BY GRANT SCHULTE, ASSOCIATED PRESS GRAND ISLAND, Neb. -- Opponents and supporters of a massive Canada-to-Texas oil pipeline converged on a snowy Nebraska town Thursday for what could become a pivotal moment for the project. Despite a spring storm that brought sleet and snow to Nebraska, the U.S. State Department hearing in Grand Island was expected to draw at least several hundred people from the state as well as activists from outside the region who consider the state a key battleground [Read more]
Headlines
Pipeline expansions still needed despite price-gap narrowing, Oliver says
CALGARY - Despite a dramatic improvement in the price Alberta producers get for their crude oil in recent months, Natural Resources Minister Joe Oliver says market-opening pipeline expansions are still necessary. The difference between the Western Canadian heavy oil benchmark and its lighter American counterpart was at the painfully high level of $40 per barrel late last year — a phenomenon the Alberta government dubbed the "bitumen bubble" when explaining the hit it was taking to [Read more]
Natural gas storage beats estimates, futures prices soar
Working gas in storage was 1,704 Bcf as of Friday, April 12, 2013, according to EIA estimates. This represents a net change of +31 Bcf beating analyst estimates of ~+42 Bcf. Stocks were 794 Bcf less than last year at this time and 74 Bcf below the 5-year average of 1,778 Bcf. [table] [attr style="width: 25%"]`[attr style="width: 25%"]April 12`[attr style="width: 25%"]April 5`[attr style="width: [Read more]
Oil rebounds to near $88 a barrel as US supply drop helps market recover from sell-off
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]
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]