BANGKOK (AP) -- Oil dwelled near $97 a barrel Friday, consolidating after two weeks of losses sparked by high supplies and patchy global economic growth. Benchmark U.S. crude for December delivery was up 20 cents at $97.31 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract, which rose 25 cents to $97.11 on Thursday, is down nearly 5 percent over the past two weeks. One factor weighing on the price was Wednesday's report from the [Read more]
Headlines
North America leads the world in production of shale gas
Source: U.S. Energy Information Administration, LCI Energy Insight, Canada National Energy Board, and Facts Global Energy Note: Canadian data uses "marketable production," which is comparable to dry production. The United States and Canada are the only major producers of commercially viable natural gas from shale formations in the world, even though about a dozen other countries have conducted exploratory test wells, according to a joint U.S. Energy Information Administration [Read more]
New Saskatchewan pipeline to be redesigned after ANCIENT BONES FOUND
BETHUNE, Canada - A major pipeline project in Saskatchewan will be redesigned after ancient bones were found at the dig site.TransGas, the pipeline subsidiary of SaskEnergy, says the redesign will minimize impact to the newly discovered cultural lands near Bethune, northwest of Regina.The company says instead of open digging, it will use trenchless technology and install the new pipeline far deeper to avoid disturbing the area.TransGas says First Nations Elders and monitors will be on site to [Read more]
Advantage Announces Increase in Credit Facilities Borrowing Base to $300 Million
CALGARY, Oct. 24, 2013 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") announced today that its lenders have completed their regular semi-annual review of the credit facility borrowing base. Advantage's borrowing base will increase from $230 million to $300 million and continue to provide significant financial flexibility in support of future capital program requirements and general corporate purposes. The increase resulted from recognition of Advantage's strong third [Read more]
MEG Energy reports record quarterly production and cash flow
Operational and financial foundations in place to achieve targeted production increase of approximately 140% by early 2015 CALGARY, Oct. 24, 2013 /CNW/ - MEG Energy Corp. today reported third quarter 2013 operational and financial results. Highlights include: Record quarterly production of 34,246 barrels per day (bpd) and record year-to-date production of 32,980 bpd, 20% higher than comparative 2012 year-to-date volumes; Record quarterly cash flow from operations of $144.5 million, driven by [Read more]
CENOVUS: Crude oil operating cash flow 40% higher in third quarter
Expansion work continues at Cenovus Energy's Christina Lake oil sands operation. (CNW Group/Cenovus Energy Inc.) Oil sands production at Christina Lake up 63% Operating cash flow from oil production increased 40% to $915 million, compared with the third quarter of 2012, driven by higher oil prices and increased volumes. Refining operating cash flow decreased 75% to $133 million compared with the third quarter of 2012 due to lower market crack spreads and higher feedstock costs. Cash flow [Read more]
Anderson Energy Ltd. Completes Strategic Alternatives Review
CALGARY, ALBERTA--(Marketwired - Oct. 24, 2013) - Anderson Energy Ltd. ("Anderson" or the "Company") (TSX:AXL) announced today that it has closed the previously disclosed sale of its Garrington and Ferrier Cardium oil and natural gas properties. Proceeds from this transaction were used to repay bank debt. After normal closing adjustments and transaction fees, net proceeds were approximately $78 million and current cash deposits are approximately $24 million. With this sale, the Company's [Read more]
RMP Energy Announces $50.0 Million Equity Financing
CALGARY, ALBERTA--(Marketwired - Oct. 24, 2013) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. RMP Energy Inc. ("RMP" or the "Company") (TSX:RMP) is pleased to announce that it has entered into an equity financing agreement on a "bought deal" basis (the "Equity Financing"). Pursuant to the terms of the Equity Financing, RMP will issue, on an underwritten basis, approximately 8.2 million common shares at a price of $6.10 per [Read more]
Steady Progress for Husky Energy in Third Quarter
CALGARY, ALBERTA--(Marketwired - Oct. 24, 2013) - Husky Energy (TSX:HSE) continued to drive forward its growth plans in the third quarter as it announced a significant oil discovery offshore Newfoundland and Labrador and advanced the landmark Liwan Gas Project in the Asia Pacific Region closer to first production. "Our business continues to deliver consistent results across the board," said CEO Asim Ghosh. "We are hitting our targets and making steady progress towards executing our [Read more]
Delphi Reports Continued Drilling Success
CALGARY, ALBERTA--(Marketwired - Oct. 23, 2013) - Delphi Energy Corp. (TSX:DEE) ("Delphi" or the "Company") is pleased to provide the following operations update on its Montney capital program. The Company's recently completed 15-24-60-23W5M Montney well was drilled during the third quarter of 2013 to a total depth of 5,211 metres with a horizontal lateral length of 2,328 metres and stimulated with a 30 stage slickwater hybrid completion. The well was produced on clean-up over a six day [Read more]