CALGARY - Centrica PLC of Britain and Qatar Petroleum International have reached an agreement with Suncor Energy to acquire most its conventional natural gas and crude oil assets in Alberta for $1 billion in cash. Suncor (TSX:SU.TO) says the transaction is subject to regulatory approval and is expected to close in the third quarter of 2013. The business will be held in a newly established partnership between Centrica and QPI, a wholly owned subsidiary of Qatar [Read more]
Headlines
Trudeau 2.0 elected liberal leader
OTTAWA - Justin Trudeau called for an end to internal Liberal party divisions and an end to the partisan politics of division Sunday night as he was anointed party leader in a landslide, first-ballot win. Trudeau, eldest son of former prime minister Pierre Trudeau and the Liberals' undisputed star, swept more than 80 per cent of the available points in a final field of six candidates. Despite the foregone conclusion of Trudeau's coronation, a downtown Ottawa hotel was packed with [Read more]
TSX heads sharply lower amid falling commodity prices, weak U.S. retail data
By Malcolm Morrison, The Canadian Press TORONTO - The Toronto stock market sold off Friday as concerns about the strength of the world's biggest economy raised demand worries and helped send oil and metal prices tumbling. The S&P/TSX composite index dropped 143.79 points to 12,337.59. Falling commodities helped push the Canadian dollar down 0.3 of a cent to 98.64 cents US. U.S. indexes recouped most of earlier losses resulting from earnings disappointments from banks and a [Read more]
Rig count continues to fall into spring season
[table] [attr style="width: 20%"]`[attr style="width: 35%"]`[attr style="width: 15%"]Oil`[attr style="width: 15%"]Gas`[attr style="width: 15%"]Total [attr rowspan="5" style="background-color: #E0E0E0; text-align: center; vertical-align: middle;"]Canada`This Week`83`73`156 Last Week`117`89`206 Last Year`88`76`164 Week over Week Change`-34`-16`-50 Year over Year Change`-5`-3`-8[/table] [table] [attr style="width: 20%"]`[attr style="width: 35%"]`[attr style="width: 15%"]Oil`[attr [Read more]
US crude futures fall 2 per cent to below US$92 a barrel on weak economic data
NEW YORK, N.Y. – Signs that the global economy isn’t strong enough to quickly burn through the world’s ample supplies of oil and gasoline sank crude oil prices for a second straight day. Weak U.S. economic reports Friday followed on the heels of reduced forecasts for oil demand. Oil dropped two per cent. U.S. crude futures fell $2.22, or 2.4 per cent, to $91.29 barrel in New York. Brent crude, which is used to price oil used by many U.S. refiners to make gasoline, fell $1.34 to [Read more]
Northern Gateway panel releases conditions for pipeline approval
VANCOUVER - The panel weighing the future of the proposed Northern Gateway project released a long list of conditions Friday that the company would need to meet should the project receive approval, including almost $1 billion in liability coverage in the event of a catastrophic oil spill. The joint federal review panel stressed that the release of draft conditions does not mean a decision has been made. "The panel has not made any decisions on whether or not to recommend approval [Read more]
MARKETING MACHINE: Redford says frequent trips to Washington helpful, will go back next possible opportunity
CALGARY - Alberta Premier Alison Redford says she's not worried that her frequent trips to Washington, D-C to promote the Keystone X-L oil pipeline will result in negative overexposure in the U-S. Redford has visited Washington four times since she became premier 18 months ago and has been the object of protesters opposed to the multi-billion dollar pipeline. She says if you're one of those people where your story is heard too much and no one wants to hear from you anymore, then [Read more]
Arcan is Pleased to Announce 2012 Year End Reserves and Financial Results, Cancelled Stock Options, and Provide an Operations Update
CALGARY, ALBERTA--(Marketwired - April 12, 2013) - Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Corporation") announced increases in both producing and proven reserves in the 2012 year-end report as well as growth in all categories over the mid-year update, recognizing initial results of Arcan's waterflood activities. Arcan achieved several key operational and financial objectives in 2012 as the Corporation continued to transition from a junior exploration company into a sustainable [Read more]
Strategic Oil & Gas Ltd. Announces Year-End 2012 Financial and Operating Results and Update on First Quarter 2013 Drilling Program
CALGARY, ALBERTA--(Marketwired - Apr 11, 2013) - Strategic Oil & Gas Ltd. ("Strategic" or the "Corporation") (TSX VENTURE:SOG) is pleased to report financial and operating results for the fourth quarter and year ended December 31, 2012. The Corporation achieved record production and funds from operations in 2012 as a result of strong drilling results, and continues to establish itself as an efficient light oil producer in northern Canada. Detailed results are presented in Strategic's [Read more]
Natural gas withdrawal better than expectations
Working gas in storage was 1,673 Bcf as of Friday, March 29, 2013, according to EIA estimates. This represents a net change of -14 Bcf greater analyst estimates of ~-3 Bcf. Stocks were 804 Bcf less than last year at this time and 37 Bcf below the 5-year average of 1,739 Bcf. [table] [attr style="width: 25%"]`[attr style="width: 25%"]April 5`[attr style="width: 25%"]March 29`[attr style="width: [Read more]