U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to its lowest in nearly a year as independent producers follow through on plans to cut spending on new drilling with the government cutting its growth forecasts for shale output.Drillers cut nine oil rigs in the week to March 22, bringing the total count down to 824, the lowest since April 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on [Read More…]
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Canada Weekly Rig Count Down 56 to 105
Western Canada’s fleet of drilling rigs decreased by 56 rigs to a total of 105 according to data collected by Baker Hughes for the week of March 22nd. From last Friday, Alberta rig counts went from 116 to 85. Saskatchewan's rig count from 27 to 3. Oil drilling went from 98 to 49; natural gas rigs went from 63 to 56. View a full breakdown of western Canada’s rig activity. [Read More…]
Enerplus Corporation – Non-Core Southeastern Saskatchewan Property Divestiture
Enerplus Corporation (“Enerplus” or the “Company”) has engaged Sayer Energy Advisors to assist with the sale of its non-core properties in the Weyburn, Tatagwaand Colgate areas of southeastern Saskatchewan (the “Properties”). The Company is selling the Properties in order to focus its activities on its core areas. Recent production net to Enerplus from the Properties has averaged approximately 381 barrels of oil per day (16 barrels of oil per day net to Enerplus from Weyburn, 225 barrels of [Read More…]
Oil declines from 2019 highs but set for third weekly gain
Oil fell further from 2019 highs on Friday, but was set for a third straight week of gains due to supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela. U.S. West Texas Intermediate (WTI) futures were at $59.53 per barrel, down 45 cents from their last settlement. WTI marked a 2019 peak in the previous session at $60.39. Brent crude futures were at $67.39 per barrel at 0942 GMT, 47 cents below their last close. Brent hit a four-month high of $68.69 on Thursday. [Read More…]
PSAC Expresses Profound Disappointment with Federal Budget
CALGARY, AB (March 20, 2019) – The Petroleum Services Association of Canada (PSAC) today expressed its profound disappointment with the federal budget announced yesterday with no measures to address Canada’s competitiveness issues to encourage private capital investment and stimulate job creation. Gary Mar, President and CEO of PSAC says “For a government that says it wants to help middle-class Canadians, one measure put forward by PSAC that would have led to $700 million in private capital [Read More…]
Leaders of NDP, United Conservatives rally troops in key Calgary battleground
CALGARY - It was back to the future at a United Conservative campaign rally in Calgary where leader Jason Kenney stirred up the crowd by talking about the old national energy program. Kenney reminded supporters last night that the NEP brought in by former prime minister Pierre Trudeau in 1980 ravaged Alberta's energy industry and economy. And he says the policies of Alberta's NDP government and Prime Minister Justin Trudeau have been doing the same thing. Kenney says Premier Rachel [Read More…]
Late bidding war drives Stampede sponsorship auction to $3.29M bid total
CALGARY - An unexpected late bidding war for the right to sponsor veteran driver Troy Dorchester helped push the annual Calgary Stampede chuckwagon canvas auction to a $47,000 higher total than last year. Sponsorship bids for the 36 rigs competing at the annual tribute to cowboy culture totalled $3.29 million at the end of the event on Thursday night, up from $3.24 million raised at the 2018 auction — but well short of the record of just over $4 million pledged in 2012. The auction is [Read More…]
Eagle Energy Inc. Announces 2018 Annual Results and Reserves Information
CALGARY, March 21, 2019 /CNW/ - (TSX: EGL): Eagle Energy Inc. ("Eagle") today reports its financial and operating results and its reserves information for the year ended December 31, 2018. When reflecting on 2018, Wayne Wisniewski, President and Chief Executive Officer, stated, "Eagle continues to execute its previously announced plan to reduce debt and corporate costs. Our 2018 full year administrative expenses, excluding one-time costs associated with the Salt Flat and Twining dispositions, [Read More…]
Granite Oil Corp. Reports Year End 2018 Financial Results
CALGARY, Alberta, March 21, 2019 (GLOBE NEWSWIRE) -- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO)(OTCQX:GXOCF) is pleased to release its financial results for the year ended December 31, 2018. Granite has filed its audited financial statements for the year ended December 31, 2018, and related Management Discussion & Analysis with the applicable Canadian securities regulatory authorities. Granite's annual financial materials may be viewed in their entirety on www.sedar.com and on [Read More…]
B.C. legislation targets Trans Mountain, say proponent and Alberta government
VANCOUVER - Environmental legislation proposed by British Columbia is specifically targeting the Trans Mountain pipeline expansion and would significantly impact it, the project's proponent and the Alberta government argued Thursday. The B.C. Court of Appeal is hearing a reference case that asks whether the government can amend its Environmental Management Act to create a permitting system for companies that increase the amount of heavy oil they're transporting through the province. B.C. [Read More…]
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