By FRANK BAJAK Associated Press CARACAS, Venezuela (AP) -- President Hugo Chavez, the fiery populist who declared a socialist revolution in Venezuela, crusaded against U.S. influence and championed a leftist revival across Latin America, died Tuesday at age 58 after a nearly two-year bout with cancer. Vice President Nicolas Maduro, surrounded by other government officials, announced the death in a national television broadcast. He said Chavez died at 4:25 p.m. local time. During more [Read more]
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Trilogy Energy Corp. Announces Financial and Operating Results for the Quarter and Year-Ended December 31, 2012
CALGARY, ALBERTA--(Marketwire - March 5, 2013) - Trilogy Energy Corp. (TET.TO) ("Trilogy") is pleased to announce its financial and operating results for the quarter and year-ended December 31, 2012. FINANCIAL AND OPERATING HIGHLIGHTS Trilogy added 19.2 MMBoe of proved reserves (56 percent oil and NGLs) and 20.6 MMBoe of proved plus probable reserves (59 percent oil and natural gas liquids), including positive technical revisions. Trilogy replaced 157 percent of 2012 produced reserves [Read more]
Shell building natural gas liquefaction plants to serve LNG to Great Lakes, Mississippi River
CALGARY - Royal Dutch Shell PLC is planning two small-scale projects that will provide cheap and abundant natural gas, in liquid form, to trucks and ships in the Great Lakes and Gulf Coast regions. The plants in Sarnia, Ont., and Geismar, La., will each produce 250,000 tonnes of LNG - natural gas that has been chilled into a liquid state - per year. In 2011, Shell announced a similar undertaking in Alberta. Advances in drilling techniques have unlocked huge supplies of natural [Read more]
Dow Jones industrial average trades at a new high
By AP/BOE Report NEW YORK — The Dow has never been higher. The Dow Jones industrial average jumped nearly 100 points early Tuesday, reaching an all-time high, powered by China's strong economic growth targets and a jump in European retail sales. Shortly after the opening bell the Dow was trading at 14,222. It's on track to close above its record of 14,164 reached on Oct. 9, 2007. It's up 7.8 percent for the year. The Standard & Poor's index rose 11 points to 1,536. It's also [Read more]
Strategic Oil & Gas Ltd. Announces Acquisition, Financing and New Board Member
CALGARY, ALBERTA--(Marketwire - March 4, 2013) - Strategic Oil & Gas Ltd. ("Strategic" or the "Company") (TSX VENTURE:SOG) is pleased to announce that it has acquired the Cameron Hills and Bistcho assets (the "Acquired Assets") of Paramount Resources Ltd. ("Paramount"), located adjacent to Strategic's Steen River core area for total cash consideration of approximately $9 million (the "Acquisition"). In addition, Strategic has entered into a non-brokered private placement (see Private [Read more]
Contact Exploration and Pieridae Energy Announce Partnership to Focus on Natural Gas Production for LNG Export
CALGARY, ALBERTA--(Marketwire - March 4, 2013) - Contact Exploration Inc. ("Contact") (TSX VENTURE:CEX) and Pieridae Energy Limited ("Pieridae") are pleased to announce the creation of a new natural gas-focused exploration and production entity - Pieridae Production Limited Partnership ("PPLP" or the "Partnership"). PPLP has been formed by Pieridae and Contact to source, develop and produce natural gas to serve as significant portion of the feedstock for Pieridae's proposed Goldboro LNG [Read more]
Pipefitters and plumbers to Obama: APPROVE KEYSTONE NOW
CALGARY - A union representing pipefitters and plumbers has written to U.S. President Barack Obama urging him to approve the Keystone XL pipeline. The United Association represents 52,000 workers in Canada, some of whom will be responsible for building the pipeline and maintaining it once it's complete. John Telford, director of Canadian affairs at the union, says approval of the $5.3-billion project will be a catalyst for many economic benefits in both the United States and [Read more]
TriOil provides update on strategic process
CALGARY, March 4, 2013 /CNW/ - (TSXV:TOL.V) TriOil Resources Ltd. ("TriOil" or the "Corporation") announces that its independent committee of directors (the "Special Committee") continues to work with its financial advisors in connection with the strategic alternatives process. Specifically, under the direction of the Special Committee, the financial advisors to the Special Committee and management have commenced populating the virtual data room to be used in connection with such process and [Read more]
Japex to take 10 per cent stake in Petronas shale gas lands, LNG terminal
CALGARY - Japan Petroleum Exploration is buying into Malaysian firm Petronas' northeastern B.C. shale gas lands and planned West Coast export terminal. Japex says it has agreed to take a 10 per cent stake in both Petronas' properties in the north Montney region as well as a proposed liquefied natural gas plant on Lelu Island near Prince Rupert, B.C. At the facility, called Pacific Northwest LNG, the gas will be chilled into a liquid state so that it can be transported across the [Read more]
Report chastises Alberta for not pumping resource money into savings fund
CALGARY - A report from the Fraser Institute suggests Alberta is doing little to save for a rainy day through its Heritage Savings and Trust Fund. The independent, non-partisan Canadian think-tank says over the years, Alberta governments have saved little of the province's resource revenue, leaving it far short compared to similar funds in Alaska and Norway. The institute's report says that in 2011, the heritage fund was valued at $14.2 billion - not much more than its [Read more]