Historically, determining Asset Retirement Obligation (ARO)/Provision Estimates has been a nuisance, usually requiring petroleum companies to lean on people within their organizations that would be better served project managing end of life work. It required using industry experience to come up with average gross well abandonment, pipeline abandonment, and reclamation estimates for each area in which the company operates, vetting these estimates against actual work completed and multiplying [Read more]
Headlines
Conservative leadership contenders seek to appeal to party’s heartland
EDMONTON - An appeal to families, an appeal to values and an appeal to the oilpatch — leadership hopefuls in the Conservative party's heartland went straight for its heart Tuesday as they squared off yet again in a bilingual debate. Thirteen of the 14 candidates crowded onto a stage in Edmonton to put their campaign policies on display for two hours and occasionally spar over popular themes like carbon pricing, the perils of a Justin Trudeau government, immigration policy and the meaning [Read more]
Sunshine Oilsands Ltd.: West Ells Phase I Project Achieved Commercial Production and Cease of Capitalization
HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - Feb. 28, 2017) - The Board of Directors of Sunshine Oilsands Ltd. ("the Corporation" or "Sunshine") (HKSE:2012) hereby announces the following: On March 1, 2017 (Hong Kong Time) / February 28, 2017 (Calgary Time), the Corporation is pleased to announce that the West Ells Phase I project ("the Project") located in the Athabasca region of Alberta has achieved commercial production on March 1, 2017 (Hong Kong Time) / February 28, 2017 [Read more]
Petrus Resources Announces Closing of Its Previously Announced Acquisition and Private Placement
CALGARY, ALBERTA--(Marketwired - Feb. 28, 2017) - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX:PRQ) is pleased to announce the closing of its previously announced acquisition of certain oil and natural gas interests in the Ferrier area (the "Acquisition") and the concurrent closing of its non-brokered private placement of 4,078,708 common shares of the Company ("Common Shares") at a purchase price of $2.53 per Common Share, for aggregate gross proceeds of $10,319,131 (the "Private [Read more]
Inside Information: West Ells Phase I Project Achieved Commercial Production and Cease of Capitalization
HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - Feb. 28, 2017) - The Board of Directors of Sunshine Oilsands Ltd. ("the Corporation" or "Sunshine") (HKSE:2012) hereby announces the following: WEST ELLS PHASE I PROJECT ACHIEVED COMMERCIAL PRODUCTION AND CEASE OF CAPITALIZATION On March 1, 2017 (Hong Kong Time) / February 28, 2017 (Calgary Time), the Corporation is pleased to announce that the West Ells Phase I project ("the Project") located in the Athabasca region of Alberta has [Read more]
Pengrowth Delivers Strong Operational Performance in 2016; Company on Track to Substantially Reduce Debt in 2017
CALGARY, ALBERTA--(Marketwired - Feb. 28, 2017) - Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) delivered strong operating and financial results in 2016. The Company increased its net asset value per share by approximately 70 percent, delivered robust production and significantly increased reserves, while reducing costs across all segments of its business. The Company also reduced outstanding debt and positioned itself to further improve the strength of its balance sheet with a significant [Read more]
Veresen Announces Fourth Quarter & Year End Financial Results and Additional $95 Million of Capital Projects at Veresen Midstream
CALGARY, ALBERTA--(Marketwired - Feb. 28, 2017) - Veresen Inc. ("Veresen") (TSX:VSN) today announced its fourth quarter and year-end operating and financial results. "Veresen achieved solid financial and operating results in each quarter of 2016, which demonstrates our ability to provide near-term value for our shareholders while continuing to advance our long-term growth strategy," said Don Althoff, President and CEO of Veresen. "Distributable cash for the year was well ahead of our budget [Read more]
Officials Say 240 Dumpsters Of Trash Have Been Hauled Out Of Pipeline Protest Site
Environmentalist activists left behind enough trash and debris at the Dakota Access Pipeline campsites to fill hundreds of dumpsters, government officials said Tuesday. Army Corps of Engineers officials say about 240 dumpsters towed out of the anti-DAPL opponent’s main campsite. Each of the dumpsters is chocked full of debris of old food stores, tents, building materials and abandoned personal belongings. Officials estimate they’ll need another 240 loads or so to clean out the remaining section [Read more]
Alberta Energy Regulator fines Murphy Oil $172,500 for pipeline spill
CALGARY - Murphy Oil has been fined $172,500 after the Alberta Energy Regulator concluded the Arkansas-based company did not maintain a pipeline that leaked oil for 45 days before it was discovered. From January to March of 2015, about 1.4 million litres of light oil was spilled about 65 kilometres east of Peace River in northwestern Alberta due to internal corrosion, the regulator said Tuesday. The leak of condensate, a light oil used to dilute heavy oil to help it flow in a [Read more]
TransCanada suspends $15-billion NAFTA suit on Keystone XL as project advances
CALGARY - TransCanada Corp. has suspended a $15-billion lawsuit against the United States regarding its Keystone XL project following signals by U.S. President Donald Trump that he will likely approve the pipeline. The company filed the North American Free Trade Agreement challenge last year alleging the U.S. government failed in its commitment to protect Canadian investors and ensure the company was treated in accordance with international law. The process before the [Read more]