A plan by Canadian National Railway Co. to deliver Alberta’s heavy oil in tanker cars rather than pipelines could save oil firms billions of dollars while helping smaller oilsands projects south of Fort McMurray get product to market, the North American rail giant believes. For full story, click here
Connacher Oil & Gas Ltd, a Canadian oil-sands producer and refiner is planning to sell stock to bolster its working capital and finance a heavy-oil project. The price of the private-placement offering wasn’t declared. For full story, click here
The Suncor-Petro-Canada merger has amounted to a giveaway of billions by Petro-Canada shareholders, a Montreal investment firm alleges in the first major public criticism of the proposed deal. For full story, click here
British oil major BP PLC declared that it’s slowing down its oil sands plans with partner Husky Energy Inc. because it expects costs to deflate. For full story, click here
Total SA, Europe’s third-leading oil company, declared heavy oil from Canada and Venezuela will make up about 10 percent of its output and 15 percent of reserves within 15 years. For full story, click here
Ivanhoe Energy Inc. declared that its Q1 2009 Financial & Operating results with total revenues of $2.1 million and loss per share of $0.04. For full story, click here
Freehold Royalty Trust declared first quarter results for the period ended March 31, 2009. For full story, click here
International Finance Corp. announced that it has agreed to financially support further privatization of Albania’s Patos Marinza oil field with a $50 million loan to Bankers Petroleum Ltd., Calgary. For full story, click here
Oilsands Quest Inc. declared the completion of its previously-announced marketed public offering. A total of 35,075,000 units were issued to investors at a price of US$0.85 per Unit for gross proceeds to Oilsands Quest of US$29.8 million, including the over-allotment option. For full story, click here
Venezuela’s oil output is already below 1997 levels, but could dip significantly lower as the country’s president, Hugo Chavez, has alienated oil service companies by refusing to pay their fees, and in some cases, seizing their assets. For full story, click here
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