CALGARY, AB - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has entered into three definitive agreements to dispose of certain non-strategic assets, effective October 1, 2022 for aggregate consideration of $419 million, consisting of $394 million in cash and producing assets that consolidate working interest in our operated Butte, Saskatchewan core area. Current production from the disposed assets is approximately 11,000 boe/d1 and is expected to [Read more]
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Advantage announces preliminary results of substantial issuer bid
CALGARY, AB - Advantage Energy Ltd. ("Advantage" or the "Corporation") announces the preliminary results of its substantial issuer bid (the "Offer"), pursuant to which the Corporation offered to purchase for cancellation up to $100,000,000 of its common shares (the "Shares") and which expired at 5:00 p.m. (Eastern Standard Time) on December 16, 2022 (the "Expiration Date"). The Offer proceeded by way of a modified Dutch auction whereby holders of Shares ("Shareholders") could choose to either [Read more]
i3 Energy PLC announces Board changes
EASTLEIGH, ENGLAND - i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada confirms, following the completion of relevant AIM rules requirements, the previously announced appointment of Ryan Heath to the Board of Directors as an Executive Director effective immediately. Ryan Heath was appointed President of i3 Canada, following i3's December 2020 acquisition of Toscana Energy Income Corporation, where he served as the Chief [Read more]
International Petroleum Corporation announces results of normal course issuer bid
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 279,000 IPC common shares (ISIN: CA46016U1084) during the period of December 12 to 16, 2022 under IPC’s normal course issuer bid / share repurchase program (NCIB). IPC’s NCIB, announced on December 1, 2022, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No [Read more]
Canada’s weekly rig count at 199
Canada averaged 199 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 33% are drilling for natural gas, 55% are drilling for oil, 5% for other (helium, hydrogen, geothermal, lithium, or potash), and 7% are moving. Drilling activity by province is 77% in Alberta, 12% in Saskatchewan, 9% in BC, and 2% in Manitoba. Precision Drilling holds the majority of the Canadian market share with 34%, Ensign Drilling with 22%, Savanna [Read more]
Suncor faces charges related to injury of offshore Nfld. worker: regulator
ST. JOHN'S, N.L. - Newfoundland and Labrador's offshore oil and gas regulator says it has laid charges against Suncor Energy Inc. for alleged offenses related to the injury of a worker on the company's Terra Nova offshore platform. The Canada-Newfoundland and Labrador Offshore Petroleum Board says the charges are related to the injury of a worker on Dec. 29, 2019, who fell from a ladder while conducting gas testing. The board alleges that Suncor failed to ensure all workers had a properly [Read more]
Oil drops by over $2 per barrel, dogged by recession fears
NEW YORK, Dec 16 (Reuters) - Oil fell by more than $2 per barrel on Friday, swept up in a wider rout in global equities on fears of a looming recession, after central banks across Europe and North America signalled they will continue to battle inflation aggressively. Brent crude futures settled at $79.04 per barrel, down $2.17 or 2.4%, while West Texas Intermediate futures fell by $1.82, or 2.4%, to settle at $74.29 per barrel. The U.S. Federal Reserve indicated it will raise interest [Read more]
U.S. drillers cut most oil rigs since September
U.S. energy firms cut oil rigs by the most this week since September, reducing the total oil and gas count for a second week in a row as crude prices remained negative for the year. The U.S. oil and gas rig count, an early indicator of future output, fell by four to 776 in the week to Dec. 16, energy services firm Baker Hughes Co said in its closely followed report on Friday. Despite this week's rig decline, Baker Hughes said the total count was still up 197, or 34%, over this time last [Read more]
U.S. begins buying back oil for strategic reserve
The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile. The department will buy 3 million barrels for delivery in February, a senior official told reporters. The 180 million sale pushed levels in the SPR to the lowest since 1984, raising concerns about energy security. "We'll be releasing a solicitation to purchase 3 million barrels of oil [Read more]
Regulator charges Suncor Energy over 2019 worker injury on Canadian offshore oil site
A Canadian energy regulator said on Friday that it has laid charges against Suncor Energy Inc after a worker was injured in 2019 on the Terra Nova floating oil production storage and offloading vessel. Suncor is charged with failing to ensure that every worker wore a safety harness in certain situations and used appropriate protective equipment, the Canada-Newfoundland and Labrador Offshore Petroleum Board said in a statement. On Dec. 29, 2019, a Terra Nova worker fell from a ladder while [Read more]