CALGARY, AB - A multi-party Canadian House of Commons Special Committee report released today affirms the economic importance of the Line 5 pipeline to both Canada and the U.S. and recommends urgent, bi-national executive action to resolve the dispute between the State of Michigan and Enbridge over the Straits of Mackinac crossing. "Line 5 is a significant aspect of Canada's economic relationship with the United States and contributes to secure energy supplies in both countries," the report [Read more]
Headlines
Oil prices find new equilibrium: Kemp
Crude prices appear to have found a temporary equilibrium in recent weeks, with OPEC+ planning to add just enough extra production to prevent prices rising further and draw in more output from U.S. shale firms. Brent’s six-month calendar spread remains in a steep backwardation, implying traders expect the market to remain somewhat tight, with continued downward pressure on global inventories, in the second half of the year. OECD commercial petroleum inventories have fallen back in line [Read more]
Oil to hit $40 by 2030 if climate goals are met according to report
Global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading energy consultancy said on Thursday. In a report outlining a scenario where the world acts decisively to tackle greenhouse gas emissions by electrifying transport and industry, Edinburgh-based Wood Mackenzie said oil consumption would begin a steep drop as early as in 2023. The decline in demand would accelerate to a rate [Read more]
Iron Horse Group Inc. & Elite Pumping Service Ltd. joint venture agreement
Iron Horse Group Inc. is proud to announce the formation of a new First Nations Joint Venture Partnership with Elite Pumping Service Ltd. Our strategic goal is to provide cementing, acidizing, stimulation, and pumping services all over Western Canada. Our focus will always remain on providing the highest quality of products and services that rely on our technical innovation. The health and safety of our employees & clients, with respect for the environment, are always our top [Read more]
Limitless opportunities in hydraulic fracturing for extended reach wells
Unconventional hydrocarbons have an increasingly important role in meeting the world’s energy needs. Advancements in horizontal drilling and hydraulic fracturing have led to the commercial production of unconventional oil and gas and “the shale revolution” in North America. The industry, however, is under increasing pressure to reduce project costs and the environmental impact. This requires new technical solutions and improved technologies. The Limitless™ Frac System (Limitless™) is a new, [Read more]
Razor Energy Corp. announces fourth quarter and 2020 year end results
CALGARY, Alberta - Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) announces its fourth quarter and year end 2020 financial and operating results. Selected financial, operational and reserves information is outlined below and should be read in conjunction with Razor’s audited consolidated financial statements, management’s discussion and analysis and annual information form (“AIF”) for the year ended December 31, 2020 which are available on SEDAR at www.sedar.com and the Company’s [Read more]
Surmont Energy names former Alberta Energy Minister Rick Orman acting CEO
CALGARY - Surmont Energy Ltd. founder and Board Chairman William (Bill) Cooper today announced that former Alberta energy minister Rick Orman has been named the company’s Acting Chief Executive Officer, effective immediately. Mr. Orman has served on Surmont’s Board since April 2020, and replaces Mark R. Smith who served as Surmont’s Chief Executive Officer since 2011. Mr. Smith is now the Chief Executive Officer of Spoke Resources Ltd., an oil and gas production company in which Surmont holds [Read more]
Spartan Delta Corp. provides first quarter 2021 operational update
CALGARY, AB - Spartan Delta Corp. ("Spartan" or the "Company") (TSXV: SDE) is pleased to provide an update on the Company's operations following the successful completion of its winter drilling program in its West Central Alberta core area. For the first quarter of 2021, based on field estimates, Spartan's average production was approximately 31,500 BOE/d (135.6 mmcf/d natural gas, 600 bbls/d crude oil, 1,300 bbls/d condensate, and 7,000 bbls/d NGLs) including 14 days of production from the [Read more]
Tamarack Valley Energy Ltd. announces exercise of over-allotment option
CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce that, further to its recently completed bought deal equity financing of common shares of Tamarack ("Common Shares") at a price of $2.25 per Common Share, the over-allotment option granted to the underwriters has been exercised in full, resulting in the issuance of 3,030,300 Common Shares on April 15, 2021 for gross proceeds of $6,818,175. The syndicate of underwriters was led by National [Read more]
Heavy crude differential widens
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Wednesday: Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, widened to settle at $11.50 per barrel below WTI, according to NE2 Canada Inc. On Tuesday it settled at $10.80 per barrel below the benchmark. That was the widest discount so far this month, but WCS remains relatively strong by historic levels. Light synthetic crude from the oil sands for May delivery settled at $1.30 [Read more]