CHICAGO, IL - Canadian National Railway Co. plans on shipping more Alberta crude oil to Louisiana as it sets its sights on developing new markets near the Gulf of Mexico. The Montreal-based railway (TSX:CNR) said Thursday it has teamed up with LBC Tank Terminals which will increase storage capacity by 160,000 barrels at its Sunshine facility in Geismar, La. CN said it also plans on transporting more chemicals from the Chicago area to the LBC Sunshine facility, which houses [Read more]
Headlines
Natural Gas Storage drops 171 Bcf; in line with analyst estimates
Working gas in storage was 2,229 Bcf as of Friday, February 22, 2013, according to EIA estimates. This represents a net change of -171 Bcf, in line with analyst estimates of -169 to -170 Bcf. Stocks were 307 Bcf less than last year at this time and 308 Bcf above the 5-year average of 1,921 Bcf. [table] [attr style="width: 25%"]`[attr style="width: 25%"]February 22`[attr style="width: 25%"]February 15`[attr style="width: [Read more]
CNOOC in no hurry to ink more oilpatch deals after Nexen takeover closes
CALGARY - The head of CNOOC Ltd. said the Chinese-state-owned firm is in no hurry to do any more big deals in the oilpatch since its $15.1 billion takeover of Nexen closed earlier this week. "In the very short term, this is not my priority," said chief executive Li Fanrong at Nexen's Calgary headquarters Wednesday. "My priority is to get this organization right and to better realize the full potential of Nexen's resource." Through the deal, CNOOC will see a 20 per cent [Read more]
Lone Pine Resources Announces Management Changes
CALGARY, ALBERTA--(Marketwire - Feb 27, 2013) - Lone Pine Resources Inc. ("Lone Pine" or the "Company") (LPR) (LPR.TO) announces that the Company''s Board of Directors has appointed David M. Fitzpatrick, an experienced industry leader and member of the Lone Pine Board of Directors, to serve as Interim Chief Executive Officer, effective immediately. Lone Pine also announces that the Board of Directors has terminated the employment of David M. Anderson as President & Chief Executive Officer [Read more]
SilverWillow Energy Corporation Issues Options
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES / TSX V Trading Symbol: SWE CALGARY , Feb. 27, 2013 /CNW/ - SilverWillow Energy Corporation ("SilverWillow") (SWE.V) today announces that, pursuant to the provisions of its stock option plan, it has granted an aggregate of 984,000 options to officers and employees. The options have an exercise price of $0.77 per share. The options granted vest as to one third on the first anniversary of the date of grant, [Read more]
Twin Butte Energy 2012 Year End Reserve and Operational Update
CALGARY , Feb. 27, 2013 /CNW/ - Twin Butte Energy Ltd. (TBE.TO) ("Twin Butte" or the "Company") is pleased to provide an operations update and information on its oil and gas reserves as of December 31, 2012 . Twin Butte anticipates releasing Q4 and year end 2012 audited financial and operating results after market close on March 21, 2013 . Operations Update On January 31, 2013 , Twin Butte provided an operational update that noted it had encountered reservoir performance issues at its [Read more]
Canadian firms cool plans for investment in 2013
By Julian Beltrame OTTAWA – Canada’s corporations appear to be taking a wait-and-see approach to capital investments this year, a position that could dampen already modest expectations for economic growth in 2013. The annual survey of private and public investment intentions by Statistics Canada indicates such spending will rise a mere 1.7 per cent to $398.2 billion this year — the slowest non-recession pace since 1995 and well down from 7.2 per cent last year. Private sector [Read more]
Crude Stocks Build Below Expectations
U.S. commercial crude oil inventories increased by 1.1 million barrels from the previous week, below the expected build of 2.2 - 2.4 million barrels due to higher refinery utilization. Total crude oil stocks of 377.5 million barrels are well above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 1.9 million barrels last week but remained in the upper limit of the average range. [table] [attr style="width: 25%"]February 22`[attr [Read more]
Yoho Resources Inc. Announces Fiscal Q1 2013 Financial and Operating Results
CALGARY, ALBERTA--(Marketwire - Feb 27, 2013) - Yoho Resources Inc. ("Yoho" or the "Company") (TSX VENTURE:YO) has filed today on SEDAR the financial statements for the three months ended December 31, 2012 and the related managements'' discussion and analysis. Copies of these documents may be found on www.sedar.com. Highlights Yoho''s production during fiscal Q1 2013 averaged 2,075 boe per day. With recent drilling success at Kaybob, Yoho has an incremental 1,500 boe per day of [Read more]
Edge Resources Inc. Initiates Drilling Program to Further Develop New Pool Discoveries
CALGARY, ALBERTA--(Marketwire - Feb 27, 2013) - Edge Resources Inc. (TSX VENTURE:EDE)(EDG.L) ("Edge" or the "Company") is pleased to announce that it has moved a drilling rig and spudded the first of several planned drilling locations in Primate, Saskatchewan. Resulting from a recently-shot 3D seismic program (announced December 3, 2012), the Company has discovered what it believes to be three new oil pools in an area the Company calls Asset East. The rig has been brought in to start the [Read more]