CALGARY, AB - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to report that fourth quarter 2020 sales volumes averaged approximately 73,000 Boe/d (42% liquids), ahead of guidance of 70,000 Boe/d to 72,000 Boe/d. December 2020 sales volumes averaged approximately 78,000 Boe/d (43% liquids). At Karr, fourth quarter sales volumes benefitted from the addition of five new wells (three Upper Montney and two Middle Montney) at the 5-16 West pad, which were brought [Read more]
Headlines
Tourmaline dusts others as the Licensee company with the most well-depth in January 2021
Tourmaline Oil Corp. continues its impressive run as one of the largest, most efficient producers of oil and gas in Canada. In January 2021 alone, the company has covered a well-depth of over 360 thousand meters which is about 22.6% of all drilling activities in Canada for January. Other very active licensees include Canada Natural Resources and Cenovus with 17% and 11.5% respectively of Canada’s total well-depth at the end of January 2021. Tourmaline's perfect start of the year comes after the [Read more]
Column: Keystone XL’s cancelation has fringe anti-oil and gas groups gearing up to fight Trans Mountain
There is no doubt that Keystone XL’s cancellation was a massive gut punch to the oil and gas industry and Canada’s security. After a battle of over 12 years, legal challenges, and billions in up-front investment to finally have pile laid across the border looked to be a success, but instead, it became a devastating loss. Now buoyed by their Keystone success, Canadian and American radical activists are once again turning their attention back to killing the Trans Mountain expansion [Read more]
Hedge funds bet on oil’s ‘big comeback’ after pandemic hobbles producers
Hedge funds are turning bullish on oil once again, betting the pandemic and investors' environmental focus has severely damaged companies' ability to ramp up production. Such limitations on supply would push prices to multi-year highs and keep them there for two years or more, several hedge funds said. The view is a reversal for hedge funds, which shorted the oil sector in the lead-up to global shutdowns, landing energy focused hedge funds gains of 26.8% in 2020, according to data from [Read more]
Journey Energy Inc. Announces Revised Closing Date for Countess Asset Sale
CALGARY, AB, Feb. 5, 2021 /CNW/ - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") reports that its previously announced disposition (see press release dated October 30, 2020) of its Countess area assets has been mutually deferred with the purchaser to a new closing date of February 16, 2021. In addition, an amendment to the credit agreement with Alberta Investment Management Corporation has been executed to extend the maturity date of the $15 million tranche of term [Read more]
Canada’s weekly rig count up 4 to 188
Canada averaged 188 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 112 are drilling for oil, 71 are drilling for natural gas, and 5 for other. Drilling activity by province is 126 in Alberta, 36 in Saskatchewan, 13 in British Columbia, 3 in Manitoba, and 10 in other. Precision Drilling holds the majority of the Canadian market share with 30 per cent, Ensign Drilling with 18 per cent, Savanna Drilling with 10 [Read more]
U.S. drillers add oil and gas rigs for 11th week in a row
U.S. drillers this week added oil and natural gas rigs for an 11th week in a row for the first time since June 2017 as crude prices hit pre-pandemic highs. The U.S. oil and gas rig count, an early indicator of future output, rose by eight to 392 in the week to Feb. 5, the highest since May, according to data on Friday from energy services firm Baker Hughes Co. Despite rising for six months in a row, that count is still 398 rigs, or 50%, below this time last year. The total count, however, [Read more]
Oil prices rise to highest in a year on U.S. growth optimism, crude supply restraint
Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply. "Rising confidence in an upturn in economic and oil demand recovery around the corner is a major impetus for crude," said Vandana Hari, energy analyst at Vanda Insights. "Right now, the concurrent tightening of supply due to the additional Saudi cuts is adding to the tailwinds," [Read more]
Osum updates timeline for independent valuation and corporate sale process and reminds shareholders there is no need to tender at this time
CALGARY, Feb - Osum Oil Sands Corp. ("Osum" or the "Company") wishes to update shareholders on matters related to the hostile bid for the Company announced by Waterous Energy Fund ("Waterous" or "WEF") on November 2, 2020 (the "Hostile Bid" or "WEF Offer"). Specifically, Osum anticipates: The results of the independent valuation will be available to be released to shareholders on or about February 16, 2021. The outcome of the corporate sale process is expected to be known within a [Read more]
Cardinal Energy Ltd. announces notice of redemption of 8% convertible debentures
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ; CJ.DB.A) is pleased to announce that it is issuing a notice of redemption to holders of its currently outstanding $28,207,000 8% Convertible Unsecured Subordinated Debentures due December 31, 2022 (the "Debentures"). The Debentures are not subject to a pre-payment penalty. As set out in the notice of redemption, Cardinal will redeem, as of March 11, 2021 ("Redemption Date"), all of the aggregate principal amount [Read more]