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J2. Fossil Fuel Industry

QEP Resources sells Haynesville assets for $735M

Fuel Fix - 33 min 13 sec ago

Denver-based QEP Resources said Monday it will sell its Haynesville shale assets in northwestern Louisiana for $735 million to a private equity-backed firm out of Dallas.

Energy companies lose $1 trillion in value as crude price plummets

Fuel Fix - 33 min 13 sec ago
The oil and gas sector worldwide lost about $1 trillion in value during a 40-day period that began in early early October and culminated last week with a record 12th straight day of oil price declines — including the worst single day drop in three years.

Kootenay Silver to buy high-grade silver project in Mexico

Mining.Com - 1 hour 1 min ago

Kootenay Silver (TSXV: KTN) announced that its wholly-owned Mexican subsidiary entered into an option agreement to acquire a 100% interest in the Columba silver project, which hosts a past-producing mine and is located in the northwestern state of Chihuahua, Mexico.

Under the terms of the agreement, Kootenay Silver can acquire a 100% ownership in the concessions by making staged payments of $3.29 million over a 4-year period. The company would also have to fulfill a work commitment of $250,000 by the first anniversary and of $750,000 by the second anniversary of the agreement. The vendors will retain a 2% n.s.r. of which 1% can be purchased by the Canadian miner for $750,000.

“Columba is a very rare opportunity to get into a property with the potential for the discovery of classic high-grade Mexican style vein deposits. These opportunities only arise from the combination of depressed markets for silver and the success of our generative program to identify prospects,” Kootenay President and CEO, James McDonald, said in a media statement. “As we have seen in recent months, high-grade discoveries have added a lot of value to market cap to a handful of juniors. Based on our sampling and historic reports we believe that Columba has potential for such a discovery,” he added.

Columba is a past producing high-grade silver mine, which operated from 1900 until 1910 when work ceased in the region due to the Mexican Revolution. Following the historic event, the property has never been systematically explored in modern times.

According to Kootenay, the mine site covers a large, high-grade silver epithermal system comprised of numerous veins, which the company has mapped over strike lengths from 200 meters to up to 2 kilometres. Recent channel sampling on these veins returned widths of 0.5 to 6 meters and carried grades of up to 692 gpt silver.

“Mineralization at Columba is textbook low to medium sulfidation epithermal vein hosted, displaying the classic zonation from non or weakly anomalous silver at high elevations that increase with depth into the classic high-grade zones that make them such profitable deposit types,” McDonald added in the media brief.

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Department Of Energy Announces $98 Million For 40 Transformative Energy Technology Projects

Breaking Energy - 1 hour 23 min ago

WASHINGTON, D.C. – The U.S. Department of Energy has announced $98 million in funding for 40 new projects as part of OPEN 2018, the Advanced Research Projects Agency-Energy’s (ARPAE) latest open funding opportunity. These funds will support some of America’s top energy innovators’ R&D projects as they seek to develop technologies to transform the nation’s energy

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Tasca continues to expand in BC

Mining.Com - 1 hour 24 min ago

Vancouver-based Tasca Resources (TSX.V:TAC) expanded its New Princeton Gold discovery area in British Columbia to 14,650 hectares by completing a staking program of 10,637 hectares surrounding the project.

In a media statement, the company said the expansion made sense following a recent gold discovery from the bedrock trenching.

Tasca explained that 51 bedrock samples and five float samples were taken and submitted to the ALS Minerals Laboratory for AuME TL-43 analysis with an upper limit of 1 g/t gold. The lab results showed that 17 of the 56 samples returned value in excess of 1 g/t gold. Thus, the samples had to be analyzed with procedure Au-AROR43 with an upper limit of 100 g/t gold. At the same time, three samples returned values in excess of 100 g/t gold, with a fourth sample reporting at 100 g/t gold.

The Princeton gold property lies 35 kilometres south of Princeton, British Columbia and 11 kilometers south of the producing Copper Mountain copper mine. According to Tasca, a 2011 grid soil sampling survey indicated the site’s Area 2 hosts multiple, linear, parallel gold-in-soil anomalies with the strongest anomaly striking a minimum of 500 metres to a maximum of 650 metres in a northwestern direction.

Besides this expansion, last week the miner announced the acquisition of the Selish Mountain property, a 290-hectare block 15 kilometres southwest of Merritt, B.C., and 10 kilometres to the north of Westhaven Ventures Inc.'s Shovelnose gold property. Tasca believes historic exploration at the mine was focused on copper and, thus, management now wants to look for gold.

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[Press] TMK Announces 3Q and 9M 2018 IFRS Results

Oil Voice - 1 hour 24 min ago
PAO TMK (“TMK” or “the Group”), one of the world's leading producers of tubular products for the oi ...

[Press] PetroTal Announces Increased Production from Bretaña Field and Provides Operations Update

Oil Voice - 1 hour 26 min ago
PetroTal Corp. (“ PetroTal ” or the “ Company ”) (TSX-V: TAL) is pleased to announce that it has su ...

BHP to pay $390m to settle tax bill dispute over Singapore business

Mining.Com - 1 hour 28 min ago

World’s largest miner BHP (ASX, NYSE: BHP) (LON:BLT) said Monday it had settled its long-running tax battle with Australia's tax authorities concerning its marketing operations in Singapore.

As part of the settlement reached with the Australian Tax Office (ATO), BHP is paying about A$529 million ($386.43 million) in additional taxes on income for 2003 to 2018, it said in the statement.

The mining giant said it had already paid A$328 million of the amount, in response to amended tax assessments, and didn't admit it engaged in tax avoidance when selling its Australian commodities via its Singapore marketing business — or  what some may qualify as shifting profits offshore.

The Melbourne-based company had threatened court action after the Australian government earlier demanded it pay $767 million in back taxes and penalties.

The issue relates to the amount of tax BHP owed for selling its Australian commodities via its Singapore marketing business — or allegedly shifting its profits offshore.

"This is an important agreement and we are pleased to resolve this longstanding matter," BHP CFO Peter Beaven noted.

ATO, in turn, said its action against BHP should send a "strong signal" to other companies. “This is a landmark and precedential development in the execution of our marketing hubs strategy, and sends a strong signal to other industry participants,” deputy commissioner Jeremy Hirschhorn said in a separate statement.

“Given the importance of mining and natural resources to the Australian economy, it is critical that exporters of Australian commodities, whether iron ore, coal, gas or other commodities, pay the correct tax in Australia on their profits.”

BHP said its marketing operations will continue to be located in Singapore as they remain an important part of the company’s value chain.

The nation's corporate tax rate, at 17%, is significantly lower than Australia's rates. But the rate that applies to companies such as BHP has been legally reduced to almost zero in recent years thanks to several government’s incentives.

Marketing hubs set up by mining giants allow for commodities such as iron ore and coal to be extracted in Australia and then sold to the companies' own operations in Singapore. From there, they are shipped with a higher price tag.

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[Press] Sacagsco Secures Over Multi-TCF Sydney Basin Permit

Oil Voice - 1 hour 28 min ago
Highlights: Exclusive Option to acquire RL Energy which has the rights to earn a 60% Working I ...

[Press] Lonestar Announces Eagle Ford Shale Acquisition, Increased Senior Secured Credit Facility

Oil Voice - 1 hour 32 min ago
FORT WORTH, Texas , Nov. 19, 2018 /PRNewswire/ -- Lonestar Resources US Inc. (NASDAQ: LONE) (inc ...

Cimarex buying Resolute for nearly $1B as Permian consolidates

Fuel Fix - 1 hour 33 min ago

Cimarex Energy said it will buy its smaller Denver rival Resolute Energy for almost $1 billion in a combination of two companies primarily focused on West Texas' booming Permian Basin.

Gasoline prices fall again ahead of Thanksgiving

Fuel Fix - 1 hour 33 min ago

Gasoline prices in Houston fell another 7 cents a gallon over the past week, following the record run of declines in crude oil prices.

Oil near $57 as Russia wants to wait and see on production cuts

Fuel Fix - 1 hour 33 min ago

Oil traded near $57 a barrel following six weeks of losses as Russia held off committing to further output curbs, opening up a gap with Saudi Arabia which has called for supply cuts.

[Press] TouchstoneEnergy, a Leading Infor Partner Successfully Completes Implementation of Infor SunSystems for Multinational Trading Company

Oil Voice - 1 hour 43 min ago
Infor, a global leader in business cloud software for Enterprise and SMB companies, today announced ...

[Opinion] Oil Price, Ineos, Sound Energy, and Finally…

Oil Voice - 2 hours 54 min ago
WTI $56.46 n/c, Brent $66.76 +14c, Diff -$10.30 +14c, NG $4.27 +23c Oil Price Not much more t ...

[Press] Premier Oil - Trading Update; Operating Efficiency at Catcher Lower but Improving

Oil Voice - 4 hours 11 min ago
Bottom Line: The headline is a reduction to production guidance although deliverability at Catch ...

Wolfcamp play has been key driver in Permian's growing oil, gas production

Fuel Fix - 4 hours 33 min ago

The Wolfcamp play has been a key driver of growing oil and gas production in West Texas' booming Permian Basin oil field.

[Press] First Oil Produced by Scottish-American Start-Up Ziyen

Oil Voice - 4 hours 34 min ago
Scottish-American oil and energy company Ziyen Inc. , which has operations in Aberdeen, has achiev ...

[Opinion] Oil & Gas Company's Osage, Meramec Formation Wells Advance

Oil Voice - 4 hours 36 min ago
This small-cap firm continues to delineate and derisk its Oklahoma STACK acreage. Jericho O ...

[Press] EU Parliament Approves New Rules to Meet 2030 Renewable Energy Target

Oil Voice - 4 hours 53 min ago
The European Parliament has recently signed off on new renewables and energy efficiency regulations, ...