Calgary, AB – GLJ is pleased to announce the release of GLJ IntelliCasts™, a subscription product that offers rapid insight into oil and gas asset valuation. Powered by a mix of machine learning, modern decline analytics and five decades of play knowledge, this is indispensable well-level insight for producers, debt & equity stakeholders and mid-streamers alike. With ongoing industry consolidation, GLJ IntelliCasts™ gives subscribers an edge in benchmarking, validating and assessing [Read more]
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Volunteering Opportunity: Geoscience BC Oil & Gas Technical Advisory Committee
Geoscience BC is seeking volunteers to join our Oil & Gas Technical Advisory Committee (TAC), a group of experts that identifies, plans, develops, and reviews our independent, relevant, and public oil and gas related earth science research in British Columbia. Geoscience BC’s Minerals, Oil & Gas and Geothermal TACs are an essential part of our agile and innovative organization. They generate, solicit, review and recommend proposals for Board approval and their expertise is vital to [Read more]
Pieridae releases 2021 guidance
Highlights: Net operating income (“NOI”)1 growth to $100-$130 million Adjusted Funds Flow From Operations (“AFFO”)1 increase to $80-$110 million Adjusted operating expenses1 of $9.50-10.50/boe Production of 40,000-45,000 boe/d $45-55 million upstream capital budget $10-$15 million pre-FID Goldboro LNG development expense budget, and post-FID Goldboro LNG capital expenditure budget of $250-$350 million2 Commodities hedging of 55-65% on an 18-month rolling boe/d basis [Read more]
Cardinal Energy Ltd. announces private placement
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) announces that it has entered into subscription agreements for a non-brokered private placement of approximately $16,920,833 principal amount of 2nd lien secured notes (the "Notes") issued at a 4% discount for gross proceeds of $16,244,000. As part of the Note offering, each subscriber is also required to subscribe for a pro rata number of units (the "Units") totaling 8,122,000 Units, at a subscription price of $0.50 [Read more]
Canada’s weekly rig count at 109
Canada averaged 109 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 57 are drilling for oil, 48 are drilling for natural gas, 1 for potash, and 3 for other. Drilling activity by province is 71 in Alberta, 20 in British Columbia, 17 in Saskatchewan, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 35 percent, Ensign Drilling with 22 percent, Savanna Drilling with 11 [Read more]
U.S. drillers add oil and gas rigs for 11th week in 12
U.S. energy firms this week added oil and natural gas rigs for the 11th time in 12 weeks as producers return to the wellpad even as most are cutting spending this year and next. The oil and gas rig count, an early indicator of future output, rose three to 323 in the week to Dec. 4, energy services firm Baker Hughes Co said in its closely followed report on Friday. That was 476 rigs, or 60%, below this time last year. The number of operating rigs has surged since August, when it hit a [Read more]
Oil prices rise as producers agree on supply compromise
Oil prices rose on Friday, heading for a fifth week of gains, after major producers agreed to continue to restrain production to cope with coronavirus-hit demand but the compromise fell short of expectations. West Texas Intermediate had risen 41 cents, or 0.89% at $46.04 a barrel. Brent was up 48 cents, or 1.03%, at $49.18 a barrel after gaining around 1% on Thursday. OPEC and Russia on Thursday agreed to ease deep oil output cuts from January by 500,000 barrels per day, failing to [Read more]
Despite Anti-O&G lobbyists, CDN Natural Gas keeps getting greener
As the decarbonization dialogue develops, new information from the European Union Sustainable Finance taxonomy (a work group supporting the European Green Deal) still marginalizes natural gas. Just last month, natural gas was denied ‘transition’ fuel status in a draft of EU green finance rules with environmentalists praising the draft as a move against hydrocarbons- preventing natural gas investments from being labelled “green”. Here in Canada, natural gas hydrogen project development is [Read more]
OPEC+ to boost output as oil market tightens: Kemp
OPEC and its partners have agreed to raise their collective production by 0.5 million barrels per day (bpd) in January, with output to be reviewed and adjusted at monthly intervals thereafter. The increase is much smaller than the 2 million bpd scheduled last April, but marks a significant shift from the start of November, when the group seemed poised to leave output unchanged for another three months. The shift responds to news of successful coronavirus vaccine trials, which could lead to [Read more]
Crescent Point announces 2021 budget
CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is pleased to announce its formal 2021 capital expenditures budget and production guidance. KEY HIGHLIGHTS Capital expenditures of $475 to $525 million and annual average production guidance of 108,000 to 112,000 boe/d. Disciplined, flexible and returns focused budget fully funded at approximately US$40/bbl WTI. Excess cash flow of approximately $150 to $300 million expected in 2021 [Read more]