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]
Headlines
“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]
Rig Count Continues to Rise into Drilling Season
[table] [attr style="width: 20%"]`[attr style="width: 30%"]`[attr style="width: 25%"]Oil`[attr style="width: 25%"]Gas [attr rowspan="5" style="background-color: #E0E0E0; text-align: center; vertical-align: middle;"]Canada`This Week`458`143 Last Week`388`143 Last Year`470`184 Week over Week Change`+70`+ Year over Year Change`-12`-41[/table] [table] [attr style="width: 20%"]`[attr style="width: 30%"]`[attr style="width: 25%"]Oil`[attr style="width: 25%"]Gas [attr rowspan="5" [Read more]
Surge Announces its 2013 Capital Budget and Guidance and Provides an Operations Update
Surge Energy Inc. is pleased to announce its 2013 capital budget and guidance and provide an operations update. 2013 BUDGET, GUIDANCE AND CORPORATE GOALS: Surge's board of directors has approved a capital budget of $140 million for 2013 with a balanced approach of production growth (approximately 16 percent growth in average daily production per share) and unlocking additional value in its high quality, large DPIIP1 light oil assets. Surge has allocated approximately $124 million to its [Read more]
PetroBakken Announces Share Position in Junior Oil Producer
PetroBakken Energy Ltd. announces that we have acquired 4,786,700 common shares of TriOil Resources Ltd. ("TriOil") at an average price of $2.87 per share. These shares, which represent approximately 7.5% of the issued and outstanding shares of TriOil, were acquired through the facilities of the CNSX Pure Trading exchange. As a result of this acquisition, PetroBakken now owns 11,050,330 common shares of TriOil, representing approximately 17.3% of the total issued and outstanding common shares of [Read more]
Oil above US$95 on strong US housing, jobs data; concern over attack in Algeria
The price of oil rose to a four-month high Thursday on positive reports about the U.S. economy. Benchmark West Texas Intermediate crude gained $1.25 to finish at US$95.49 a barrel, the highest close for crude on the New York Mercantile Exchange since Sept. 17. Oil has now gained four per cent this year. Strong reports on housing starts and fewer unemployment claims made traders more optimistic about the U.S. economy. Builders started work on homes in December at the fastest [Read more]