U.S. drillers this week added oil and natural gas rigs for the second time in three weeks as a recent increase in energy prices from coronavirus-linked lows prompted some to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose by one to 255 in the week to Sep. 18, energy services firm Baker Hughes Co said in its closely followed report on Friday. That total rig count fell to a record low of 244 rigs during the week ended Aug. 14. That was 613 rigs, [Read more]
Headlines
Cequence Energy announces court sanction of plan of compromise and arrangement and update on continuous disclosure filings
CALGARY, Alberta - Cequence Energy Ltd. (“Cequence” or “the Company“) announces that the previously announced plan of compromise and arrangement (the “Plan”) of the Company, under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) was sanctioned today by order of the Court of Queen’s Bench of Alberta (the “Court”) under the CCAA. Cequence’s creditors approved the Plan at a creditors’ meeting held on Tuesday September 15, 2020. At the creditors’ meeting 100% of the votes cast by the [Read more]
U.S. natgas futures ease to 7-week low as output rises after Hurricane Sally
U.S. natural gas futures eased on Friday to a seven-week low with output rising as Gulf of Mexico producers return wells shut for Hurricane Sally. That price decline came despite an increase in U.S. liquefied natural gas exports to their highest since April as rising prices in Europe and Asia make U.S. gas more attractive. Front-month gas futures fell 1.5 cents, or 0.7%, to $2.027 per million British thermal units (mmBtu) at 11:27 a.m. EDT (1527 GMT), their lowest since July 31 for a [Read more]
Pipestone Energy Corp. announces closing of $70 million convertible preferred share financing transaction and provides operations and risk management updates
CALGARY, Alberta - Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to announce that following receipt of overwhelming approval at the annual and special meeting of the shareholders of Pipestone Energy held on September 14, 2020 (the “Shareholder Meeting”), it has closed the previously announced financing (the “Financing”) pursuant to subscription agreements with Riverstone V EMEA Holdings Cooperatief U.A. which was subsequently assigned to Riverstone Pipestone LP [Read more]
OPEC+ panel to meet amid oil price decline, worry of virus impact
OPEC and allies, led by Russia, are scheduled to hold an online meeting on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook. The key OPEC+ panel will be reviewing an internal document which warned that a rise in coronavirus cases in some countries may curb oil demand despite signs of economic recovery and initial indications of a decline in oil stocks, according to a copy of the report seen by [Read more]
U.S. oil producers, exporters tally damages from Hurricane Sally, begin restarts
Storm-tossed U.S. offshore energy producers and exporters began clearing debris on Thursday from Hurricane Sally and booting up idle Gulf of Mexico operations after hunkering down for five days. The storm toppled trees, flooded streets and left about 570,000 homes and businesses from Mississippi to Florida without power. Sally became a tropical storm and spread heavy rains overnight from Alabama to Georgia. Crews returned to at least 30 offshore oil and gas platforms. Chevron Corp began [Read more]
ELM Inc. – Last chance – Site nominations for BC wells to close in under 2 weeks
The second, and final, period to nominate sites for Federal funding under BC’s Dormant Site Reclamation Program (the “Program”) is soon coming to a close. Indigenous communities, landowners and local governments may nominate, through an online process supported by the BC Oil and Gas Commission, specific dormant oil or natural gas sites (Nominated Sites) in their territory or district, or on their property, for consideration for work to be completed under the Program. The deadline for [Read more]
Trump administration eyes at least $300 million aid to refiners denied biofuel waivers
The Trump administration is considering at least $300 million in cash aid to U.S. oil refiners that are denied exemptions to U.S. biofuel blending laws for the 2019 compliance year, two sources familiar with the matter said. Although the administration has yet to rule on the 2019 waivers, it has made an estimate for the amount of money it would provide in aid based on the number of facilities that applied for the exemptions but may now be considered ineligible because of a recent court [Read more]
Independent proxy advisory firm ISS recommends Painted Pony shareholders vote for arrangement with Canadian Natural Resources Ltd.
CALGARY, Alberta - Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) announces today that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm that provides voting recommendations to shareholders and whose analyses and recommendations are relied upon by many major institutional investors, has recommended that Painted Pony shareholders vote in favour of the proposed plan of arrangement with Canadian Natural Resources Limited (“CNRL”) [Read more]
Heavy discount narrows on final day of trading cycle
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Wednesday, the last day of the monthly trading cycle. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $7.80 per barrel below WTI, according to NE2 Canada Inc. It settled on Tuesday at $8.05 under. The tight spread reflects global tightness in heavy oil supplies as U.S. Gulf Coast refiners seek alternative supplies to replace declining output from Venezuela and [Read more]