Calgary, Alberta – Petro Viking Energy Inc. (“Petro Viking” or the “Company”) (CNSX:VIK.CN) is pleased to announce the proposed asset purchase of 100% of Avila’s interests in 53,835 Acres, 43,935 Acres (Net), of mineral rights, associated wells, pipelines and facilities for the purchase price of $50,664,000 CAD. The Purchase Price for the Acquisition is being satisfied by way of the issuance of 40,440,000 Class A common shares (the “Common Shares”) at $0.60 per share and 30,000,000 convertible [Read more]
Headlines
Oil prices climb as demand outlook improves, supplies tighten
Oil prices rose on Monday, extending three weeks of gains that have been underpinned by an improved outlook for fuel demand as increased COVID-19 vaccinations help lift travel curbs, along with tightness in supply. U.S. West Texas Intermediate gained 89 cents, or 1.26%, to stand at $71.70 a barrel, earlier reaching $71.32, the highest since October 2018. The contract rose 1.9% on the week. Brent crude was up 85 cents, or 1.17%, at $73.46. It earlier rose to $73.12, the highest since May [Read more]
Remaining competitive in a low carbon economy: direct decarbonization of oil
The COVID-19 pandemic has allowed governments from around the world to hit the ‘reset’ button and incorporate aggressive green initiatives as part of their economic recovery plans. In addition, civil society and investment communities are increasingly calling on corporations to prioritize environmental, social, and governance factors in their day-to-day operations. To combat climate change, governments and corporations are implementing decarbonization strategies with the ultimate goal of [Read more]
Heavy crude differential widens slightly
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened slightly on Friday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $14 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from Thursday's settle of $13.95 a barrel under the benchmark. The Canadian heavy crude differential has held in a narrow range between $14.60 a barrel and $13.70 a barrel below U.S. futures so far this month. Increasing [Read more]
Unifor slams government for undermining NL oil and gas sector
ST. JOHN'S, NL, June 11, 2021 /CNW/ - The Newfoundland and Labrador government's refusal to fulfil its commitment to the Terra Nova project will kill hundreds of good local jobs and undermine the province's entire oil and gas sector, says Unifor. "The Furey government has betrayed Newfoundland and Labrador's energy workers," said Jerry Dias, Unifor National President. "It must live up to its commitments and ensure Terra Nova continues to serve the province as it has for 19 years. It's not [Read more]
Shell weighs blockbuster sale of Texas shale assets
Royal Dutch Shell is reviewing its holdings in the largest U.S. oil field for a potential sale, people familiar with the matter told Reuters, marking a key moment in its shift away from fossil fuels as it faces growing pressure to slash carbon emissions.The sale could be for part or all of Shell's position in the U.S. Permian Basin, located mostly in Texas, which accounted for around 6% of the Anglo-Dutch company's total oil and gas output last year. The holdings could be worth more than $10 [Read more]
Canada’s weekly rig count up 13 to 110
Canada averaged 110 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 35% are drilling for natural gas, 49% are drilling for oil, 2% for other (helium, hydrogen, geothermal, or potash), and 14% are moving. Drilling activity by province is 63% in Alberta, 11% in BC, 23% in Saskatchewan, and 3% elsewhere. Precision Drilling holds the majority of the Canadian market share with 31%, Ensign Drilling with 18%, Savanna Drilling [Read more]
U.S. drillers add oil and gas rigs for sixth week in seven
U.S. energy firms added oil and natural gas rigs for the sixth time in seven weeks as oil prices rose to their highest since 2018, although gas drillers have slowed down their activity. The oil and gas rig count, an early indicator of future output, rose five to 461 in the week to June 11, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count up 182 rigs, or 65%, over this time last year. It was also [Read more]
Tourmaline continues North Montney consolidation with the acquisition of Black Swan Energy
CALGARY, AB - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce that it has entered into a definitive agreement to acquire privately owned Black Swan Energy Ltd. ("Black Swan") for a total consideration of approximately $1.1 billion Cdn, consisting of 26 million Tourmaline common shares and the assumption of net debt(1) up to a maximum of $350 million, including all transaction costs. The transaction is expected to close in the second half of July 2021, [Read more]
Calroc Industries Inc.: well diversified and positioned to head into the second half of 2021
Calroc Industries Inc. has been diligent with cost controls, right-sizing, and diversification through 2021. At Calroc’s most recent Safety Meeting, President Dan Echino stated to his team with his closing remarks: “2020 was a difficult year for not only Calroc, but our entire industry. I am very proud of this group and we must remain focused on cost savings and exceptional customer service. With what I have seen from everyone’s performance last year, I know 2021 will be a great year for Calroc [Read more]