Whitecap announces increase to credit facilities and disposition of non-core assets
Whitecap Resources Inc. ("Whitecap", "we", "us", "our" or the "Company") (WCP.TO) is pleased to announce that as a result of continued operational success in each of our core areas and the related production and reserve increases, our credit facility has increased 13% to $450 million . In addition, Whitecap has entered into agreements in principle to sell non-core assets for total cash proceeds of approximately $56.4 million . The increase to our credit facility and the proceeds from the non-core asset dispositions provides us with significant financial flexibility for ongoing operations moving into 2013.
Oando Energy Resources brings Ebendo-4 well on production at 2,000 bopd
Oando Energy Resources Inc. ("OER" or the "Company") (TSX: OER), today announced that the Ebendo-4 well, in which OER has a 42.75% working interest, has been brought on production at 2,000 bopd (855 bopd net to OER).
"Bringing the EB-4 well on stream boosts the combined gross production from the Ebendo field significantly to 4,000 bopd," said Pade Durotoye, CEO of OER. "Following the success of the EB-4 well, we continue to advance our Ebendo drilling program with our EB-5 well that is aimed at appraising the untested hydrocarbons contained within the five levels of hydrocarbon bearing sands that were encountered during the EB-4 drilling program."
DayStar Technologies, Inc. (DSTI) Enters Into a LOI to Acquire 100% of Ontario, Canada Based Grasshopper Energy
DayStar Technologies, Inc. (DSTI) ("DayStar") ("the Company") entered into LOI agreement to acquire Grasshopper Energy, with the anticipation of completing the purchase in 30 days. Grasshopper Energy provides turnkey solutions for solar power systems, having one of the largest and most respected presences in Ontario, Canada. The purchase is a 100% equity transaction.
Grasshopper CEO, Azeem Qureshi, stated, "We believe that joining forces with DayStar will benefit the combined entities and help accelerate achieving global goals. The Grasshopper Energy Online Suite (GEOS) propriety software tools and systems significantly reduce cost and labor.
Simba Energy Signs PSC for Three Oil Blocks in Republic of Chad Simba Energy Inc. ("Simba" or the "Company") (TSXV: SMB; Frankfurt: GDA; OTCQX: SMBZF), is pleased to announce it has signed a Production Sharing Contract (PSC) with the Republic of Chad for 100% interests in three prospective oil & gas blocks within the Doba, Doseo and Erdis basins.
The PSC for all three blocks has a first exploration phase of five years and a second exploration phase of three years. The first exploration phase requires geological and geophysical studies to include processing and reinterpretation of existing 2D seismic, acquisition of at least 750 kilometres of new 2D seismic, as well as 400 km² of 3D seismic (or 2D equivalent) to determine the range of possible drilling opportunities for the second phase that requires two exploration wells.
Broadwind Energy Wins $37 Million in Tower Orders
Broadwind Energy, Inc. (BWEN) announced today that it has been awarded tower orders totaling approximately $37 million from two U.S. wind turbine manufacturers, for manufacture beginning in late 2012 and extending well into 2013. The towers will be produced in the Company’s Manitowoc, WI facility.
Peter C. Duprey, president and CEO of Broadwind Energy, Inc., stated, “The market for wind towers in the U.S. is coming into balance. Due to the pending expiration of the Production Tax Credit and the wind tower trade case, a number of competitors, both foreign and domestic, have exited the market or repurposed some of their production assets.
ExxonMobil Canada Acquires Celtic Exploration Ltd., Including Liquids-Rich Montney Shale Acreage
Agreement includes 649,000 net acres in the Montney and Duvernay shales in Alberta
ExxonMobil Canada today announced an agreement with Celtic Exploration Ltd. (“Celtic”) under which an ExxonMobil Canada affiliate will acquire Celtic.
Under the terms of the agreement, ExxonMobil Canada will acquire 545,000 net acres in the liquids-rich Montney shale, 104,000 net acres in the Duvernay shale and additional acreage in other areas of Alberta.
Current production of the acreage to be acquired is 72 million cubic feet per day of natural gas and 4,000 barrels per day of crude, condensate and natural gas liquids.
Canacol Energy Ltd. and Shona Energy Company, Inc. Announce Business Combination
Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (BVC:CNEC) and Shona Energy Company, Inc. ("Shona") (TSX VENTURE:SHO) (OTCQX:SHOAF) are pleased to jointly announce that they have entered into an agreement (the "Arrangement Agreement") whereby Canacol will acquire 100% of the issued and outstanding class "A" common shares of Shona ("Shona Common Shares") and series "A" preferred shares of Shona ("Shona Preferred Shares"), in exchange for common shares of Canacol ("Canacol Shares") and cash, by way of a statutory plan of arrangement (the "Arrangement"). The transaction is expected to close on or around December 20, 2012, provided all required Shona and Canacol securityholder, court and regulatory approvals are obtained.
Longwei Petroleum Commences Operations at its Huajie Fuel Storage Depot
Huajie facility opens new market for the Company in northern Shanxi Province
Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), announced that it has commenced operations at its Huajie fuel storage depot in northern Shanxi Province.
Longwei received its first shipment of petroleum to the new Huajie facility last week and began to sell product to customers on October 11, 2012. The Company's engineers and staff have been working on the facility assets since closing to bring it to operational status and begin distribution activities.
Kallisto Energy Completes Acquisition of Cumberland Oil & Gas and Announces Two New Pembina Wells
NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES.
Kallisto Energy Corp. (TSX VENTURE:KEC) ("Kallisto" or the "Company") and Cumberland Oil & Gas Ltd. (TSX VENTURE:COG) ("Cumberland") are pleased to announce that they have completed their previously announced arm's length business combination by way of a plan of arrangement under the Business Corporations Act (Alberta). The plan of arrangement was approved by an overwhelming majority of more than 99% of the votes cast by the Cumberland shareholders at the special meeting of Cumberland shareholders held on October 10, 2012. Final approval of the plan of arrangement was granted by the Court of Queen's Bench of Alberta on October 10, 2012.
Pursuant to the terms of an arrangement agreement between the parties, Kallisto acquired all of the outstanding common shares of Cumberland ("Cumberland Shares") on the basis of 0.9180 of a common share of Kallisto ("Kallisto Share") for each outstanding Cumberland Share (the "Transaction"). After completing the Transaction, Kallisto has 93,601,536 Kallisto Shares outstanding with Kallisto shareholders owning approximately 65% and Cumberland shareholders owning approximately 35% of the combined Company.
Following closing of the Transaction, Kallisto and Cumberland completed a short form amalgamation and continued under the name Kallisto Energy Corp.
Kallisto's existing executive team, led by Robyn Lore, continues to manage the combined Company. Steven Cloutier and Martin Hislop, members of the board of directors of Cumberland immediately prior to completion of the Transaction, were appointed to the board of directors of Kallisto at closing.
The Cumberland Shares are currently halted from trading on the facilities of the TSX Venture Exchange and it is expected that the Cumberland Shares will be delisted on October 15, 2012. The Kallisto Shares continue to trade on the facilities of the TSX Venture Exchange under the symbol "KEC".
Pembina, Alberta Wells
Kallisto also announces that wells three and four of the planned water-flood scheme at Pembina, Alberta have been drilled, completed and placed on production. The horizontal wells, located at 102/04-04-048-03 W5M and 100/05-04-048-03 W5M, were completed using multi-stage fracture stimulations. The drilling of the first two wells of the water-flood scheme was announced on August 13, 2012. Production from the four new horizontal wells is in line with historical performance from previous wells. Kallisto now has an interest in twelve producing Cardium oil wells at Pembina.
The water-flood scheme is expected to result in the drilling of a total of five horizontal oil wells in section 4-048-03 W5M, four in 2012 (which have now all been drilled, completed and are on production) and one in 2013, bringing the total number of wells in the section to seven. The new wells are expected to be produced through the 5% royalty period for horizontal oil wells (the earlier of two years or 60,000 bbls). Three of the seven wells in the section will be converted to water injection wells; the first well in Q4 2012 and the next two wells in 2014/2015. Kallisto's share of the water-flood project costs is estimated to be approximately $4.2 million.
Following a successful evaluation of the results of the water-flood in section 4, the water-flood project is expected to be expanded to include part or all of the remaining two sections of land in the Pembina project.
The development of its Pembina lands has added significant reserve value and cash flow to the Company. Since the beginning of production operations in November 2009, the first ten Pembina wells have produced a total of approximately 460,000 BOE, including 392,000 bbls of oil. Initial 30 day field production rates from the first ten wells averaged approximately 230 BOE/d (69 net), including 210 bbls (63 net) of oil. Kallisto has a 30% working interest in the Pembina project.
About the Combined Company
The combined Company is a Calgary-based junior resource company engaged in the exploration, development and production of oil and natural gas in Alberta and Saskatchewan. Key attributes of the combined Company include:Healthy balance sheet; Positive cash flow from a current production base of approximately 430 BOE/d (approximately 70% oil and liquids); A credit facility of $8.8 million to supplement growth capital expenditures; Tax pools of approximately $48.0 million; Proved Reserves of 1,302 MBOE and Proved plus Probable Reserves of 2,034 MBOE based on the independent reserve reports effective December 31, 2011 of each of Kallisto and Cumberland; A significant land base, including 78,000 net acres of undeveloped land; A diversified asset base with abundant near term drilling opportunities including: Cardium light oil at Pembina; Doe Creek light oil at Valhalla; Basal Quartz liquids rich gas and Elkton light oil at Crossfield; and Shaunavon crude oil in southwest Saskatchewan; Significant potential upside from a waterflood programs being implemented at Pembina and Valhalla.
In the interest of providing shareholders and potential investors with information regarding the combined Company, including management's assessment of the future plans and operations of the combined Company and ongoing operations in the Pembina, Alberta area, certain statements contained in this joint news release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In addition, statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future. In particular, this joint news release contains, without limitation, forward-looking statements pertaining to the potential attributes of the combined Company, including the effect of the Transaction on Kallisto's balance sheet, tax pools, production, reserves, asset base and undeveloped land position, as well as statements pertaining to Kallisto's proposed activities in the Pembina, Alberta area.
With respect to forward-looking statements contained in this joint news release, assumptions have been made regarding, among other things: Kallisto's expectations regarding future growth, results of operations production, future capital and other expenditures (including the amount, nature and sources of funding thereof); and the ability of Kallisto to execute and realize on the anticipated benefits of the Transaction. Although Kallisto believes that the expectations reflected in the forward looking statements contained in this joint news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this joint news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur.
By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Kallisto's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the following: volatility in market prices for oil and natural gas; incorrect assessment of the value of the Transaction; failure to realize the anticipated benefits and synergies of the Transaction; the general economic conditions in Canada, the U.S. and globally; industry conditions; governmental regulation; imprecision of reserve and resource estimates; environmental risks; competition from other industry participants; stock market volatility; Kallisto's ability to access sufficient capital from internal and external sources; and the other factors described under "Risk Factors" in Kallisto's most recently filed Annual Information Form available in Canada at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking statements contained in this joint news release speak only as of the date of this joint news release. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this joint news release are expressly qualified by this cautionary statement.
Barrels of Oil Equivalent
Barrels of oil equivalent (BOE) are calculated using the conversion factor of 6 Mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
This joint news release does not constitute an offer to sell or the solicitation of an offer to buy any securities within the United States. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act or other laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this joint news release.
Porto Energy Provides Operational Update on the ALC-1 Presalt Well and Lias (Unconventional Oil) Drilling Program
Porto Energy Corp., (" Porto " or the "Company") (PEC.V), a company focused on oil and gas exploration, appraisal and development in Portugal , is pleased to provide an operational update on the ongoing drilling of its Alcobaça #1 ("ALC-1") Presalt well in the Aljubarrota-3 concession and its Lias stratigraphic drilling program, onshore Portugal .
The ALC-1 well is being drilled under a joint venture with Petróleos de Portugal - Petrogal ("Galp") who is carrying Porto on 50% of the total drilling costs of this well. The Company spud the ALC-1 well, its first Presalt well, at the end of August 2012 and has reached a total measured depth of 2,935 meters. Using interpreted 3-D seismic data, the ALC-1 well is targeting a mapped four-way closure approximately 800 meters high to the ALJ-2 appraisal well at the Company's Aljubarrota gas discovery.
Lundin Petroleum Finds Gas in Barents Sea Lundin Petroleum AB (TSX:LUP)(OMX:LUPE) (Lundin Petroleum), through its wholly owned subsidiary Lundin Norway AS (Lundin Norway), is pleased to announce that exploration well 7220/10-1 in PL533 has discovered gas condensate in the Salina structure located on the west flank of the Loppa High in the Barents Sea.
Well 7220/10-1 has proved two gas columns in sandstone of Cretaceous and Jurassic age. Data acquisition in the well, including coring, wireline logging and fluid sampling, has proven good reservoir quality in the sandstone.
Preliminary calculations, made by the Norwegian Petroleum Directorate, give a range of gross discovered volume in the Salina structure of between 5 and 7 billion standard cubic metres (Bsm3) (29 to 41 million barrels of oil equivalent (MMboe)) of recoverable gas/condensate.
Athabasca Oil Corporation Announces Regulatory Approval of the Hangingstone Oil Sands Project 1
CALGARY, Oct. 4, 2012 - Athabasca Oil Corporation (TSX: ATH) is pleased to announce that the Lieutenant Governor in Council has authorized the Energy Resources Conservation Board to grant Approval No. 11888 for the development of its 12,000 barrels per day (bbl/d) Hangingstone Project 1.
This regulatory approval represents a significant milestone in the development of Athabasca's substantial oil sands reserve base. In early November 2012, the Hangingstone Project 1 will be presented, for sanctioning, to the Company's Board of Directors.
Front-end engineering and design (FEED), for the Hangingstone Project 1, has been completed, and the procurement of long-lead equipment is well underway. The Company anticipates project start-up by the second half of 2014.
Passport Energy Ltd. Announces Hardy SE Saskatchewan Resource Assessment and Operational Update
Calgary, Alberta, October 4, 2012 - Passport Energy Ltd. [PPO: TSX.V] (“Passport” or the “Company”) is pleased to announce that a resource assessment of Passport’s land holdings in the Hardy Area of SE Saskatchewan by independent evaluators, GLJ Petroleum Consultants (“GLJ”), has been completed. The study (effective April 30th, 2012) covers 1,774 net hectares of the Company’s interests in the Hardy Area along with an additional 2,189 net hectares of lands subject to a farm-in agreement. The resource estimates are summarized in the tables below (all numbers are net to the company):
Whitecap achieves record production of 16,900 boe/d and provides operational update
Whitecap Resources Inc. ("Whitecap", "we", "us", "our" or the "Company") (WCP.TO) is pleased to report that we have achieved record production of 16,900 boe/d (71% light oil and NGLs) for the month of September, 2012 (based on field estimates). This represents an increase of 25% over second quarter 2012 production and a 153% increase over September 2011 production. On a fully diluted per share basis, this represents an increase of 45% over September 2011 production. Whitecap's third quarter 2012 average production will be within our previous guidance of 15,500 - 16,000 boe/d.
Petroamerica Announces the Drilling Start-up of the Las Maracas-5 Well, Provides a Production Update for its Colombian Operations, and Announces the Engagement of a Special Advisor to its Board of Directors
Petroamerica Oil Corp. (TSXV: PTA) ("Petroamerica" or the "Company"), a junior oil and gas company operating in Colombia is pleased to announce the start of drilling of the Las Maracas-5 well (the "well") on the Los Ocarros Block in the Llanos Basin of Colombia, which was spud on September 30, 2012. The well is primarily targeting production from the Mirador Formation but it will also test the deeper Gacheta reservoir in a structurally low position. The well is being drilled with the Tuscany 109 drilling rig, and upon its completion, is expected to be followed closely by the Las Maracas-6 well and a possible water disposal well.
Manitok Energy Inc. Announces Increase in Size of Bought Deal Public Offering to $17.20 Million
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
Manitok Energy Inc. ("Manitok") (TSX VENTURE:MEI) today announced that, as a result of strong investor demand, it has increased the size of its previously announced offering (the "Offering") through a syndicate of underwriters co-led by Integral Wealth Securities Limited, National Bank Financial Inc. and Dundee Securities Inc. and including RBC Capital Markets, TD Securities Inc., Haywood Securities Inc. and Acumen Capital Finance Partners Limited (collectively, the "Underwriters").
"The Oil's There"
Petroleum News Reports Great Bear's Results From Initial Test Wells
Royale Energy, Inc. (ROYL) Co-CEO Stephen Hosmer spoke to delegates at the Alaska Oil and Gas Congress in Anchorage last week. While sharing the stage with CEO of Great Bear Petroleum Operating LLC, Ed Duncan discussed the results of their initial test wells (Alcor #1 and Merak #1) in which they cored portions of the Shublik, HRZ/GRZ, and Kingak shales, the source rock for Alaska's Prudhoe Bay oil field. "I can tell you with absolute confidence that where we thought we would find oil in these source rocks, we found oil." Duncan said among other comments, and stated that Great Bear will accelerate the development phase of their project by as much as a full year.
Junex Galt No. 4 Confirms the Oil Potential of the Galt Property
Junex (TSX VENTURE:JNX) is pleased to announce that it has completed drilling operations at its Junex Galt #4 exploration well situated approximately 20 kilometers from the town of Gaspé in eastern Quebec. This well, which attained a total depth of 2,000 meters, was drilled by Junex's drilling division. Numerous oil shows encountered during the drilling of the well and the subsequent recovery of oil in drillstem tests confirm the presence of a very thick oil column that extends from 760 metres to 1,757 meters in depth in the well.
Ten drillstem tests were conducted of which six recovered varying quantities of oil and two recovered oil cut drilling mud; no formation water was recovered in any of the drillstem tests. A total of 29 sidewall cores were also recovered and these will be analyzed over the next few weeks.
Enhanced Oil Resources Provides Drilling Update
Enhanced Oil Resources Inc. (TSX.V: EOR; OTCQX: EORIF) (the "Company") is pleased to provide the following update regarding the Company's recent three well drilling program.
At the Company's wholly owned Milnesand oil field, the previously announced three well infill lateral program has been completed and the rig has been released. The MSU #123 well, the third and final well in this program was acidized yesterday, September 18, 2012.
The MSU #141 well, the second well in the program, was placed into production on September 9th and has produced approximately 963 barrels of oil over the initial 10 day period.
Lundin Petroleum Commences Merawan Batu Exploration Well, Offshore Peninsula Malaysia
Lundin Petroleum AB (Lundin Petroleum) (TSX:LUP)(OMX:LUPE) is pleased to announce that it has commenced the third well in its 2012 Malaysian drilling campaign with the spud of Merawan Batu-1 exploration well in PM308B Block, offshore east coast Peninsula Malaysia.The well will target hydrocarbons in Oligocene aged sands in a faulted anticline in an undrilled area 50 km to the west of the Janglau oil discovery made by Lundin Petroleum in 2011.
Merawan Batu-1 is a vertical well to be drilled by the jackup rig West Courageous to a depth of 3,584 metres in approximately 60 metres water depth.
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