REGINA, SK - ROK Resources Inc. ("ROK" or the "Company") (TSXV:ROK)(TSXV:ROK.WT) is pleased to announce the successful drilling and multi-layer perforation and flow test of a wellbore strategically located on one of Hub City Lithium Corp. ("Hub City Lithium") Subsurface Crown Mineral Dispositions located in the Viewfield Area of Saskatchewan. Third-party laboratory testing returned lithium concentrations in the Duperow formation of up to 259 mg/l (the "Test Results"). According to public [Read more]
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Hemisphere Energy recognized as Top 50 TSX Venture Exchange company
Vancouver, British Columbia - February 21, 2023) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ("Hemisphere" or the "Company") is pleased to announce that it has been named as one of the top performers on the TSX Venture Exchange ("TSXV") for the second consecutive year. The 2023 TSXV 50 showcases the top 50 of over 1,700 TSXV issuers across five sectors: energy, mining, clean technology, life sciences, diversified industries, and technology. The ranking is an equal weighting of [Read more]
U.S., allies to tighten screws on Russian sanctions evasion
The United States and its allies will impose new sanctions this week to crack down on Russia's efforts to evade sanctions and export controls aimed at forcing Moscow to end its war in Ukraine, Deputy Treasury Secretary Wally Adeyemo said on Tuesday. The goal, Adeyemo said, was to keep raising the cost to Russia of evading sanctions and trying to get around an oil price cap imposed by the Group of Seven rich nations and Australia by creating its own alternative ecosystem to sell [Read more]
U.S. crude oil exports to be in demand this year as trade flows reshuffle
U.S. crude oil exports that have been boosted by a trade flow reshuffle in the aftermath of Russia's invasion of Ukraine will remain elevated this year as Europe and Asia search for supplies, company officials and analysts said. Western sanctions on Russia's crude and oil products have opened the door to rising demand for U.S. crude grades as many European countries have become thirsty for alternative supplies. This year, Russia's oil is expected to continue flowing to India and China, while [Read more]
U.S. oil & gas rig count falls for second time in three weeks
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the second time in three weeks, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 760 in the week to Feb. 17. Despite this week's rig decline, Baker Hughes said the total count was still up 115, or 18%, over this time last year. Oil rigs fell two to 607 this week, while gas rigs rose one to [Read more]
Vital Energy announces appointment of new director
CALGARY, Alberta - Vital Energy Inc. (the "Corporation") announces that effective February 1, 2023, Jeffrey L. Standen has been appointed to the Board of Directors of the Corporation. Mr. Standen is a former founder, officer and director of the Corporation. Mr. Standen brings over 45 years of related industry management expertise to the Corporation. Mr. Standen has also been the founder, officer and director of numerous private and public energy companies during his career, including Canadian [Read more]
Oil heads for weekly loss on rate hike worries, ample supply
Oil fell about 2% on Friday and was heading for a weekly decline, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand, and signs of ample supply. Two Fed officials on Thursday warned additional hikes in borrowing costs are essential to lower inflation to desired levels. Heightened rate hike expectations boosted the U.S. dollar, making oil more expensive for holders of other currencies. West Texas Intermediate (WTI) U.S. crude fell $2.01, or [Read more]
Well of the Week – Let’s play connect the dots!
A bit of a more whimsical post since we are likely all focused on the upcoming Family Day weekend. The New Golden Age of Carbonates involves the exploitation of these complex reservoirs to produce resources alternative to oil and gas. It also is an opportunity for old “no longer prospective” formations to once again take centre stage in the oil and gas industry. We will have to consider a list of Petro Ninja – Enlighten Geoscience Wells of the Week to come to grips with a very intriguing play [Read more]
Oil unlikely to break above $100/bbl this year, J.P.Morgan says
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially adding supply and Russian flows recovering by mid-2023, J.P.Morgan analysts said in a note on Friday. OPEC+, an alliance that includes members of the Organization of Petroleum Exporting Countries (OPEC) and others including Russia, is unlikely to defend the $80 price floor and hence would not need to cut production quotas this year, according to the [Read more]
TransAlta to buy interest in Alberta pumped hydro energy storage development for $8M
CALGARY - TransAlta Corp. says it will acquire a 50 per cent interest in an early-stage pumped hydro energy storage development project in southwest Alberta. The Calgary company says Montem Resources Limited currently owns the Tent Mountain Renewable Energy Complex the two companies will jointly manage with TransAlta acting as project developer. Under the deal, TransAlta will pay Montem about $8 million, when the deal closes, with additional payments of up to $17 million contingent on the [Read more]