CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce the closing of the two previously announced strategic acquisitions (together, the "Acquisitions") in the Provost and Nipisi areas of Alberta for a total net purchase price of $135.3 million, after deducting the proceeds from the sale of two newly created 4% gross overriding royalties ("GORR") on a select portion of the acquired Nipisi properties. Concurrent with the Acquisitions, the [Read more]
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In split decision, Supreme Court says the federal carbon price is constitutional
The Supreme Court of Canada says the federal carbon price is entirely constitutional. The split decision upholds a pivotal part of the Liberal climate-change plan, accounting for at least one-third of the emissions Canada aims to cut over the next decade. Chief Justice Richard Wagner says in the written ruling that climate change is a real danger and evidence shows a price on pollution is a critical element in addressing it. "It is a threat of the highest order to the country, and [Read more]
Surge Energy Inc. Announces Closing of Strategic $106 Million Asset Sale; Positive Credit Facilities Re-Determination
CALGARY, AB, March 25, 2021 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce it has successfully completed its previously announced strategic $106 million asset sale (the "Sale"), and finalized a positive re-determination of the Company's credit facilities. ACCRETIVE ASSET SALE COMPLETED Surge has now closed its previously announced strategic Sale, providing a significant, immediate, positive impact on the Company's balance sheet. As a result [Read more]
Oilpatch workforce faces more cuts this year before rebound in 2022-23
CALGARY - Canada's oil and gas workforce is expected to shrink this year thanks to a spate of layoffs linked to corporate mergers and low levels of oilfield activity before staging a modest rebound over the next two years. Energy labour data firm PetroLMI, a division of Energy Safety Canada, says there will be a need for net hiring in 2022 and 2023 but there will still be fewer overall jobs than there were in 2019. In its three-year forecast, PetroLMI says direct industry employment is [Read more]
Pieridae releases Q4 and 2020 results
Key Highlights: Production increased year over year from 22,397 barrels of oil equivalent per day (“boe/d”) in 2019 to 42,000 boe/d in 2020, an increase of 88% The Company managed to replace almost half of its production in 2020 while spending minimal capital The proved developed producing (“PDP”) base decline rate of the corporation is now at ~ 10% (based on 2021 PDP forecasts), one of the lowest in the industry This decline rate will provide a very reliable base production from [Read more]
Oil falls as demand concerns trump Suez Canal disruptions
Oil prices fell as coronavirus lockdowns revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal. U.S. West Texas Intermediate (WTI) crude futures dropped by $1.72, or 2.83%, to $59.09 a barrel. Brent crude futures slid $1.58, or 2.46%, to $62.56 a barrel. Prices, which tumbled earlier in the week on worries about tighter pandemic curbs in Europe and vaccine delays stalling fuel demand [Read more]
Ovintiv exceeds divestiture target, announces Eagle Ford sale and updates guidance
DENVER - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced the signing of an agreement to sell its Eagle Ford assets to Validus Energy for $880 million. With this sale, the Company has exceeded its divesture target and, with other items, now anticipates year-end 2021 debt to be below $5 billion using its 2021 planning price deck of $50 WTI oil and $2.75 NYMEX gas. In addition, the Company expects to achieve its $4.5 billion debt target in the first half of 2022. Guidance was also updated to [Read more]
COVID-19 weakened environmental rules across Canada, mostly in Alberta
CALGARY - A University of Calgary study has found Alberta relaxed more environmental rules in response to the COVID-19 pandemic than any other government in Canada. Victoria Goodday at the university's School of Public Policy found that 143 environmental rules and regulations were loosened last year. Every jurisdiction in the country except Manitoba relaxed at least some. Goodday found that Alberta relaxed or suspended 54 regulations — far more than anywhere else — although she notes [Read more]
Fourteen U.S. states sue Biden administration over oil and gas leasing pause
Fourteen U.S. states including Louisiana and Wyoming filed suit on Wednesday against President Joe Biden's administration to challenge his pause on new oil and gas leasing on federal lands and waters. A coalition of 13 states filed one lawsuit in federal court in Louisiana, while Wyoming filed a its own lawsuit in federal court in that state. The states joining Louisiana's suit included Alabama, Alaska, Arkansas, Georgia, Mississippi, Missouri, Montana, Nebraska, Oklahoma, Texas, Utah and [Read more]
Oil steadies as Suez Canal ship runs aground, demand fears weigh
Oil rose more than 2% on Wednesday after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains. The giant container ship that has been blocking the Suez Canal for more than a day has been partially refloated and traffic along the fastest shipping route from Europe to Asia is expected to resume soon, port agent GAC said on Wednesday. “Price support is coming courtesy of a transport blockage,” said [Read more]