Saskatchewan Premier Scott Moe has voiced concerns and displeasure over Regina councillors wanting to ban oil and gas companies from advertising in the city. The proposal would not allow for oil and gas companies to place their logos on public parks or buildings within the city. The motion was passed during an executive council meeting, although the proposal still needs approval from city council on Jan. 27 to come into effect. Daniel LeBlanc has cited sustainability as the reason why the [Read more]
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Paramount Resources Ltd. announces increased credit facility availability and issuance of senior unsecured convertible debentures
CALGARY, AB - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to announce amendments to its senior secured revolving bank credit facility (the "Facility") to remove prior conditions on Facility availability in excess of $900 million. As a result, the full $1.0 billion Facility capacity is now available. Concurrent with the amendments, and to provide further liquidity, the Company completed a private placement of $35 million of senior unsecured convertible [Read more]
Obsidian Energy announces extension of its offer to purchase the shares of Bonterra Energy Corp.
CALGARY, AB - OBSIDIAN ENERGY LTD. (TSX: OBE), (OTCQX: OBELF) ("Obsidian Energy" or the "Company") today announced that it has extended the expiry of its offer (the "Offer") to purchase all of the issued and outstanding common shares (the "Bonterra Shares") of Bonterra Energy Corp. (TSX – BNE) ("Bonterra") until 5:00 p.m. (Mountain Daylight Time) on Monday, March 29, 2021. "Obsidian Energy is uniquely positioned to be a true 'Cardium Champion', and we have heard from many Bonterra [Read more]
A chronology of the Coastal GasLink pipeline in British Columbia
Here is a timeline of the disputed natural gas pipeline dispute in British Columbia. Dec. 31, 2019: The B.C. Supreme Court grants Coastal GasLink an injunction calling for the removal of any obstructions on any roads, bridges or work sites the company has been authorized to use. Jan. 1, 2020: The Wet'suwet'en hereditary chiefs serve Coastal GasLink with an eviction notice, telling the company workers are trespassing on their unceded territory. Jan. 27: The British Columbia government [Read more]
Bird River Resources announces sale of interests in Manitoba oil wells
WINNIPEG, MB - Bird River Resources Inc. (CSE:BDR) ("Bird River" or the "Company") announces the sale of 100% of the Company's shareholdings in 2411181 Manitoba Ltd. ("2411181") under a share sale & assignment agreement (the "Assignment") with an arms-length party (the "Acquirer"). The transaction is now effectively closed. 2411181 was a subsidiary holding company of Bird River, which holds a minority interest in nine oil wells of which three were non-active and subsequently were shut-in [Read more]
Perpetual Energy Inc. completes note exchange and makes PIK interest payment
CALGARY, AB - (TSX: PMT) – Perpetual Energy Inc. ("Perpetual" or the "Company") announced today that it has completed its previously announced arrangement involving the exchange of its 8.75% senior unsecured notes due January 23, 2022 (the "Old Notes") for new 8.75% secured third-lien notes due January 23, 2025 (the "New Notes") pursuant to a Court-approved plan of arrangement (the "Note Exchange Arrangement"). The New Notes have been issued under a new trust indenture that contains [Read more]
Trudeau, Biden to talk today as death of Keystone XL reverberates in Canada
WASHINGTON - Prime Minister Justin Trudeau will speak with U.S. President Joe Biden today amid continuing fallout from the death of the Keystone XL pipeline project. The phone call, Biden's first with a foreign leader since taking office this week, comes as the new administration turns its focus to the country's economic recovery. It also comes with parts of Canada up in arms over Biden's Day 1 executive order rescinding permits for the US$8-billion cross-border pipeline [Read more]
Canada’s rig count at 183
Canada averaged 183 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 109 are drilling for oil, 69 are drilling for natural gas, 1 for potash, and 4 for other. Drilling activity by province is 123 in Alberta, 34 in Saskatchewan, 14 in British Columbia, 3 in Manitoba, and 9 in other. Precision Drilling holds the majority of the Canadian market share with 29 per cent, Ensign Drilling with 19 per cent, Nabors [Read more]
Indigenous business coalition leader says Keystone XL denial will hurt communities
CALGARY - The leader of a group promoting Indigenous participation in oil and gas development as a solution to poverty on reserves says the cancellation of the Keystone XL pipeline by U.S. President Joe Biden is a major setback. Dale Swampy, president of the National Coalition of Chiefs, says the decision means fewer jobs in the short term for Indigenous people in constructing the pipeline and supplying goods and services for it. He adds it also implies more long-term unemployment for [Read more]
Alberta premier wants direct compensation from U.S. if Keystone XL pipeline dead
EDMONTON - Alberta Premier Jason Kenney is making another demand of Justin Trudeau over the Keystone XL pipeline ahead of the prime minister's call today with new U.S. President Joe Biden. In a letter to Trudeau, Kenney reiterates that the prime minister must press for a meeting with Biden so that Canada can make its case for the pipeline, which Biden cancelled this week on his first day in office. Kenney also repeats that if that fails, Trudeau must take retaliatory measures such as trade [Read more]