Nexen Inc. ("Nexen") announced today that CNOOC Limited and Nexen Inc. have mutually agreed to extend the "Outside Date" of the Arrangement Agreement by 30 days to March 2, 2013. The Outside Date was originally January 31, 2013. Either party may, except in certain circumstances, extend the Outside Date from time to time if the required regulatory approvals have not been obtained, provided that in aggregate such extensions shall not exceed 75 business days from January 31, 2013. In [Read more]
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VIDEO: Big freeze hits northeast United States, fuels natural gas rally
Cold whether and snow have caused a rush of residents in the northeast United States to crank up the heat, causing a shortage of natural gas for the area. Watch the report below courtesy Bloomberg: [Read more]
Weekly petroleum stocks flat / mixed
[table] [attr style="width: 24%"]Product`[attr style="width: 24%"]January 18`[attr style="width: 24%"]January 11`[attr style="width: 14%"]Change`[attr style="width: 14%"]% Change Crude Oil`363,115`360,302`+2,813`+0.8% Gasoline`233,257`234,995`-1,738`-0.7% Distillate`132,938`132,430`+508`+0.4% Propane`60,883`63,956`-3,073`-4.8% Jet Fuel`39,802`40,439`-637`-1.6% Unfinished Oils`84,053`82,002`+2,051`+2.5% Residual Fuel Oil`34,908`36,204`-1,296`-3.6% [attr [Read more]
Canada rig count sees slight increase in active oil rigs
[table] [attr style="width: 20%"]`[attr style="width: 30%"]`[attr style="width: 25%"]Oil`[attr style="width: 25%"]Gas [attr rowspan="5" style="background-color: #E0E0E0; text-align: center; vertical-align: middle;"]Canada`This Week`474`147 Last Week`458`143 Last Year`492`190 Week over Week Change`+16`+4 Year over Year Change`-18`-43[/table] [table] [attr style="width: 20%"]`[attr style="width: 30%"]`[attr style="width: 25%"]Oil`[attr style="width: 25%"]Gas [attr rowspan="5" [Read more]
Crude oil rises above US$96 a barrel despite cooling US home sales in December
Crude oil rises above US$96 a barrel despite cooling US home sales in December (Oil-Prices) The price of oil rose Friday afternoon as traders brushed off a report that showed sales of new homes in the U.S. cooled in December. Benchmark West Texas Intermediate crude rose 29 cents to US$96.24 a barrel in afternoon trading on the New York Mercantile Exchange. It fell as much as 50 cents following the release of the housing data. The U.S. Commerce Department said sales of new homes [Read more]
Exxon surpasses Apple as world’s most valuable company
NEW YORK - Exxon has once again surpassed Apple as the world's most valuable company after the iPhone and iPad maker saw its stock price falter. Apple Inc.'s stock has been on the decline since the company's quarterly earnings report Wednesday suggested that its fast growth phase, rare for a company of its size, may be coming to an end. Apple's stock dropped 2.4 per cent to $439.51 in midday trading Friday for a market capitalization of $412.7 billion. That followed a 12 per cent [Read more]
Bonterra and Spartan Complete Business Combination
Bonterra Energy Corp. ("Bonterra") and Spartan Oil Corp. ("Spartan") are pleased to announce that they have completed their previously announced business combination whereby Bonterra has acquired all of the issued and outstanding common shares (the "Spartan Shares") of Spartan by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). On January 24, 2013, the Arrangement was approved at the special meeting of Spartan shareholders ("Spartan [Read more]
Atikwa Announces Update to Strategic Alternatives Initiative
Atikwa Resources Inc. ss previously announced in September 2012, the board of directors of Atikwa retained CB Securities to assist the Company in identifying and evaluating a number of strategic alternatives available to the Company to enhance shareholder value. As previously reported in December 2012, the Company has received a number of proposals and non-binding indications of interest, from which they have selected the most attractive options to pursue. In light of recent trading activity [Read more]
SIX BILLION DOLLARS SHORT: Redford Points to Low Alberta Energy Prices for Massive Budget Shortfall
EDMONTON - Alberta Premier Alison Redford, in her first TV address, warned Thursday of tough fiscal times and multibillion-dollar revenue shortfalls due to the "bitumen bubble." She said the bubble — the difference between the benchmark price for oil in North America versus Alberta's oilsands bitumen — has grown so wide it will take a $1-billion bite out of this year's budget and $6 billion the next. "As we prepare this year's budget, it means we have to make some very difficult choices," [Read more]
Cenovus CEO: pipeline squeeze means Canadians ‘subsidize’ U.S. energy consumers
The CEO of oilsands company Cenovus says each Canadian is subsidizing U.S. energy consumers to the tune of $1,200 annually through cheap Alberta crude. Brian Ferguson told a CIBC investor conference says a lack of pipeline capacity is a major issue not just for the industry, but for Canadians. A report by CIBC last year said Canada's oil industry was missing out on $18 billion a year because of the steep double discount its crude it gets in relation to both U.S. and global [Read more]