The discount on Canadian heavy crude eased versus U.S. benchmark West Texas Intermediate (WTI) crude on Monday, but remained at relatively high levels due to large inventories and strained transport. High stockpiles need to ease for the heavy differential to narrow substantially, a Calgary-based energy source said. Western Canadian oil stocks climbed to a record high 39 million barrels as of Nov. 29 due to a temporary outage of the Keystone oil pipeline and a strike by Canadian National [Read More…]
Headlines
Regina refinery using helicopters to bring staff, supplies across picket line
REGINA - Management at Regina's Co-op Refinery say they are flying replacement staff in by helicopter during an ongoing labour dispute. About 700 unionized workers were locked out last week after serving strike notice. Federated Co-operatives Limited says in a statement that employees who have the crossed picket line have been verbally harassed and food shipments for management have been held up. The company says that, as a result, it decided to use helicopters to bring in staff and [Read More…]
Oil prices slip as weak China exports highlights trade war impact
Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-U.S. trade war. West Texas Intermediate oil futures were down 28 cents, or 0.47% to $58.92 a barrel, having risen about 7% last week on the prospects for lower production from 'OPEC+', which is made up of the Organization of the Petroleum Exporting Countries (OPEC) [Read More…]
Briko Energy Corp. Announces Complimentary Property Acquisition
Calgary - Briko Energy Corp. ("Briko" or the "Corporation") is pleased to announce that it has executed a purchase and sale agreement ("PSA") to acquire complementary Cardium oil and natural gas assets in the Alberta foothills (the "Complementary Assets") with an effective date of November 1, 2019. In addition to executing the PSA, Briko is also pleased to announce that it has entered into a $1.5 million credit agreement with Tallinn Capital Energy Corp. ("Tallinn"). The Complementary Assets [Read More…]
Petrus Resources Announces Disposition of Non-Core Assets and Operations Update
CALGARY - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce that it has entered into an agreement for the sale of its oil and natural gas interests in the Foothills area of Alberta to an arm's length private company for total consideration of $1.8 million, subject to customary closing conditions and adjustments (the “Disposition”). The Disposition has an effective date of November 1, 2019 and is expected to close in the first quarter of 2020. NON-CORE ASSET [Read More…]
Saudi energy minister talks OPEC+ unity, backs Aramco to soar
OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters. Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020. In his first interview with Reuters since he became energy minister in September, Prince Abdulaziz bin Salman said he expected OPEC+ producers to [Read More…]
Kenney and cabinet ministers in Ottawa to meet federal counterparts
OTTAWA - Alberta Premier Jason Kenney and eight of his cabinet ministers will be in Ottawa today as part of a trip to meet their federal counterparts. Kenney will speak at the Canadian Club this afternoon and later host a reception. He is also scheduled to meet Prime Minister Justin Trudeau on Tuesday to discuss issues ranging from pipelines to equalization. Kenney has said he will bring up with Trudeau a resolution passed unanimously at the recent meeting of provincial leaders to [Read More…]
International Petroleum Corporation Announces Results of Share Repurchase Program
TORONTO - International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 886,100 IPC common shares (ISIN: CA46016U1084) during the week of December 2 to 6, 2019 under the previously announced share repurchase program. The share repurchase program, announced by IPC on November 7, 2019, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation [Read More…]
Heavy discount unchanged at wide level
The discount on Canadian heavy crude was unchanged versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday, trading at a wider than usual level. Prices were supported by the Keystone pipeline returning to near 90% utilization following a spill in North Dakota Oct. 29, said John Coleman, principal analyst for North American crude oil markets at consultancy Wood Mackenzie. Coleman said the Western Canada Select spread remained wide, however, as new standards for sulfur in marine [Read More…]
Jupiter Receives Further Extension to Credit Facility
CALGARY, Dec. 6, 2019 /CNW/ - Jupiter Resources Ltd. and its affiliates (collectively, "Jupiter" or the "Company") have received a further extension to the maturity date, associated with the Company's existing senior secured reserve-based revolving credit facility (the "RBL Facility"), until December 18, 2019. The commitments under the RBL Facility will be limited to a maximum of $265 million for the extension period, during which the Company will continue to negotiate a longer-term credit [Read More…]
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