CALGARY, Alberta, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Traverse Energy Ltd. (“Traverse” or “the Company”) (TSX Venture: TVL) presents financial and operating results for the three and nine months ended September 30, 2018. Three months ended Sept. 30, Nine months ended Sept. 30, Highlights (unaudited) 2018 2017 2018 2017 Financial ($ thousands, except per share amounts) Petroleum and natural gas revenue 1,769 2,173 5,526 7,814 Cash from operating [Read More…]
Headlines
Oil ekes out a gain, settling at $56.46, despite big jump in US crude stockpiles
Oil futures rose on Thursday, steadying after this week's steep losses as fuel stockpile declines in the United States helped offset concerns about a potentially oversupplied market next year. U.S. crude futures ended Thursday's session 21 cents higher at $56.46. Prices have also been supported by OPEC signaling possible output cuts in 2019. Brent crude oil futures rose 42 cents to $66.54 a barrel by 2:22 p.m. ET. Prices pared gains after data from the U.S. Energy Information [Read More…]
Can US shale oil meet the IEA’s supply gap in 2025? A message of hope for the industry
In it’s World Energy Outlook 2018 issued on November 13, the IEA stated US Shale will need to add another "Russia" before 2025, or roughly 11 million barrels per day if forecast energy demand is to be met. Given the recent crash in world oil prices due to a number of competing geo-political factors (as is usually the case), and the angst in the patch, I thought it interesting to test this thesis. As an aside, the OECD storage levels were at the five-year average in October at 2.848 billion [Read More…]
Alberta energy firms split on call for government imposed production cuts
CALGARY - Oilsands and refining giants Suncor Energy Inc. and Husky Energy Inc. are rejecting a call by rival Cenovus Energy Inc. for government-imposed production cuts to reduce an oversupply of oil in Alberta linked to steep price discounts. Suncor spokeswoman Sneh Seetal says the company has no exposure to the "differential" between Western Canadian Select bitumen-blend crude and New York-traded West Texas Intermediate and therefore shouldn't have to reduce its production. She says the [Read More…]
Cardium Light Oil, Drill Ready Prospect Available to Industry
Highlights: 12.5 sections (8,000 gross acres; 7,552 net). Average working interest across all lands is 94%. 100% owned existing surface lease with facilities and adjacent high grade road & NG pipeline tie-in, including a vertical Cardium Fm. producing oil well (7-12-59-25W5) Pad drilling from up to 5 existing surface leases allows for up to 23 horizontal locations (@ 4 wells per section spacing) with year-round access. Infrastructure and available capacity also in place. [Read More…]
Visit the GPS Team this Friday Nov 16 for Super Early Bird Conference Pass Pricing
Suncor announces Steve Williams’ retirement and transition plan
Mark Little, chief operating officer appointed president and will become chief executive officer at Suncor’s 2019 Annual General Meeting CALGARY, Alberta, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Suncor today announced that Steve Williams will retire as chief executive officer at the company's Annual General Meeting on May 2, 2019. Mark Little, chief operating officer is appointed president effective immediately and will assume the role of chief executive officer upon Williams’ retirement next [Read More…]
Ikkuma Resources Obtains Financing and Provides Activity Update
TSX Venture Exchange: IKM-V CALGARY, Nov. 14, 2018 /CNW/ - Ikkuma Resources Corp. ("Ikkuma" or the "Corporation") is pleased to provide an update on financing and its recent activity. Ikkuma is pleased to announce that it has completed a financing for a $20 million senior secured term loan (the "Term Loan") with Alberta Investment Management Corporation ("AIMCo"). The Term Loan bears annual interest at 9.5% and matures on the earliest of the closing of the Corporation's proposed business [Read More…]
Freehold Royalties Ltd. Announces Strong Growth in Funds from Operations and Third Quarter Results
CALGARY, Alberta, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Freehold Royalties Ltd. (Freehold) (TSX:FRU) announced third quarter results for the period ended September 30, 2018. RESULTS AT A GLANCE Three Months Ended Nine Months Ended September 30 September 30 FINANCIAL ($000s, except as noted) 2018 2017 Change 2018 2017 Change Royalty and other revenue 40,815 33,938 20 % 120,334 113,459 6 % Net income 8,389 103 - 18,198 [Read More…]
Natural Resources minister says new pipelines the answer to oil price problems
CALGARY - Natural Resources Minister Amarjeet Sohi says he shares Albertan's "frustration" at billions of dollars being lost to the Canadian economy due to oil price discounts linked to export pipeline capacity constraints. But he says Ottawa is focused on finding long-term solutions by getting approval for new export pipelines such as the Trans Mountain pipeline expansion project it bought in August and by pursuing Bill C-69 to reform the National Energy Board. Following a speech at an [Read More…]
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