Canada’s fleet of active drilling rigs remained at 244 since last week according to data from Baker Hughes. Total drilling count was 244 at January 24. 154 rigs were drilling for oil; 90 for natural gas. The drilling activity in Alberta rose from 170 to 171 since last week. Saskatchewan’s drilling shrank from 52 to 51 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Headlines
Encana completes corporate restructuring to Ovintiv, shift to U.S.
CALGARY - Encana Corp. says it has completed its corporate reorganization under the new name Ovintiv Inc. The shake-up also includes technically moving the company to be U.S.-based, though the company says the move won't change how the Calgary-based company runs its day-to-day activities. Company CEO Doug Suttles said in announcing the change that the domicile move to the U.S. would give the company access to larger pools of investment in U.S. index funds and passively managed accounts, as [Read more]
U.S. drillers add oil rigs for second week in a row
U.S. energy firms added oil rigs for a second consecutive week, raising doubts over producers' plans to continue reducing spending on new drilling for a second year in a row in 2020. Companies added three oil rigs in the week to Jan. 24, bringing the total count to 676, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 862 active rigs. The oil rig count, an early indicator of future output, dropped in 2019 after [Read more]
Oil falls 2% as specter of China virus threatens fuel demand
Oil prices fell 2% on Friday on concern that the spread of a virus from China could lower fuel demand if it stunts economic growth, but losses were limited by a drawdown in U.S. crude inventories. U.S. West Texas Intermediate (WTI) crude ended down $1.15, or 2%, at $54.59 a barrel. Brent crude futures fell $1.17, or 1.9%, to settle at $61.00 a barrel. Two Chinese cities were put in lockdown on Thursday as health authorities around the world scrambled to prevent a global pandemic. The [Read more]
Frack Shack Inc. announces acquisition of operating assets of the Sandtinel group of companies
Acheson, Alberta, January 23, 2020—Frac Shack Inc. (Frac Shack) announced that it has acquired all the operating assets of the Sandtinel Group of Companies (Sandtinel) for an undisclosed amount. Frac Shack will fund the purchase with cash and debt. All Sandtinel employees have also agreed to join the new entity, called Sand Separation Technologies Inc. “Bringing these companies together allows us to continue on our journey to change the world of energy. Both companies have excelled in [Read more]
Canada’s Top E&P Producers Are Choosing Aucerna Software
E&P planning software provider now trusted by 85% of Canada’s top producers Calgary, AB - As of January 2020, 85%(*1) of Canada's top oil and gas producers have chosen Aucerna for planning, operations and reserves software solutions, according to the company. Aucerna is the oil and gas industry's leading provider of front office E&P software. Their portfolio of integrated solutions includes software like Val Nav, Canada's most trusted economics and reserves software, [Read more]
Sides in Regina refinery labour dispute lay down conditions for talks to resume
REGINA - The owner of a Regina oil refinery where workers are locked out in a contract dispute says there has been a discussion with the union about returning to the bargaining table. But Federated Co-operatives Ltd. says that won't happen as long as union members continue to block access to the plant. Unifor's national president, Jerry Dias, says the company is moving the goalposts when it comes to what conditions need to be met to resume bargaining. He says he is to meet with Regina's [Read more]
Strategic Oil & Gas Ltd. Announces Receipt of Repayment Notice and Expected Appointment of Receiver
CALGARY - Strategic Oil & Gas Ltd. (TSXV: SOG) ("Strategic" or the "Company") announces that following discussions with GMT Capital Corp ("GMT"), manager of certain investment funds which hold $14.6 million of the Company's outstanding first-lien secured notes, GMT has delivered a Notice of Intention to Enforce Security under Section 244 of the Bankruptcy and Insolvency Act (Canada) whereby GMT sets forth its intention to enforce its security for repayment of the notes. In connection [Read more]
Oil market shrugs off Libya crisis amid ample global supply
Oil prices fell on Tuesday on expectations that a well-supplied global market, including supplies from record U.S. production, would be able to absorb disruptions that have cut Libya’s crude production to a trickle. U.S. crude fell $1.16, or 2.05%, to $58.88 per barrel. Brent futures dropped $1.28, or 2.01% to $61.36 a barrel. Libya’s barrels “although plentiful when around, have not been a reliable count,” said Brayton Tom, senior risk manager for INTL FCStone’s energy team. “At the [Read more]
Leading Bakken Producer Turns to Cold Bore SmartPAD to Digitize Completion Operations
CALGARY, AB - Cold Bore Technology Inc. (“Cold Bore”), a leader in fracking completion optimization technology, announced today that one of the largest oil producers in North Dakota’s Bakken Formation has integrated the company’s proprietary SmartPAD technology. The SmartPAD platform allows for ultra high-resolution operations data to be captured, analyzed and acted on in real-time. This results in higher levels of efficiency, increased transparency and a safer onsite environment for [Read more]