CALGARY, AB (May 1, 2019) – Today, the Petroleum Services Association of Canada (PSAC) in its Midyear Update to the 2019 Canadian Oilfield Services Activity Forecast lowered, for a second time, its Forecast for the number of wells drilled (rig released) in 2019 across Canada to 5,300 wells - a drop of 1,300 or twenty per cent (20%) from the original Forecast of 6,600 in November 2018. PSAC has based its updated Forecast on an average natural gas price of C$1.65/mcf (AECO), crude oil price of [Read more]
Headlines
Painted Pony Maintains Credit Capacity and Reduces Net Debt by $55 million, Announces First Quarter Financial and Operating Results
CALGARY, May 1, 2019 /CNW/ - Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) is pleased to announce first quarter financial and operating results. HIGHLIGHTS: Maintained total credit capacity of $400 million; Reduced bank debt by approximately $55 million at the end of the first quarter of 2019 compared to the first quarter of 2018; Generated adjusted funds flow from operations of $46.5 million ($0.29 per share basic), compared to $46.6 million ($0.29 per [Read more]
Morneau insists LNG export terminal shows Canada can deliver big projects
OTTAWA - Finance Minister Bill Morneau argues that a $40-billion project to eventually ship liquefied natural gas to Asia from Canada's west coast shows the country can still get big things done. The federal Liberals have been facing criticism from some political foes and business leaders over Canada's regulatory hurdles, including those blamed for holding back the construction of oil pipelines out of Alberta. Morneau insists work is already underway on the LNG Canada project in British [Read more]
Alberta proclaims law that could cut energy flows to British Columbia
The new Alberta government has proclaimed into a law an act enabling it to restrict the flow of oil and gas to neighbouring British Columbia, raising the stakes in a spat between Canada's two westernmost provinces over the Trans Mountain pipeline. Alberta Premier Jason Kenney and his cabinet were sworn in on Tuesday and proclaimed the "Preserving Canada's Economic Prosperity Act" as their first order of business, Kenney told reporters at a press conference on Wednesday. The legislation, [Read more]
Trident Exploration Corp. Ceases Operations
Calgary, Alberta – We regret to announce that Trident Exploration Corp. (“Trident”) ceased operations effective April 30, 2019. All 33 employees and 61 contractors have been terminated and approximately 4,700 wells are being transitioned to the care of the AER. Trident’s total estimated abandonment and reclamation obligations are approximately $329 million. Behind these obligations, we do not anticipate any recovery for shareholders and unsecured creditors. Likewise, any recovery for secured [Read more]
Feds to exempt oilsands from new reviews unless Kenney lifts emissions cap
OTTAWA - The federal government is warning the new government in Alberta not to scrap the province's legal limit on total emissions from oilsands of 100 million tonnes a year. Ottawa has issued a proposed list of projects that will be subjected to a controversial new environmental-impact assessment process, including major interprovincial pipelines, large hydro dams and offshore wind farms. The list indicates new in situ oilsands projects won't have to go through the new review as long the [Read more]
Costs of Canadian Oil Sands Projects Fell Dramatically in Recent Years; But Pipeline Constraints and other Factors Will Moderate Future Production Growth, IHS Markit Analysis Says
WASHINGTON--(BUSINESS WIRE)--The cost of building and operating oil sands projects has fallen dramatically in recent years and total oil production is expected to rise by another 1 million barrels per day (mbd) by 2030. But external factors—such as price uncertainty caused by pipeline constraints—are contributing to a more moderate pace of production growth than in years past, a new report by business information provider IHS Markit (Nasdaq: INFO). The report, entitled Four Years of Change, [Read more]
Pulse Oil Corp. Announces 2018 Year-End Results: A Year of Growth; Second Bigoray Well Drilled and Cased for Production
CALGARY, May 1, 2019 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) is pleased to report the Company's consolidated financial statements for the year ended December 31, 2018 ("FY 2018") and accompanying management's discussion and analysis are now filed and available for viewing under the Company's profile at www.sedar.com. Pulse's first full year as a public company resulted in significant growth in all measured corporate financial metrics, including its 2018 [Read more]
Traverse Energy Ltd.: Duvernay & Uphole Rights Divestiture
Sayer Energy Advisors has been engaged to assist Traverse Energy Ltd. (“Traverse” or the “Company”) with the sale of its prospective Duvernay oil rights and available uphole rights located in the Buffalo Lake, Chigwell and Pigeon Lake areas of Alberta (the “Properties”). Traverse holds a 100% working interest in all of the Properties. At Chigwell, the Company holds 61.25 sections of prospective Duvernay oil rights. The Duvernay rights are a mixture of Freehold and Crown rights with no [Read more]
A (second, less cranky) open letter to Victoria’s Mayor
Dear Mayor Helps, A few months ago, Canadians noticed in the news that Victoria was considering a lawsuit against petroleum companies to hold them accountable for the effects of climate change. The story broke soon after Whistler’s mayor signed a letter to oil companies asking for compensation for same, and the one-two punch was too much for Canada’s energy industry. The howls of outrage were heard across the land, and no one howled louder than I did. In early April, my shrieking subsided a [Read more]