ST. JOHN'S, N.L. - Statoil says a 19-month drilling campaign in the Flemish Pass off the coast of Newfoundland resulted in two discoveries of oil in the Bay du Nord area.The Norwegian company says in a statement the discoveries, at the Bay de Verde and Baccalieu prospects, have reduced uncertainty about the commercial potential of the field.Reserves for the Bay du Nord site were originally estimated between 300 and 600 million barrels, and Statoil says it appears the final volumes will be at the [Read more]
Headlines
Twin Butte Announces Extension of Credit Facilities
CALGARY, June 9, 2016 /CNW/ - (TSX: TBE) – Twin Butte Energy Ltd. ("Twin Butte" or the "Company") announces that its bank syndicate has agreed to extend the maturity date of Twin Butte's $85 million non-revolving credit facility from June 9, 2016 to June 21, 2016 and the expiry of the revolving period of Twin Butte's $140 million revolving credit facility from June 9, 2016 to June 21, 2016 to enable the Company to continue with its strategic alternatives process. As announced on December 9, [Read more]
Fire threat in northern Alberta eases, Cenovus and CNRL restore production
WABASCA, Alta. - Operations are returning to normal in the Wabasca area of northern Alberta after a wildfire prompted two companies to cut back heavy oil production earlier this week.Cenovus Energy Inc. (TSX:CVE) said Thursday it was bringing about 50 staff back on-site and was in the process of restarting oil production at its Pelican Lake facility.The company evacuated 118 staff from the facility and shut down about 23,000 barrels a day of production after a wildfire was discovered about a [Read more]
Saskatchewan premier pushing pipeline on trip through Eastern Canada
REGINA - Saskatchewan Premier Brad Wall is taking his push for the Energy East pipeline to a place where it may not be welcome — Quebec.Wall is to be in Montreal next Thursday to discuss the pipeline and other matters with Quebec Premier Philippe Couillard. Wall asked for the meeting, but will not be giving a speech.The Saskatchewan premier is also to travel next week to Toronto and Saint John to speak in support of the $15.7-billion project proposed by TransCanada (TSX:TRP). Wall says it's [Read more]
U.S. production rise expected to dent Canadian natural gas growth
CALGARY - Lower prices and increasing competition from the United States are expected to add to the woes of Canadian natural gas producers over the summer, but the picture then brightens, according to a report from the National Energy Board.The federal agency said Thursday it expects natural gas prices to fall from an average of about US$2.70 per million British thermal units in 2015 to an average of US$2.50 this year, and then gradually rise to average US$3 in 2018. Prices were almost US$5 in [Read more]
Royalty and WI Property Divestiture: Hanna Oil & Gas Company – Canada ULC
Sayer Energy Advisors has been engaged to assist Hanna Oil & Gas Company – Canada ULC (“Hanna” or the “Company”) in divesting all of its working interest properties and royalty interest holdings, which are located in various areas throughout Alberta and northeastern British Columbia (the “Properties”). The Properties have been grouped into nine packages for marketing purposes: Duvernay Royalty, Sunset Prairie Royalty, Glacier Royalty, Miscellaneous Royalties, Birch Hills East, Birch [Read more]
Stimulating the economy with private pipeline projects rather than with public deficits
MONTREAL, June 9, 2016 /CNW Telbec/ - Pipeline projects currently in development in Canada represent enormous private investments that can stimulate the Canadian economy more effectively and more sustainably than the approximately $30-billion deficit projected for this year by Ottawa, shows an Economic Note published today by the MEI. The publication is co-signed by the Honourable Joe Oliver, former Canadian Minister of Natural Resources and of Finance and, since March 2016, Distinguished [Read more]
XI Technologies – Your one stop shop for LLR & ARO
Released June 9th, 2016 – Calgary, Alberta - XI Technologies first released our LLR Analysis module as an add-on to the AssetBook in early February. This was in direct response to our industry’s need to have a strong understanding of LLR status and the potential impact when considering A&D. As the only tool for calculating LLR at an asset level, early response to the introductory product was fantastic and now all the features and data have been rolled out to give you a complete LLR [Read more]
Twin Butte Announces Extension of Credit Facilities
CALGARY, June 8, 2016 /CNW/ - (TSX: TBE) – Twin Butte Energy Ltd. ("Twin Butte" or the "Company") announces that its bank syndicate has agreed to extend the maturity date of Twin Butte's $85 million non-revolving credit facility from June 7, 2016 to June 9, 2016 and the expiry of the revolving period of Twin Butte's $140 million revolving credit facility from June 7, 2016 to June 9, 2016 to enable the Company to continue with its strategic alternatives process. As announced on [Read more]
Northern Blizzard Resources Inc. Announces Third Quarter Drilling Program and Amended Credit Facility
CALGARY, June 8, 2016 /CNW/ - Northern Blizzard Resources Inc. ("Northern Blizzard" or "the Company") (TSX: NBZ) announces a 46 (42.3 net) well drilling program and an amended credit facility. Increased 2016 capital program Northern Blizzard has increased its 2016 capital program to $55 million from $40 million, which includes the drilling of 46 (42.3 net) wells. The Company expects to drill the wells in the third quarter of 2016 with the drilling program focused on the Cactus Lake, [Read more]