When it came to COVID-19 financial support, the oil and gas industry got put on hold. Well-funded anti-oil and gas campaigners are using the old magician's trick of "look over there so you don't notice what's going on over here". For some time we have seen sensational claims the oil and gas industry is receiving billions in subsidies and the campaigns to end them. It's just the oil and gas industry isn't getting these subsidies and so their campaigns to end them succeeded before they started. [Read more]
Headlines
Heavy crude differential widens to end week
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Friday. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty was trading at $11.35 per barrel below WTI, according to NE2 Canada Inc, widening from Thursday's settlement of $11.10 per barrel below the benchmark. Despite Friday's widening, the heavy differential has remained relatively tight due to strong demand from U.S. Gulf refiners after the recent Texas storm and talk that pipeline [Read more]
Canada’s weekly rig count at 110
Canada averaged 110 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 55% are drilling for oil, 42% are drilling for natural gas, 2% for other (helium, hydrogen, geothermal, or potash). Drilling activity by province is 71% in Alberta, 17% in BC, 12% in Saskatchewan. Precision Drilling holds the majority of the Canadian market share with 31 per cent, Ensign Drilling with 13 per cent, Savanna Drilling with 12 per [Read more]
U.S. oil & gas rig count falls for first time since November
U.S. energy firms cut the number of oil and natural gas rigs operating for the first time since November even as crude prices soared to their highest since 2018. The U.S. oil and gas rig count, an early indicator of future output, fell by one to 402 in the week to March 12, according to data on Friday from energy services firm Baker Hughes Co. That count is 390 rigs, or 49%, below this time last year. The oil and gas rig count, however, has increased for the past seven months since [Read more]
Ovintiv nears south Texas asset sale for over $800 million
Ovintiv Inc is in advanced talks with a privately-owned energy investment firm to sell its holding in a south Texas shale basin for more than $800 million, sources familiar with the matter said on Friday. The sale of its Eagle Ford acreage would mark a milestone for Denver-based Ovintiv, which is on a multi-year debt reduction plan it outlined in February. The plan includes generating about $1 billion from divesting assets. Ovintiv's shares have gained over 90% so far this year, amid a [Read more]
Land Petroleum found guilty of failing to allow AER access to a facility for inspection
Land Petroleum International Inc. has been ordered to pay an $80,000 fine for failing to allow AER staff access to a natural gas facility to inspect it in August 2018. The company was found guilty of one charge under the Oil and Gas Conservation Act (OGCA) in provincial court. The AER made several attempts to inspect the natural gas facility near Ponoka, Alberta, licensed to Land Petroleum. The company’s president, Bill Fung, told AER staff that they could not enter the facility to [Read more]
Spartan Delta Corp. announces year-end 2020 financial results and reserves and provides updated 2021 guidance
CALGARY, AB - Spartan Delta Corp. ("Spartan" or the "Company") (TSXV: SDE); (TSXV: SDE.R) is pleased to announce its financial and operating results for the fourth quarter and year ended December 31, 2020, as well as its independent oil and gas reserves evaluation as of December 31, 2020, prepared by McDaniel & Associates Consultants Ltd. (the "McDaniel Report"). Corporate Milestones Achieved Since the Recapitalization of Spartan Delta Corp. in December 2019 Completed a [Read more]
Leucrotta Exploration announces board changes
Calgary, Alberta - Leucrotta Exploration Inc. (TSXV: LXE) ("Leucrotta" or the "Company") announces that Josef Vejvoda has made the decision to resign from the Board of Directors to focus on other business commitments. Leucrotta would like to thank Mr. Vejvoda for his contribution over the past year and wish him well in his future endeavours. Leucrotta is pleased to announce that John A. Brussa has been appointed to the Board of Directors. Mr. Brussa is Chairman of the law firm Burnet, [Read more]
TransGlobe Energy Corporation announces year end 2020 financial and operating results
AIM & TSX: “TGL” & NASDAQ: “TGA” This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta - TransGlobe Energy Corporation (“TransGlobe” or the “Company”) is pleased to announce its financial and operating results for the three months and year ended December 31, 2020. All dollar values are [Read more]
AltaGas Ltd. announces aggregate $550 million medium term note offering
Calgary, AB - AltaGas Ltd. ("AltaGas") (TSX: ALA) today announced that it has agreed to issue $350 million of senior unsecured medium term notes (the "3 Year Notes") with a coupon rate of 1.227 percent, maturing on March 18, 2024 and $200 million of senior unsecured medium term notes (the "6 Year Notes") with a coupon rate of 2.166 percent, maturing on March 16, 2027 (the "Offering"). The Offering is expected to close on or about March 16, 2021. The net proceeds resulting from the Offering [Read more]