiguous to Strategic''s land position [Read more]
MEG Energy announces closing of $400 million public bought deal common share financing and concurrent $400 million private placement common share financing
MEG Energy Corp. announced today that it has closed its recently announced bought deal financing (the "Public Offering") and concurrent private placement (the "Private Placement") of common shares. A total of 12,125,000 common shares have been issued pursuant to the Public Offering and 12,121,212 common shares have been issued pursuant to the Private Placement to Caisse de dépôt et placement du Québec, at a price of $33.00 per share, for aggregate gross proceeds of approximately $800 million. [Read more]
Weekly Natural Gas Storage to December 21
December 14: 3,724 Bcf December 21: 3,652 Bcf Change: -72 Bcf [table] [attr style="width: 25%"]`[attr style="width: 25%"]December 21`[attr style="width: 25%"]December 14`[attr style="width: 25%"]Change East`1,883`1,925`-42 West`520`538`-18 Producing`1,249`1,261`-12 Total`3,652`3,724`-72 [/table] Source: EIA [Read more]
Petroleum Product Inventory Update to December 21
[table] [attr style="width: 24%"]Product`[attr style="width: 24%"]December 21`[attr style="width: 24%"]December 14`[attr style="width: 14%"]Change`[attr style="width: 14%"]% Change Crude Oil`371,059`371,645`-586`-0.2% Gasoline`223,104`219,322`+3,782`+1.7% Distillate`119,393`116,970`+2,423`+2.1% Propane`68,850`69,223`-373`-0.5% Jet Fuel`38,622`39,305`-683`-1.7% Unfinished Oils`82,321`82,536`-215`-0.3% Residual Fuel Oil`36,832`37,073`-241`-0.7% [attr style="font-weight:bold"]Total`[attr [Read more]
Encana to Sell Its Interest in Proposed Kitimat Liquefied Natural Gas Export Terminal
Encana Corporation has agreed to sell its 30 percent interest in the proposed Kitimat liquefied natural gas (LNG) export terminal project to Chevron Canada Limited (Chevron), subject to regulatory approvals and post-closing adjustments. Included in the sale are Encana''s 30 percent interest in the associated Pacific Trail Pipelines as well as approximately 32,500 acres of undeveloped land in the Horn River Basin of northeastern British Columbia and the assumption of Encana''s take-or-pay [Read more]
Pengrowth Announces Sale of Non-Core Weyburn Asset
Pengrowth Energy Corporation today announced that it has an agreement in place to sell its 10.01952% working interest in its non-operated Weyburn property to OMERS Energy Inc. and Ontario Teachers'' Pension Plan. Total proceeds, subject to closing adjustments, are expected to be $315 million. These funds will be used to help finance the initial phase of the Lindbergh thermal bitumen project and in the interim, used to reduce debt. On a pro-forma basis, the Weyburn disposition will result in [Read more]
Crew Energy Announces Closing of Strategic Transactions in Northeast British Columbia
Crew Energy Inc. of Calgary, Alberta is pleased to announce that it has closed the previously announced asset transactions resulting in the further strategic consolidation of Montney lands within the Septimus/Groundbirch corridor proximal to Company infrastructure. The transactions had an effective date of December 1, 2012 and resulted in net proceeds to the Company of $86 million before closing adjustments. The net proceeds were used to reduce bank indebtedness. The closing of these [Read more]
Oil prices drop as much as $2 a barrel as US budget talks stall days before ‘fiscal cliff’
By The Associated Press NEW YORK, N.Y. - Oil prices fell as much as $2 a barrel Friday as doubts grew about whether political leaders in Washington could reach a deal on the budget before a package of tax hikes and spending cuts automatically kicks in with the new year. If Republicans and Democrats don't work out a compromise in the next 10 days, the U.S. could go over the so-called "fiscal cliff," a reference to hundreds of billions of dollars in tax increases and government spending cuts [Read more]