Canada averaged 188 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 112 are drilling for oil, 71 are drilling for natural gas, and 5 for other. Drilling activity by province is 126 in Alberta, 36 in Saskatchewan, 13 in British Columbia, 3 in Manitoba, and 10 in other. Precision Drilling holds the majority of the Canadian market share with 30 per cent, Ensign Drilling with 18 per cent, Savanna Drilling with 10 [Read more]
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U.S. drillers add oil and gas rigs for 11th week in a row
U.S. drillers this week added oil and natural gas rigs for an 11th week in a row for the first time since June 2017 as crude prices hit pre-pandemic highs. The U.S. oil and gas rig count, an early indicator of future output, rose by eight to 392 in the week to Feb. 5, the highest since May, according to data on Friday from energy services firm Baker Hughes Co. Despite rising for six months in a row, that count is still 398 rigs, or 50%, below this time last year. The total count, however, [Read more]
Oil prices rise to highest in a year on U.S. growth optimism, crude supply restraint
Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply. "Rising confidence in an upturn in economic and oil demand recovery around the corner is a major impetus for crude," said Vandana Hari, energy analyst at Vanda Insights. "Right now, the concurrent tightening of supply due to the additional Saudi cuts is adding to the tailwinds," [Read more]
Osum updates timeline for independent valuation and corporate sale process and reminds shareholders there is no need to tender at this time
CALGARY, Feb - Osum Oil Sands Corp. ("Osum" or the "Company") wishes to update shareholders on matters related to the hostile bid for the Company announced by Waterous Energy Fund ("Waterous" or "WEF") on November 2, 2020 (the "Hostile Bid" or "WEF Offer"). Specifically, Osum anticipates: The results of the independent valuation will be available to be released to shareholders on or about February 16, 2021. The outcome of the corporate sale process is expected to be known within a [Read more]
Cardinal Energy Ltd. announces notice of redemption of 8% convertible debentures
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ; CJ.DB.A) is pleased to announce that it is issuing a notice of redemption to holders of its currently outstanding $28,207,000 8% Convertible Unsecured Subordinated Debentures due December 31, 2022 (the "Debentures"). The Debentures are not subject to a pre-payment penalty. As set out in the notice of redemption, Cardinal will redeem, as of March 11, 2021 ("Redemption Date"), all of the aggregate principal amount [Read more]
Lack of overhauls at U.S. refiners could stall industry recovery
U.S. oil refiners are predicting a strong recovery in fuel demand in the second half of this year as vaccination rates increase and workers are expected to resume commuting and taking vacations. But oil processors appear to be skimping on routine spring overhauls that typically prepare refineries for peak summer output. Maintenance cutbacks could make it hard to boost output as the economy recovers from its pandemic-related contraction. U.S. plants are running at about 82% of capacity, [Read more]
Suncor Energy reviews mining safety after three workers killed
Canada's second-biggest oil company, Suncor Energy Inc, said on Thursday it had started a third-party safety review after three contract workers died in two separate mining accidents. Chief Executive Mark Little said the review would focus on mining operations, which are one of the ways the company extracts crude from Alberta's oil sands. It is scheduled for completion this quarter. "As devastating as this has been for all of us, I can't even comprehend how difficult this is on the [Read more]
Suncor Energy restarts carbon emission cutting projects despite vow of austerity
The CEO of Suncor Energy Inc. says it will not increase capital spending this year despite higher oil prices, instead vowing to spend any increases in cash flow on debt repayment and share buybacks. Mark Little says the company won't backtrack after chopping operating costs by $1.3 billion or 12% in 2020 versus 2019 and reducing capital spending by $1.9 billion or 33% compared to the original guidance midpoint. The austerity pledge echoes similar recent vows from oilsands rivals Imperial [Read more]
Oilsands giant Suncor Energy notes fourth-quarter loss on lower revenue, writedowns
CALGARY - Canadian oilsands and refining giant Suncor Energy Inc. is reporting a fourth-quarter net loss of $168 million or 11 cents per share, compared with a net loss of $2.34 billion or $1.52 in the same period of 2019. The company says the loss includes a $423-million after-tax asset impairment charge, along with a $142-million transportation provision related to the recently cancelled Keystone XL oil export pipeline project, offset by a $539-million unrealized after-tax foreign exchange [Read more]
Waterous Energy Fund addresses Osum’s press release and reaffirms strong shareholder support
CALGARY, AB - Waterous Energy Fund ("WEF") addresses the continued efforts taken by Osum Oil Sands Corp. ("Osum", or the "Company") to obstruct the ability of Osum's shareholders to achieve liquidity through WEF's offer (the "Bid", or the "Offer") as outlined in Osum's press release on February 1, 2021. WEF Reaffirms the Strong Shareholder Support It Has Received Shareholder support for WEF's bid has increased since the ruling of the Alberta Securities Commission ("ASC") dismissing [Read more]