CALGARY, ALBERTA--(Marketwired - Dec. 19, 2017) - Point Loma Resources Ltd. (TSX VENTURE:PLX) ("Point Loma" or the "Company") is pleased to announce that it has closed the short form prospectus marketed financing of 10,454,545 common shares of the Company issued as "flow-through shares" within the meaning of the Income Tax Act (Canada) (the "Flow-Through Shares") previously announced on November 28, 2017 (the "Offering") with Mackie Research Capital Corporation (the "Agent") for aggregate gross [Read more]
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Strategic Oil & Gas Ltd. Announces Winter Drilling Program
CALGARY, Alberta, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Strategic Oil & Gas Ltd. (“Strategic”, or the “Company”) (TSXV:SOG) announces its Board of Directors has approved a $9 million capital program for the first half of 2018. The Company is eager to commence its 2018 winter drilling program focused on Muskeg wells at West Marlowe. Capital spending will be directed primarily to drill, complete and tie-in two Muskeg horizontal wells to continue developing Strategic’s high potential light oil [Read more]
Why the IEA and EIA have their supply/demand forecast for 2018 wrong
The market has become decidedly bearish towards oil prices in the past six weeks as the US EIA has released several consecutive weekly production increases. In case you don’t know the EIA publishes weekly estimates of US oil production in its petroleum inventory report and forward month estimates in its monthly drilling productivity report. For example, the December drilling productivity report will estimate January 2018 production. Based on recent bullish US production growth estimates, the [Read more]
Inter Pipeline green-lights $3.5B petrochemical project to produce plastic
CALGARY - Inter Pipeline Ltd. (TSX:IPL) says it has decided to go ahead with a $3.5-billion petrochemical project in an industrial area north of Edmonton. The complex will convert propane into polypropylene, a plastic used in the manufacturing of products such as automobile parts, containers and Canadian bank notes. The province picked Inter Pipeline's project a year ago to receive up to $200 million in royalty credits. Pembina Pipeline (TSX:PPL), also headquartered in Calgary, [Read more]
Razor Energy Corp. Announces Non-Operated Consolidation Acquisition in the Kaybob Area of West Central Alberta and Management Promotion
CALGARY, Alberta, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Razor Energy Corp. (“Razor” or the “Company”) (TSXV:RZE) (www.razor-energy.com) is pleased to announce that it has completed the acquisition of certain non-operated working interest positions to consolidate its existing Kaybob Triassic Units 1 and 2 from an arm’s length private company (the “Kaybob Assets”) for cash consideration of $4.6 million, subject to customary adjustments (the “Acquisition”). The Assets are characterized by low decline, [Read more]
Saturn Oil & Gas Inc. Increases Land Holdings in Flaxcombe Area
SASKATOON, SASKATCHEWAN--(Marketwired - Dec. 18, 2017) - Saturn Oil & Gas Inc. ("Saturn" or the "Company") (TSX VENTURE:SMI)(FRANKFURT:SMK) is pleased to announce that the Company has acquired 2.25 sections of land in the recent Saskatchewan Crown land sale. This brings the Companies total land holding to 12.25 gross sections (8.75 net). The 2.25 sections acquired in the land sale were divided into three separate non-contiguous parcels. The first parcel is one quarter section with rights [Read more]
Granite Oil Corp. Provides Drilling Update and Announces Revised Monthly Dividend
CALGARY, Alberta, Dec. 18, 2017 (GLOBE NEWSWIRE) -- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO)(OTCQX:GXOCF) is pleased to announce its recent successful drilling results and kick off of the next phase of its drilling program in Pod 2. Operations and Corporate Update Granite has recently drilled and completed its ninth and final horizontal development well of 2017. The Company had not drilled a development well since July, 2017, reflecting the Company’s decision to slow [Read more]
Canada oil producers exhaust options as pipelines, railroads fill
Canadian oil producers are running out of options to get crude to market as pipeline and rail capacity fills up, driving prices to four-year lows and increasing the risk of firms having to sell cheaply until at least late 2019. This will drive down the profit margins for the oil sands industry, already struggling to compete with cheaper and abundant supplies from U.S. shale. A number of foreign oil majors have left Canada's oil sands to invest in more profitable U.S. shale plays, selling over [Read more]
South Korea’s GS Caltex buys rare Canadian crude cargo for Feb
South Korean refiner GS Caltex Corp has bought a rare cargo of Cold Lake crude, the company's first purchase in more than two decades of this Canadian oil grade, a company spokesman said on Monday. The second-largest refiner in South Korea bought 300,000 barrels of the heavy sour crude for delivery in the second half of February, he said. The refiner is trying out a small volume of the oil, which has a quality similar to that of Iraq's Basra Heavy crude, a person familiar with the matter [Read more]
Energy conversations matter, thanks for reading
Given the festive time of year with the holidays fast approaching, it’s a good time to talk for a minute about tuberculosis. Don’t be judgemental; you have your fireplace-on-TV traditions and I have mine. The disease has thankfully been pretty much wiped out of North America decades ago through the wonder of vaccinations. The discovery and propagation of this disease-stopping technique was an incalculable gift to us all, saving heartache that relatively few of have to endure these days, at [Read more]