Kelowna, British Columbia (FSCwire) - Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce that it has completed its previously announced agreement to acquire certain high working interest producing oil (~94%) and natural gas (~6%) interests in Southwest Saskatchewan (Luseland, Hearts Hill and Cuthbert) and Eastern Alberta ( Cuthbert), from arm's-length private vendors (the "Acquisition" or the "Transaction"). Georox was Transaction lead, having [Read more]
Headlines
Alberta oilsands project wins regulator approval despite Indigenous objections
CALGARY - A northern Alberta oilsands project has been approved by the Alberta Energy Regulator over the objections of local Indigenous people who say it will encroach on sacred lands and poses a risk to their drinking water. The 10,000-barrel-per-day steam-driven Rigel oilsands project proposed by privately-held Prosper Petroleum Ltd. of Calgary is in the public interest, the AER said in a decision posted on its website. Construction is expected to cost $390 million, with an additional [Read more]
Trump, Iran spar over oil prices ahead of OPEC meeting
WASHINGTON/LONDON (Reuters) - U.S. President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran. Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet that said oil prices are too high and that the cartel was “at it again.” Oil prices have risen by around 60 percent over the [Read more]
AltaGas sells 35% of B.C. hydro operation, will remain majority owner
CALGARY - AltaGas Ltd. says it has an agreement to sell 35 per cent of its interest in a B.C. hydroelectric operation for $922 million but will remain the majority owner of the power generation facilities. The Northwest British Columbia Hydro Electric Facilities are in Tahltan First Nation territory. They include three operating hydroelectric power generation plants that sell their output to BC Hydro under separate 60-year purchase agreements. The buyer is a joint [Read more]
Oil demand seen steady in 2019 but OPEC supply, trade risks loom
LONDON (Reuters) - Oil demand will grow steadily in 2019 thanks to a solid global economy, but the world may face a large supply gap by late next year if OPEC cannot cover any supply shortfalls, the International Energy Agency said on Wednesday. The report serves as a stark warning to the world’s largest oil exporters, who meet next week in Vienna to discuss supply policy. The IEA said it expects global oil demand to grow by 1.4 million barrels per day in 2019, to top 100 million bpd by [Read more]
Sproule Opens Office in Mexico City
CALGARY, AB, CANADA – June 13, 2018 – Sproule, a leading global energy consulting firm, will open a new office in Mexico City on June 25, 2018 to accommodate business growth and leverage the country’s highly qualified pool of oil and gas professionals. In addition to the corporate headquarters in Calgary, Canada, the new Mexican office supports the company’s growth strategy, coinciding with this critical period of energy transformation in Mexico. As a result of ratification of the energy [Read more]
Suncor refinery restart to ease Petro-Canada service station fuel outages
CALGARY - Suncor Energy Inc. says a fuel supply shortage that left some of its Petro-Canada stations in the four western provinces with no gasoline to pump should clear up in the next few days. Stations began running out of fuel about two weeks ago in Edmonton and Calgary, followed by some Petro-Canada outlets in Saskatchewan, Manitoba and B.C. Spokeswoman Nicole Fisher says Suncor's 142,000 barrel-a-day Edmonton refinery was restarted last week after being shut down for regular spring [Read more]
Saskatchewan pans NDP proposal to put expiry dates on oil pipelines
REGINA - The Saskatchewan government isn't keen on an Opposition idea to improve oil pipeline safety. NDP leader Ryan Meili says there should be expiry dates on pipelines to ensure they are replaced before they fail. He also says replacement pipeline construction would create jobs. Energy Minister Bronwyn Eyre says such a policy is unnecessary and would cost too much. She says the province already has a pipeline safety program which has performed more than 5,000 well and pipeline [Read more]
‘Harder to stomach:’ Alberta premier says Trump attacks show need for pipeline
CALGARY - Alberta's premier says the Trump administration's recent attacks on Canadian trade show how necessary it is to go ahead with the Trans Mountain pipeline expansion. Rachel Notley has taken aim at what she called reckless U.S. moves against Canada's steel and aluminum industries. She told the Global Petroleum Show in Calgary that Canada needs to be strategic with its resources and not put all its eggs in one basket. Virtually all of Canada's oil exports go to the United States [Read more]
Judge denies attempt by former Penn West executives to dismiss SEC charges
CALGARY - A New York judge has dismissed attempts by two former finance executives at Calgary-based Penn West Petroleum Ltd. to overturn fraud-related charges brought by the U.S. Securities and Exchange Commission. In a decision filed Monday, Judge Gregory Woods says former chief financial officer Todd Takeyasu and accounting vice-president Jeffery Curran are correct in arguing the SEC has little evidence of a personal motive for them to have acted fraudulently in the case. But he added [Read more]