• The government of Newfoundland and Labrador has executed the Hebron Agreement and as a result becomes an equity owner in the heavy oil project offshore Newfoundland with a 4.9% stake. The other ownership partners are Chevron Canada Limited, as operator (26.63%), Exxon Mobil Canada Properties (36.04%), Petro-Canada (22.73%) and StatoilHydro Oil & Gas Inc. (9.7%). Officials report the possibility of first oil flowing between 2016 and 2018 seeing production reach a peak of roughly 150,000 of bpd of oil two years thereafter. The Hebron oil field was discovered in 1981 and has been estimated to contain approximately 581 million bbls of recoverable oil.
  • Corridor Resources has reported that it has completed the horizontal leg of the McCully I-47 well in New Brunswick. Corridor is expecting to complete fracture operations at the McCully I-47 well by using the Packer Plus multi-stage fraccing technology. Additionally, drilling of the McCully N-66 horizontal well is moving ahead and Corridor is preparing to drill the horizontal leg in the heart of the most productive part of the McCully field. Each of Corridor and Potash Corporation of Saskatchewan own a 50% working interest in the McCully N-66 well.