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« No one has right to ask Iran to halt uranium enrichment | Main | Fed Action Will Decide Next Major Move For Gold »

Producers set ‘fracking’ guidelines


Canada's energy industry on Monday rolled out six "operating practices" to protect water sources where companies drill for natural gas using an increasingly controversial technique.

The Canadian Association of Petroleum Producers, the industry lobby group, said the new guidelines apply to all of its members exploring for and producing natural gas in Canada. The rules address hydraulic fracturing operations in shale gas and tight gas reservoirs.

Water is the key concern. Critics charge that domestic water sources have been contaminated by hydraulic fracturing efforts. Further, opponents want companies to reveal what chemicals they use when trying to pry natural gas from the rocks below. The debate is now a high profile battle after a U.S. environmental regulator said wells belonging to Encana Corp. in Wyoming had contaminated nearby water sources. The Canadian natural gas giant denies the charges, arguing the Environmental Protection Agency's testing methods were faulty.

Companies inject a mix of water, chemicals, and sand into the ground when hydraulic fracturing. The drilling process is designed to crack the rocks below the surface, allowing natural gas to escape.

CAPP's new operating practices include baseline groundwater testing and disclosure of chemical ingredients in fracturing fluid additives for each well and then making the information public.

The group also wants to "safeguard surface water and groundwater quantity" by measuring water sources, ensuring withdrawal limits are not exceeded, and further monitoring steps. The data, CAPP said, will be publicly available. Data on fracking fluids -- such as handling and disposal -- will also be released, along with information on wellbore construction and quality. CAPP also wants its members to "better identify and manage the potential health and environmental risks associated with fracturing fluid additives and ultimately increase the market demand for more environmentally sound fracturing fluids."

The six "operating practices" are not entirely new. They build on and reflect the "principles" for hydraulic fracturing that CAPP released in September.

"Applying these new operating practices will contribute to improving our environmental performance and transparency over time, both of which contribute to stronger understanding of industry activity and better relationships with the public, stakeholders and government," Dave Collyer, CAPP's president, said in a statement.

Regarding We are off to a good start with our three positions showing profits of 62%, 26% and 2% on Wednesday, moving higher on Thursday to show profits of 67%, 30% and 6% respectively.

So on Friday we closed two of these trades, the first gave us a profit of 71.58% and the second gave us a profit of 33.97%.

Its nice to bag a couple of winners before January is out and hopefully 2012 will continue in a successful manner. We do have a number of ideas on the drawing board which we are looking to execute shortly, but only when the risk/reward environment is firmly in our favour.

Please be aware that discussions are taking place regarding an increase in the price for this service for new members, so if you are thinking about joining us, then do it sooner rather later in order to avoid this additional expense. This price increase will not affect the current subscribers whose subscription will remain unchanged.

Our performance stats have now been updated as follows:

Our model portfolio is up 446.55% since inception

An annualized return of 98.38%

Average return per trade of 36.68%

96 completed trades, 88 closed at a profit

A success rate of 91.67%

Average trade open for 50.48 days



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