The price of crude fell by the biggest amount of the year on Wednesday on reports that the amount of oil moving through a key pipeline to the Gulf Coast had been cut in half. Benchmark West Texas Intermediate crude dropped $1.45, or 1.5 per cent, to finish at US$95.23 per barrel in trading on the New York Mercantile Exchange, the first decline of more than one per cent since Dec. 21. Even before the price sank in the afternoon, traders were questioning whether recent gains in oil [Read more]
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Storm Announces Asset Dispositions
STORM RESOURCES LTD. ("Storm") has entered into a purchase and sale agreement in relation to the disposition of approximately 275 Boe per day in the Grande Prairie area of northwest Alberta. Details of the disposition are provided below. Disposition price is $18 million. Closing date is February 12, 2013 with an effective date of January 1, 2013. In the third quarter of 2012, production averaged 275 Boe per day (80% light oil plus natural gas liquids) and the field netback approximated [Read more]
Rock Energy Announces New Key Staff Additions and Provides an Operations Update
Rock Energy Inc. is pleased to announce that effective January 21, 2012 Mr. Josh McDonald has been appointed Vice President of Exploration of Rock Energy. Josh has previously worked with both Allen Bey and Jeff Campbell at Avid Oil and Gas, and now brings over 17 years of experience to the company, the most recent of which as the Vice President of Exploration at Renegade Petroleum. Josh will be responsible for leading Rock''s exploration and development efforts as the company moves to build on [Read more]
Keystone XL’s fate now squarely in the hands of U.S. State Department
The fate of TransCanada's controversial Keystone XL pipeline was put squarely in the hands of the U.S. State Department on Tuesday after Nebraska's governor approved a new route amid fierce opposition from environmental groups. Nebraska Gov. Dave Heineman sent a letter to U.S. President Barack Obama confirming that he would allow the Alberta-to-Texas oil pipeline to go through his state along a revised route that skirts an environmentally sensitive area. Because the Keystone XL [Read more]
Oil rise above US$96 a barrel, closes at 4 month high on global economic news
The price of oil closed at a four-month high Tuesday as global economic reports pointed to improving conditions. Benchmark West Texas Intermediate crude rose 68 cents to US$96.24 a barrel on the New York Mercantile Exchange. Oil has risen nearly $3 a barrel over the last four trading sessions. Brent crude, used to price international varieties of oil, was up 71 cents at $112.42 a barrel on the ICE Futures exchange in London. A U.S. government report showed that last year was [Read more]
“APPROVED.” Nebraska governor sign’s off on Keystone XL Route
KeystoneNebraska Gov. Dave Heineman approved a new route for the Keystone XL oil pipeline on Tuesday that avoids the state's environmentally sensitive Sandhills region. Heineman sent a letter to President Barack Obama confirming that he would allow the controversial, Canada-to-Texas pipeline to proceed through his state. The project has faced some of its strongest resistance in Nebraska from a coalition of landowners and environmental groups who say it would contaminate the [Read more]
Bellatrix announces a $300 million Cardium joint venture
Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") has entered into a joint venture agreement with a Seoul Korea based company ("JV Partner"), to accelerate development of Bellatrix's extensive undeveloped Cardium land holdings in west-central Alberta. Under the terms of the agreement, the JV Partner will contribute 50%, or CDN$150 million, to a $300 million joint venture (the "Joint Venture") to participate in an expected 83 Cardium well program. Under the agreement, the JV Partner [Read more]
Strategic Oil & Gas Ltd. Announces 2013 Capital Budget and Executive Appointments
Strategic Oil & Gas Ltd. ("Strategic" or the "Company") is pleased to announce that it has approved a 2013 capital budget of $75 million. The Company will continue to build on its success and dominant position at Steen River. The 2013 capital budget includes drilling 20 gross (18.8 net) wells, 18 gross (18 net) of which will be at Steen River targeting proven light oil producing horizons. The Company has planned for 2 gross (0.8 net) wells being drilled in its non-operated Maxhamish [Read more]
Sonde Resources Corp. Announces Initial 2012 Year-End Reserves
Sonde Resources Corp. has received, and the Board of Directors has adopted, its initial 2012 year-end reserves report containing a summary of proved plus probable reserves and before-tax present values and cash flows. Sonde''s working interest proved plus probable ("2P") reserves were 9,432 Mboe at December 31, 2012, compared to 9,507 Mboe for the previous year. Sales for 2012 totaled 871 Mboe, compared to 2011 sales of 1,021 Mboe. The decrease in production year over year can be attributed [Read more]
Oil price slips to near $95 a barrel in Europe in muted trading due to US public holiday
The price of crude oil slipped closer to $95 a barrel on Monday, with energy investors keeping to the sidelines as U.S. markets were closed for Martin Luther King, Jr. Day. By early afternoon in Europe, benchmark oil for February delivery was down 24 cents to $95.25 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 7 cents to finish at $95.56 per barrel on the Nymex on Friday. "Due to the lack of major economic indicators, investors will be [Read more]