Point Loma Resources Ltd. (TSX VENTURE: PLX) (the “Corporation” or “Point Loma”) is pleased to announce the spudding of the first farmout well of the Corporation’s recently announced two well farmout program with partner Salt Bush Energy Ltd. (“Salt Bush”). Highlights Rex oil horizontal was spudded July 27, 2019. Once drilled, the well is expected to be completed and evaluated prior to the end of August 2019. Salt Bush Energy is paying 100% of the costs to drill, complete and equip to [Read more]
Headlines
U.S. natgas futures slip to fresh 3-year low on rising production
U.S. natural gas futures fell to a fresh three-year low on Monday with spot prices at their lowest in years, production rising close to record highs and forecasts for less demand this week than previously expected. Analysts noted the front-month has traded around multi-year lows since late May despite power demand and liquefied natural gas (LNG) exports close to all-time highs, as near-record production and mild spring weather allowed utilities to inject huge amounts of gas into [Read more]
Appeal of NEB pipeline jurisdiction decision ‘highly probable’: B.C. activist
CALGARY - B.C. environmental activist Mike Sawyer says it's "highly probable" he will appeal a National Energy Board ruling that a pipeline designed to deliver natural gas to the $40-billion LNG Canada project falls under provincial, not federal, jurisdiction. The NEB ruled Friday against Sawyer's application which contended the $6.2-billion Coastal GasLink project proposed by TC Energy Corp. falls under federal jurisdiction because it will connect with the Nova Gas Transmission Ltd. [Read more]
Vermilion Energy Inc. Announces Results for the Three and Six Months Ended June 30, 2019
CALGARY, July 29, 2019 /PRNewswire/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) is pleased to report operating and condensed financial results for the three and six months ended June 30, 2019. The unaudited financial statements and management discussion and analysis for the three and six months ended June 30, 2019, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at [Read more]
Shield Industries announces new manufacturing facility in Hythe
CALGARY – July 29, 2019 – Shield Industries Ltd (“Shield”) is pleased to announce the commissioning of its new manufacturing facility in Hythe, AB. The new location will be focused on oilfield equipment fabrication such as storage tanks, low pressure vessels, pressure piping and structural steel. This strategically located new facility complements the original Taber location and enhances Shield’s ability to service local Montney and Duvernay focused producers, as well as midstream and service [Read more]
Canada Rig Count up 9 from last week, down 96 from one year ago
Canada's fleet of active drilling rigs increased to 127 from the previous week's count of 118 according to Baker Hughes. Oil drilling totaled 85 rigs, while natural gas drilling totaled 42. Alberta was the only province with an uptick in activity, increasing its total from 63 to 73. Drilling activity has remained very depressed in western Canada as producers continue to face challenges related to continued Alberta production curtailments, record low natural gas prices and generally poor [Read more]
Canada regulator says no federal scrutiny needed for LNG project gas pipeline
TC Energy Corp's proposed Coastal GasLink pipeline to supply the LNG Canada project in northern British Columbia is not subject to federal regulation, Canada's National Energy Board (NEB) said on Friday. The decision means the 670-kilometer-long (416 miles) natural gas pipeline will not have to submit a new application for approval and cuts the risk of extra regulatory scrutiny delaying construction. Once built, Coastal GasLink will run from Dawson Creek in the northeast of the province to [Read more]
Alberta government eases oil production curtailments for September
The government of Canada's main crude-producing province Alberta eased oil production curtailments for September on Friday, setting the new limit at 3.76 million barrels per day (bpd). That is a 25,000 bpd increase on the August production limit. Alberta introduced curtailments effective Jan. 1 2019 to ease congestion on export pipelines that left crude stranded in storage tanks and pushed the discount on Canadian crude versus U.S. barrels to record levels. "Alberta is increasing [Read more]
Indigenous-led group submits preliminary proposal to buy Trans Mountain pipeline
An indigenous-led group has submitted a preliminary proposal to the Canadian government outlining its plans to bid for a majority stake in the Trans Mountain oil pipeline expansion project, a spokeswoman for the group said on Friday. Project Reconciliation has previously said it wants to buy a 51% stake in the existing pipeline and planned expansion project for C$6.9 billion ($5.24 billion). Prime Minister Justin Trudeau's Liberal government bought Trans Mountain last year and approved the [Read more]
Canadian regulators recommend approving new Teck oil sands mine
Canadian energy regulators recommended approval of an oil sands mine proposed by Teck Resources Ltd in northern Alberta, saying economic benefits would outweigh "significant" adverse effects on the environment and indigenous communities. In a decision released late on Thursday, a joint provincial and federal review panel found the 260,000 barrel per day Frontier mining project, to be situated 110 kilometers (68 miles) north of the oil sands hub of Fort McMurray, would be in the public [Read more]