CALGARY, AB - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) is pleased to announce a January 29, 2021 asset disposition, an operational update and its capital program for 2021. ASSET DISPOSITION Altura has agreed to amend the payment schedule in respect to the previously announced disposition to a private company and divested of a 0.6875% working interest for $437,500 on January 29, 2021. The payment schedule is as follows: Stage Closing [Read more]
Headlines
Canada’s weekly rig count up to 184
Canada averaged 184 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 106 are drilling for oil, 72 are drilling for natural gas, and 6 for other. Drilling activity by province is 124 in Alberta, 35 in Saskatchewan, 14 in British Columbia, 3 in Manitoba, and 8 in other. Precision Drilling holds the majority of the Canadian market share with 29 per cent, Ensign Drilling with 18 per cent, Nabors Drilling with 9 per [Read more]
Unclear whether inquiry’s report into Alberta oil and gas foes will meet deadline
CALGARY - A spokesman for Alberta's inquiry into the funding of oil and gas industry critics is not confirming whether its report will be handed in by its Sunday deadline. Alan Boras says there will be an update when there is information to share and that commissioner Steve Allan's work is ongoing. Alberta Premier Jason Kenney and his United Conservative government contend foreign interest have long been bankrolling campaigns against fossil fuel development in the province. Allan, a [Read more]
U.S. oil and gas rig count rises in January for sixth month
U.S. energy firms this week added oil and natural gas rigs for a tenth week in a row, with the rig count up in January for a sixth straight month, as monthly oil production rebounds amid rising prices. The oil and gas rig count, an early indicator of future output, rose six to 384 in the week to Jan. 29, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. The 10-weeks of gain is the longest streak of increases since June [Read more]
Ottawa orders independent review panel for Suncor Energy oilsands mine extension
CALGARY - Ottawa says it is referring the impact assessment of a Suncor Energy Inc. oilsands mine extension in northern Alberta to an independent review panel. Minister of Environment and Climate Change Jonathan Wilkinson says the review is in the public interest given the extent to which the open pit project could adversely affect areas of federal jurisdiction, and considering concerns expressed by the public and Indigenous groups. The Impact Assessment Agency of Canada is to work with [Read more]
Oil steady as supply cuts offset demand worries on stalled vaccine rollouts
Oil prices were steady on Friday, sticking to ranges seen over the past three weeks, as investors looked for signs of changing supply and demand fundamentals. A cut in Saudi Arabia's oil supply and lower U.S. oil stocks helped offset price pressures from fuel demand, which is slowing due to stalled vaccine rollouts and contagious new coronavirus strains. "We're waiting for the next shoe to drop in the oil market. We really don't have much to move us around," said Michael McCarthy, chief [Read more]
2020 average rig count down 50 from 2019; down 114 from 2018
The 2020 Canada rig count average finished the year 50 rigs lower than in 2019 (from 142 to 92). Compared to 2018, 2020 finished 114 rigs lower, on average. Compared to the recent high in 2014, the rig count is a mere 22% of its 2014 count of 413. 2020 started the year off strong, with counts more optimistic than 2016 and 2019, just under 2017 and 2018. When the covid-19 pandemic hit in March, the sudden drop caused 2020 rigs counts to drop below the recent lows in 2016; counts hit as low as [Read more]
Waterous Energy Fund announces that the Alberta Securities Commission dismissed Osum’s application in its entirety and reports that its take-over bid for Osum has received overwhelming shareholder support
CALGARY, AB - Waterous Energy Fund ("WEF") is very pleased to announce three important updates with respect to WEF's take-over bid (the "Bid", or the "Offer") of Osum Oil Sands Corp. ("Osum", or the "Company"): The Alberta Securities Commission ("ASC") Ruled in Favor of WEF and Against Osum Today, the Alberta Securities Commission dismissed, in its entirety, the application of Osum for a cease-trade order made on December 3, 2020. The Offer remains open in accordance with its terms and [Read more]
Bonterra Energy Corp. reiterates recommendation for shareholders to reject the hostile bid by taking no action
Custodians reporting holdings indicated under 1% of Bonterra's shares have been tendered Close to 40% of Bonterra shareholders continue to advise the Company they will NOT tender their shares Second amendment to extend the offer demonstrates the continued failure of the Hostile Bid Shareholders need to take no action to REJECT the offer CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") and its Board of Directors reiterates the [Read more]
Following the money that canceled Keystone
Prime Minister Trudeau says he is disappointed in President Biden’s decision to revoke permits for the Keystone XL pipeline, but is he surprised? This incredible success of a nearly decade-long campaign to cancel the pipeline counts Biden as an ally in their ‘build back better’ coalition. Recently Trudeau also signalled his alignment with the ‘build back better’ and ‘great reset’ global initiatives with important public addresses. With powerful friends like that perhaps no one should be shocked [Read more]