WASHINGTON, Aug 31 (Reuters) - The U.S. Energy Department on Thursday released 1 million barrels of oil from the Strategic Petroleum Reserve and a White House adviser said more could flow after Tropical Storm Harvey inundated Gulf Coast refineries and drove up motor fuel prices. In the first tapping of the reserve for an emergency since Hurricane Isaac in 2012, two emergency exchanges of oil of 500,000 barrels will be delivered to the Phillips 66 refinery in Lake Charles, Louisiana, the [Read more]
Headlines
New Canada hearings for Kinder Morgan pipeline expansion route
Canada's National Energy Board (NEB) will hold a series of public hearings beginning this year to determine the route for Kinder Morgan Inc's Trans Mountain pipeline expansion, the regulator said on Thursday. While the expansion is federally approved, the NEB could force Kinder Morgan to tweak its route or impose further conditions, NEB chief environment officer Rob Steedman said in an interview. When asked if the hearings would result in delays for Trans Mountain, Steedman said: "Some [Read more]
ATB declares Alberta recession over with expected growth of 3.2% this year
CALGARY - ATB Financial has declared Alberta's worst recession in three decades over with expected economic growth of 3.2 per cent this year. The provincially-owned bank warns, however, that challenges remain, especially in the energy sector where oil prices have been stuck around the break-even price of US$50 a barrel. ATB's financial outlook says the low oil price has led to only modest increases in drilling activity and hiring, while overall the oil and gas sector has at best [Read more]
Birchcliff Energy Ltd. Announces Closing of $100 Million Sale of Worsley Charlie Lake Light Oil Pool
CALGARY, ALBERTA--(Marketwired - Aug. 31, 2017) - Birchcliff Energy Ltd. ("Birchcliff") (TSX:BIR) is pleased to announce that it has closed its previously announced sale of its Worsley Charlie Lake Light Oil Pool for total consideration of approximately $100 million (before adjustments), consisting of: (i) cash consideration of $90 million; and (ii) securities of affiliates of the purchaser with a total value of $10 million. Scotia Capital Inc. acted as financial advisor to Birchcliff in [Read more]
Saturn Oil + Gas Inc. Provides Operational and Corporate Update
SASKATOON, SASKATCHEWAN--(Marketwired - Aug. 31, 2017) - Saturn Oil + Gas Inc. ("Saturn" or the "Company") (TSX VENTURE:SMI)(FRANKFURT:SMK) is pleased to provide an operational update further to its news release on July 11th, 2017. The Company has successfully recompleted the wellbore in Flaxcombe and earned its 50% interest in production. Permanent surface equipment has been installed and the well is now on production with a projected IP30 date of late September. Based on the initial results [Read more]
B.C. Montney Acreage Divestiture: Yoho Resources Inc.
Sayer Energy Advisors has been engaged to assist Yoho Resources Inc. (“Yoho” or the “Company”) with the sale of its prospective operated Montney natural gas property located in the Two Rivers area of British Columbia (the “Property”). In the Two Rivers area, Yoho holds working interests in and operates 22 sections of land (15.8 net sections), with 15.3 net sections of Montney rights that are prospective for liquids-rich natural gas. With positive indications of natural gas in a significant [Read more]
Complimentary seminar presented by: Alexander Marino JD, LLM (US TAX)
On July 1, 2014, the US’s Foreign Account Tax Compliance Act (FATCA) went into effect, and as a result, it will become increasingly difficult to renounce your US citizenship for the “right reasons” and avoid any negative consequences. All evidence suggests that now may be the time to consider renouncing, however, the process can be complex and daunting. It is essential to ensure that you renounce properly. If not done correctly, you may be subject to the US Exit Tax or barred from ever [Read more]
National Energy Board says Trans Mountain meets conditions for B.C. terminal
VANCOUVER - The National Energy Board says the Trans Mountain pipeline project has met conditions required for the expansion of its Westridge Marine Terminal in Burnaby, B.C. Trans Mountain, a subsidiary of Kinder Morgan Canada, has plans to expand the terminal's dock to load three tankers, up from one, and increase the number of delivery lines connected to its other Burnaby terminal. The expanded terminal is part of a $7.4-billion project that would triple the capacity of an [Read more]
Painted Pony Announces Updated 2017 Capital Budget and 2018 Development Plans
CALGARY, Aug. 30, 2017 /CNW/ - Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) announces updated 2017 capital budget and 2018 development plan details. Consistent with Painted Pony's focus on capital discipline, the Corporation has reduced planned capital spending levels for 2017 and 2018 to ensure Painted Pony maintains its current financial flexibility in a lower than anticipated commodity price environment. Highlights: Combined $72 million reduction to the [Read more]
Harvey knocks out more refineries, shifting global oil flows
DALLAS - Hurricane Harvey is sending pump prices higher for U.S. motorists and causing temporary shifts in the flow of oil and gasoline around the world after taking down a huge chunk of U.S. refining capacity. It will be days or even weeks before the energy sector in the southeast Texas Gulf Coast is back to normal operations as it deals with flooding in the aftermath of Harvey, which has been downgraded to a tropical storm. The region from Corpus Christi, Texas, where Harvey made [Read more]