Canadian rig activity has increased for a third consecutive week, reaching 158 active rigs on June 16 compared to 153 on June 9. This represents a decline from earlier in the week, however, as there were 165 active rigs on June 14. Despite this late week dip, the overall upward trend in rig activity appears to be continuing, particularly in Alberta where 5 rigs were added this week. Saskatchewan added an additional 4 rigs, while BC's rig count declined by 1 for the second week in a [Read more]
Headlines
US natgas up 2% to three-month high with hot weather coming in late June
U.S. natural gas futures gained about 2% to a three-month high on Friday on forecasts for demand to soar as the weather turns hot in late June, especially in Texas. Power use in Texas is expected to break records next week as homes and businesses crank up their air conditioners to escape the first heat wave of the 2023 summer season, the state's power grid operator projected on Friday. That will boost the amount of gas burned by power generators since Texas gets most of its power from gas. [Read more]
May-June Licence Activity Review – The Montney reigns supreme yet again
The Montney was the most popular producing formation in a month of licensing that greatly exceeded what we observed in our last two Licence Activity Reviews (March-April and April-May). Between May 12 and June 14, 663 licences were obtained. This represents a 12.1% increase from the previous month and a 56.4% over the month before that. These licences were spread across 84 unique licensees, who accounted for an average of just under 8 licences each. Using data from BOE Intel and Petro Ninja, [Read more]
20 Days ‘Til The Calgary Stampede – New $100 Per Person Corporate Packages Just Released!
The Bootleggin’ Breakfasts are Corporate Calgary’s Largest Stampede Parties Corporate Calgary’s Executive Stampede Parties The One & Only…BOOTLEGGIN’ BREAKFAST Networking & Hosting Clients couldn’t be more fun at the most prestigious venues in downtown Calgary! (Tuesday, July 11, 2023 @ Westin Calgary) (Thursday, July 13, 2023 @ Fairmont Palliser) TUESDAY BREAKFAST: Westin Calgary breakfast (Over 60 years of Stampede Tradition) and the largest Corporate Stampede Party [Read more]
Oil set to snap two-week losing streak on China demand optimism
Oil prices were set to snap a two-week losing streak despite trading marginally lower early on Friday, amid optimism about higher energy demand from top crude importer China and a weaker dollar. Brent futures dipped 17 cents, or 0.2%, to $75.50 a barrel by 0341 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 16 cents, also 0.2%, to $70.46 a barrel. Both benchmarks surged about 3% during the prior session. Data on Thursday showed China's oil refinery throughput rose 15.4% in May [Read more]
This private company drilled a huge oil well, has spud follow up locations nearby, and has been consolidating land in the area
North 40 Resources caught our eye in this month's TOP WELL REPORT. It's not every month we see a well from the Basal Quartz formation as one of the top oil producers in Western Canada, but in April that's exactly what happened. North 40 had a well that produced almost 25,000 barrels of oil in the month, averaging about 828 b/d. While that well alone was newsworthy, we also found it interesting to see the company has spud 2 follow on locations in the last couple of weeks. We will watch those [Read more]
Lucero Energy Corp. announces US$104.6 million asset disposition, revised 2023 guidance and normal course issuer bid
CALGARY, AB, June 15, 2023 /CNW/ - Lucero Energy Corp. ("Lucero" or the "Company") (TSXV: LOU) (OTCQB: PSHIF) is pleased to announce the Company has executed and closed a definitive purchase and sale agreement with an arm's length purchaser, to divest of certain non-strategic, non-operated assets within Lucero's North Dakota Bakken/Three Forks play (the "Disposition" and "Disposed Assets") for cash consideration of C$140.2 million1 (US$104.6 million) before customary closing adjustments2. The [Read more]
Third Eye Capital exits loan in Pieridae Energy with significant returns; retains stock and senior loan at parent company
TORONTO, June 15, 2023 /CNW/ - Third Eye Capital Corporation ("Third Eye Capital"), Canada's leading provider of asset-based financing solutions to companies that are underserved or overlooked by traditional sources of capital, confirmed today that it has substantially exited its investment in Pieridae Energy Limited. (TSX: PEA). Through Erikson National Energy ("Erikson"), a special purpose entity, Third Eye Capital made a net loan of $200 Million to a subsidiary of Pieridae Energy in October [Read more]
Pieridae announces successful refinancing, lower cost of debt, addition of commodity hedges and issue of warrants
CALGARY, Alberta, June 15, 2023 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (“Pieridae”, “PEL”, or the “Company”) (TSX: PEA) is pleased to announce that its wholly-owned subsidiary Pieridae Alberta Production Ltd. (“PAPL” or the “Borrower”) has successfully completed a debt refinancing transaction, resulting in new credit facilities with Prudential Private Capital (“Prudential”) and Voya Investment Management (“Voya”) (together, the “Noteholders”), totaling USD $150 million (the “Financing”). [Read more]
US natgas futures up 4% on soaring prices in Europe, drop in US output
U.S. natural gas futures climbed about 4% to a three-week high on Thursday on soaring gas prices in Europe and a decline in U.S. output. That price increase came despite a drop in the amount of gas flowing to U.S. liquefied natural gas (LNG) export facilities due to plant maintenance. It also preceded a federal report expected to show a bigger-than-usual storage build last week when mild weather limited the amount of gas generation to produce power for cooling. Analysts forecast U.S. [Read more]