Heavy Oil Investing News

Pengrowth Energy Trust Announces 2009 Year End Reserves

Researcher — Thu, 11 Mar 2010 04:44:11 +0000

Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX:PGF.UN) (NYSE:PGH) reported its 2009 year end reserves information.

The press release is quoted as saying:

The total reserves decreased from 323.5 million barrels of oil equivalent (mmboe) in 2008 to 295.7 mmboe in 2009. The key factors for this decline were a 48 percent reduction in development capital expenditures in 2009 versus 2008, and a prudent capital budget that only represented 38 percent of operating cash flow.

Click here to access the entire press release

Click here to access Pengrowth Energy Corporate Site

Planet Resource Recovery Appoints VP of Oil and Gas Operations

Researcher — Tue, 09 Mar 2010 22:59:32 +0000

Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY) reported the appointment of Mr. Kenneth D. Wolcott as Vice President of Oil and Gas Operations.

The press release is quoted as saying:

Mr. Wolcott will be responsible for the development and commercialization of PLANET’s Oil and Gas Operations through the deployment of PetroLuxus™ products, consulting and field services management. Mr. Wolcott brings a distinguished twenty-six year career of academic and progressive petroleum industry experience to PLANET.

Click here to access the entire press release

Click here to access Planet Resource Recovery Corporate Site

Harvest Energy Announces Year End 2009 Reserves

Researcher — Mon, 08 Mar 2010 20:24:20 +0000

Harvest Energy (TSX:HTE.DB.B), (TSX:HTE.DB.D), (TSX:HTE.DB.E), (TSX:HTE.DB.F) and (TSX:HTE.DB.G) reported a summary of its 2009 year end reserves information.

The press release is quoted as saying:

Harvest, a wholly-owned subsidiary of KNOC, is a significant operator in Canada’s energy industry offering unitholders exposure to an integrated structure with upstream (exploration, development and production of crude oil and natural gas) and downstream (refining and marketing of distillate, gasoline and fuel oil) segments.

Click here to access the entire press release

Click here to access Harvest Energy Corporate Site

TrinCan Capital reports Acquisition of Heavy Oil Assets

Researcher — Sat, 06 Mar 2010 05:36:46 +0000

TrinCan Capital Corp. reported that the company has entered into a letter of intent dated February 11, 2010 and effective February 1, 2010 for the acquisition of certain heavy oil assets located in the Buzzard area of Saskatchewan.

The press release is quoted as saying:

The Transaction is expected to close on March 31, 2010 (the “Closing Date”). This Transaction is an “Arm’s Length Transaction” as defined by the applicable policies of the Exchange; accordingly it is not anticipated that the Transaction will be subject to shareholder approval.

Click here to access the entire press release

Carrizo Oil & Gas reports Proved Reserves Increase 20%

Researcher — Thu, 04 Mar 2010 21:03:45 +0000

Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) reported record year-end proved reserves and record production for the fourth quarter and full year 2009.

The press release is quoted as saying:

Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, exploitation, and production of oil and natural gas primarily in the Barnett Shale in North Texas, the Marcellus Shale in Appalachia, and in proven onshore trends along the Texas and Louisiana Gulf Coast regions. Carrizo controls significant prospective acreage blocks and utilizes advanced drilling and completion technology along with sophisticated 3-D seismic techniques to identify potential oil and gas drilling opportunities and to optimize reserve recovery.

Click here to access the entire press release

Canacol Energy files unaudited financial statement

Researcher — Thu, 04 Mar 2010 00:32:24 +0000

Canacol Energy Ltd. (TSX VENTURE:CNE) reported that the company has filed its unaudited financial statements for the quarter ended December 31, 2009 and its accompanying Management Discussion and Analysis.

The press release is quoted as saying:

Canacol is a Canadian based international oil exploration and production corporation with core operations in Colombia, Brazil, and Guyana. Canacol is publicly traded on TSX Venture Exchange (TSX VENTURE:CNE).

Click here to access the entire press release

Click here to access Canacol Energy Corporate Site

Quicksilver Resources Reports 2009 Fourth-Quarter

Researcher — Wed, 03 Mar 2010 03:05:21 +0000

Quicksilver Resources Inc. (NYSE: KWK) today reported operating and financial results for the 2009 fourth quarter and full year.

The press release is quoted as saying:

Fort Worth, Texas-based Quicksilver Resources is a natural gas and crude oil exploration and production company engaged in the development and acquisition of long-lived, unconventional natural gas reserves, including coalbed methane, shale gas, and tight sands gas in North America.

Click here to access the entire press release

Click here to access Quicksilver Resources Corporate Site

Petrominerales: 2009 q4 results

Researcher — Tue, 02 Mar 2010 03:22:17 +0000

Petrominerales Ltd. (TSX:PMG), a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), reported 2009 fourth quarter financial and operating results highlighted by fourth quarter net income of US$0.51 per share and funds flow from operations of US$1.03 per share.

The press release is quoted as saying:

Petrominerales Ltd. is a Latin America-based exploration and production company producing oil in Colombia with 14 exploration blocks covering a total of 1.8 million acres in the Llanos and Putumayo Basins and 2.6 million gross acres in the Ucayali Basin of Peru. Petrominerales is 66% owned by Petrobank Energy and Resources Ltd. (TSX:PBG).

Click here to access the entire press release

Click here to access Petrominerales Corporate Site

Is Devastating Oil Crisis Ahead?

Researcher — Sat, 27 Feb 2010 03:57:20 +0000

Financialsense reported on “Devastating Oil Crisis” Ahead?

John Hess, the Chairman of the US independent producer Hess Corporation, issued a warning last month to global governments claiming a “devastating oil crisis” looms large on the horizon if global action is not instituted. In a speech delivered at the Money & Oil conference, Hess said that once economic growth recovers, it is likely the world will return to the market conditions of one year ago:

Click here to access the entire Editorial

Radius Files Notice of Intention to Make a Proposal to Creditors

Researcher — Sat, 27 Feb 2010 03:53:04 +0000

Radius Resources Corp. (TSX VENTURE:RAX) reported that the company has filed a notice of intention to make a proposal to creditors under the Bankruptcy and Insolvency Act on February 23, 2010.

The press release is quoted as saying:

The filing of the NOI is a step taken by Radius in preparation for the filing of a proposal under the BIA to effect a restructuring process to be undertaken as part of a proposed business combination with Argosy Energy Inc. previously announced on December 8, 2009.

Click here to access the entire press release