WTI OIL: US$98.64+$1.73 per barrelMarch delivery

NYMEX: N Gas: US$2.488-$0.062 per MMBTUFebruary delivery

Published By NEWS COMMUNICATIONS since 1977 Canadian Edition Wednesday February 8, 2012

OIL UP ON VOLATILESPREAD TRADE

Brent crude rose slightly on Tuesday and U.S. crude jumped more than 1.5 percent, bolstered by an unplanned outage at a Canadian oil sands plant and optimism about an agreement on Greece's debt problems. Brent's premium to U.S. crude oil widened in early trade to more than $20 per barrel, its highest since October, before a brief but sharp reversal by Brent and rally by the U.S. contract narrowed the spread back below $18 and left it at $17.82 based on settlements. "The spread got above $20 and it looks like some big players came in and pulled it back, then the dollar fell on expectations a Greece debt deal is coming," said Chris Dillman, analyst at Tradition Energy in Stamford, Connecticut. Before the start of open outcry floor trading in New York, Brent surged to a six-month peak above $117 due to Europe's severe cold snap and fears that Iran would halt exports to the European Union in advance of the EU's embargo set for July. U.S. crude prices had been restrained by rising domestic stocks and tepid demand revealed in government data, even as recent jobs reports painted an improving picture more supportive to oil. Brent March crude rose 30 cents to settle at $116.23 a barrel, a sixth straight higher close, having traded from $115.60 to $117.50, its highest intraday price since Aug. 2. During its rally above $117, Brent's Relative Strength Index reached 70, which signaled an overbought condition for investors who watch technical indicators. U.S. March crude rose $1.50 to settle at $98.41 a barrel, having swung from $95.84 to $99.13. Total crude futures trading volume was heavy, especially for the U.S. contract. U.S. turnover exceeded 1 million lots and was 89 percent above the 30-day average, while Brent turnover was 38 percent above its 30-day average. Dollar denominated commodities also found support as the euro rallied across the board on Tuesday, hitting an eight-week high against the greenback on optimism that Greece is about to agree on a bailout deal that will enable it to avoid a messy default. Iran's parliament said on Tuesday it was ready to impose a ban on oil exports to the EU, the Iranian Press TV reported, ahead of a ban announced by the EU slated to begin from July 1. Clashes in Nigeria are also worrying investors about potential supply disruptions after a Sunday attack on a pipeline belonging to Italy's Eni and Tuesday's bombing of an army barracks The U.S. Energy Information Administration boosted its 2012 and 2013 forecasts for global oil demand growth and said supply would tighten as gains in non-OPEC production lag, adding to support for oil prices. U.S. gasoline demand last week fell more than 5 percent for the third straight week compared with year-ago levels, according to a separate report from MasterCard, with demand down 2.8 percent from the previous week. Ahead of

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Representatives, as Republicans made yet another attempt to spur approval of the project that has become a major issue in the 2012 elections. The bill would wrest decision-making on the pipeline from the Obama administration and hand it to the Federal Energy Regulatory Commission, which would be compelled to quickly issue approval permits on the Canada-to-Texas project. But the plan would need to clear several more Congressional hurdles,

inventory reports from industry and government, U.S. crude oil and gasoline stocks were expected to have risen last week, a Reuters survey of analysts showed. Distillate stockpiles were expected to have slipped.

KEYSTONE PIPELINE UPDATEA plan to fast-track the stalled the Keystone XL pipeline was passed by a key committee in the U.S. House of

including getting through Democratic opposition in the Senate, before it could land on President Barack Obama's desk for approval. In a decision last month that pleased environmental groups, Obama blocked TransCanada's $7 billion project, citing the need for further review of its route as the line would have traversed sensitive lands and an aquifer in Nebraska. Republicans have made the pipeline a symbol of what they believe are

unnecessary regulations that are stifling job creation and energy production in the United States. On Tuesday, the House Energy and Commerce Committee voted 33-20 to send its Keystone bill to the full House, where it will likely become part of a highway and infrastructure funding bill that House Speaker John Boehner wants to see

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passed this month. But getting a similar measure through the Democratic-controlled Senate could be a tougher fight. A Republican member of the Senate Finance Committee has floated a Keystone provision to attach the Senate's highway funding bill, a measure that may come up for discussion later on Tuesday.

Republicans also have not ruled out trying to attach a Keystone provision to must-pass payroll tax cut legislation. "We're going to use all options, so we'll see," said Fred Upton, the Republican chair of the energy committee, who is also part of joint Senate-House conference panel working on the payroll tax cut compromise. The

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oilsands. With exports to the United States up 34 percent year over year, existing pipeline capacity is full. The lack of pipeline space has pushed the discount between Canadian crude and benchmark prices to multi-year lows, eating into the profits of the Canadian oil industry, including its two largest producers, Suncor Energy Inc and Canadian Natural Resources Ltd. Canadian oil producers are desperately looking for alternative markets in Asia and elsewhere, though it will be years before any new export lines can be built. Prime Minister Stephen Harper is leading a large, high-level trade mission to Beijing this week, and told reporters that Canada will focus on exporting oil to China even if the U.S. decision on Keystone is reversed.

NORTH AMERICAN RIG COUNTSThe U.S. rotary rig count was down 11 at 1,997 for the week of February 3, 2012. It is 258 rigs (14.8%) higher than last year. The number of rotary rigs drilling for oil was up 20 at 1,245. There are 427 more rigs targeting oil than last year. Rigs drilling for oil represent 62.3% percent of all drilling activity which is the highest percentage since July 1998. Rigs directed toward natural gas were down 32 at 745. The number of rigs currently drilling for gas is 166 lower than last year's level of

911. Year-over-year oil exploration in the U.S. is up 52.2 percent. Gas exploration is down 18.2 percent. The weekly average of crude oil spot prices is 7.9 percent higher than last year and natural gas spot prices are 45.5 percent lower. Canadian rig activity is up 28 at 710 for the week of February 3, 2012 and is 84 (13.4%) higher than last year's rig count.

OIL SANDS INDUSTRYSUPPORTS MONITORING PLAN

The Canadian Association of Petroleum Producers today welcomed the progressive measures outlined in the Canada-Alberta implementation plan for integrated environmental monitoring in the oil sands region. "We are pleased the federal and Alberta governments are working together as partners to provide l e a d e r s h i p i n d e v e l o p i n g a n d implementing a single, government-led oil sands monitoring system that will be based on sound science and provide transparency regarding the environmental performance of the oil sands industry," said CAPP President Dave Collyer. "A world-class environmental monitoring system will contribute to improved performance reporting, regional planning and industry performance improvement as the oil sands industry continues to grow." A robust, transparent monitoring

system will help industry, governments and other stakeholders achieve the goal of long-term, responsible oi l sands development and assist industry in delivering continuous performance improvements. "We look forward to working with governments to ensure the oil sands environmental monitoring system is implemented effectively and efficiently, including integration with existing environmental monitoring organizations and processes in the oil sands region," Collyer said. Canada's oil sands resources are being developed within a transparent policy and regulatory f ramework. We encourage other jurisdictions to establish comparable levels o f regu la to ry requ i rements and transparency in performance reporting.

OUTPUT HALTED AT HORIZONCanadian Natural Resources Ltd has shut down production at its Horizon oil sands plant in northern Alberta to conduct unplanned maintenance, the company said on Tuesday. Canadian Natural, the country's largest independent oil explorer, said in an email that the outage does not change its annual production targets. It declined further comment. A source told Reuters earlier that the 110,000 bpd plant could be down for two to three weeks. The work, which is said to be concentrated on

one of the fractionation towers, follows weekend maintenance at the site. The plant was down for seven months in 2011 following a fire early that year. Talk of the disruption helped prompt a spike in benchmark West Texas Intermediate of nearly $3, narrowing the Brent-WTI spread from a three-month low under $20 to around $18 a barrel.

ENCANA'S GRAHAM RESIGNSMike Graham, president of Encana Corp's Canadian division, has resigned from the company effective immediately, a spokeswoman for Canada's largest natural gas producer said on Tuesday. The company did not say why Graham, who has run all of Encana's Canadian operations since 2007, was leaving. Graham will be replaced by Mike McAllister, who is currently senior vice-president of Encana's Canadian division.

OILSANDS QUEST FILESFOR CHAPTER 15 PROTECTION

Oilsands Quest Inc filed for Chapter 15 protection from creditors in a U.S. bankruptcy court, after the troubled Calgary-based company failed to find buyers for its Wallace Creek assets in Alberta. The company has $100 million to $500 million in assets and $1 million to $10 million in liabilities, it said in a filing with the

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CANADA'S LNG PROJECTSMAY SPARK MERGER BOOM

A handful of liquefied natural gas export facilities proposed for Canada's Pacific Coast could spark a round of acquisitions and new joint ventures as the projects' backers look to secure sufficient natural gas supplies to fill their facilities, an analyst said on Monday. Spurred by low North American natural gas prices and the

discovery of big new shale and other unconventional gas fields in northern British Columbia, a number of companies are mulling construction of LNG export facilities to tap Asian markets willing to pay high prices for the fuel. Canada's National Energy Board has already handed LNG-export l icenses to two planned liquefaction projects on the Pacific Coast near Kitimat, British Columbia: Kitimat LNG, backed by Apache Corp, Encana Corp and EOG Resources ; and to BC LNG, a privately held 13-member co-operative. As well, Royal Dutch Shell Plc and partners Korea Gas Corp, Mitsubishi Corp and China National Petroleum Corp have bought land for a potential LNG export terminal at Kitimat. Progress Energy Resources Corp and Malaysian joint-venture partner Petronas are carrying out a feasibility study for a project of their own. While interest is hot, some of the potential projects do not have enough gas in the ground to support their export plans and may look to acquire it, Andrew

Potter, an analyst at CIBC World Markets, said on a conference call. That could lead to a round of acquisitions and joint venture deals as the backers look to secure supplies for their multibillion-dollar projects. "There is going to be more consolidation of upstream resource as companies get more serious about LNG projects," Potter said. "The six to ten (billion cubic feet of natural gas) per day of ... export plans for the Kitimat area that are on the table right now require about 44 tcf (trillion cubic feet) to 100 tcf of resources to underpin those facilities." Potter said that the projects led by Shell and Progress would each need to have about 32 tcf of gas available to feed their plants and now only own about 18 tcf of natural resources. "What that implies is there is still going to be a huge appetite for (joint ventures) and outright acquisitions," Potter said. Potter said Encana would likely start the 2012 round of joint venture and merger activity as it wraps up the search for a partner for its Cutbank Ridge holdings in northeastern

British Columbia, while Progress could also find additional partners for its extensive shale gas properties. He also highlighted junior firm Painted Pony Petroleum Ltd as a potential acquisition or joint-venture target "given the fairly large resource base for such a small company." Potter also said that the planned export terminals will require new pipelines connecting them with the northeastern shale gas fields. While the Apache-led Kitimat LNG is planning a pipeline to serve its project, the analyst expects that eventually one or two large pipelines will be built to serve the region's facilities. "There is no logic at all to seeing three to five facilities built with three to five independent pipelines," he said.

BP OIL SPILL COST GROWBP ratcheted up the rhetoric around multi-billion dollar claims from the Gulf oil spill by warning it would "vigorously" contest lawsuits over one of the world's worst environmental disasters. While reiterating

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BP's "bias for settling" at hearings scheduled later this month, CEO Bob Dudley said he would only do so "on fair and reasonable terms." As he unveiled higher fourth quarter profit on Tuesday and a rise in the dividend, which he said showed BP was putting the spill behind it, Dudley acknowledged the lawsuits were the biggest uncertainty facing the British oil major. "We have many people who do say, we are interested in investing in BP but not until all this is behind you," he told a press conference. BP faces 600 civil lawsuits from people in states as far away as South Carolina and Kentucky, as well as litigation from the U.S. government. "We always have had this bias toward settling and moving on, and reducing uncertainty," Dudley said. But he added; "We are preparing vigorously for trial. We have confidence in our case." Analysts at Morgan Stanley have predicted BP will agree to pay the U.S. government $20-$25 billion in the coming weeks to settle fines and natural resources damages but Alastair Syme, oil analyst at Citigroup, said he expected the case to go to trial as planned on Feb. 27. BP, Europe's second-largest oil company by market value, also lifted its estimate of the total cost of the United States' worst-ever offshore oil spill by $1.8 billion to $43 billion due to higher costs for shoreline clean up, which BP said

was now largely complete, and a new $500 million charge for legal fees. By contrast, BP's statement showed the company has valued the doomed Macondo prospect at just $400 million. The disaster forced a major restructuring at London-based BP but Dudley said the group was returning to growth and that 2012 would be a "year of milestones", after a "year of consolidation" in 2011. Underscoring i ts confidence, BP increased its quarterly dividend to 8 cents a share from 7 cents, backed by strong cashflows due to higher oil price. "It is a good sign of confidence in the improving operational performance," said Tony Shepard, oil analyst at Charles Stanley. BP's 14 cents a share quarterly payout was cut at the height of the spill, and reintroduced at half that level in 2011. BP said its replacement cost (RC) net profit rose 65 percent compared with the same period last year, to $7.61 billion in the quarter, boosted by a $4 billion contribution from Anadarko Petroleum, which had a stake in Macondo, towards clean up costs. Stripping out one-offs, the result rose 14 percent to $4.99 billion, in line with an I/B/E/S consensus forecast of $4.89 billion. Rival Royal Dutch Shell Plc reported an 18 percent rise in underlying profit in the quarter while industry leader Exxon Mobil only managed a 2 percent

rise. Replacement cost profit excludes gains or losses related to changes in the value of fuel inventories and so is comparable with net income under U.S. accounting rules. BP's muted increase was despite an unusually low tax rate, higher gas prices and a 26 percent rise in the Brent crude price in the quarter compared to the same period of 2010. Lower production weighed on the fourth quarter result, with assets sales, in part to help pay for the oil spill, pushing output down 5.1 percent to 3.49 million barrels of oil equivalent per day in the quarter. Dudley said he expected output to fall further in 2012, despite investor hopes that BP's smaller asset base would facilitate higher growth. Echoing a trend across the sector, BP said it was lifting its capital expenditure budget for 2012, as it invests more in exploration and production. Some analysts have questioned whether the additional spending will generate the same returns oil giants like BP, Shell and Exxon have enjoyed in the past. Dudley said that, over time, upstream oil and gas assets offered returns of around 15 percent, and that the expected this to continue going forward. In the latest sign the British oil group is getting back to business in the Gulf of Mexico, BP said it had sanctioned a major new project in the area . BP said over $5 billion of contributions from its partners in the blown-out well, Anadarko and Japan's

Mitsui, meant it would be able to end its own payments into a $20 bill ion compensation fund in 2012, a year earlier than expected. Meanwhile, BP said it had sanctioned a major new project in the Gulf of Mexico, the latest sign the British oil group is getting back to business in the area after its 2010 oil spill. Chief Executive Bob Dudley said on Tuesday BP and Chevron and BHP , its partners in the project, had recently approved the decision to proceed with the investment. "We have just sanctioned with our partners Chevron and BHP. We have not makde a full announcement yet, one of the largest new free-standing developments in the Gulf of Mexico," Dudley said told reporters. BP, Chevron and BHP are partners in the Mad Dog field. In September, BP said the partners were looking at installing another free-standing spar platform at the field, that could increase production by 120,000-140,000 barrels of oil equivalent per day (boed).

AOS KAYBOB UPDATE Athabasca Oil Sands Corp. has provided a light oil operations update for its Kaybob property located in the Deep Basin area of northwestern Alberta. The company recently drilled and completed its first Montney horizontal well in the Kaybob East area, located at 13-22-64-18W5. The

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1,220 metre lateral was fracture stimulated with 14 stages of energized oil treatments and was flow tested during 78 hours. During the final 24 hours of the test and after having recovered all the load fluids, the well flowed at an average rate of 2,560 barrels of oil equivalent per day (boe/d), (2,265 barrels per day (bbl/d) of 41 degree API oil with 1.8 million cubic feet per day (mmcf/d) gas), at a stabilized flowing pressure of 450 pounds per square inch gauge (psig). The well is currently shut in until it can be connected to infrastructure. The company holds a significant land position offsetting this well and will continue the delineation of the Kaybob East acreage throughout first quarter of 2012. In late fourth quarter of 2011, Athabasca also drilled and completed its second Kaybob Nordegg horizontal well at 04-11-63-20W5, offsetting its first successful Nordegg well at 13-14-63-20W5. After completing the 16 stages of slickwater fractures, the 04-11 well flow tested at a final rate (after four days of clean up) of 420 boe/d, (335 bbl/d of 41 degree API oil and 500 thousand cubic feet

per day (mcf/d) gas), at a flowing pressure of 910 psig. Based on the success of this second Nordegg test, the Company will focus its Nordegg delineation on the Kaybob area with further horizontal drilling, core analysis and incorporation of the Company's recently acquired 3D seismic dataset. The company has drilled two more Montney horizontal wells and one Duvernay horizontal well in the Kaybob area and expects completion and testing to be performed over the next few weeks. Development of the Kaybob area will benefit from Athabasca's decision to build its 100% owned infrastructure in 2012. The construction of the 63-kilometre, 12 inch gas pipeline from Kaybob to the Simonette gas plant is on schedule and is expected to be completed in the first quarter of 2012. In the second quarter of 2012, the Company plans to commence construction of one 10,000 barrels per day (bbls/d) oil battery and one 24 million cubic feet per day (mmcf/d) compression station. The company intends to subsequently expand these facilities to ultimately handle all of

Athabasca's production volumes from the greater Kaybob area. The company anticipates that the facilities and pipeline will be fully operational during third quarter of 2012. Athabasca currently has 1,250 boe/d tied into third party facilities on an interruptible basis and substantial production capacity behind pipe waiting on the completion of its own facilities. Athabasca is also continuing exploration and delineation drilling in the Simonette, Placid, Waskahigan and Grande Prairie areas and is currently operating five drilling rigs. Since entering the light oil business, Athabasca has drilled and completed 16 horizontal wells. Three of these wells are currently being tested. A full operational update from both the light oil operations and from the oil sands activities will be provided in connection with the release of our year-end financial results in March.

ANADARKO SLOWS NG SPENDINGAnadarko Petroleum, the largest U.S. natural gas producer, said it would continue to shift its spending toward oil and other liquids because of weak prices for natural

gas. "We're not going to pursue production growth where we don't think we have good wel lhead economics," Al Walker, Anadarko's chief operating officer, told analysts on a conference call Tuesday. Like others in the energy industry, Anadarko has focused on developing fields that contain oil and natural gas liquids, such as propane, butane and ethane, which are priced based on crude oil, rather than on "dry" natural gas wells. On Monday, Anadarko posted better-than-expected fourth-quarter earnings, helped by higher sales volumes and a 10 percent jump in liquids production. Some producers, such as Chesapeake Energy and ConocoPhillips, have said they will cut gas spending because of weak prices. Prices would likely have to rebound above $3 per million Btu to justify gas drilling in many parts of the country, according to Walker. "It's not attractive, and I'd challenge very many places to be able to explain how you get positive wellhead economics at sub-$3," he said. Still, Chief Executive Jim Hackett said Anadarko could quickly return to gas drilling if prices rose.

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