Alberta Star Development Corp. (CVE:ASX) acquires petroleum and natural gas rights on a 160 acre parcel of undeveloped lands in the Lloydminster heavy oil region.
Articles Tagged "heavy oil"
Petrominerales Ltd. (TSE:PMG), a 65 percent owned subsidiary of Petrobank Energy and Resources Ltd. (TSE:PBG) confirms our 2011 capital and strategic plan.
Alberta Star Development Corp. (OTC:ASXSF) announces that the Company intends to spud a well (50% working interest to the Company) with the operator on section 16-50-26 W3M on or about December 6, 2010.
Although there are more than 40,000 oil and gas fields of all sizes in the world, slightly less than 80 percent of the proven reserves are concentrated in eight countries, of which only Canada and Russia are not OPEC members.
Prices of light, sweet crude on the New York Mercantile Exchange are currently trading at half their peak hit in July last year. This has led some producers to postpone oil sands projects as they are capital-intensive and need crude futures above a certain threshold to be viable. US oil demand is also in the doldrums due to the global economic downturn, making it harder for producers to justify investments in new crude oil production. However, PetroChina has gone ahead with its investment in Canadian oil sands.
The jump was all too clear. A surprise drop in U.S. oil inventories caused crude prices to jump 14 per cent on Thursday, in New York, powering a broad commodities rally that pushed copper and corn higher. The only noticeable drop was in gold, which closed lower for the first time in three days.