Arcan Resources Ltd. has approved a $26.0 million capital expenditure budget for the first half of 2013 and estimates its full year 2013 budget at $52.0 million. The 2013 budget includes drilling an estimated 13 gross (9.4 net) wells. Arcan also completed a disposition of one and three-quarters sections of undeveloped land in 64-09W5 for proceeds of $10.0 million. The land sold was located in the southern-most area of Arcan''s Swan Hills acreage, did not have any associated production, and was [Read more]
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Palliser Announces Record Production and Credit Facility Increase
Palliser Oil & Gas Corporation is pleased to provide an operations update. The Company's December 2012 production, based on field estimates, averaged approximately 2,700 boe/d, weighted 98% to heavy oil and 2% to natural gas, in line with its exit production guidance range of 2,600 - 2,800 boe/d. Fourth quarter 2012 production averaged approximately 2,480 boe/d, representing an 11% increase over third quarter 2012 average production, and a 50% increase over fourth quarter 2011 average [Read more]
Arsenal Releases Operational Update
Arsenal Energy Inc. is pleased to announce that during December 2012, field production averaged approximately 4,100 boe/d. In addition, approximately 500 boe/d of North Dakota Bakken production was behind pipe and is expected to be placed on production in Q1 2013. Bakken differentials have narrowed to approximately $2.50 per barrel compared to WTI. In North Dakota, Arsenal plans to drill 2 (.33 net) wells in Q1 2013, 2 (1.25 net) wells in Q2 2013, and 3 (.23 net) wells in Q3 2013. Arsenal's [Read more]
TriOil Resources increases production by 80 percent year over year to hit exit target and provides operational update
TriOil Resources Ltd. is pleased to announce that its year-end exit production exceeded 3,450 boe/d (70% oil and liquids) based on field estimates, in line with its 3,400-3,600 boepd guidance. We achieved strong production growth in 2012, entirely through the drill bit, with corporate production up 80% from our 1,900 boepd 2011 exit production rate. Current production exceeds 3,600 boepd (70% oil and liquids) based on field estimates and our 2013 light oil development programs at Lochend and [Read more]
Kitimat Mayor: LNG plans turn Kitimat from ‘DOOM TOWN TO BOOM TOWN’
The sense of excitement in Kitimat is palpable, says Mayor Joanne Monaghan. The northwest British Columbia town cited by Census Canada in March 2007 as the community with the greatest population decline in Canada now is looking at multi-billion-dollar investments in proposed liquefied natural gas projects, aluminum smelter upgrades and the Northern Gateway pipeline. Once posting a rental vacancy rate of 44.5 per cent, Kitimat now is brimming with construction jobs, fighting [Read more]
Encana’s President & CEO Announces Retirement
Encana Corporation announced today that Randall K. Eresman, President & Chief Executive Officer, has informed the Board of Directors that, effective today, he is retiring from Encana after serving the company for approximately 35 years. Mr. Eresman will also be retiring from the Board of Directors but he has agreed to stay on as an advisor until February 28, 2013 to assist with the transition. "I have had a wonderful and fulfilling 35 year career with Encana and its predecessor, Alberta [Read more]
Pengrowth plans $770M 2013 capital budget, going ahead with Lindbergh project
Pengrowth Energy Corp. said Friday it has sanctioned the first phase of its Lindbergh thermal bitumen project and approved a $770-million capital budget for 2013. The company said the Lindbergh project is expected to produce 12,500 barrels of bitumen per day when fully operational in the second quarter of 2015. The first phase of the project is expected to cost about $590 million, including $300 million budgeted for 2013. The plan includes an additional $150 million to speed [Read more]
Oil slides on concerns that higher inflation in China may restrain growth
Oil prices fell Friday on concern that China's government could limit economic stimulus measures because of higher inflation. Benchmark West Texas Intermediate crude dropped 26 cents to finish at US$93.56 a barrel in New York. A day earlier, a report showing a rebound in China's trade growth boosted oil because it suggested a possible recovery in global demand. Friday's data showed China's inflation spiked to a six-month high in December. Higher inflation could hamper Beijing's [Read more]
PetroBakken Provides Operational Update and 2013 Capital and Production Guidance
PetroBakken Energy Ltd., is pleased to announce that average production for the month of December 2012, was 53,200 barrels of oil equivalent a day ("boepd") based on field estimates. We are also pleased to announce a $675 million capital plan in 2013 that is expected to result in an 8 to 12 percent growth in average annual production. Operational Update PetroBakken had a successful year in 2012. Early in the year we completed certain initiatives to strengthen our financial position and [Read more]
Crude Oil Inventory Update to January 4
[table] [attr style="width: 24%"]Product`[attr style="width: 24%"]January 4`[attr style="width: 24%"]December 28`[attr style="width: 14%"]Change`[attr style="width: 14%"]% Change Crude Oil`361,253`359,939`+1,314`+0.4% Gasoline`233,085`225,673`+7,412`+3.3% Distillate`130,744`123,967`+6,777`+5.5% Propane`65,572`66,670`-1,098`-1.6% Jet Fuel`39,630`39,187`+443`+1.1% Unfinished Oils`81,846`81,592`+254`+0.3% Residual Fuel Oil`35,566`36,423`-857`-2.4% [attr style="font-weight:bold"]Total`[attr [Read more]