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 revolving credit facility agreement from June 15, 2020 to June 22, 2020. The Company continues to be in discussions with the bank syndicate on a one year extension to the credit facility, as well as with its term loan provider on a one year extension to the term loan. While discussions are ongoing, there is no certainty, nor [Read more]
Headlines
Oil set to end week lower on coronavirus resurgence fears
Oil prices edged higher on Friday but were on track for their first weekly fall in seven as new U.S. coronavirus cases spiked, raising the prospect of a second wave hitting demand. West Texas Intermediate was up 76 cents, or 2.09% to $36.88 a barrel. Both contracts ended around 8% lower on Thursday. Brent was up 96 cents, or 2.51%, at $39.820 a barrel, having lost more than $1 earlier in the session. The oil benchmarks are heading for weekly declines of more than 8%, their first after [Read more]
OPEC+ panel meeting next week will advise on policy, not decide
LONDON/MOSCOW, June 12 - An OPEC-led panel meeting to review the oil market next week will advise the wider OPEC+ group cooperating on a record supply cut, five OPEC+ sources said, meaning further talks would be needed on whether to extend the agreement further. OPEC, Russia and allies, known as OPEC+, agreed on Saturday to keep production cuts of 9.7 million barrels per day, or 10% of pre-coronavirus world demand, until the end of July. The reduction has helped oil prices to more than double [Read more]
Pipestone Energy Corp. announces it has successfully maintained Its $225 million reserve based loan and provides an operations update
CALGARY, Alberta - (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to announce that it has successfully redetermined its Reserve Based Loan (“RBL” or “Credit Facility”) with its syndicate of banks, maintaining its credit capacity of $225 million. RBL and Financial Liquidity Update: Pipestone Energy has closed on its RBL redetermination with its corporate banking syndicate, consisting of National Bank Financial Inc., Bank of Montreal, ATB Financial, and [Read more]
Alberta officially ends agency created to launch green rebates and programs
EDMONTON - Alberta is officially turning out the lights on Energy Efficiency Alberta, an agency created by the former NDP government to promote green initiatives and home rebates. Grant Hunter, associate minister in charge of red tape, says what remains of the agency's mandate can be done by other panels or by other departments. Energy Efficiency Alberta was launched in 2017 to promote renewable energy while funding programs and incentives on everything from solar panels to [Read more]
Heavy discount narrows against plunging U.S. benchmark
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Thursday, as the U.S. benchmark plunged on virus-related demand concerns. Deep oil curtailments in Western Canada, ahead of a gradual increase in refinery demand, has kept differentials narrower than usual, according to traders. Scotiabank said it expects three-quarters of Western Canadian shut-in volumes to return through summer, while turnarounds are also completed. It estimates total shut-ins and [Read more]
Oil prices hit by record U.S. crude inventories, bearish Fed
Oil prices fell on Thursday, hit by another record build-up in U.S. crude inventories and the U.S. Federal Reserve's projections that the world's biggest economy would shrink 6.5% this year. U.S. West Texas Intermediate (WTI) crude dropped 6.64%, or $2.59, to $36.43 a barrel. Brent crude futures erased Wednesday's gains, falling 6.04%, or $2.50, to $38.88 a barrel. With demand risks back at the forefront, both benchmarks are set for their worst daily drop in two weeks. U.S. crude [Read more]
Osum announces higher reserves and resources at Orion and Taiga
CALGARY, AB - Osum Oil Sands Corp. ("Osum" or "the Company") announced today results from an updated assessment as of April 30, 2020 by GLJ Petroleum Consultants ("GLJ"). GLJ was engaged as an independent qualified reserve evaluator to evaluate the reserves and resources of Osum's two thermal oil projects in the Cold Lake area: Orion and Taiga. The evaluation was prepared in accordance with reserve definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook [Read more]
U.S. natgas futures edge up despite lower demand as output slows
U.S. natural gas futures edged up on Wednesday as the market focused more on a slowdown in output rather than a forecast decline in air conditioning demand and low liquefied natural gas exports. Front-month gas futures rose 1.3 cents, or 0.7%, to settle at $1.780 per million British thermal units. Refinitiv said production in the Lower 48 U.S. states fell to an average of 88.5 billion cubic feet per day (bcfd) so far in June from a one-year low of 89.2 bcfd in May and an all-time monthly [Read more]
Letter asks Ottawa to force Alberta to reinstate oilpatch monitoring
EDMONTON - A dozen First Nations and conservation groups are asking Ottawa to step in and force the Alberta government to reinstate environmental monitoring in the province's oilpatch. The groups made the request in a letter sent to federal Environment Minister Jonathan Wilkinson. They say Ottawa should step in because the suspensions threaten plans to restore damage done to the ecosystem in Wood Buffalo National Park, a UNESCO World Heritage Site. Environmental monitoring is a big part [Read more]