Western Canada’s fleet of drilling rigs jumped from 139 to 150 according to data collected by Baker Hughes for the week of August 30th. Alberta gained 2, moving to 96, while Saskatchewan had a large increase in drilling, rising from 32 to 40 rigs. The number of oil rigs rose from 95 to 105 as natural gas drilling also increased, from 44 from 45. Despite this nearly 8% increase from the previous week, drilling remains depressed as producers continue to face challenges related to [Read more]
Headlines
Oil prices fall but set for weekly gain as trade row rhetoric eases
Oil prices gave back some of their recent gains on Friday, but were still headed for the biggest weekly increase since early July, boosted by an easing of China-U.S. trade rhetoric, a decline in U.S stockpiles and a looming hurricane in Florida. U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 77 cents, or 1.36%, to $55.94 a barrel. The contract is set for a gain of over 3% this week. Worries about a slowdown in economic growth and the impact on oil demand due to the trade [Read more]
Analysts slash oil price forecasts due to fears over economy, trade
Analysts have slashed their oil price forecasts to the lowest in more than 16 months, citing softening global demand as an economic slowdown looms and uncertainty prevails on the U.S.-China trade front, a Reuters poll showed on Friday. The 2019 outlook for West Texas Intermediate crude futures was cut to the lowest since January 2018, at $57.90 per barrel, below last month's $59.29 forecast. WTI has averaged $57.13 this year. The survey of 51 economists and analysts forecast Brent crude [Read more]
Prospera Energy Inc. reports Q2 results 2019
Prospera Energy Inc. (TSXV:PEI)(FRA:OF6A) ("Prospera", the "Corporation") is pleased to announce its financial and operating results for the six months ended June 30, 2019. The condensed interim financial statements, and related management’s discussion and analysis ("MD&A") will be available at www.sedar.com and www.prosperaenergy.com. OPERATION AND FINANCIAL SUMMARY The Corporation’s oil and gas revenues have experienced significant growth due to changes in production volumes and the [Read more]
Bill C-69 becomes law, Alberta calls it ‘dark day’
The Trudeau government has passed the highly contentious Bill C-69, also dubbed by many pro-oil industry advocates as the 'no more pipelines act'. Alberta quickly responded, vowing legal challenges to what it sees as an attack on Alberta and national interests. Energy Minister Sonya Savage and Justice Minister Doug Schweitzer issued the following statement about the proclamation of Bill C-69: This is a dark day for Alberta and Canada as a whole. As we have said loudly and repeatedly, [Read more]
Encana Announces Preliminary Results of Substantial Issuer Bid
Encana Corporation (NYSE,TSX: ECA) today announced the preliminary results of its substantial issuer bid (the "Offer"), which expired at 5:00 p.m. (Eastern time) on August 28, 2019. Based on the preliminary count by AST Trust Company (Canada), the depositary for the Offer, a total of 127,043,382 common shares of Encana Corporation ("Shares") were properly tendered and not properly withdrawn, including 1,573,848 Shares that were tendered through notice of guaranteed delivery. In accordance [Read more]
Saturn Oil & Gas Inc. Announces Q2 2019 Results Highlighted by Record Production
Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) today announced its financial and operating results for the three and six month period ended June 30, 2019. The Company’s unaudited interim financial statements and corresponding Management’s Discussion and Analysis (“MD&A”) for the three and six month period ended June 30, 2019, are available on SEDAR at www.sedar.com and on Saturn’s website at www.saturnoil.com. Copies of the materials can also be obtained [Read more]
Last Chance to Register for 2019 CAPL Conference
We are just under three weeks away from this year’s 2019 CAPL Conference! The Conference Committee is excited to bring you another great conference with diverse educational opportunities, fun activities and plenty of networking with your peers. There are limited spots available for some activities and education sessions, so sign up soon so you don't miss out on everything you want to attend. Visit landman.ca/CAPLconference now for more information and to register! Can't make the entire [Read more]
U.S. crude stocks drop 10 million barrels as imports slow: EIA
U.S. crude oil inventories fell sharply last week to their lowest since October last year as imports slowed, while gasoline and distillate stockpiles also declined, the Energy Information Administration said on Wednesday. Crude inventories fell 10 million barrels in the week to Aug. 23, compared with analysts’ expectations for a decrease of 2.1 million barrels. At 427.8 million barrels, U.S. crude oil inventories were at the five year average for this time of year. The decline was broadly [Read more]
Oil prices rise on drop in U.S. crude inventories
Oil prices rose on Wednesday after industry data showing a fall in stockpiles of U.S. crude somewhat eased worries about subdued demand due to the China-U.S. trade war. West Texas Intermediate (WTI) crude futures CLc1 gained 79 cents to $55.72 a barrel by 1204 GMT. Brent crude futures LCOc1 climbed 70 cents to $60.21 a barrel. The two benchmarks are headed for monthly losses of around 8% and 5%, respectively, weighed down by trade barriers between the world’s two biggest oil [Read more]