BOE Report

News

Crude oil prices drops 1.5% on pipeline problems, IMF caution on economy

  The price of crude fell by the biggest amount of the year on Wednesday on reports that the amount of oil moving through a key pipeline to the Gulf Coast had been cut in half. Benchmark West Texas Intermediate crude dropped $1.45, or 1.5 per cent, to finish at US$95.23 per barrel in trading on the New York Mercantile Exchange, the first decline of more than one per cent since Dec. 21. Even before the price sank in the afternoon, traders were questioning whether recent gains in oil [Read more]

Storm Announces Asset Dispositions

STORM RESOURCES LTD. ("Storm") has entered into a purchase and sale agreement in relation to the disposition of approximately 275 Boe per day in the Grande Prairie area of northwest Alberta. Details of the disposition are provided below. Disposition price is $18 million. Closing date is February 12, 2013 with an effective date of January 1, 2013. In the third quarter of 2012, production averaged 275 Boe per day (80% light oil plus natural gas liquids) and the field netback approximated [Read more]

Rock Energy Announces New Key Staff Additions and Provides an Operations Update

Rock Energy Inc. is pleased to announce that effective January 21, 2012 Mr. Josh McDonald has been appointed Vice President of Exploration of Rock Energy. Josh has previously worked with both Allen Bey and Jeff Campbell at Avid Oil and Gas, and now brings over 17 years of experience to the company, the most recent of which as the Vice President of Exploration at Renegade Petroleum. Josh will be responsible for leading Rock''s exploration and development efforts as the company moves to build on [Read more]

Keystone XL’s fate now squarely in the hands of U.S. State Department

  The fate of TransCanada's controversial Keystone XL pipeline was put squarely in the hands of the U.S. State Department on Tuesday after Nebraska's governor approved a new route amid fierce opposition from environmental groups. Nebraska Gov. Dave Heineman sent a letter to U.S. President Barack Obama confirming that he would allow the Alberta-to-Texas oil pipeline to go through his state along a revised route that skirts an environmentally sensitive area. Because the Keystone XL [Read more]

Oil rise above US$96 a barrel, closes at 4 month high on global economic news

  The price of oil closed at a four-month high Tuesday as global economic reports pointed to improving conditions. Benchmark West Texas Intermediate crude rose 68 cents to US$96.24 a barrel on the New York Mercantile Exchange. Oil has risen nearly $3 a barrel over the last four trading sessions. Brent crude, used to price international varieties of oil, was up 71 cents at $112.42 a barrel on the ICE Futures exchange in London. A U.S. government report showed that last year was [Read more]

“APPROVED.” Nebraska governor sign’s off on Keystone XL Route

  KeystoneNebraska Gov. Dave Heineman approved a new route for the Keystone XL oil pipeline on Tuesday that avoids the state's environmentally sensitive Sandhills region. Heineman sent a letter to President Barack Obama confirming that he would allow the controversial, Canada-to-Texas pipeline to proceed through his state. The project has faced some of its strongest resistance in Nebraska from a coalition of landowners and environmental groups who say it would contaminate the [Read more]

Bellatrix announces a $300 million Cardium joint venture

Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") has entered into a joint venture agreement with a Seoul Korea based company ("JV Partner"), to accelerate development of Bellatrix's extensive undeveloped Cardium land holdings in west-central Alberta. Under the terms of the agreement, the JV Partner will contribute 50%, or  CDN$150 million, to a $300 million joint venture (the "Joint Venture") to participate  in an expected 83 Cardium well program. Under the agreement, the JV Partner [Read more]