Canadian heavy crude's discount to West Texas Intermediate (WTI) was flat on Friday. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, last traded at $12.80 per barrel below WTI, according to NE2 Canada Inc, flat to Thursday's discount. Friday is the last day of the monthly Canadian crude trading window, which lasts from the first of each month until the day before nominations to ship crude on pipelines are due. Light synthetic crude from the oil [Read more]
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Surge Energy Inc. announces first quarter financial & operating results and ESG update
CALGARY, AB - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its financial and operating results for the quarter ended March 31, 2021. MACRO OVERVIEW – CRUDE PRICES CONTINUE TO STRENGTHEN Pre-COVID-19, world oil demand was more than 100 million barrels per day; growing by approximately one million barrels per day each year. Without significant capital investment, world oil production has been estimated to have an annual decline of 5-6 million barrels per [Read more]
Judge dismisses attempt to quash ‘anti-Alberta’ activities inquiry
CALGARY - A judge has dismissed an attempt to quash the United Conservative government's inquiry into whether foreign groups have conspired against Alberta's oil industry. Court of Queen's Bench Justice Karen Horner says the environmental law firm Ecojustice failed to prove the inquiry was called to intimidate charities that have raised concerns about the industry. She also says there's no reason to believe that the political context around the inquiry suggests it's biased. "I have [Read more]
U.S. drillers add oil and gas rigs for third week in a row
U.S. energy firms added oil and natural gas rigs for a third week in a row as higher crude prices prompt some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose five to 453 in the week to May 14, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count up 114 rigs, or 34%, over this time last year. It was also up 86% since falling to a record low of 244 [Read more]
Oil steadies on India COVID-19 cases, U.S. pipeline restart
Oil prices bounced back after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack. West Texas Intermediate (WTI) was climbed $1.35, or 2.12%, at $65.13 a barrel. Both prices are heading for their first weekly loss in three weeks. Brent crude oil futures rose $1.42 or 2.12%, at $68.40 a barrel. "The commodity supercycle rally just hit a hard [Read more]
U.S. capital running out of gas, even as Colonial Pipeline recovers
The U.S. capital was running out of gasoline on Friday even as the top U.S. fuel pipeline ramped up deliveries following a cyberattack and Washington officials assured motorists that supplies would return to normal soon. The six-day Colonial Pipeline shutdown was the most disruptive cyberattack on record, which underscored the vulnerability of vital U.S. infrastructure to cybercriminals. Widespread panic buying continued two days after the nation's largest fuel pipeline network restarted, [Read more]
Cardinal Energy Ltd. announces first quarter 2021 financial results and increased 2021 budget
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) is pleased to announce its operating and financial results for the first quarter ended March 31, 2021. Selected financial and operating information is shown below and should be read in conjunction with Cardinal's unaudited condensed interim financial statements and related Management's Discussion and Analysis for the three months ended March 31, 2021 which are available at www.sedar.com and on our website at [Read more]
Canadian biogas experiences decade of rapid growth, with signs of steeper growth in the 2020s
OTTAWA - Canadian biogas experienced a decade of rapid growth from 2011 to 2020, with an almost 50% jump in operating biogas projects across the country. That's the key takeaway from the Canadian 2020 Biogas Market Report just released by the Canadian Biogas Association that provides a comprehensive analysis of trends in the production and use of biogas energy in Canada. Canada now has 279 biogas projects from coast to coast. These projects are capturing waste methane from agricultural [Read more]
Saturn Oil & Gas Inc. Announces Transformational Light Oil Asset Acquisition of 6,700 boe/d to Become One of the Leading Producers and Land Holders in Southeast Saskatchewan
Saturn expects to be debt-free in 24 months based on production forecasts, capital budget, hedging levels and current forward pricing Mission is to continue to be an acquirer of accretive assets in Western Canada Acquisition builds on Saturn's existing environmental, social and governance ("ESG") performance, while supplying responsibly-produced ethical Canadian crude oil to service global market demand Calgary, Alberta--(Newsfile Corp. - May 13, 2021) - Saturn Oil & Gas Inc. (TSXV: [Read more]
U.S. retail gasoline shortages worsen as pipeline attempts restart
Shortages of gasoline at retail stations in the U.S. Southeast became more widespread after days of panic buying triggered by a major pipeline shutdown that is now in the early stages of an attempted restart. Drivers from Virginia to Florida struggled to find service stations that still had fuel to sell, and those that succeeded waited in long lines to pay prices that had climbed to their highest in years. Nicole Guy, a leasing agent in Atlanta, spent much of Thursday morning driving from [Read more]