Canada's heavy crude differential to U.S. futures widened on Tuesday as the monthly Canadian crude market trade cycle began:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $13.60 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Friday, WCS for August delivery settled at $13.30 a barrel below WTI crude futures.* Tuesday was the first day of the monthly trading window when liquidity picks up. It [Read more]
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Gibson Energy Announces Closing of Sale of Canadian Truck Transportation
CALGARY, Alberta, July 02, 2019 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today it has closed the sale of its Canadian Truck Transportation businesses to Trimac Transportation (“Trimac”) for gross proceeds of approximately $70 million prior to customary closing adjustments, with the potential for additional proceeds depending on the performance of the business over the next several years. As part of the sale of its Canadian Truck Transportation [Read more]
Canada aboriginal pipe dream might end Trudeau’s Trans Mountain nightmare
An indigenous-led group plans to offer to buy a majority stake in the Trans Mountain oil pipeline from the Canadian government this week or next, a deal that could help Prime Minister Justin Trudeau mitigate election-year criticism from environmentalists.The group, called Project Reconciliation, aims to submit the C$6.9 billion ($5.26 billion) offer as early as Friday, managing director Stephen Mason told Reuters, and start negotiations with Ottawa two weeks later.Project Reconciliation said the [Read more]
ARC Financial Corp. closes ARC Energy Fund 9
CALGARY, July 2, 2019 /CNW/ - Canada's largest energy-focused private equity manager, ARC Financial Corp. ("ARC"), announced that it has closed its ninth private equity fund, ARC Energy Fund 9 with $780 million of capital from institutional investors across Canada, the United States and Europe. Consistent with ARC's prior funds, ARC Energy Fund 9's investment strategy will focus on private Canadian entrepreneurial exploration & production and oilfield service companies. ARC has [Read more]
Oil dives 3% on demand worries even as OPEC, allies extend cuts
Oil prices fell more than 3% on Tuesday, even after OPEC and allies including Russia agreed to extend supply cuts until next March, as weak manufacturing data had investors worried that a slowing global economy could dent oil demand. U.S. West Texas Intermediate (WTI) crude futures fell $2.20, or 3.7%, to $56.89 a barrel, after touching their highest in more than five weeks on Monday. The Organization of the Petroleum Exporting Countries and other producers such as Russia, a group [Read more]
Pieridae Energy Limited Announces Closing of Non-Brokered Private Placement of Common Shares and Convertible Debentures for a Total of $12.2 Million
CALGARY, Alberta, July 02, 2019 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (Pieridae or the Company) (TSXV: PEA) is pleased to announce that it has closed its previously announced (i) non-brokered private placement of common shares of the Company at a price of $0.86 per share for gross proceeds of $2.2 million (the “Common Share Offering”) and (ii) a non-brokered private placement of a secured convertible debenture of the Company (the “Convertible Debenture”) for aggregate gross proceeds of $10 [Read more]
OPEC and allies extend oil supply cut in bid to boost prices
OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars. The alliance, known as OPEC+, has been reducing oil supply since 2017 to prevent prices from sliding amid increasing competition from the United States, which has overtaken Russia and Saudi Arabia to become the world’s top producer. Asked by reporters whether agreement had been reached, Saudi Energy [Read more]
Obsidian Energy Announces Extension of Syndicated Credit Facility Redetermination Date
CALGARY, July 1, 2019 /CNW/ - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") announces the Company's banking syndicate has extended the syndicated credit facility redetermination date until August 30, 2019 as we progress through the necessary provisions in regard to the Peace River Oil Partnership ("PROP") disposition and continue to evaluate the potential of an unsecured bond offering, which remains subject to market conditions and [Read more]
U.S. Henry Hub natgas prices for June fall to lowest in 20 years
U.S. spot natural gas prices in June at the Henry Hub benchmark in Louisiana dropped to their lowest for the month since 1999 as record production so far this year allowed utilities to inject huge amounts of gas into storage. Next-day prices averaged $2.40 per million British thermal units (mmBtu) in June. That compares with an average of $2.97 in June 2018 and a five-year (2014-2018) average of $3.16. In June 1999, prices averaged $2.29. So far in 2019, next-day gas prices have [Read more]
Pacific Oil & Gas Limited Closes Acquisition of Canbriam Energy Inc.
CALGARY, June 28, 2019 /CNW/ - Pacific Oil and Gas Ltd. ("PO&G") and Canbriam Energy Inc. ("Canbriam") are pleased to announce that PO&G has completed the acquisition of all the issued and outstanding shares of Canbriam. "We welcome the Canbriam team to Pacific Oil and Gas Ltd," said Ratnesh Bedi, President of PO&G. "Our intention is to continue to produce the cleanest natural gas from the Montney region, and to help reduce global GHG emissions by sharing that resource through [Read more]