CALGARY, Alberta (Reuters) - Enbridge Inc’s upgrade of its Line 3 crude oil pipeline hit an obstacle on Monday after the U.S. state of Minnesota told a regulatory committee that it has no need for the project, and that the existing pipe should be shut. The testimony by Minnesota’s Department of Commerce is the latest challenge against the C$8.2 billion ($6.52 billion) project through the state, which faces fierce opposition from environmentalists and aboriginal groups. The Minnesota Public [Read more]
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Paramount and Trilogy Complete Merger
CALGARY, Sept. 12, 2017 /CNW/ - Paramount Resources Ltd. (TSX: POU) ("Paramount") and Trilogy Energy Corp. (TSX: TET) ("Trilogy") are pleased to announce that the previously announced merger of Paramount and Trilogy has been completed. Under the merger, Paramount has acquired all of the outstanding Trilogy shares not already owned by it in exchange for Paramount shares, on the basis of one Paramount share for every 3.75 Trilogy shares. As a result, Trilogy expects that its shares will be [Read more]
Introducing Resource Royalty Ltd. – Purchaser of Mineral rights and royalties; royalty financing available
Resource Royalty Ltd. (“RRL”) is a new oil and gas royalty Company based in Calgary, Alberta. RRL acquires producing and non-producing mineral titles, royalties and gross royalty trust interests in geologically prospective areas, with a focus on assets in Western Canada. We are an energy Company that receives royalty revenues from our growing asset base without exposure to the capital commitments or environmental liabilities associated with working interests. RRL will fund qualified operators [Read more]
Conventional Beaverhill Lake oil prospect covering approximately 14 square miles
A private oil and gas company is exploring strategic alternatives for its significant oil prospect, a conventional Beaverhill Lake light oil play covering approximately 14 square miles. 400 MMbbls of OOIP Can be evaluated with one vertical well (~$2.2MM) that will validate the seismic model. Historical recovery factors ranging from 20% to 35%. An additional 50 plus locations in order to fully exploit the prospect. Prime leases have been secured. CEE eligible. Full [Read more]
XI Technologies – AssetBook: ARO Cost Model Demo
ARO is a key aspect of risk management and a disciplined retirement strategy is essential for corporate financial planning. While important, LLR ratios and government calculated liabilities only tell half the story when addressing Abandonment and Reclamation costs. Estimating the retirement obligation liability for an asset package or an entire company is a crucial requirement for A&D deals, but has traditionally been tackled late in the process. XI’s ARO Cost Model makes this an easy part [Read more]
OPEC sees higher 2018 oil demand, trims output
OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million barrels per day (bpd) of OPEC crude next year, up 410,000 bpd from its previous forecast. OPEC said inventories were falling and that an increase [Read more]
U.S. Gulf refiners rumble back to life, piece by piece
HOUSTON, Sept 12 (Reuters) - U.S. refineries are restarting after Hurricane Harvey forced them to shut down two weeks ago, raising the risk of fires and explosions that could prolong fuel supply disruption as plants simultaneously reheat units and reactivate catalysts. Restarts are one of the most dangerous times for refinery workers, so operators keep shutdowns to a minimum. Plants typically shut only a few units for overhaul in spring and fall, with most refinery units remaining in operation [Read more]
British Columbia government raises carbon tax, corporate tax rate
British Columbia's New Democratic government said on Monday it would increase the Western Canadian province's carbon tax rate by C$5 a tonne from April 1, 2018, and also raised the provincial corporate tax rate and taxes on higher earners. Unveiling an update to a February provincial budget drafted by the then right-of-center Liberal government, NDP Finance Minister Carole James forecast a budget surplus of C$246 million ($203.27 million) for the 2017-2018 fiscal year, and surpluses [Read more]
Bayshore Petroleum Corp. Announces Update on Private Placement Financing
CALGARY, Sept. 11, 2017 (GLOBE NEWSWIRE) -- Bayshore Petroleum Corp. (“Bayshore” or the “Company”) (TSX Venture Exchange:BSH) announced previously, on May 2, 2017, and updated on May 31, 2017, that the Company would pursue a non-brokered private placement financing consisting of up to 24 million common shares priced at $0.05 per share for gross proceeds of $1.2 million, less any commissions or finders fees paid. Discussions with interested parties since that time have led to changes in the [Read more]
Gibsons Announces 1.1 Million Barrel Hardisty Terminal Expansion
CALGARY, Alberta, Sept. 11, 2017 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (“Gibsons” or the “Company”), (TSX:GEI), is pleased to announce the construction of 1.1 million barrels of new tankage at its Hardisty Terminal. The two 300,000 barrel tanks and one 500,000 barrel tank are expected to be placed in service in the third quarter of 2019 and will increase the total capacity of the terminal to 10 million barrels. The two 300,000 barrel tanks are underpinned by a long-term, fixed fee contract with [Read more]