Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSXV: SOIL) (FSE: SMK) is pleased to confirm the commencement of its second half 2019 drilling program, an option grant and that an updated corporate presentation has been posted to its website. Second Half 2019 Drilling Program The Company is pleased to confirm that it has commenced its second half 2019 drilling program (the “Program”) focused on increasing production and reserves from the Viking light oil play in west-central [Read more]
Headlines
Pipeline rupture sends 250 barrels of oil into Alberta creek
The Alberta Energy Regulator says a pipeline has spilled approximately 250 barrels of crude oil into a creek. The regulator says on its website that the incident happened Thursday on a Bonterra Energy Corp. line 14 kilometres south of Drayton Valley, Alta. It says the line was shut in and depressurized, and that containment booms were installed. The AER says no impacts to wildlife were reported. Calgary-based Bonterra says in a news release that it began investigating a problem with [Read more]
Husky to resume full production at White Rose field
Husky Energy Inc said on Friday it would resume production from the last two shut-in drill centers at its White Rose field, which was shutdown last year after an oil spill off the Atlantic Coast.The Canadian oil and gas producer said it will now begin an orderly restart process and expects to reach full rates from by early next week.Husky, the operator and majority owner of the White Rose field, said it expects production there to ramp up to about 20,000 barrels per day after the startup. [Read more]
Canada weekly rig count up 2 to 142
Western Canada’s fleet of drilling rigs went up by 2 to 142 according to data collected by Baker Hughes for the week of August 16th. Alberta grew its fleet by 1 to 95, while Saskatchewan increased by 2 to 33. Oil rigs went from 94 to 101, natural gas drilling dropped to 41 from 46. View a full breakdown of Western Canada’s rig activity. [Read more]
A look at the most active plays in Alberta for the first half of 2019
In the top four plays in Alberta, there were 452 wells drilled in total, with 225 gas wells and 224 oil wells. Montney had the most drilling with 172 wells drilled, followed by Cardium at 103, Duvernay at 91, and Viking at 86. Despite gas pricing at very low levels, virtually half the wells drilled in these formations targeted natural gas. Overall, drilling remains very depressed in Alberta as producers continue to face challenges related to continued production curtailments and record [Read more]
Oilsands firms considering diluent recovery units to boost crude-by-rail volumes
CALGARY - Ongoing pipeline project delays and growth in crude-by-rail capacity from Western Canada are leading some oilsands producers to consider spending billions of dollars to build diluent recovery units. Oilsands bitumen is a thick, sticky oil which must be diluted with about half as much light petroleum to flow in a pipeline, but diluent isn't needed for rail transport because the product can be heated for loading and unloading. Eight Capital analyst Phil Skolnick says in a [Read more]
BP publishes LNG contract templates to push industry standardisation
Global oil and gas major BP has published its master sales and purchase contract templates for its liquefied natural gas (LNG) trading business and says it is the first of its peers to do so. BP , which has a global LNG portfolio made up of volumes it has produced or bought, said on its website it expects that publishing its LNG master sales and purchase agreement (MSPA) templates will "contribute to the broader discussion around standardisation and liquidity for LNG transactions." The LNG [Read more]
Bid for Inter Pipeline highlights Canada’s oil sector bright spot
A recent unsolicited bid for Inter Pipeline Ltd has highlighted the potential of Canada's midstream companies to offer insulation from volatile oil prices. Inter Pipeline, Pembina Pipeline Corp and Keyera Corp own key infrastructure such as gathering pipelines, gas-processing plants and storage tanks that are in high demand, and reported record second quarter profits. They are sometimes overlooked, however, because of the wider energy sector's problems of congested export channels and low [Read more]
OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus
OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply. In a monthly report, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and indicated the market will be in slight surplus in 2020. The bearish outlook due to slowing [Read more]
Perpetual Energy Inc. Receives Favourable Decision Relating to the Ongoing Sequoia Litigation
Perpetual Energy Inc. ("Perpetual" or the "Company") is pleased to announce that the Alberta Court of Queen's Bench (the "Court") has dismissed and struck all but one of the claims filed by PriceWaterhouseCoopers Inc. LIT ("PWC"), in its capacity as trustee in bankruptcy of Sequoia Resources Corp. ("Sequoia") against Perpetual and Sue Riddell Rose, the Company's President and Chief Executive Officer ("Ms. Rose"). These claims relate to a transaction that involved the sale by Perpetual of legacy [Read more]