CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") announced today that the Company's Board of Directors has approved initial 2022 capital guidance ranging from $55 to $65 million, which incorporates measured capital allocation with the optionality to adjust spending dependent on the strength of the commodity markets as recovery from the COVID-19 pandemic continues. Fully Funded 2022 Capital Guidance Building off a successful development [Read more]
Headlines
U.S. natgas falls 3% to one-week low on milder weather forecasts
U.S. natural gas futures fell about 3% on Friday to a one-week low on record output and forecasts for milder weather through late December than previously expected. Mostly mild weather since mid-November has kept heating demand low and allowed utilities to leave so much gas in storage that there will soon be more of the fuel in stockpiles than is usual for the time of year for the first time since April. The U.S. futures decline came despite near record gas prices in Europe and Asia that [Read more]
Hillcrest closes over subscribed private placement
VANCOUVER, BC – Hillcrest Energy Technologies (CSE:HEAT) (CNSX:HEAT.CN) (OTC:HLRTF) (FRA:7HIA.F) (“Hillcrest” or the “Company”), a cleantech innovation and e-mobility development company, is pleased to announce the Company has closed a non-brokered private placement previously announced on November 30, 2021. Gross proceeds are CDN $3,632,900.00 resulting from subscriptions of 18,164,500 at a price of CDN $0.20. The original terms of the non-brokered private placement consists of up to [Read more]
Inclusive Energy announces strategic partnership and financing for Shiffoil Inc.
CALGARY, Alberta — Inclusive Energy Ltd. (“Inclusive”), a leader in the oil and gas services sector, is pleased to announce the creation of a strategic partnership and closing of a significant financing with Shiffoil Inc. (“Shiffoil”). Shiffoil is a junior oil and gas producer focused on developing its light oil properties in the Pierson and Daly-Sinclair areas of Manitoba. The investment in Shiffoil consists of a unique financing arrangement, whereby Inclusive will provide a lending facility to [Read more]
Cenovus announces sale of Tucker asset for $800 million
Proceeds will further accelerate net debt reduction and support increasing shareholder returns CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has reached an agreement to sell its Tucker thermal asset for total cash proceeds of $800 million. Proceeds from this transaction will further accelerate the company’s reduction of net debt and enhance its capacity to increase shareholder returns. Including this transaction, the company expects to realize almost $2 billion of total [Read more]
U.S. natgas climbs 2% on colder weather forecasts, soaring global prices
U.S. natural gas futures rose about 2% on Thursday on forecasts for colder weather and higher heating use over the next two weeks, and as record gas prices in Europe and Asia keep demand for U.S. liquefied natural gas (LNG) exports strong. That U.S. price increase occurred despite near record-high U.S. gas production and an expected, smaller-than-usual storage withdrawal last week due to mild weather. The U.S. Energy Information Administration (EIA) said utilities pulled 88 billion cubic [Read more]
Tenth Avenue Petroleum Corp. announcing new management and board, closing of Swan Hill unit acquisition and completion of plan of arrangement
CALGARY, AB - Tenth Avenue Petroleum Corp. ("Tenth Avenue" or the "Company") (TSX:TPC) is pleased to announce it has completed a reorganization of the business, which provides, among other things; (i) the appointment of a new management (the "New Management>"); and (ii) the reconstitution of the board of directors of Tenth Avenue (the "New Board"), (iii) the closing of the Plan of Arrangement (the "Plan of Arrangement") and, (iv) the completion of the acquisition of Swan Hills Unit (the [Read more]
Oil prices steady as U.S. fuel demand jumps despite virus surge
Oil prices were steady on Thursday as U.S. implied consumer petroleum demand surged to a record high in the world's top oil consumer even as the Omicron variant of coronavirus threatens to dent oil consumption globally. A signal by the U.S. Federal Reserve to tackle inflation before it derails the U.S. economy also boosted prices. U.S. West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.11%, to $71.40. Brent crude oil futures dropped 4 cents, or 0.5%, to $74.28 a [Read more]
About half of U.S. oil pipeline space is empty after boom time building spree
About half of U.S. oil pipeline space is sitting unused, heating up competition for barrels in higher-output areas like the Permian Basin in Texas. Overall U.S. pipeline capacity utilization is at around 50%, compared with a range of 60% to 70% headed into early 2020 before the coronavirus pandemic hit, according to consultancy Wood Mackenzie. Pipelines overall are now half-full, as production, which surged to 13 million barrels per day in early 2020 to make the United States the top oil [Read more]
Well of the Week – Wait, this formation reminds me of something
This Petro Ninja – Enlighten Geoscience Well of the Week describes a possible sleeping giant before modern geological thinking and technology opened it up. This formation has some intriguing and highly productive wells drilled into singularly unique and isolated reservoirs. It ranges from over 300m thickness over parts of the Peace River Arch thinning to its subcrop. This formation, at first glance, seems to be petrophysically monotonous and of poor quality. It was just a thick pile of rock [Read more]