CALGARY - Obsidian Energy Ltd. is formalizing its hostile takeover bid for rival Bonterra Energy Corp. It says it will offer two Obsidian shares for each Bonterra share until Jan. 4. The share-swap offer is the same as the proposal in a declaration of intent made in late August, despite Bonterra shares continuing to trade for more double those of Obsidian. On Friday, Bonterra stock closed at $1.22 per share, about 2.1 times the value of Obsidian stock at 57 cents. In a news release, [Read more]
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Oil refiners worldwide struggle with weak demand, inventory glut
Global oil refiners reeling from months of lackluster demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled, according to executives, refinery workers and industry analysts. Refiners cut output by as much as 35% in spring as coronavirus lockdowns destroyed the need for travel. As lockdowns eased, refiners increased output slowly through late August. But in top fuel consumer the United States [Read more]
Oil prices slip on potential Libyan oil return; Gulf storm supports
Oil prices fell on Monday on the potential return of oil output from Libya even as rising coronavirus cases add to worries about global demand, although losses were limited as a new tropical storm heads for the U.S. Gulf of Mexico. U.S. crude fell by $1.11, or 2.75%, to $39.76 a barrel. Brent crude was down $1.24, or 2.93%, at $41.80 a barrel. Libya's National Oil Corp (NOC) lifted force majeure on what it deemed secure oil ports and facilities on Saturday, but said the measure would [Read more]
New ‘one-call’ solution for all coiled rod needs in Lloydminster and Bonnyville
We are pleased to announce the partnership between Scorpion Oil Field Services and Pro-Rod Inc. Now you can leverage a combined “one-call” solution for all your coiled rod needs in the Lloydminster and Bonnyville area. Two great companies, teaming up to supply superior coiled rod and well servicing solutions. Make one call and let us worry about the rest. Contact your Scorpion or Pro-Rod representative for packaged discounts. Combined Services New rod sales for new-well completions [Read more]
TC Energy says insider Poirier to take over as CEO
Canadian pipeline operator TC Energy Corp said on Monday Chief Operating Officer François Poirier will take over as its president and chief executive officer after current boss Russ Girling retires at the end of this year. Girling, who has headed the company since July 2010, has been witness to the roadblocks faced by its decade-old Keystone Pipeline project, which has been delayed by opposition from landowners, environmental groups and tribes. In July, the U.S. Supreme Court reinforced a [Read more]
Obsidian Energy launches exchange offer for Bonterra Energy to create the “Cardium Champion”
CALGARY, AB - OBSIDIAN ENERGY LTD. (TSX: OBE), (OTCQX: OBELF) ("Obsidian Energy", "we", or "our") today announced that we have formally commenced our offer (the "Offer") to purchase all of the issued and outstanding common shares (the "Bonterra Shares") of Bonterra Energy Corp. (TSX – BNE) ("Bonterra") for consideration consisting of two common shares of Obsidian Energy (the "Obsidian Shares") for each Bonterra Share tendered. "We believe that our offer is a unique and compelling [Read more]
Tallinn Energy provides $2.2 million senior credit facility to Calgary based junior energy company
Tallinn Capital Energy Corp. (“Tallinn”) is pleased to announce that it has provided a $2.2MM senior term loan to 2273271 Alberta Ltd. (“227AB”) for acquisition financing. 227AB is a junior oil and natural gas producer with operated facilities and assets in the greater Pembina area of west central Alberta. Tallinn is a private energy lender, focusing on high quality junior oil and gas producers and service companies. For further information, please visit www.tallinnenergy.com (403.850.3483) or [Read more]
B.C. disburses first half of federal funds to reclaim dormant oil and gas wells
VANCOUVER - The first half of a $100-million federal fund directed at cleaning up dormant oil and gas wells in British Columbia has been disbursed. Energy Minister Bruce Ralston says work is underway to reclaim wells that have been inactive for at least five years and aren't likely to come back into service. He says applications to receive a share of the second $50-million instalment will open on Nov. 1, allowing B.C.-based companies to hire local workers to clean up about 2,000 dormant [Read more]
Canada’s weekly rig count up 10
Canada’s fleet of active drilling rigs is up from 62 last week to 72 this week according to data from the Canadian Association of Oilwell Drilling Contractors. Total drilling count for the week of September 14 is 72, 31 of which are drilling for oil, 38 for natural gas, and 1 for potash. Drilling activity by province as of September 18 is 45 in Alberta, 14 in British Columbia, 16 in Saskatchewan, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with [Read more]
Lower Canada crude flows to U.S. helps chip away at Cushing glut
Lower flows of crude from Canada to Cushing, Oklahoma have helped ease a glut of oil at the delivery point for U.S. crude futures over the past two weeks, traders said, but the storage hub remained near a multi-month high. Crude inventories at Cushing fell 646,578 barrels the week ending on Tuesday, according to traders, citing the latest data from market intelligence firm Genscape. Cushing has eased as U.S. imports of Canadian crude fell to 3,057,000 barrels a day the week ending Sept. 11 [Read more]