By Pablo Gorondi, The Associated Press The price of oil rose to near US$88 a barrel Thursday as an unexpected drop in U.S. stockpiles of crude triggered a modest recovery from a sharp sell-off the day before. By early afternoon in Europe, benchmark West Texas Intermediate crude for May delivery was up $1.20 to US$87.88 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped $2.04, or 2.3 per cent, on Wednesday — the fourth daily drop of at least two per [Read more]
Headlines
Manitok Energy Inc. Announces Initial Flow Rates on Its Latest Two Stolberg Cardium Oil Wells
CALGARY, ALBERTA--(Marketwired - April 18, 2013) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA. Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) is pleased to provide an update on its 2013 drilling program. The 12th Cardium oil well (65% working interest) in the program was a horizontal well drilled in the northern extent of the Stolberg trend, offsetting the 1996 discovery well drilled by another [Read more]
Raging River Exploration Inc. Announces Stock Option Grant
CALGARY, ALBERTA--(Marketwired - April 17, 2013) - Raging River Exploration Inc. ("Raging River") (TSX VENTURE:RRX) is pleased to announce that it has granted 3,066,925 stock options to directors, officers, employees and consultants of Raging River at an exercise price of $3.53. The stock options have been granted pursuant to Raging River's 10% rolling stock option plan and will expire 42 months from the date of grant. One third of the options granted will vest on each of the first, second and [Read more]
Legacy Oil + Gas Inc. announces closing of light oil corporate and asset Acquisitions
CALGARY, April 17, 2013 /CNW/ - Legacy Oil + Gas Inc. ("Legacy" or the "Company") (TSX:LEG.TO) has closed the acquisition of Villanova Oil Corp. ("Villanova") and the acquisition of light oil assets from a senior producer previously announced on April 3, 2013 (the "Acquisitions"). Through the Acquisitions, Legacy acquired high quality, high netback, light oil assets focused in its southeast Saskatchewan and Turner Valley core areas for total consideration of $108.6 million in cash (subject to [Read more]
Traverse Energy Announces 2012 Year End Results
CALGARY, ALBERTA--(Marketwired - April 17, 2013) -Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE:TVL) presents financial and operating results for the year ended December 31, 2012. Three Months Ended December 31 (unaudited ) Year Ended December 31 Highlights 2012 2011 2012 2011 Financial ($ thousands, except per share amounts) Petroleum and natural gas revenue $ 1,588 $ 1,035 $ 4,600 $ 3,731 Royalty [Read more]
TSX, Venture plummet Wednesday, growth concerns punish commodities
By Malcolm Morrison, The Canadian Press TORONTO - The Toronto stock market sold off late morning Wednesday as worries about the pace of global growth raised concerns about demand for commodities and sent prices for energy and metals lower. The S&P/TSX composite index lost 157.47 points or 1.3 per cent to 11,962.45. The Venture was hit 38 points to 921. "This clearly reflects a move to pricing in slower growth, the risk of deflation is back on the table, the effectiveness [Read more]
Crude stocks decrease week over week, beating analyst estimates
U.S. commercial crude oil inventories decreased by 1.3 million barrels from the previous week, beating the expected build of ~1.2 million barrels. Total crude oil stocks of 387.6 million barrels are well above the upper limit of the average range for this time of year. Total commercial petroleum inventories increased by 2.6 million barrels last week. [table] [attr style="width: 25%"]April 12`[attr style="width: 25%"]April 5`[attr style="width: 25%"]Change`[attr style="width: 25%"]% [Read more]
Edmonton based Pipeworx added to U.S. firm’s group of pipeline contractors
IRVING, Texas - Private equity firm Energy Capital Partners is continuing its move into the oilfield services sector with the acquisition of Canadian pipeline contractor Pipeworx Ltd. The deal was done through PLH Group Inc., an EC Partners company, which said Edmonton-based Pipeworx gives it a presence in Western Canada as part of a North American strategy. PLH announced the purchase Wednesday but didn't release financial details. "Canada, and Western Canada in particular [Read more]
Edge Resources Inc. Provides Production Update
CALGARY, ALBERTA--(Marketwired - Apr 2, 2013) - Edge Resources Inc. ("Edge" or the "Company") (TSX VENTURE:EDE)(EDG.L) is pleased to announce that the first well of the Company's spring drilling program in Asset East (announced February 27, 2013), has been on production for the last thirty days and is producing better than expected. The well has averaged approximately 50 barrels of oil per day ("bopd") over the majority of the initial production period but has recently increased to over 60 [Read more]
Novus Energy Inc. reports significant 2012 reserves & production growth
CALGARY, April 17, 2013 /CNW/ - Novus Energy Inc. ("Novus" or the "Company") (TSXV:NVS.V) is pleased to announce a substantial increase to its reserves and production from its successful 2012 capital program. The Company's year-end independent reserve evaluation was prepared by Sproule Associates Limited ("Sproule") effectiveDecember 31, 2012 (the "Sproule Report"). Reserve Highlights Proved reserves at December 31, 2012 increased by 68% to 14.85 million boe, up substantially from 8.84 [Read more]