Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed slightly on Monday, trading in a tight 15-cent-per-barrel range: Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $12.25 per barrel below WTI, according to NE2 Canada Inc, a tad lower than Friday's settlement of $12.30 under. Demand for WCS looks to remain slack during the trading cycle with refinery operating rates below normal due to the pandemic hitting fuel [Read more]
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U.S. natgas futures slide over 6% on milder weather, higher output
U.S. natural gas futures dropped more than 6% to a two-month low on Monday, weighed down by forecasts for warmer-than-usual weather that could result in lower heating demand over the next two weeks amid steady rise in production. Front-month gas futures for January delivery fell 17.5 cents, or 6.8%, to $2.400 per million British thermal units by 2:14 p.m. EST (1914 GMT), after touching its lowest since Oct. 2 at $2.381 earlier in the session. "The weather outlook for the rest of December [Read more]
Receivership Sale: BDO Canada Limited – Bow River Energy Ltd.
On October 29, 2020 BDO Canada Limited was appointed as the receiver and manager (the “Receiver”) of Bow River Energy Ltd. (“Bow River” or the “Company”) pursuant to an Order of the Court of Queen’s Bench of Alberta. The Receiver has engaged Sayer Energy Advisors to assist with a sale of all of Bow River’s oil and natural gas properties located in Alberta (the “Properties”). Bow River’s oil and natural gas interests are located in the Provost area of Alberta, specifically the Fleeing Horse, [Read more]
Oil prices stumble as coronavirus resurgence forces more lockdowns
Oil prices fell on Monday as a continued surge in coronavirus cases globally forced a series of renewed lockdowns, including strict new measures in Southern California in the United States, the world's top oil consumer. West Texas Intermediate oil futures fell 47 cents, or 1%, to $45.65 a barrel. Brent crude oil futures were down 40 cents, or 0.8%, at $48.66 a barrel. Both benchmarks gained for a fifth consecutive week last week. "Crude pared earlier vaccine roll-out gains after Los [Read more]
Introducing GLJ IntelliCasts™: Intelligent well-level forecasts in a fraction of the time
Calgary, AB – GLJ is pleased to announce the release of GLJ IntelliCasts™, a subscription product that offers rapid insight into oil and gas asset valuation. Powered by a mix of machine learning, modern decline analytics and five decades of play knowledge, this is indispensable well-level insight for producers, debt & equity stakeholders and mid-streamers alike. With ongoing industry consolidation, GLJ IntelliCasts™ gives subscribers an edge in benchmarking, validating and assessing [Read more]
Volunteering Opportunity: Geoscience BC Oil & Gas Technical Advisory Committee
Geoscience BC is seeking volunteers to join our Oil & Gas Technical Advisory Committee (TAC), a group of experts that identifies, plans, develops, and reviews our independent, relevant, and public oil and gas related earth science research in British Columbia. Geoscience BC’s Minerals, Oil & Gas and Geothermal TACs are an essential part of our agile and innovative organization. They generate, solicit, review and recommend proposals for Board approval and their expertise is vital to [Read more]
Pieridae releases 2021 guidance
Highlights: Net operating income (“NOI”)1 growth to $100-$130 million Adjusted Funds Flow From Operations (“AFFO”)1 increase to $80-$110 million Adjusted operating expenses1 of $9.50-10.50/boe Production of 40,000-45,000 boe/d $45-55 million upstream capital budget $10-$15 million pre-FID Goldboro LNG development expense budget, and post-FID Goldboro LNG capital expenditure budget of $250-$350 million2 Commodities hedging of 55-65% on an 18-month rolling boe/d basis [Read more]
Cardinal Energy Ltd. announces private placement
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) announces that it has entered into subscription agreements for a non-brokered private placement of approximately $16,920,833 principal amount of 2nd lien secured notes (the "Notes") issued at a 4% discount for gross proceeds of $16,244,000. As part of the Note offering, each subscriber is also required to subscribe for a pro rata number of units (the "Units") totaling 8,122,000 Units, at a subscription price of $0.50 [Read more]
Canada’s weekly rig count at 109
Canada averaged 109 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 57 are drilling for oil, 48 are drilling for natural gas, 1 for potash, and 3 for other. Drilling activity by province is 71 in Alberta, 20 in British Columbia, 17 in Saskatchewan, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 35 percent, Ensign Drilling with 22 percent, Savanna Drilling with 11 [Read more]
U.S. drillers add oil and gas rigs for 11th week in 12
U.S. energy firms this week added oil and natural gas rigs for the 11th time in 12 weeks as producers return to the wellpad even as most are cutting spending this year and next. The oil and gas rig count, an early indicator of future output, rose three to 323 in the week to Dec. 4, energy services firm Baker Hughes Co said in its closely followed report on Friday. That was 476 rigs, or 60%, below this time last year. The number of operating rigs has surged since August, when it hit a [Read more]