Crocotta Energy Inc. is pleased to announce that it met its 2012 Exit Guidance of 8,500 boepd based on field reports. Crocotta currently has two drilling rigs in operation at Edson where it is drilling both Cardium light oil and Bluesky liquids-rich gas. Crocotta expects to provide further information relating to 2013 capital projects by the end of January. BOE Conversions Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio [Read more]
Headlines
Crew Announces 2013 Budget Targeting 15% Increase in Liquids Production
Crew Energy Inc. is pleased to announce its Board of Directors has approved a 2013 capital budget of $219 million. The 2013 program is designed to focus on the Company''s operating strategy to invest in the highest rate of return projects while also further defining and capturing hydrocarbon resource. Funding of this program will come from cash flow from operations and bank debt. The 2013 program is expected to provide 15% liquids growth spearheaded by the drilling of 101 (99.0 net) wells with [Read more]
Oil price stays above $93 a barrel
Oil prices edged higher Monday in advance of this week's U.S. government report on American crude stockpiles after and unexpected drop in inventories last week. Benchmark West Texas Intermediate crude rose 10 cents to finish at US$93.19 a barrel on the New York Mercantile Exchange. Brent crude, used to price international varieties, climbed nine cents to end at US$111.40 per barrel in London. The U.S. Energy Information Administration said last Friday that crude supplies fell by [Read more]
Oil price finishes higher after bigger than expected drop in crude supplies
The price of oil finished higher Friday after the U.S. Energy Department's Energy Information Administration reported a much bigger drop in American crude supplies than analysts expected. After trading lower much of the day, benchmark crude for February delivery closed up 17 cents at US$93.09 a barrel on the New York Mercantile Exchange. The EIA report said crude supplies fell by 11.1 million barrels, or three per cent, last week. Analysts had expected a drop of just a million [Read more]
Petroleum Product Inventory Update to December 28
[table] [attr style="width: 24%"]Product`[attr style="width: 24%"]December 28`[attr style="width: 24%"]December 21`[attr style="width: 14%"]Change`[attr style="width: 14%"]% Change Crude Oil`359,939`371,059`-11,120`-3.0% Gasoline`225,673`223,104`+2,569`+1.2% Distillate`123,967`119,393`+4,574`+3.8% Propane`66,670`68,850`-2,180`-3.2% Jet Fuel`39,187`38,622`+565`+1.5% Unfinished Oils`81,592`82,321`-729`-0.9% Residual Fuel Oil`36,423`36,832`-409`-1.1% [attr [Read more]
ExxonMobil Announces $14 Billion Hebron Oil Project to Proceed off Canada’s East Coast
Exxon Mobil Corporation announced today it will develop the Hebron oil field offshore the Canadian province of Newfoundland and Labrador using a gravity-based structure that will recover more than 700 million barrels of oil, an increase versus earlier estimates. Capital cost for the project, which is expected to begin oil production around the end of 2017, is estimated at $14 billion. The platform is being designed for daily production of 150,000 barrels of oil. “Hebron is one of several [Read more]
Oil price eases slightly despite positive economic data
The price of oil fell slightly Friday as investors weighed the possibility that the Federal Reserve might end its extraordinary economic stimulus measures later this year. Benchmark West Texas Intermediate crude for February delivery fell six cents to US$92.86 a barrel on the New York Mercantile Exchange. The Labour Department reported U.S. employers added 155,000 jobs in December, a steady gain that shows hiring held up during the tense negotiations to resolve the fiscal cliff. [Read more]
Weekly Natural Gas Storage to December 28
December 21: 3,652 Bcf December 28: 3,517 Bcf Change: -135 Bcf [table] [attr style="width: 25%"]`[attr style="width: 25%"]December 28`[attr style="width: 25%"]December 21`[attr style="width: 25%"]Change East`1,799`1,883`-84 West`505`520`-15 Producing`1,213`1,249`-36 Total`3,517`3,652`-135 [/table] Source: EIA [Read more]
Enbridge to spend $400M on expanding capacity of Alberta to US pipeline
Enbridge Inc. plans to spend $400 million to expand the capacity of its pipeline system between Hardisty, Alta., and the U.S. border. Enbridge says the project involves increasing pumping horsepower and that no new line pipe construction is involved. It expects to increase capacity by 230,000 barrels a day when the upgrade comes on line in 2015, subject to regulatory approvals. The Canadian mainline is held by Enbridge Pipelines Inc. (EPI), a wholly owned subsidiary of [Read more]
Oil price climbs after Congress avoids falling off the ‘fiscal cliff’ and stock markets soar
The price of oil jumped Wednesday as traders cheered a deal in Washington to avert the ``fiscal cliff,'' a series of tax increases and spending cuts that could have pushed the world's biggest economy into recession. The House of Representatives voted near midnight Tuesday night to send a bill averting the cliff to President Barack Obama after a frantic day of political brinkmanship on Capitol Hill. In morning trading, benchmark West Texas Intermediate crude for February delivery [Read more]