Oil prices slipped on Friday, but both benchmarks posted a weekly gain on rising concerns over further Middle East supply disruptions due to U.S.-Iran political tensions. A deputy head of Iran’s elite Revolutionary Guards said on Friday Iran could “easily” hit U.S. warships in the Gulf, the latest in days of sabre-rattling between Washington and Tehran. Meanwhile Iran’s top diplomat worked to counter U.S. sanctions and salvage a nuclear deal denounced by President Donald Trump. U.S. [Read More…]
Headlines
Canada Weekly Rig Count Remains Unchanged at 63
Western Canada’s fleet of drilling rigs stayed at 63 according to data collected by Baker Hughes for the week of May 17th. From last Friday, Alberta rig counts went from 42 to 43. Saskatchewan's rig count declined from 2 to 1. Oil drilling went stayed at 22; natural gas rigs remained at 41. View a full breakdown of western Canada’s rig activity. [Read More…]
U.S. oil drillers cut rigs to lowest count since March 2018
U.S. energy firms this week reduced the number of oil rigs operating for the second week in a row, with the rig count at its lowest since March 2018, as some drillers follow through on plans to cut spending. Despite those cuts, production in the nation's biggest shale formations was expected to keep rising from record levels. Drillers cut three oil rigs in the week to May 17, bringing the total count down to 802, below the 844 units operating a year ago, General Electric Co's Baker Hughes [Read More…]
Canadian Senate committee passes amendments on Bill C-69
A Canadian Senate committee has passed 187 amendments to a controversial energy bill proposed by the Liberal government that would change how the environmental impact of major projects like oil export pipelines is assessed. The amendments, approved late on Thursday, were welcomed by the premier of Canada's main crude-producing province Alberta, but environmental groups warned they represent a step backwards in Canada's commitment to tackling climate change. Bill C-69 will now go back to [Read More…]
Traverse Energy Announces 2019 First Quarter Results
CALGARY, Alberta, May 16, 2019 (GLOBE NEWSWIRE) -- Traverse Energy Ltd. (“Traverse” or “the Company”) (TSX Venture: TVL) presents financial and operating results for the three months ended March 31, 2019. Three Months Ended Highlights (unaudited) March 31, 2019 December 31, 2018 March 31, 2018 Financial ($ thousands, except per share amounts) Petroleum and natural gas revenue 1,582 1,191 1,979 Cash from [Read More…]
Obsidian Energy Announces Proposed Sale of its 55% Working Interest in the Peace River Oil Partnership
CALGARY, May 17, 2019 /CNW/ - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce it has signed a purchase and sale agreement (the "Agreement") to sell its 55% working interest in the Peace River Oil Partnership ("PROP") for total consideration of approximately $97 million, before normal closing adjustments. Total consideration includes $85.8 million in cash and cash equivalents, with the remainder comprised of [Read More…]
Highwood Oil Company Ltd. Announces the Strategic Acquisition of a Premier Oil Resource Play at Peace River
CALGARY, May 16, 2019 /CNW/ - Highwood Oil Company Ltd., ("HOCL", "Highwood" or the "Company") (TSXV: HOCL) is pleased to announce that it has entered into an agreement with a publicly traded oil and gas exploration and production company (the "Vendor") to purchase high quality oil assets in the Peace River Oil region of Northern Alberta for a total transaction value of $93.8 million, comprised of cash considerations of $88.8 million and equity consideration of $5.0 million prior to customary [Read More…]
Kenney lauds Senate committee rejecting tanker ban, promises to continue fight
CALGARY - Alberta Premier Jason Kenney is calling for a full-court press to kill Ottawa's proposed B.C. coast tanker ban now that it has been defeated in a Senate committee. Kenney says he hopes the full Senate will follow the lead of its transportation and communications committee and reject Bill C-48. He says that in the meantime he hopes to rally support for his cause by meeting with Alberta senators next week and having his energy minister head to Ottawa to make Alberta's case to [Read More…]
Connacher Announces Meetings of Creditors and Approval of Amended and Restated Support Agreement
CALGARY, May 16, 2019 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") announced today that its plan of compromise and arrangement dated May 6, 2019 (the "Plan") has been accepted for filing by the Court of Queen's Bench of Alberta (the "Court") in connection with the Company's restructuring proceedings under the Companies' Creditors Arrangement Act (the "CCAA"). In connection with the filing of the Plan, the Court has granted: (i) an order (the "Amended and Restated [Read More…]
Scheer pledges to limit spending, build energy corridor
Canada's Conservative Party leader Andrew Scheer on Thursday said if he is elected in the October national election he will rein in spending, build oil pipelines and put the country on a path to energy independence by 2030. In a 14-page speech delivered in Toronto, Canada's financial capital, Scheer attacked Liberal Prime Minister Justin Trudeau, who he says has "blown it all." It was the second of five promised policy speeches by Scheer following one on foreign policy last week. Scheer's [Read More…]
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