Oil and gas producer Canadian Natural Resources Ltd said on Friday it would temporarily shut-in about 65,000 barrels per day (bbl/d) of crude oil production due to forest fires in Alberta.The company on Thursday completed the evacuation of all 240 personnel at its Pelican Lake and Woodenhouse operations, it said in a statement. (Reporting by Rama Venkat in Bengaluru; Editing by Cynthia Osterman) [Read more]
Archives for May 2019
Canadian Natural Resources Limited Provides an Update on the Impact of Alberta Forest Fires
CALGARY, Alberta, May 31, 2019 (GLOBE NEWSWIRE) -- With the protection and safety of our people and assets as the utmost priority, Canadian Natural Resources Limited (“Canadian Natural”) is closely monitoring the wildfires in the Wabasca and Slave Lake, Alberta areas. In response to the wildfires, Canadian Natural completed on May 30, 2019 the evacuation of all 240 personnel in our Pelican Lake and Woodenhouse operations. Accordingly, Canadian Natural has completed the safe, temporary shut-in [Read more]
Petrus Resources Announces Credit Facility And Operations Update
CALGARY, Alberta, May 31, 2019 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces the completion of the 2019 annual review of its revolving credit facility ("RCF"), and provides an operations update. REVOLVING CREDIT FACILITY The 2019 annual review of the RCF has been completed. The RCF syndicate of lenders have reduced the Company's borrowing base of $110 million to $100 million. The revolving period has been extended to May 31, 2020 and the maturity [Read more]
B.C. sets timelines, funding requirements for orphaned oil and gas wells
VICTORIA BEACH, Man. - British Columbia's Oil and Gas Commission says the province is the first in Western Canada to impose legal timelines for the restoration of oil and gas wells. The commission says the regulation is part of a new liability management plan that ensures all the costs of reclaiming oil and gas sites continues to be paid by industry. Energy Minister Michelle Mungall says the changes address long-standing concerns raised by the public about orphaned wells. The regulation [Read more]
Saskatchewan takes federal carbon tax fight to Supreme Court of Canada
SASKATOON - The Saskatchewan government has filed notice that it is taking its challenge of the federal carbon tax to the Supreme Court of Canada. Justice Minister Don Morgan says the province will ask the high court to rule on whether the tax is constitutional and whether Ottawa has the jurisdiction to impose it. Saskatchewan's Court of Appeal ruled in a split decision earlier this month that the tax is constitutional. It also said that establishing minimum national standards for a [Read more]
Marksmen Announces Proposed Private Placement
CALGARY, Alberta, May 31, 2019 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSX Venture: MAH) (OTCQB: MKSEF) announces that it plans to complete a non-brokered private placement of up to 7,000,000 units (the “Units”) of Marksmen at a price of $0.05 per Unit for aggregate gross proceeds of up to a maximum of $350,000 (the “Offering”). There is no minimum Offering. The Units will be comprised of one (1) common share (“Common Share”) and one-half of one (1/2) share [Read more]
Bellatrix Files Substantially Final Versions of New Note Indentures in Connection With Its Recapitalization Transaction
CALGARY, Alberta, May 31, 2019 (GLOBE NEWSWIRE) -- Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX: BXE) announced today that, in connection with its previously announced recapitalization transaction (the “Recapitalization Transaction”) to be implemented pursuant to Bellatrix’s court approved plan of arrangement under the Canada Business Corporations Act (the “Plan of Arrangement”), the Company has substantially finalized the following documents, each of which is to be finalized [Read more]
Canada Weekly Rig Count Up 7 to 85
Western Canada’s fleet of drilling rigs went up by 7 to 85 according to data collected by Baker Hughes for the week of May 31st. From last Friday, Alberta rig counts went from 53 to 56. Saskatchewan's rig count increased from 11 to 17. Oil drilling went from 38 to 44; natural gas rigs went from 40 to 41. View a full breakdown of western Canada’s rig activity. [Read more]
Pembina Pipeline Corporation Announces Further Adjournment of Special Meeting of Class A Preferred Shareholders
CALGARY, May 31, 2019 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced that the special meeting of Class A preferred shareholders held on May 31, 2019 to consider the amendment to the Company's articles to increase the limit on the number of Class A preferred shares that the Company is authorized to issue was convened and adjourned, without any business considered, in order to provide Class A preferred shareholders with a further opportunity [Read more]
U.S. drillers cut oil rigs for sixth straight month-Baker Hughes
U.S. energy firms this week increased the number of oil rigs operating for the first time in four weeks but cut the rig count for the sixth straight month as most drillers cut spending plans. Companies added three oil rigs in the week to May 31, bringing the total count to 800, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 861 rigs operating during the same week a year ago. For the month, drillers cut the number [Read more]
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