Published By NEWS COMMUNICATIONS since 1977 Saturday October 6, 2012

NYMEX OIL: US$90.20-$1.50

November deliveryNYMEX N. Gas: US$3.384

-$0.022 per MMBTUOctober delivery

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OIL TUMBLES AS PRODUCTIONSURGES TO 15-YEAR HIGH

Oil fell to a two-month low Thursday in New York after the government reported that U.S. crude production climbed to the highest level in more than 15 years and fuel consumption decreased. Futures dropped 4.1 percent after the Energy Department said crude output rose 11,000 barrels a day to 6.52 million last week, the most since December 1996. Total fuel demand fell 0.3 percent to 18.3 million barrels a day in the four weeks ended Sept. 28, the lowest level since April. Crude and distillate stockpiles declined as gasoline supplies rose. “The oil market is following the fundamentals today,”said Stephen Schork, president of the Schork Group Inc. in Villanova, Pennsylvania. “We’re in a very comfortable situation as far as supply and demand are concerned.” Crude oil for November delivery declined $3.75 to $88.14 a barrel on the New York Mercantile Exchange. It was the lowest settlement since Aug. 2. Prices are down 11 percent this year. Brent oil for November settlement decreased $3.40, or 3 percent, to end the session at $108.17 a barrel on the London-based

ICE Futures Europe exchange, the lowest close since Aug. 2. The European benchmark crude was at a premium of $20.03 to the New York-traded West Texas Intermediate grade, up from $19.68 yesterday. The U.S. met 83 percent of its energy needs in the first six months of the year, department data show. If the trend continues through 2012, it will be the highest level since 1991. A combination of horizontal drilling and hydraulic fracturing, or fracking, has unlocked supplies trapped in shale formations in states including North Dakota, Texas and Oklahoma. North Dakota’s output rose 26 percent this year through July, according to the department. This technology unleashed a boom in natural gas output that propelled supplies to a record last year and sent prices to a decade low of $1.907 per million British thermal units in April. “The demand picture is looking poor and the market’s in the midst of a down trend,” said Todd Horwitz, chief strategist at Adam Mesh Trading Group in Chicago. “We’re going lower.” Crude oil supplies were up 8.4 percent last week from a year earlier, the Energy Department said today. Stockpiles dropped 482,000 barrels from the previous week to 364.7 million barrels. Inventories

barrels to 195.9 million last week, the department said. Stockpiles of distillate fuel, a category that includes heating oil and diesel, tumbled 3.67 million barrels to 124.1 million. Demand for gasoline dropped 1.5 percent to 8.68 million barrels a day on average in the four weeks ended Sept. 28, the report showed. “The inventory numbers were rather neutral but demand looks pretty awful,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “A weak economy and falling demand will probably leave us with fuller oil tanks in the months to come.” Meanwhile, Canadian cash crude prices weakened on Wednesday on a wave of selling as North American benchmark

were forecast to increase 1.5 million barrels, according to the median of 11 analyst estimates in a Bloomberg survey. Imports of crude increased 511,000 barrels a day to 8.11 million in the week ended Sept. 28. Shipments have arrived at an average rate of 8.84 million barrels a day this year. There’s certainly no shortage of crude oil in the U.S.,”said Tim Evans, an energy analyst at Citi Futures Perspective in New York. “Crude imports at 8.1 million barrels a day are at a low level by historical standards. The rise in domestic output kept supplies from posting a big decline.” Crude oil stockpiles at Cushing, Oklahoma, the delivery point for WTI, rose 135,000 barrels to 43.9 million last week, the first gain in four weeks. Gasoline inventories rose 114,000

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prices tumbled and refinery outages increased. Light synthetic crude for November delivery last sold for $9.75 a barrel over benchmark West Texas Intermediate, compared with $12 a barrel over WTI on Tuesday, according to Shorcan Energy Brokers. That was its smallest premium in a month. November Western Canada Select heavy blend was quoted at $11 a barrel under WTI, an 80-cent wider discount than on Tuesday. "Sellers finally woke up," a marketer said. Canadian crude prices have been strong this month, leaving little or no room for profit in the Cushing, Oklahoma, market when transport costs are factored in, traders have said. Enbridge Inc said last week it had no need to ration space on its Spearhead pipeline to Cushing from Illinois next month as nominations fell. It was the first month with no apportionment on that line since January. But in recent days, some refineries have taken units down for repairs, pointing to weaker demand. The 362,000 barrel Wood River, Illinois, refinery run by Phillips 66 and Cenovus Energy Inc, began planned maintenance last week. On Tuesday, local media reported Exxon Mobil Corp's 60,000 bpd Billings, Montana, plant began planned work to replace part of a fluid catalytic cracking unit. BP Plc reported maintenance on a flare gas recovery compressor at its 225,000 bpd Cherry Point, Washington, refinery, according to a filing with regulators. The cash d i f ferent ia ls weakened as benchmark prices tumbled in response to disappointing economic data from and Europe, which reinforced concerns about slowing growth and weak petroleum demand.

OTTAWA REJECTS PUBLICCONSULTATION ON NEXEN BID

Federal Conservatives defeated a parl iamentary motion asking the government to hold public consultations during its review of the $15.1 billion bid by China's state-owned CNOOC Ltd to buy Canadian oil company Nexen Inc, presented by the New Democratic Party (NDP) on Wednesday. The New Democrats said they would unveil their official stance on the deal at 10 a.m. (1400 GMT) on Thursday. The party says it is concerned about the prospect of a Chinese state-owned enterprise buying up Canadian energy assets. "Many Canadians are worried by the possible effects of this transaction when it comes to jobs, nat ional secur i ty and the environment," NDP legislator Helene LeBlanc told the House of Commons on Wednesday. Although the party cannot directly block the deal it could ratchet up public concern about the proposed takeover. Prime Minister Stephen Harper has said the government will take public opinion into account when studying the bid. Under the Canada Investment Act, the federal industry minister must review any foreign investment worth more than C$330 million ($337 million) to determine whether it is of net benefit to Canada. The bid for Nexen has divided Prime Minister

China

Stephen Harper's cabinet and sparked a polarizing debate, pitting fears about national security and control of strategic resources against the need for capital. Nexen has a substantial interest in northern Alberta's oil sands, one of the world's biggest crude reserves. "We're open to investment but this particular transaction will be scrutinized very closely," Paradis said. In addition to asking for public consultations on the merits of the deal, the NDP motion called for a clarification of the concept of "net benefit" for Canada in making judgments on foreign takeovers, a term that critics say is too vague. It also calls for public hearings on the broader issue of foreign ownership in the Canadian energy sector.

FIRST NATIONS ENERGYCOMPANY ANNOUNCED

Calvin Helin, Chairman and President, has announced the formation of a new ground breaking Aboriginal-owned and controlled company, Eagle Spirit Energy Holdings Ltd. Helin, a multi award-winning, and international best-selling author, entrepreneur, speaker and advocate of indigenous self-reliance, said that ''a team of highly experienced individuals in the resource development space have assembled to form a company

with its key objective - to assist aboriginal communities and individuals to become successful with managing economic opportunities in their traditional territories" .He also stated "We want to work with communities to establish a First Nations

Energy Corridor across northern British Columbia". Helin, a member of the Lax Kw'alaams First Nation, and son of a hereditary Chief, noted further that "we chose Prince Rupert to kick off our new endeavor because we share the concern

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with our families and communities about the environmental impacts, the lack of transparency, fair equity participation, business benefits, and real consultation that has characterized the recent spate of energy projects announced." "These projects impact the lands upon which our people have continuously lived for 10,000 years. Eagle Spirit Energy Holdings Ltd, intends to move forward only with publicly supported projects that can produce benefits to those who are involved," he said. During his speech Helin pointed out that members of the Land Claims Agreements Coalition in Canada's north have treaties that result in the ownership, control, or influence over almost half the Canadian land mass representing a land base that is greater than 27 countries represented in the European Union. Surprisingly, this does not include many yet-to-be-settled treaties, or the legal requirement for consultation and accommodation that First Nations (below

ththe 60 parallel) possess for projects that impact their rights in their traditional territories—rights established by recent decisions from the Supreme Court of Canada wh ich a re pa r t o f an unprecedented string of 150 court victories. Board member Dave Tuccaro, one of Canada's top Aboriginal businessmen, stated that, "Major corporations do not understand that the era of business-as-usual approach to offering beads and trinkets to First Nations for projects in their traditional territory is over." He elaborated suggesting that, "Aboriginal people are not anti-business and they recognize the opportunities that development brings, but projects need to be done on their terms." The Aquilini Investment Group is also pleased to be part of this venture as the financial backer and partner for Eagle Spirit Energy Holdings Ltd. Luigi Aquilini, the founder of Aquilini Investment Group stated that "Our group, who have a long history of working cooperatively on business projects with Aboriginal communities, is delighted to have the opportunity to assist Eagle Spirit Energy Holdings Ltd to solve energy problems with better solutions for First Nations in British Columbia''. Mr Aquilini was recently honored with the Order of British Columbia and is the Owner of the Vancouver Canucks. Dave Porter, CEO of the BC First Nations Energy and Mining Council welcomes the announcement on the launch of this company. ''It is important for the economic development of our communities that our entrepreneurs step out into the business arena help build capacity''. Darrell Beaulieu, Board member and President and CEO of Denendeh Investments Inc., a corporation representing the corporate investments of the Aboriginal groups in the Northwest Territories noted, "I support the concept of an Aboriginal owned energy corridor that provides for the economic wellbeing, environmentally balanced and sustainable business solution that will benefit Aboriginal peoples, industry and governments. This is a leading edge solution that will provide a win, win, win. A beneficial partnership. To disagree with the concept and

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BP U.S.SETTLEMENT TALKS STALL

Talks between BP and the U.S. government over a settlement for the 2010 oil spill have stalled because the U.S. is insisting that the British oil giant pay at least $18 billion, British newspaper the Sunday Times reported. A settlement deal may not happen until early next year, the newspaper quoted sources close to the company as saying. A settlement between $18 billion to $21 billion is near the level which BP would be required to pay should it be found grossly negligent under the Clean Water Act, said the paper. BP, which declined to comment on the story, has

always denied any liability for the United States' worst offshore environmental disaster. Reports in July suggested that the U.S. was looking for a settlement of $25 billion. The newspaper said that BP's board is split over whether to pay $18 billion or continue to push for a settlement at $15 billion, the level it is widely reported to be hoping to settle at.

NEW SHALE GAS LICENCESAT RISK WITHOUT STANDARDS

Companies involved in exploring for shale gas need to operate to a common standard or risk delaying new licensing rounds for further drilling sites, a consultancy report said on Tuesday. Norwegian risk management firm DNV published a summary of recommendations to shale gas companies, responding to industry respondents who said the lack of a common

standard could put a halt to governments issuing further site licences. Shale gas fracking, which involves injecting liquids and chemicals into underground rock formations to retrieve trapped gas, has revolutionised the U.S. energy landscape, but environmental concerns have meant a more sceptical reception for the method in Europe. "Public acceptance is paramount to the successful permitting and operation of shale gas projects," said Steinar Thon, associate director at DNV, who led the recommended practice study. DNV said it was crucial for companies to closely monitor fracking work and to communicate findings openly to the public, especially in regions where shale gas production is not an established industry. Shale gas well developers should also carefully handle the water and energy resources required for exploration, especially waste water,

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which has been a key concern in the public debate. Developers also need to be aware of political attitudes which vary from country to country, and in some regions legislation applicable to shale gas sites may have been developed with other purposes in mind, DNV said. "The overall objective of this recommended practice is t o e s t a b l i s h g u i d e l i n e s a n d recommendations for the processes required to protect the safety of people and the environment during all phases of shale gas field development and operations," said Remi Eriksen, chief executive of DNV Maritime and Oil & Gas. The consultancy has previous experience in setting standards for energy projects, with its recommended practices on offshore pipelines currently applied on 65 percent of all new pipeline projects worldwide.

TRADERS TURN DOOMED REFINERIES INTO CASH

Trading houses Vitol and Gunvor are earning millions of dollars a week from their newly acquired European oil refineries, only months after the sector was described as doomed and the previous owner of the plants went bankrupt. The traders are profiting from a surprise reversal of the fortunes of Europe's refining sector, which for years had struggled with poor refining margins - the value of oil products over the cost of the crude from which they are extracted. Refining margins, which were languishing next to zero, jumped higher thanks to a contraction in capacity because of a refinery closure, stoppages due to accidents and seasonal maintenance. While the debate is still on as to whether traders are enjoying fat margins, for now at least, due to pure luck or their talent for anticipation, one thing is sure - they are close to recouping money they spent on buying the refineries from the insolvent Petroplus. "Those refineries are now printing more money in a month than during several previous years all together," said a former Petroplus employee familiar with the new owners. One of the new owners confirms that things look rosy, at least for now, though this may not last as some of the reasons for the sudden improvement in the business are only temporary and the market outlook is challenging. "Last year, we saw significant amount of (refinery) closures because refining margins were very bad," said Gunvor's Chief Executive and co-owner, Torbjorn Tornqvist. "Now they are good, actually they are extremely good." Vitol and Gunvor, the world's No.1 and No.4 energy trading houses which between them control the majority of trades in Geneva and London, bought three of Petroplus' five plants in Belgium, Germany and Switzerland after the independent refiner collapsed under a pile of debt in January. Secretive traders have for decades focused their businesses on niche deals, often employing only a few dozen of people, whose main role is to connect buyers and sellers. Hunger for physical assets was seen as a key reason for the push into refining. Refineries represented an ideal home for their large cash piles and would enable the trading

houses to extend control over supply lines as they already own stockpiles of crude and oil products. A few months after the purchases, the traders are thriving where others have failed - in the refining business itself. Facts Global Energy consultancy estimates that margins have shot up to a four-year high of $8 a barrel in early September from around $2 at the start of the year, when Petroplus went into administration. So the ageing plants, which just a few months ago looked ready for the scrap heap, are profitable again, says Gunvor. Vitol, which bought Cressier with AtlasInvest in May, declined to comment on the profitability of operations. Traders and analysts give several reasons why refining margins have recovered so steeply, with production of gasoline in Europe generating the best returns in the past four years. The prices reflect limited supply as other Europe's refiners undergo seasonal maintenances. Unplanned outages in the United States and a fire at a large Venezuelan refinery also cut deliveries to consumers. Traders could hardly anticipate those development, but they certainly played a key role in the closure of Petroplus' most modern refinery, Coryton, in Britain. To the surprise of the industry, Coryton failed to attract a buyer, despite being seen as one of the company's prize assets, helping to tighten the markets and boost margins. The fact that the industry was on its knees also meant that competition for the Petroplus assets, especially the smaller units like Belgium's 110,000 barrel per day Antwerp plant and Switzerland's 70,000 bpd Cressier, was scarce. A source familiar with Vitol's deal to buy Cressier -- a plant that was Petroplus' least profitable -- said it was bought for "substantially less than $50 million". Based on the average European refinery run rates of 86-87 percent, as assessed by JBC Energy, and FACTS Global Energy's variable cost margin of $7 a barrel for northwest Europe, the traders

are close to paying back what they spent on the plants. Reuters calculations based on those figures suggest that Cressier would be generating around $412,000 per day or $25 million over the past two months. The same formula shows that Gunvor could be making a nominal profit of around $670,000

a day on its Antwerp plant. " The new owners will have paid a huge chunk of their investments back already just this quarter," said a bank analyst specialising in European refining. The payback calculations do not however take into account considerable liabilities that the

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trading houses have shouldered with the purchases, such as high labour costs or turnarounds. So in the longer term these liabilities may make the plants less profitable, and should their new owners decide to close them, they could face high redundancy costs. Analysts said that oil traders can probably extract more profits from the plants than Petroplus because they have better access to credit. "Petroplus was hampered by credit limits and inventory management was very important for them. A company like Vitol will have much more working capital so they can be more flexible," said Gemma Gouldby, analyst at FACTS Global Energy. Most industry experts, including the traders themselves, realise the boom time will not last forever given chronic challenges in the sector. Europe's refiners have been struggling with shrinking oil demand and tough environmental rules for years as new modern rival refineries come onstream in Asia and the Middle East. "I do

believe that over a period of time we will see further consolidation in the European ref ining industry, meaning fewer refineries," said Gunvor's Tornqvist. "I expect a weakening of refining margins during the course of next year."

SUNOCO LOGISTICS PARTNERS TOBUILD MARCELLUS NGL LINE

Sunoco Logistics Partners said on Wednesday that it will build its Mariner East natural gas liquids pipeline to connect producing areas in the Marcellus shale in Pennsylvania to its Marcus Hook processing facility, after a successful open season on the line. Binding commitments were agreed for the whole capacity of the pipeline that will transport up to 70,000 barrels per day of liquids from western Pennsylvania by the second half of 2014, Sunoco said on a statement. Mariner East will be able to transport propane in its first phase as well as both ethane and propane by the first half of 2015, providing an outlet

for increased NGL production in the state, Sunoco said.

EMERALD BAY ANNOUNCESPRIVATE PLACEMENT

Emerald Bay Energy Inc. has reported that the Corporation is proposing a private placement offering of up to $1,200,000 (up to maximum of 24,000,000 common shares of the Corporation). The Common Shares are to be issued under a unit offering whereby up to a maximum of 24,000,000 units at a subscription price of $0.05 per Unit are to be offered. Each Unit shall consist of one (1) Common Share of the Corporation and one (1) share purchase warran (each full Warrant shall entitle the holder thereof to purchase one (1) addit ional Common Share of the Corporation for a period of 12 months from the issuance of the Units at a price of $0.10). The Warrants are subject to an acceleration clause whereby if after four months and one day following the date the

Warrants are issued, the closing price of the Common Shares of the Corporation on the principal market on which such shares trade is equal to or exceeds $0.15 for 30

thconsecutive trading days (with the 30 such trading date hereafter referred to as the "Eligible Acceleration Date"), the Warrant expiry date shall accelerate to the date which is 30 calendar days following the date a press release is issued by the Corporation announcing the reduced warrant term, provided, no more than five business days following the Eligible Acceleration Date: (i) the press release is issued; and (ii) notices are sent to all warrant holders. The net proceeds will be used for exploration and expansion of the Corporation's South Texas property and general working capital needs. All of the Common Shares and Warrants issued pursuant to the private placement are subject to a 4-month hold period. Completion of the private placement is subject to the final approval of the TSX.

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