CALGARY, July 31, 2017 /CNW/ - Cona Resources Ltd. (formerly Northern Blizzard Resources Inc.) ("Cona" or the "Company") announces the final results and settlement of its offer (the "Offer") to purchase for cash any and all of its US$269.7 million outstanding 7.25% Senior Notes due 2022 (the "Notes"). The Company offered to purchase for cash any and all of the outstanding Notes at a purchase price equal to 101% of the principal amount of the Notes plus accrued and unpaid interest up to, but not [Read more]
Headlines
Oil markets escape Venezuela sanctions for now
NEW YORK (Reuters) - U.S. oil markets had a muted reaction on Monday after Washington slapped sanctions on Venezuelan President Nicolas Maduro but experts say broader oil-sector and financial sanctions may be the only way to make the Venezuelan government feel economic pain. The move came after Sunday's vote creating a new legislative superbody with the power to dissolve state institutions such as the opposition-run Congress. Countries around the world denounced the vote while Washington called [Read more]
PSAC boosts oil, gas drilling forecast by 8 percent
Canadian light oil producers will drill more wells than previously expected this year as the sector benefits from investors transferring capital out of the oil sands, the Petroleum Services Association of Canada said on Monday In an update to its annual drilling forecast PSAC said 7,200 wells will be drilled this year, 8 percent higher than its prior estimate of 6,680 wells. The industry body said it had underestimated how fast investors looking for a swifter return on capital in a low oil price [Read more]
Canadian heavy oil plugs gap left by OPEC, Latam
Canada's struggling oil market has found something of a lifeline as traders scramble for heavy crude due to OPEC production cuts and sinking Latin American output. Output has fallen in Organization of the Petroleum Exporting Countries and non-OPEC Latin American countries such as Mexico and Colombia, leading refiners as far away as China to look to Alberta's oil sands to fill the gap. The interest has boosted the price for heavy Western Canada Select (WCS) oil, which is within range of its [Read more]
Plan B: After investors pull out of B.C., interest in planned N.S. LNG facility up
HALIFAX - A Nova Scotia company looking to build a liquefied natural gas terminal on Canada's East Coast says it's seeing an uptick in interest since an LNG megaproject slated for the West Coast was scrapped last week. Paul MacLean with Bear Head LNG Corp., a subsidiary of Australia-based Liquefied Natural Gas Ltd., says after more than a year of wooing western Canadian shale gas producers, the Nova Scotia project is getting attention. "We've been working with western basin [Read more]
Environmentalists prepared to fight new oil and gas regulations in Quebec
MONTREAL - Opponents of oil and gas development in Quebec say they're prepared to ramp up their fight amid expectations that the provincial government could release new regulations on resource extraction in the coming weeks. At the end of last year, the government passed legislation to enable production of oil and natural gas. In May, Natural Resources Minister Pierre Arcand said rules governing that activity would be released a month later and since then, both industry and opponents [Read more]
Canada Weekly Rig Count Up 14 to 220
Western Canada’s fleet of drilling rigs increased this week to 220 actively drilling rigs according to data collected by Baker Hughes for the week of July 28. From one week ago, Alberta rig counts increased to 146 rigs from 132, the Saskatchewan rig count remained at 42. Oil drilling increased to 129 rigs from 118; gas rigs increased to 91 from 88. View a full breakdown of western Canada’s rig activity. [Read more]
Toscana Energy Announces Second Quarter 2017 Results
CALGARY, Alberta, July 28, 2017 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("TEI" or the "Corporation") (TSX:TEI) announces financial and operating results for the second quarter ended June 30, 2017. Financial and operating results: This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three and six month periods ended June 30, 2017. This news release [Read more]
U.S. drillers add fewest oil rigs in a month since May 2016 -Baker Hughes
U.S. energy companies added 10 rigs in July, the fewest of any month since May 2016, as recent declines in crude prices have slowed the pace of a 14-month drilling recovery. The rig count has slowed as several U.S. exploration and production (E&P) companies reduced capital spending plans. Drillers added two oil rigs in the week to July 28, bringing the total count up to 766, the most since April 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed [Read more]
Imperial announces second quarter 2017 financial and operating results
Net loss of $77 million compared to a net loss of $181 million in second quarter of 2016 Progressing a comprehensive plan to improve reliability and achieve targeted production levels at Kearl Increased ability to deliver value to shareholders through an expanded share buyback program CALGARY, July 28, 2017 /CNW/ - Second quarter Six months millions of Canadian dollars, unless [Read more]