OMAHA, Neb. - The amount of crude oil U.S. freight railroads hauled last year more than tripled as shale oil production surged in North Dakota and other locations. The Association of American Railroads trade group said U.S. freight railroads hauled 233,811 carloads of crude oil in 2012. That’s up from 65,751 carloads the previous year. Crude oil shipments still represent less than 1 percent of all the carloads railroads haul, but it has been growing significantly in recent years. [Read more]
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Pace Oil & Gas Ltd., AvenEx Energy Corp. and Charger Energy Corp. Agree to Adjourn Shareholder Meetings, Amend Arrangement Agreement and Announce Governance Changes
CALGARY, ALBERTA--(Marketwire - Feb. 25, 2013) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. Pace Oil & Gas Ltd. ("Pace") (PCE.TO), AvenEx Energy Corp. ("AvenEx") (AVF.TO) and Charger Energy Corp. ("Charger") (TSX VENTURE:CHX) announced today that they have amended certain terms of the previously disclosed arrangement agreement (the "Agreement") [Read more]
Nexen Announces Completion of Acquisition by CNOOC Limited
CALGARY , Feb. 25, 2013 /CNW/ - Nexen Inc. ("Nexen" or the "Company", TSX, NYSE: NXY) announced today that CNOOC Limited has completed its acquisition of the Company. Pursuant to the plan of arrangement (the "Arrangement") holders of Nexen common shares will receive cash proceeds of US $27.50 , without interest, and holders of Nexen preferred shares will receive cash proceeds of CAD $26.00 , plus accrued and unpaid dividends up to, but excluding, the closing date of the Arrangement, without [Read more]
SPOOKED! Stock market plunges on Italy election worries
By Canadian Press/BOE Report NEW YORK — U.S. stocks are dropping sharply as investors worry that Italy could be seized with political paralysis, stymieing the country’s economic reforms and causing another flare-up in the region’s debt crisis. The Dow Jones industrial average plunged 216 points to 13,784 Monday, a loss of 1.6 percent and the biggest drop since November. The Standard & Poor’s 500 dropped 27 points, or 1.8 percent, to 1,487, and the VIX soared 35% to 18.99. The TSX [Read more]
MEG Energy re-prices, increases and extends the maturity of its term loan
CALGARY, Feb. 25, 2013 /CNW/ - MEG Energy Corp. ("MEG") announces that in light of favourable market conditions, it has re-priced and extended the maturity of its existing US$987.5 million term loan. The interest rate of the covenant-light term loan has been reduced by 25 basis points and the maturity has been extended by two years to March 2020. In addition to re-pricing and extending the term loan, MEG has also taken the opportunity to increase the term loan by US$300 million on the same terms [Read more]
Low gas prices scuttle carbon capture deal with Alberta government
By Bob Weber EDMONTON — Another company has pulled the plug on one of the Alberta government’s high-profile projects to capture and store carbon created by the energy industry. Swan Hills Synfuels and the province announced Monday that they will discontinue a $285-million funding agreement that would have seen underground coal converted to gas and then burned to generate electricity. The carbon dioxide would have been stripped out and sold to nearby oilfields to boost [Read more]
Shell consortium gets nod from Ottawa for 25 year LNG export licence
VANCOUVER - The federal government has approved a 25-year export licence for shipping liquefied natural gas from a West Coast terminal proposed by a consortium headed by Shell. Natural Resources Minister Joe Oliver says the approval for LNG Canada Development Inc. is a milestone in British Columbia's plans for a trillion-dollar LNG sector. Flanked by Ellis Ross, the chief of the Haisla Nation on B.C.'s North Coast, Oliver says global energy demand is expected to increase by 35 [Read more]
Nexen posts loss of $6M in the fourth quarter; revenue slips to $1.58B
CALGARY - Nexen Inc. (TSX:NXY.TO), the Calgary-based oil and gas producer being taken over by a state-owned Chinese company, says it sank into the red in the fourth quarter. Nexen, citing impairment charges on natural gas properties in the U.S. and Canada and costs associated with its Long Lake oilsands project, says its net loss in the three months ended in December was $6 million or two cents per diluted share. That was a big reversal from last year's fourth-quarter profit of [Read more]
Anderson Energy Ltd. Provides Operations and Reserves Update
CALGARY, ALBERTA--(Marketwire - Feb 25, 2013) - Anderson Energy Ltd. ("Anderson" or the "Company") (AXL.TO) provides the following update on its operations and key results of its year end reserves evaluation. The Company continues to focus on its Cardium light oil assets: 75% of proved plus probable BOE reserves volumes are from the Cardium formation; 90% of proved plus probable pre-tax NPV 10% reserves value is from the Cardium formation; 55% of current BOE production is from Cardium [Read more]
Manitok Energy Inc. Announces Strong Initial Flow Rates on Its Latest Two Stolberg Cardium Oil Wells
CALGARY, ALBERTA--(Marketwire - Feb. 25, 2013) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA. Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) is pleased to provide an update on its 2013 drilling program. Manitok's 10th and 11th Stolberg Cardium oil wells are both horizontal wells drilled at the southern end of the Stolberg trend. By design, both wells were drilled significantly deeper in the structured [Read more]