Equal Energy Ltd. has today initiated legal proceedings against Mr. Nawar Alsaadi and Dr. Adam Goldstein on the grounds of their repeated and flagrant violation of disclosure requirements under US securities laws. Equal's filing with the United States District Court, Southern District of New York, alleges that Mr. Alsaadi and Dr. Goldstein have ignored since as early as February 2012 disclosure requirements under Sections 13(d) and 14(a) of the US Securities Exchange Act of 1934 and the rules [Read more]
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MEG Energy to release fourth quarter financial results
MEG Energy Corp. ("MEG") announces that it intends to release its financial results for the fourth quarter ended December 31, 2012 on Thursday, January 31, 2013. A conference call will be held to review the financial results at 7:30 a.m. Mountain Time (9:30 a.m. Eastern Time) on Thursday, January 31, 2013. The U.S./Canada toll-free conference call number is 1 888-231-8191. The international/local conference call number is 647-427-7450. A recording of the call will be available from 10:30 a.m. [Read more]
Oil prices rise to near $96 per barrel on China manufacturing and US jobless claims data
The price of oil rose Thursday on positive economic news from the U.S. and China. Benchmark oil gained 72 cents to $95.95 a barrel on the New York Mercantile Exchange in morning trading. There are signs that oil demand is picking up in China. HSBC's monthly purchasing managers' index, which gauges manufacturing activity in China, rose for the fifth consecutive month in January to 51.9 from December's 51.5. Readings above 50 indicate expansion. More manufacturing means more energy [Read more]
Gas Storage Continues to Fall with a Modest Withdrawal of 172 BCF
January 11: 3,168 Bcf January 18: 2,996 Bcf Change: -172 Bcf [table] [attr style="width: 25%"]`[attr style="width: 25%"]January 18`[attr style="width: 25%"]January 11`[attr style="width: 25%"]Change East`1,520`1,600`-80 West`416`455`-39 Producing`1,060`1,113`-53 Total`2,996`3,168`-172 [/table] Source: EIA [Read more]
Alberta Average Price Per Hectare Remains Low as ‘Buyers Market’ Continues
[table] [attr style="width: 25%"]`[attr style="width: 25%"]Plains/HA`[attr style="width: 25%"]Northern/HA`[attr style="width: 25%"]Foothills/HA January 9, 2013` $229.35` $302.44`$407.20 January 23, 2013` $261.49` $296.40`$379.30 Change`+$32.14`-$6.04`-$27.90 [/table] Source: Alberta Energy [Read more]
Crocotta Energy Increases Bank Credit Facility
Crocotta Energy Inc. is pleased to announce that it has increased its revolving bank credit facility by 40% to $140 million from $100 million. [Read more]
Crude oil prices drops 1.5% on pipeline problems, IMF caution on economy
The price of crude fell by the biggest amount of the year on Wednesday on reports that the amount of oil moving through a key pipeline to the Gulf Coast had been cut in half. Benchmark West Texas Intermediate crude dropped $1.45, or 1.5 per cent, to finish at US$95.23 per barrel in trading on the New York Mercantile Exchange, the first decline of more than one per cent since Dec. 21. Even before the price sank in the afternoon, traders were questioning whether recent gains in oil [Read more]
Storm Announces Asset Dispositions
STORM RESOURCES LTD. ("Storm") has entered into a purchase and sale agreement in relation to the disposition of approximately 275 Boe per day in the Grande Prairie area of northwest Alberta. Details of the disposition are provided below. Disposition price is $18 million. Closing date is February 12, 2013 with an effective date of January 1, 2013. In the third quarter of 2012, production averaged 275 Boe per day (80% light oil plus natural gas liquids) and the field netback approximated [Read more]
Rock Energy Announces New Key Staff Additions and Provides an Operations Update
Rock Energy Inc. is pleased to announce that effective January 21, 2012 Mr. Josh McDonald has been appointed Vice President of Exploration of Rock Energy. Josh has previously worked with both Allen Bey and Jeff Campbell at Avid Oil and Gas, and now brings over 17 years of experience to the company, the most recent of which as the Vice President of Exploration at Renegade Petroleum. Josh will be responsible for leading Rock''s exploration and development efforts as the company moves to build on [Read more]
Keystone XL’s fate now squarely in the hands of U.S. State Department
The fate of TransCanada's controversial Keystone XL pipeline was put squarely in the hands of the U.S. State Department on Tuesday after Nebraska's governor approved a new route amid fierce opposition from environmental groups. Nebraska Gov. Dave Heineman sent a letter to U.S. President Barack Obama confirming that he would allow the Alberta-to-Texas oil pipeline to go through his state along a revised route that skirts an environmentally sensitive area. Because the Keystone XL [Read more]