Canadian Arrow announces appointment of George E. Pirie to Board; Withdraws from business combination
cnw
SUDBURY, ON, July 28 /CNW/ - Canadian Arrow Mines, Limited. (CRO: TSX-V) ("Canadian Arrow" or the "Company"), is pleased to announce the appointment of Mr. George Edward Pirie, B. Com (Hons), to the Board of Directors. Mr. Pirie is President, Chief Executive Officer and Director of Breakwater Resources Limited.
Mr. Pirie has 29 years experience in the mining business. In 1980 he was with Pamour Porcupine Mines, a division of Noranda, and then joined Dome Mines Limited in 1985. In 1991 he was transferred to Vancouver Corporate Offices of Placer Dome Inc. Mr. Pirie held various progressive positions in a number of Placer's divisions over approximately 20 years, including Chief Financial Officer, Placer Dome North America; Chief Financial Officer, Placer Dome Canada; President and CEO, Placer Dome Canada; and Executive Vice President, Placer Dome Inc. Mr. Pirie has served on a number of boards including the Mining Association of Canada.
Mr. Dean MacEachern, CEO and director of Canadian Arrow stated, "We are extremely pleased to have the support and enthusiasm of a man of Mr. Pirie's calibre. His accomplishments, reputation and leadership are well known in the industry and provide a tremendous vote of confidence in the Company's future growth plans."
He further stated, "Mr. Pirie's considerable depth and breadth of experience in the fields of corporate finance, strategic corporate development, exploration and executive management with major mining companies will considerably enhance Canadian Arrow's team as it develops its Kenbridge nickel project into production."
The Company also announced today that it will not be proceeding with the proposed business combination with Ursa Major Minerals Incorporated that was previously announced on May 25, 2009, as it has not been able to reach an agreement with Ursa on certain matters.
About Canadian Arrow Mines:
Canadian Arrow Mines Limited is an experienced exploration and mine operating team that is focused on acquiring and developing economically viable nickel sulphide deposits near existing infrastructure. Arrow operates in north-western Ontario, Canada, near the towns of Kenora and Dryden. The Company's main priority is the Kenbridge Nickel Project, a nickel-copper sulphide deposit containing over 44,000 tonnes of nickel in the measured & indicated classes, (Sedar, Aug. 19, 2008), as follows:
<<
- Measured Resource: 3,546,000 tonnes grading 0.45% nickel,
0.24% copper, 0.015% cobalt.
- Indicated Resource: 3,593,000 tonnes grading 0.79% nickel,
0.42% copper, 0.018% cobalt.
The deposit remains open in three directions, is equipped with a 620 m
shaft and has never been mined.
* National Instrument 43-101: Mr. E. Puritch, P. Eng.,
Ms. Tracy Armstrong, P.Geo., and Antoine Yassa, P.Geo. of P&E Mining
Consultants Inc. are the independent qualified persons for the
Kenbridge resource estimates.
Mineral resources which are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, socio-political,
marketing, or other relevant issues.
Additional information on Canadian Arrow is available on SEDAR at
www.sedar.com.
Tuesday, July 28, 2009
Canadian Arrow announces appointment of George E. Pirie to Board
Monday, July 27, 2009
DEE ENERGY INSIDER BUYS
Delphi Reports Ninth Quarter of Production Growth and Increases Cash Flow and Financial Flexibility
18:48 EDT Wednesday, July 22, 2009
CALGARY, ALBERTA--(Marketwire - July 22, 2009) - Delphi Energy Corp. ("Delphi" or "the Company") (TSX:DEE) is pleased to announce its financial and operational results for the second quarter ended June 30, 2009.
Second Quarter 2009 Highlights
- Achieved record production of 6,809 barrels of oil equivalent per day (boe/d) in the second quarter of 2009, marking the ninth consecutive quarter of production growth.
- Generated funds from operations of $12.4 million ($0.16 per basic share) in the quarter, up from $10.0 million ($0.13 per basic share) in the first quarter of 2009.
- Reduced net debt to $104.1 million at the end of the second quarter of 2009, down $9.1 million from $113.2 million at the end of the first quarter, increasing total credit availability to $35.9 million.
- Drilled one well with a success rate of 100 percent on a net capital program of $3.3 million in the quarter. For the first six months, the net capital program totaled $17.3 million, approximately 77 percent of the first half cash flow.
- The Company's natural gas hedge position extends as far as December 31, 2010 at an average price of $7.34 per mcf and $6.88 per mcf for the remainder of 2009 and 2010, respectively.
- Renewed the Company's total credit facilities at $140.0 million, consisting of a revolving production facility of $125.0 million and an acquisition/development facility of $15.0 million.
Petrolifera stops La Pinta No. 1 after 776 bbl/d test
Petrolifera stops La Pinta No. 1 after 776 bbl/d test
2009-07-27 08:49 ET - News Release
Mr. Richard Gusella reports
PETROLIFERA PETROLEUM SUSPENDS LA PINTA NO. 1 WELL AFTER TESTING LIGHT GRAVITY CRUDE OIL, EXPERIENCING CASING BREACH BELOW PERMANENT BRIDGE PLUG; RIG TO BE TEMPORARILY RELEASED TO ANOTHER OPERATOR
Petrolifera Petroleum Ltd. has suspended the La Pinta No. 1 well, drilled solely by it on its 100-per-cent-owned Sierra Nevada licence in the Lower Magdalena basin onshore northern Colombia, after testing light-gravity 44-degree API crude oil at instantaneous measured rates of up to 776 barrels per day with limited associated natural gas and no water, from a 25-foot perforated interval at depths between 10,695 feet and 10,720 feet at the top of the Cienaga de Oro formation. Instantaneous rates are not reflective of sustainable production rates and if the La Pinta No. 1 well is remediated such that commercial production is established, these production rates may differ materially from the recorded instantaneous flow rate reflected herein.
The flow of crude oil ceased approximately 30 minutes after the above flow rate was measured. A subsequent wireline survey indicated that this likely occurred as a sand plug had formed in the well's tubing string at a depth of approximately 6,856 feet subsurface, well above the perforated interval. A coiled tubing unit was brought in to clean out the sand plug but this operation had to be discontinued due to the presence of high pressures (estimated up to 8,000 pounds per square inch) below the sand plug and the lack of pressure control on the well during the coiled tubing operation.
There was evidence, including the presence of large pieces of gravel and coarse sand found in the separators and the presence of formation water with the same salinity as that recovered with crude oil in an earlier test of a lower CDO zone, which led the company to conclude that the well may have suffered a casing split, or separation, below the perforated producing interval. This could have propagated downward from the perforations in the upper portion of the CDO due to high pressures and the fluid flow from the producing interval. The casing failure may have allowed the influx of sand and water into the well, which then terminated the flow of crude oil from the perforated interval at the top of the CDO.
The well has been suspended pending remediation of the sand problem, and the drilling rig will be released to another operator for one well for approximately 120 days. The drilling rig will then be returned to Petrolifera for future exploratory drilling, likely also on the Sierra Nevada licence, which the company anticipates renewing for one additional year. This renewal of the Sierra Nevada licence will require a work commitment of 150 kilometres of 2-D seismic and one new exploratory well, likely to be located at either the La Pinta No. 2 location on a separate, shallower prospect or at Brillante, also located on the block.
In the meantime, Petrolifera will evaluate the results of the La Pinta No. 1 well to determine the company's preferred course of action. The rapid influx of fine- to coarse-grained sand, then gravel, and the frequently high instantaneous measured flow rates recorded during the testing program of the upper perforated portion of the CDO is, in the opinion of Petrolifera's technical management, indicative of high permeability within the producing formation. It was the opinion of Petrolifera's technical management, prior to and during the drilling and test of the La Pinta No. 1 well, that the most significant identifiable risk associated with the La Pinta prospect on which the La Pinta No. 1 well was drilled was the possibility of encountering low-permeability reservoirs at the CDO level. This identified risk appears to have been mitigated, although there can be no assurance that the indication of a highly permeable reservoir, based on the influx of sand and gravel and the frequently high measured flow rates of light-gravity crude oil during the testing program, is satisfactory evidence of consistently high permeability over the entire indicated structure in the absence of further testing and drilling activity or that commercial production could be obtained from the well until there is a resolution of the sanding issues which arose during the testing program.
Oil gravities averaging 44 degrees API and assay data indicate that the oil is high quality. Other technical parameters indicate further efforts to complete the well and develop the indicated accumulation are warranted. Accordingly, consideration will be given to timely procurement of a lower-cost snubbing unit to conduct the remedial activity in the upper portion of the CDO. Subsequently, a service rig could be mobilized for the testing of the uphole zones above the CDO in the well, as warranted by drilling results and log analysis. It should also be noted that artificial lift would likely be required at an early stage of production, if not immediately, to produce crude oil from the upper portion of the CDO (if, as and when completed satisfactorily), due to the low indicated volumes of associated natural gas produced with the crude oil while being tested. The company views this situation to be constructive, as since the natural gas volumes are indicated to be low, flaring would likely be permitted. Accordingly, it is anticipated this would allow the company to produce crude oil from the upper portion of the CDO, without having to install high-cost natural gas handling facilities and without having to reinject natural gas back into the formation while producing crude oil from the indicated reservoir.
While this is not the ideal or preferred outcome of the La Pinta No. 1 testing program for Petrolifera, in the opinion of management the cumulative evidence of reservoir, free-flowing high-quality light crude oil, an indicated thick hydrocarbon-bearing section (based on drilling results, logs and some testing) and structural closure, with considerable thickness above an apparent oil/water contact, suggest considerable potential for future development and exploitation. As the drilling and testing costs of the La Pinta No. 1 well are anticipated to be approximately $25-million (U.S.), considerably over the original budget, it may in the future be prudent for the company to attract third party participation by way of farm-out or other form of similar agreement with a third party, with a view to reducing the company's prospective financial and operational risks fully and finally to evaluate the related La Pinta prospect and other identified opportunities on the Sierra Nevada I licence. This approach will be assessed in the near term and determined in the context of the broader range of projects currently in Petrolifera's inventory and having regard to the company's overall financial capacity.
The La Pinta No. 1 well was spudded as reported in Stockwatch news on Jan. 26, 2009, after a 38-day rig mobilization. The well encountered numerous drilling challenges and drilling was completed as reported in Stockwatch news on May 6, 2009. Completion operations were commenced on May 7, 2009, but testing could not commence for 14 days, as an alternate campsite had to be constructed due to landowner complications. Three packer failures contributed a further 16 days to the duration of the testing program. The well will be classified as suspended on July 27, 2009.
Exploration, appraisal and development of reserves is speculative and involves a significant degree of risk. There is no guarantee that exploration or appraisal of the La Pinta No. 1 well will lead to a commercial discovery or, if there is a commercial discovery, that Petrolifera will be able to realize such reserves as intended.
We seek Safe Harbor.
Friday, July 24, 2009
Recession is bust: Carney
Real Gross Domestic Product (percentage change, annualized rate) -3.5% 1.3% 3% 87¢ Ultra-low interest rates will not last forever and Canadians should be preparing for the day when their borrowing costs eventually return to more "normal levels," says Bank of Canada Governor Mark Carney. Carney offered that rare bit of consumer advice yesterday after releasing the bank's latest Monetary Policy Report, which predicted Canada's recession would come to a screeching halt this quarter. While the economic recovery remains "nascent" and subject to plenty of risks, Carney stressed that "extraordinary measures" taken by policy-makers were already helping the economy get back on track. Much of the anticipated growth is tied to the central bank's commitment to keep its key interest rate at 0.25 per cent until June 2010, provided that inflation remains tame. When asked what guidance he'd offer Canadians on the raging "floating- versus fixed-rate" mortgage debate, Carney said it wasn't his place to offer that type of advice. Still, he did warn the days of rock-bottom interest rates would eventually end. "There's a long way to go, but over time, things will normalize – interest rates will normalize. And the way to think about managing your personal affairs, I would submit, is can I borrow at what would be a normal rate?" Carney said. "Because at some point down the road – and I'm not predicting when that's going to be – but if we're on track, we'll get to a point where rates are at more normal levels." Carney also cautioned yesterday that a return to economic growth during the July-to-September quarter would not halt painful layoffs in the job market. Nonetheless, the central bank's rosier-than-expected economic forecast prompted some economists to wonder how long Carney would be able to keep the bank's key lending rate at a record low. "On the interest rate front, Governor Carney reiterated the conditional commitment to keep rates steady until mid-2010, but warned it was not a guarantee," observed Doug Porter, deputy chief economist with BMO Capital Markets. "Indeed, given the Bank's relatively robust growth outlook over the next four quarters, questions will increasingly build on that commitment if their call is accurate. If growth comes in even stronger, something's gotta give – rates would then be on the rise before mid-2010." Already, improved financial conditions, firmer commodity prices and recovering consumer confidence are being factored into the impending recovery. "There is the possibility that we could get into a virtuous circle where improving confidence leads to a better economy, which leads to further improvement in confidence in financial markets," Porter said. Bond yields, for one, soared sharply earlier this year as the market bet on a quicker-than-expected global recovery. That jump in yields led to two sizeable hikes in medium-term mortgage rates in June. For now, however, the central bank is forecasting economic growth of 1.3 per cent on an annualized basis in the third quarter – an upward revision of its earlier projection of a 1 per cent contraction for the period. That effectively means the end of the recession is imminent. Overall, the central bank projects the Canadian economy will contract by 2.3 per cent this year, to be followed by growth of 3 per cent in 2010 and 3.5 per cent in 2011. Inflation expectations, meanwhile, remain "well-anchored" for the medium-term, Carney said. The consumer price index is expected to decline 0.7 per cent on a year-over-year basis this quarter, but increase by 1.2 per cent during the final quarter of this year.
Second Quarter
Third Quarter
Fourth Quarter
Average worth of the Canadian dollar against the U.S.
BUSINESS REPORTER
