BOE Report Staff

Canada's fleet of active drilling rigs increased by 10 from last week according to data from Baker Hughes. Total drilling count was 137 at August 2. 91 rigs were drilling for oil; 46 for natural gas. Counts are still well below the activity levels from one year ago, when 223 rigs were working. Both oil and gas drilling are down considerably from last years counts by 61 and 25 respectively. Historically, drilling activity levels are steadily active from summer until the end of the year. [Read more]

Calgary, Alberta – Hillcore Group (Hillcore), is pleased to announce the acquisition of Treeline Well Services Inc. Founded in 1997 and headquartered in Calgary, Alberta, Treeline is a best-in-class provider of oil and gas well services to energy companies operating across Western Canada. Treeline operates a modern fleet of 23 new generation (post-2000) service rigs that includes 17 high hook load doubles. Treeline is currently the largest private service rig provider in Canada and is [Read more]

Today, the Petroleum Services Association of Canada (PSAC), in its third update to its 2019 Canadian Drilling Activity Forecast, announced that it is decreasing its forecasted number of wells to be drilled (rig released) across Canada for 2019 from 5,300 (May 2019 revision) to 5,100 wells drilled. PSAC based its updated 2019 Forecast on average natural gas prices of $1.60 CDN/Mcf (AECO), crude oil prices of US$57.00/barrel (WTI) and the Canada-US exchange rate averaging $0.76. On a provincial [Read more]

Oil prices rose for a fifth day on Wednesday, supported by a drop in U.S. inventories and investor expectations that the U.S. Federal Reserve will lower borrowing costs for the first time since the financial crisis more than a decade ago. Brent crude futures, the international benchmark for oil prices, were up 42 cents, or 0.6%, at $65.14 a barrel by 1105 GMT. U.S. West Texas Intermediate crude gained 40 cents, or 0.7%, to $58.45 a barrel. For the month, however, both contracts were [Read more]

RSM Canada ("RSM"), the leading global provider of audit, tax and consulting services focused on middle market businesses, today launched its second edition of ‘The Real Economy, Canada’ – a quarterly report that provides Canadian businesses with economic analysis and insights into what is driving growth in Canada's middle market. RSM Canada’s second report of the year explores the potential impact that macro-level trends or large-scale projects such as the Trans Mountain Expansion Project, [Read more]