CALGARY, Alberta and HONG KONG, July 13, 2014 /CNW/ - The board of directors (the "Board") of Sunshine Oilsands Ltd. (the "Corporation"; HKEX: 2012; TSX: SUO) is pleased to announce that Mr. HU Jin, alias Jimmy Hu, ("Mr. Hu") has been appointed as an executive director of the Corporation with effect from 14 July 2014. Mr. Hu will have executive responsibility as Senior Vice President, Corporate Strategies. As announced on 27 June 2014, Mr. Hu had originally been appointed as a non-executive [Read more]
Headlines
Court approves First Nation challenge of Trans Mountain pipeline review
VANCOUVER - A Federal Court judge will let a British Columbia First Nation challenge the review process into the expansion of Kinder Morgan's Trans Mountain oil pipeline.The Tsleil-Waututh (sail-WHA'-tooth) Nation says if the challenge were successful, it could force the National Energy Board to restart its review process.Tsleil-Waututh Chief Maureen Thomas says government and the NEB have entered into an unlawful process that doesn't respect the band's rights and title.Thomas says the First [Read more]
US rig count increased by 1 in latest week to 1,875
HOUSTON - Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. rose by one this week to 1,875. The Houston firm said in its weekly report Thursday that 1,563 rigs were exploring for oil and 311 for gas. One was listed as miscellaneous. A year ago there were 1,759 active rigs. Of the major oil- and gas-producing states, Alaska, Kansas, Louisiana, Pennsylvania and Texas gained two rigs each. North Dakota, Ohio and Wyoming each [Read more]
Two legal challenges filed over federal approval of Northern Gateway
VANCOUVER - Two legal challenges were filed Friday against the federal cabinet's approval of the Northern Gateway pipeline.The Gitxaala (git-HAT'-lah) First Nations, who hail from the North Coast of British Columbia, filed an application for judicial review with the Federal Court of Appeal.Ecojustice filed a separate application on behalf of ForestEthics Advocacy, Living Oceans and the Raincoast Conservation Foundation.The environmental groups are asking for a court order quashing the approval [Read more]
NEB says it will weigh Imperial, Chevron’s Arctic spill response plans
CALGARY - The National Energy Board has agreed to give two big energy companies more clarity over whether their plans to deal with a potential well blowout in the Beaufort Sea are adequate.Imperial Oil Ltd. (TSX:IMO) and Chevron Canada Ltd. had asked the board for more certainty before committing huge amounts of money to explore in Arctic waters.The NEB requires companies to show they can kill a ruptured oil well in the Arctic offshore with a relief well in the same season it's drilled — a [Read more]
Northeast B.C. blaze causing trouble for shale gas producers in area
CALGARY - Talisman Energy Inc. (TSX:TLM) says a wildfire burning in northeastern B.C. has forced the evacuation of its Ojay gas plant and shut in about 2,000 to 3,000 barrels per day of production. Spokesman Brent Anderson says authorities issued an evacuation order on Wednesday and that relatively few workers are affected. He says the fire is burning about 12 kilometres from the facilities, which are south of Dawson Creek. Meanwhile, Shell Canada Ltd. says it has also shut in a few [Read more]
Oil price gives up most gains of previous day as supply worries continue to ease
The price of oil began to fall again on Friday, giving up most of the gains it had made the previous day in the first rally in two weeks.Benchmark U.S. crude for August delivery was down 54 cents to $102.37 a barrel at 0815 GMT in electronic trading on the New York Mercantile Exchange. The contract closed up 64 cents at $102.93 a barrel on Thursday.Oil prices shot up in the last month to a 10-month high over concerns that strife in Iraq might disrupt supplies. However, they have since been [Read more]
Waldron Energy Corporation Announces Private Placement Financing
CALGARY, ALBERTA--(Marketwired - July 11, 2014) - Waldron Energy Corporation ("Waldron" or the "Corporation") (TSX:WDN) announces that it will enter into subscription agreements regarding a non‐brokered private placement for gross proceeds of approximately $1.5 million, representing a maximum of approximately 4,600,000 common shares issued on a flow‐through basis ("Flow‐Through Shares") at $0.33 per share. Waldron will use the proceeds from the sale of the Flow‐Through Shares on eligible [Read more]
Another big oil outage would strain supply
The energy world is entering a new, dangerous phase RIYADH, Saudi Arabia/ Troy Media/ - The world may soon be experiencing a crude oil crunch. There is no denying, of course, that the world is in the midst of a shale revolution. In fact, according to BP, the U.S. today has 44.2 billion barrels of oil reserves – some 26 per cent higher than it previously thought. The U.S. Energy Information Administration has also recently increased its estimate of U.S. reserves to 33.4 billion barrels, or [Read more]
Inter Pipeline Announces Major Expansion of Mid-Saskatchewan Pipeline System
CALGARY, ALBERTA--(Marketwired - July 10, 2014) - Inter Pipeline Ltd. ("Inter Pipeline") (TSX:IPL) announced today the execution of binding commercial agreements supporting a $100 million expansion of its Mid-Saskatchewan pipeline system. In aggregate, the new agreements are expected to generate approximately $25 million to $30 million in incremental EBITDA on an annual basis. Five oil producers have entered into ship or pay contracts to backstop the project with terms ranging from 4 to 10 [Read more]