Surge Energy Inc. (“Surge” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale of certain non-core oil and natural gas interests located in various areas of Alberta and Saskatchewan (the “Properties”). The Properties have been split geographically into the North Package, East Central Package, West Central Package and South Package as shown on the offsetting map. The Properties consist of various working interests in both operated and non-operated oil and [Read more]
Headlines
Oil prices stable as market juggles risk sentiment with tight supplies
Oil prices were stable on Tuesday as the market balanced risk sentiment with supply concerns and the prospect of higher demand as China relaxes its COVID curbs. U.S. West Texas Intermediate (WTI) crude futures were down $1.12, or 0.93%, at $118.38 a barrel. The benchmark hit a three-month high of $120.99 on Monday. Brent crude futures were down 55 cents, or 0.46%, at $119.37 a barrel. Beijing and commercial hub Shanghai have been returning to normal in recent days after two months of [Read more]
i3 Energy PLC announces publication of 2021 ESG report
EASTLEIGH, UK - i3 Energy plc (AIM:I3E)(TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce the publication of its inaugural annual ESG report on its website (www.i3.energy). Highlights of Inaugural Environment, Social and Governance (ESG) Report Emissions Reduction Initiatives i3 is committed to being net zero for Scope 11 and Scope 22 emissions for its operated assets by 2050, with accelerated targets to be set [Read more]
Hemisphere Energy announces inaugural variable dividend, renewed credit facility, increased guidance, and operations update
Vancouver, British Columbia - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ("Hemisphere" or the "Company") is pleased to provide an update on its renewed credit facility, operations, revised annual guidance, and return to shareholder plan. Credit Facility Hemisphere has completed the renewal of its extendible two year committed term facility with ATB Financial, providing for borrowings of up to $35,000,000 (the "Credit Facility"). As was announced with the latest quarterly [Read more]
Column: Oil bulls emboldened by EU sanctions and China easing lockdowns
Portfolio investors have begun to turn bullish again towards petroleum as impending EU sanctions on Russia’s exports and easing lockdowns in China outweigh fears of a possible recession in Europe and North America. Hedge funds and other money managers purchased the equivalent of 32 million barrels in the six most important futures and options contracts in the week to May 31, according to exchange and regulatory data. Funds have been net buyers in two of the last three weeks, increasing [Read more]
U.S. natgas futures near 14-year high on rising air conditioning use
U.S. natural gas futures rose about 1% to a near 14-year high on Tuesday on forecasts for hotter weather and higher demand than previously expected, a decline in output, low wind power and record power demand in Texas. Power demand in Texas broke the June record on Monday and will continue rising until it breaks the all-time high later this week as economic growth boosts overall usage and hot weather causes homes and businesses to crank up their air conditioners. Low wind power forces [Read more]
Heavy crude discount narrows after recent weakening
The discount on Canadian heavy crude versus the West Texas Intermediate benchmark narrowed on Monday, partly offsetting a recent widening trend. Western Canada Select heavy blend crude for July delivery in Hardisty, Alberta, last traded at $20.00 a barrel below WTI, according to NE2 Group, narrowing from the previous settlement of $20.80 a barrel under the benchmark. Canadian heavy barrels have been following the differentials on Gulf Coast heavy grades like Mars sour wider in recent [Read more]
Athabasca Oil Corporation provides operations update, further debt redemptions and inclusion in the S&P TSX composite index
CALGARY, Alberta - Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to provide a corporate update highlighted by strong operational performance at Leismer, a steadfast commitment to debt reduction and inclusion to Canada’s headline equity index. Operations Update At Leismer, the Company successfully completed a two-week plant turnaround on schedule and on budget in May. Bitumen production has since been restored to ~20,000 bbl/d. The asset is expected to exit [Read more]
U.S. natgas jump 7% to 13-yr high on rising air conditioning use
U.S. natural gas futures jumped about 7% to a 13-year high on Monday on forecasts for hotter weather and higher demand than previously expected, a decline in output, rising liquefied natural gas (LNG) exports and record power demand in Texas. Power demand in Texas is set to break the all-time record this week, far ahead of the hottest days of summer, testing the resilience of the state's power grid after issues earlier this year and last year's days-long blackout during a deep [Read more]
Brent climbs above $120/bbl after Saudi Arabia hikes crude prices
Oil futures were mixed on Monday, even as Brent rising above $120 a barrel after Saudi Arabia hiked prices for its crude sales in July, signalling tight supply even after OPEC+ agreed to accelerate output increases over the next two months. U.S. West Texas Intermediate (WTI) crude futures were slighty down 70 cents, or 0.58%, at $119.64 a barrel after earlier hitting a three-month high of $120.99. It gained 1.7% on Friday. Brent crude was down 72 cents, or 0.59%, at $120.50 a barrel after [Read more]