Investor Alley Inc.

MEG Energy Announcement & ATP Oil & Gas News: (OTC Pink: MEGEF), (OTC Pink: ATPAQ)

 

New York, NY -- (ReleaseWire) -- 03/18/2013 -- Canexus announced that formal agreement had been reached with MEG Energy Corp. (OTC Pink: MEGEF) to connect the CanexusBruderheim terminal with pipelines which interconnect with the MEG Energy Stonefell Terminal, and to provide terminalling services to MEG for loading of bitumen blend for transport by rail and the receiving of diluent shipments by rail.

MEG Energy Corp. engages in the development and production of in situ oil sands in Alberta, Canada. The company is developing enhanced oil recovery projects that utilize steam assisted gravity drainage extraction methods. It owns 100% working interest in approximately 200 square kilometers of oil sands leases in the Christina Lake project; and holds interest in approximately 2,000 square kilometers in the Growth Properties. The company also owns 100% working interest in the oil sands leases associated with the Surmont Project.

Find out how this announcement could benefit MEGEF here:

http://www.wallstreetreport.net/market-scan/?symbol=MEGEF

WSJ reports that a subsidiary of Macquarie Group Ltd. (MQG) is suing ATP Oil & Gas Corp. (OTC Pink: ATPAQ), saying it owns the rights to royalty payments from three ATP offshore-drilling operations, entitling it to payments and exempting those rights from ATP’s bankruptcy estate.

Macquarie Investments LLC said prior to ATP’s Chapter 11 filing, it purchased for $110 million what ATP and several law firms assured it were “non-cost bearing overriding royalty interests that constituted real or immovable property rights” in the drilling operations, according to documents filed with the U.S. Bankruptcy Court in Houston.

ATP blamed its financial woes in part on the drilling ban put in place in the Gulf of Mexico, where 90% of its wells are located, after the disastrous 2010 Deepwater Horizon oil spill.

Find out what could be next for ATPAQ here:
http://www.wallstreetreport.net/market-scan/?symbol=ATPAQ

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