The global landscape of oil is rapidly changing with "shockwaves" from supply growth in the U.S. due to shale gas, light tight oil as well as the Canadian oil sands extending to "virtually all recess of the global market" said the International Energy Agency.
Commercial Solutions Inc. (TSX:CSA) announced its second quarter financial results for the three-month and six-month periods ended March 31, 2013, and reported revenues of $27.8 million.
CBM Asia Development Corp. (TSXV:TCF,US:CBMD,FWB:IY2) reported that the non-brokered private placement announced on March 6, 2013 and April 1, 2013 is moving forward.
The USGS doubled the estimates at the Bakken and Three Forks Shale formations, an increase that some believe is limited by the technology available.
Victory Energy Corp (OTCQB:VYEY) provided an update on drilling operations for key properties for Auraora Energy Partners, of which Victory owns a 50 percent interest.
Big Sky Petroleum Corporation (TSXV:BSP) reviewed the Company's activities in Q1 2013 and also announced its future plans for 2013. Q1 2013 was a successful first quarter for the Company, as they announced two lease block acquisitions and the drilling of the first Wolfberry test. In regards to the Schleicher Prospect Evaluation, a NI 51-101 compliant report was filed by Petrotech Engineering Ltd. and can be found on SEDAR. The Company plans to continue expanding their projects in 2013, by continuing to conduct a leasing program within the Schleicher Prospect area that will target highly selective areas for further development.
Bloomberg reported that Imperial Oil Ltd, one of Canada’s biggest oil producers, announced that sales from the C$12.9B Kearl oil-sands project will start in the third quarter. The project is expected to produce 110,000 bpd and grow to 345,000 bpd.
InterOil Corporation (NYSE:IOC) announced that its founder and CEO, Phil Mulacek, will retire effective April 30, 2013 and InterOil Chairman Dr. Gaylen Byker will assume his duties on interim basis until the search for a new CEO is complete.
Bloomberg reported that Pakistan State Oil Ltd posted a 32% decline in its profits for the third quarter as power companies such as Kot Addu Power Co, Hub Power Co., and Karachi Electric Supply Co. delay payment of dues.
BNK Petroleum (TSX:BKX) announced that its previously announced sale by BNK Petroleum US (subsidiary) to XTO Energy Inc. of its Tishomingo Field, Oklahoma assets for US$147.5 million has been closed.
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