Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Wednesday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, last traded at $14.10 per barrel below the WTI benchmark, according to NE2 Canada Inc, tightening from Tuesday's settle of $14.65 a barrel. One Calgary-based industry source said trade was relatively busy on the second day of the monthly trade cycle. Light synthetic crude from the oil sands for July delivery widened [Read more]
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Brookfield Infrastructure raises hostile takeover offer for Inter Pipeline
Brookfield Infrastructure Partners LP is raising its hostile takeover offer for Inter Pipeline Ltd. to top a friendly deal the company struck to be acquired by Pembina Pipeline Corp. Brookfield Infrastructure says its offer is valued at $19.75 per Inter Pipeline share including 74 per cent in cash and 26 per cent in shares. Inter Pipline's deal with Pembina would see shareholders receive half a Pembina share for each Inter Pipline share they hold, an offer worth about $18.91 per share [Read more]
Engineering advancements deliver high stage count system for optimal production and stimulation treatments
Gradual improvements in drilling and completion technology have enabled operators to increase lateral lengths and stage counts and decrease stage spacing to attain greater reservoir coverage. Packers Plus is a leading innovator of these improvements in multi-stage completion systems, and the latest iteration of the StackFRAC® system was specifically designed to provide high-stage count completions. This field-proven ball-activated completion system also enables optimal treatment rates by [Read more]
XI Technologies: Liabilities in the WCSB: looking back at 2020
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. In our recent posts looking back on the oil and gas sector in Western Canada in 2020, we focused on production: both from new wells and existing wells. This week, we wanted to examine a different part of the E&P landscape and look [Read more]
OPEC+ sees tighter oil market despite output hike
OPEC+, which on Tuesday rubber stamped an earlier decision to go ahead with production increases over the next two months, now sees the oil market tightening further than previously anticipated. Under their existing plan, the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, will add 700,000 barrels per day (bpd) in June and 840,000 bpd in July. The oil market, which was largely expecting this outcome, reacted positively, with Brent crude prices [Read more]
Cardinal Energy Ltd. announces strategic acquisition
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) is pleased to announce it has entered into an arrangement agreement (the "Arrangement Agreement") to acquire Venturion Oil Limited ("Venturion"), a privately held company, for a purchase price of approximately $47.5 million. The consideration will consist of approximately 6.3 million Cardinal common shares (based on the ten-day volume weighted average share price of the Cardinal shares on the Toronto Stock Exchange [Read more]
Heavy and synthetic crude widens
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Tuesday, the first day of the new monthly trade cycle. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, last traded at $14.70 per barrel below WTI, according to NE2 Canada Inc, widening 55 cents from the previous settle. Tuesday was the first day of the monthly Canadian crude trading window, which runs for roughly two and a half weeks from the first of each month until the day [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location May. 28 Production Engineer Junior Oil & Gas Producer Calgary May. 31 Well Testing Operator Roska DBO Grande Prairie May. 31 Full Stack Web [Read more]
Petrus Resources announces extension to credit agreements
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its senior revolving credit facility agreement from May 31, 2021 to June 14, 2021. Its second lien term loan provider has also extended the maturity date of the Company's term loan from July 31, 2021 to August 16, 2021. The Company continues to be in discussions with the bank syndicate on a one-year extension to the credit [Read more]
Inter Pipeline completes acquisition of Milk River pipeline system
CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today it has completed the acquisition of the Milk River pipeline system from Plains Midstream Canada ULC, in exchange for its 100 percent ownership interest in the Empress II and 50 percent ownership interest in the Empress V straddle plants. Inter Pipeline also received cash proceeds of approximately $35 million, which will be used to reduce outstanding indebtedness. The Milk River pipeline system provides an [Read more]