Canada's Imperial Oil, one of the country's biggest crude producers and refiners, said on Thursday it would raise capital spending and production next year as a volatile recovery of energy demand continues. Chief Executive Brad Corson said at the company’s virtual investor day presentation that a recovery in global energy demand looked to be “highly uncertain” and dependent on the spread of COVID-19. Pandemic travel restrictions have crushed fuel demand, depressing oil prices, and forcing [Read more]
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Alberta’s main economic driver continues to struggle in 2020
It’s been a challenging year for the oil and gas industry in Alberta, as the province has seen depressed oil prices, little work to be found, and drilling all but halted. From BOE’s Well Activity Map, one can see 583 wells of oil/bitumen, gas, and others found. This number represents a stark cry from 2019’s 1,920, and even further from 2018’s 7,445. The CAODC Rig Count shows 51 active rigs currently in Alberta. These numbers are much different from November 2019 when Alberta had 87 active [Read more]
Hemisphere Energy Announces Financial and Operating Results for Q3 2020
Vancouver, British Columbia - Hemisphere Energy Corporation (TSXV: HME) ("Hemisphere" or the "Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2020. Q3 2020 Highlights Achieved revenue of $5.9 million. Realized an operating netback of $4.7 million, including hedging gains of $0.9 million. Attained quarterly adjusted funds flow from operations of $3.4 million or $0.04 per share (basic). Maintained average [Read more]
Ovintiv names Meg A. Gentle to Board of Directors
DENVER - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced that Meg A. Gentle has been named as an independent member of its board of directors, effective December 16, 2020. Gentle, 46, currently serves as the president and chief executive officer of Tellurian, Inc. and as a member of its board of directors. Before joining Tellurian in 2016, she served as CFO and executive vice president of marketing for Cheniere Energy. Gentle graduated from James Madison University and holds an MBA from [Read more]
OSY Rental’s web series is back and better than ever
OSY Rental's hit web reality series has returned for an all new season 6. Watch the challenges the team faces during the pandemic and oil price downturn. OSY Rentals is an oilfield rental and sales company specializing in Vapour Tight Tank Packages, flares, knockouts and separators. The company launched its web reality series in 2017, and the show became an overnight success with episodes reaching as many as 50,000 viewers through their YouTube and social media channels. Visit OSY [Read more]
Headwater Exploration Inc. announces receipt of shareholder written consent for transaction with Cenovus Energy Inc.
CALGARY, AB - Headwater Exploration Inc. (the "Company" or "Headwater") (TSX: HWX) announces it has received written consents from shareholders holding a majority of the issued and outstanding common shares (the "Common Shares") of Headwater approving the Company's previously announced transaction (the "Transaction") with Cenovus Energy Inc. ("Cenovus"). Pursuant to the Transaction, Headwater will acquire 100% of Cenovus' assets in the Marten Hills area of Alberta. Headwater will issue 50 [Read more]
Birchcliff Energy Ltd. receives TSX approval for renewed normal course issuer bid
CALGARY, Alberta - Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce that the Toronto Stock Exchange (the “TSX”) has accepted the notice of Birchcliff’s intention to make a normal course issuer bid (the “NCIB”). The NCIB effectively renews the Corporation’s existing normal course issuer bid which is set to expire on November 24, 2020. The NCIB allows Birchcliff to purchase up to 13,296,936 common shares (representing 5% of its 265,938,729 common shares [Read more]
What is happening with the Keystone XL oil pipeline?
TC Energy Corp says it is continuing to advance its Keystone XL (KXL) oil pipeline, the $9 billion project that would move oil from the province of Alberta to Nebraska. Most recently, a Canadian indigenous group said it would invest C$1 billion ($764.35 million) in the project, which has been in the works for 12 years. That surprised some, as KXL has been slowed by legal issues in the United States, and faces a potential fatal blow next year when President-elect Joseph Biden takes office, [Read more]
CAODC announces the release of its Q4 2020 and 2021 drilling forecast
Projected 2021 wells drilled: 3,771 – an increase of 475 from 2020 (3,296*) Projected 2021 operating days: 33,938 – an increase of 4,274 from 2020 (29,664*) Rig fleet expected to decrease by 27 (505 drilling rigs to 478 drilling rigs) Total jobs expected = 18,550, an increase of 2,349 year over year After a promising start, 2020 activity levels came to a crashing halt at the end of Q1 along with the global economy due to the COVID-19 pandemic. The industry faced historic lows in oil [Read more]
Indigenous prime contractor successful in SRP periods 1-4
Western Petroleum Management (WPM) is an Alberta based and federally registered Indigenous-owned company supplying engineering, project management, and onsite supervision to the upstream oil gas industry across western Canada since 2005. WPM has been involved with the Alberta Site Rehabilitation Program (“SRP”) since its inception and has been extremely successful in obtaining application approvals for numerous clients, from large operators to single well licensees. WPM has realized an [Read more]