Published By NEWS COMMUNICATIONS since 1977 Saturday March 31, 2012

BRENT RISES OVER SUPPLY WORRY

Brent crude rose towards $123 on Friday as investors bet on a tighter gasoline market in the world's largest oil consumer during the peak summer driving season and on persistent worries of a supply disruption in the Middle East. Traders took the opportunity to cover short positions and bought on price dips after oil tumbled in the past two sessions on growing talk of a release of strategic petroleum reserves by some consumer nations, and a surge in U.S. crude inventories. Front-month Brent crude rose 39 cents to $122.78 a barrel by 0620 GMT, recovering from its sharpest daily fall in more than three weeks. U.S. crude futures were up 58 cents at $103.36 after posting their biggest two-day slide since mid-December. The price slump widened Brent's premium to U.S. crude CL-LCO1=R to $19.42 after settling at $19.61 a barrel on Thursday. Despite the losses, Brent crude futures are on track to post a gain of 14 percent for the quarter, with U.S. crude heading for a rise of 4 percent. "Oil is rebounding from yesterday's decline as traders are buying on dips," said Ryoma Furumi, a commodity sales manager at Newedge Japan. "Geopolitical tensions could push Brent up further while the Brent-WTI spread may narrow in the coming months if the bullish gasoline sentiment continues." Traders are bullish on gasoline as the shutdown of several refineries could reduce supply of the motor fuel in the U.S. East Coast, Furumi said. Front-month April RBOB gasoline rose 0.51 cent to settle at $3.4006 a gallon on Thursday. Nearly 430,000 barrels per day of refining capacity were idled in the United States by the end of 2011. Tough sanctions by the West targeting Iran's nuclear programme have curbed oil exports from the Islamic Republic and supply could tighten further from July 1 when a ban on European insurance cover for Iranian oil takes effect. The tension in the Middle East and the peak gasoline demand season in the United States could push U.S. crude futures as high as $120 in the second quarter, said Tetsu Emori, a Tokyo-based commodities fund manager at Astmax Investments. The surge in oil prices has prompted the United States, with Britain and France, to consider a release from emergency stockpiles to cut fuel costs. Other countries, including South Korea and Japan, may join the plan. Consumer nations may seek reassurance from Saudi Arabia that it will not cut oil production and neutralise the impact on oil prices if they tap emergency reserves, industry and diplomatic sources said.

BUDGET SUPPORTS DEVELOPMENTCanada's upstream oil and natural gas producers say The federal government's plan to improve Canada's regulatory process for natural resource projects will generate more jobs and a stronger Canadian economy while ensuring continued environmental performance, "Broad-based regulatory reform is

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President Dave Collyer. "The government's plan will improve the timeliness and

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efficiency of the decision-making process while the regulatory scrutiny that Canadians expect remains intact." The upstream petroleum industry is the largest single private sector investor in Canada - investing over $50 billion each year and employing more than 500,000 Canadians. Regulatory bottlenecks in the current system have often led to project delays or outr ight cancellations due to missed market opportunities, with a resultant reduction in economic benefits that would flow from these delayed or foregone investments. "The changes broadly outlined in the federal budget will improve our business climate and competitiveness without compromising our commitment to responsible, sustainable development," Collyer said. An efficient, effective regulatory system must maintain a h i gh s tanda rd o f env i r onmen ta l performance - all Canadians expect responsible environmental outcomes - while recognizing the critical importance of energy security, reliability and economic growth. "We must move to more efficient processes, time-limited decision-making and better coordination both within and among governments to eliminate regulatory overlap. Today's announcement is a positive step and we look forward to the federal government continuing to advance its regulatory plan. We also encourage federal-provincial coordination of regulatory reform initiatives, and encourage both levels of government to clarify expectations regarding Aboriginal consultation," Collyer said. CAPP continues to review the entire budget document. However, Collyer indicated that Canada's oil and gas industry is overall encouraged by the 2012 federal budget's strong focus on Canadian competitiveness, jobs and economic growth.

OIL SANDS TO INCREASE WORKFORCE BY 70 PER CENT

Alberta's oil sands, which employed just over 20,000 workers in 2011, is projected to grow its workforce by a staggering 73 per cent by 2021, according to a new report released by the Petroleum Human Resources Council of Canada (Petroleum HR Council). The report, Oil Sands Labour Market Outlook to 2021, states that some oil sands operations and occupations are

forecasted to add over 100 per cent of their current workforce by 2021. The Petroleum HR Council's outlook provides oil sands labour demand projections and analysis based on data for 55 core occupations within three facility/operation types: in situ, mining and upgrading. The outlook describes how technological changes, as well as shifts in the regulatory and business environments, are impacting how the oil sands sector does business and what types of workers are required. For example, employment within in situ operations will experience the greatest growth, driving a number of emerging occupations and an increased reliance on the oil and gas support services workforce. Increased mining and upgrading activities will also contribute to the sector's employment growth. "The oil sands sector entered 2012 with a healthy dose of optimism, with all indicators - notably stable oil prices and strong international investment - pointing to continued expansion," explained Cheryl Knight, Executive Director and CEO of the Petroleum HR Council. "Demand for more workers is being driven primarily by growth in the sector, however our research tells us that the supply of skilled workers remains very tight. Going forward, age-related attrition and competition from other industries will further escalate labour and skills shortages faced by the sector. In fact, the sector may need to hire 116 per cent of its current employment levels due to industry expansion, retirements and losing people to other industries." Oil Sands Labour Market Outlook to 2021 also states industry will be challenged to manage workforce costs in this employee-driven labour market. The oil sands sector will have to give considerable thought to effective and efficient strategies to work with the construction, maintenance and oil and gas support services sectors, which are critical to the growth and sustainability of oil sands operations. Major capital projects for the sector are definitely impacting the future workforce needs for oil sands operations. In addition to labour demand projections and analysis, Oil Sands Labour Market Outlook to 2021 report contains a list of major projects expected to be operational by 2016 that will contribute to the sector's workforce requirements. Additionally, the report

includes summary tables and charts, detailed appendices, executive summary and a concise fact sheet. This study was funded by the Government of Alberta.

TOTAL PLANS RELIEF WELLSTO STOP GAS LEAK

Total is preparing to sink two relief wells to stop a gas leak at a North Sea platform in parallel with a plugging operation, a senior company executive said Friday. Philippe Guys, managing director of Total's British exploration arm, also revealed that concerns with the well off the east coast of Scotland that is leaking a cloud of gas first emerged a month ago. In a news conference in Aberdeen five days after the Elgin platform was evacuated, Guys said Total had suspended operations on two floating drilling rigs so they can be used to drill relief wells if required. The French energy giant has seen eight billion euros ($10 billion) wiped off its stock value since the 238 crew on the rig were evacuated on Sunday. Its share price has dropped around eight percent since the start of the leak, which the company says is the most serious problem it has faced in the North Sea. "With respect to stopping the leak we have launched two main actions which are progressing in parallel," Guys said. "The first is to carry out the well kill operation using a floating support. "The second is to drill two relief wells. To that end we have suspended operations on two of our drilling rigs to make them available for work on the relief wells." 'Killing' the well would involve pumping mud into it at high pressure. Guys said that when Elgin was evacuated all the other wells on the platform "were left in a safe condition." He said "irregular pressure" on the problem well was first observed on February 25 and an attempt to deal with it was made in the following weeks by pumping it full of high-density mud. "During that process on March 25 we observed a sudden pressure increase followed by escape of mud and then gas," Guys said. He confirmed that the gas was emerging from the deck of the platform, not below the sea. As for the cause of the leak, Guys said, "At this time there is no evidence of human error." Officials also revealed that aerial surveillance had revealed that a flare left burning on the platform when it was

evacuated is diminishing. The presence of the flare, which was left alight to burn off gas in the system, has raised fears of an explosion. Ahead of the news conference, Total said it was considering dropping water from a helicopter or spraying nitrogen to extinguish the flare. Charles Hendry, Britain's energy minister, praised the speed of the evacuation, which was completed in three and a half hours. But he warned that efforts to stop the leak could take time, and stressed that openness was essential. "The issues that can be addressed quickly will be addressed quickly," he said at the news conference. The last major accident in the North Sea was in 1988, when the Piper Alpha oil platform operated by the U.S.-based Occidental Petroleum exploded, killing 167 people.

HSE REPORTS RECORD PROFITHSE Integrated Ltd. has announced the audited financial results for the Corporation for the reporting quarter and fiscal year ended December 31, 2011. Revenue in fiscal 2011 increased 19.8% to $98.2 million from $82.0 million in 2010, as both Oilfield and Industrial revenue posted double digit percentage gains. Oilfield work increased as a result of improved drilling activity in the Western Canadian Sedimentary Basin and increased penetration in the US market. Industrial revenue increased, partly due to work associated with a large construction project and partly due to higher levels of shutdown work. Operating margin increased 56.5% to $23.0 million from $14.7 million in 2010 as a result of cost reduction initiatives adding to the effect of increased leverage on fixed cost. SG&A increased 25.4% from $7.9 million to $10.0 million as a result of increased business development initiatives coupled with increased bonuses accrued due to improved profitability. The result of these operating improvements and cost reductions was that EBITDA increased 92.8% from $6.8 in 2010 to $13.1 million in 2011. For the 2011 fiscal year HSE reported net earnings of $6.0 million or $0.14 per fully diluted share. This compares to net earnings of $0.4 million or $0.01 per fully diluted share in 2010. Financial performance in the fourth quarter also improved year-over-year. Revenues rose 9.7% from $22.4 million in Q4 2010 to $24.6 million in Q4 2011. EBITDA

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rose 41.7% from $2.5 million to $3.5 million. Improved operat ing per formance, combined with a reduction in a provision for an onerous rent contract of $1.0 million, resulted in earnings of $3.1 million for the quarter compared to $0.9 million for the same period in 2010. HSE's working capital position and balance sheet remain strong. At December 31, 2011 working capital was $16.1 million. Tangible assets totaled $55.6 million. This exceeded tangible liabilities (current liabilities, provisions and other interest bearing debt obligations) by $37.2 million. This provides the Corporation with significant financial strength to explore growth opportunities as they arise.

PEMBINA AND PROVIDENTAPPROVE ACQUISITION

Pembina Pipeline Corporation and Provident Energy Ltd. have announced that the holders of common shares of Provident have approved the proposed acquisition of Provident by Pembina pursuant to a plan of ar rangement under the Business Corporations Act (Alberta). . Under the

Arrangement, Provident shareholders will receive 0.425 of a common share of Pembina for each Provident share held. The A r r a n g e m e n t w a s a p p r o v e d b y approximately 99 percent of the votes cast by Provident shareholders at the special meeting of shareholders held March 27. The Arrangement is more fully described in the joint management information circular of Pembina and Provident, dated February 17, 2012. At the meeting of its shareholders also , Pembina received shareholder approval for the issuance of up to 130,000,000 Pembina common shares pursuant to the Arrangement. The resolution was approved by approximately 99 percent of the votes cast by Pembina shareholders at the Pembina meeting. In addition, Pembina shareholders approved an amendment to Pembina's articles to increase the maximum number of directors of Pembina from nine to eleven. Following the shareholder meetings, Provident received final approval of the Arrangement by the Court of Queen's Bench of Alberta. The completion of the Arrangement is

subject to certain other closing matters customary in transactions of this nature, as well as final regulatory approval by the Toronto Stock Exchange. The Arrangement is scheduled to formally close on April 2, 2012. Pembina's Chief Executive Officer Bob Michaleski stated: "I am thrilled that the resolutions in connection with the proposed acquisition were overwhelmingly favoured by shareholders of both Pembina and Provident at our respective meetings this morning. With approval of the Court of Queen's Bench of Alberta having been obtained this afternoon, we are nearing the final phase of completing the acquisition. We're looking forward to the future growth and prosperity this combination creates for Pembina and its owners."

PANTERRA ANNOUNCES JOINT VENTURE

PanTerra Resource Corp. has announced that it has entered into a joint venture agreement to develop its central Alberta oil assets. PanTerra's joint venture partner will pay one hundred percent of the cost to drill

and complete and equip each well drilled at the Company's Tomahawk property located west of Edmonton. For doing so, the joint venture partner will earn a straight up 55% of PanTerra's Pre-Farmout interest in the spacing unit for each well drilled (based upon an initial 40 acre well spacing), while PanTerra will retain 45% of its Pre-Farmout interest. Upon repayment of a premium associated with the joint venture partner's cost of capital, payable out of the joint venture partner's 55% share of net production revenue from the wells drilled, PanTerra's interest will increase to 50% of its Pre-Farmout interest in each spacing unit drilled. The initial phase of the joint venture will consist of a three well program which will be the first of multiple phases planned for this general area which could see the drilling of in excess of fifteen wells. PanTerra will continue as the 'Operator' through all phases of the project. This program is expected to increase PanTerra's monthly revenue as time progresses and as more wells are drilled, all without any capital investment on PanTerra's part.

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