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]
Headlines
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]
Inter Pipeline continues to recommend rejection of Brookfield’s hostile bid
CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline" or the "Company") (TSX: IPL) today reiterated its recommendation that shareholders reject a hostile takeover bid at a value of $16.50 per share (the "Hostile Bid") from an affiliate of Brookfield Infrastructure Partners L.P. ("Brookfield"). Inter Pipeline's board of directors (the "Board") has unanimously determined that the Hostile Bid is not in the best interests of the Company or its shareholders. As disclosed separately today, the [Read more]
Battle River Energy Ltd. – Non-core property divestiture
Battle River Energy Ltd. (“Battle River” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale of certain non-core natural gas interests located in the Provost area of Alberta, specifically the Sullivan Lake, Provost Viking Sand Gas Unit, Battle River Gas, North Provost Gas Unit and Kessler areas (the “Properties”). Battle River is selling the Properties in order to focus its operations on its core assets. Current daily production net to Battle River [Read more]
Canadian dollar nears 6-year high as oil rallies, GDP rises
The Canadian dollar strengthened against its U.S. counterpart on Tuesday, moving close to a recent six-year high, as oil prices rose ahead of an OPEC supply decision and data showed first quarter growth in the domestic economy. The loonie, which has benefited this year from higher commodity prices and a more hawkish stance from the Bank of Canada, rose 0.3% to 1.2031 per greenback, or 83.12 U.S. cents. Two weeks ago, it touched its strongest level since May 2015 at 1.2014. Canada's first [Read more]