CALGARY, Alberta - Leucrotta Exploration Inc. ("Leucrotta" or the "Company") (TSXV - LXE) is pleased to announce that it has entered into an agreement with a syndicate of underwriters for a $20.0 million bought deal financing (the "Financing") by way of a short form prospectus offering. The Company will be conducting a concurrent non-brokered private placement of $2 million flow-through units of the Company. The Company has also entered into a definitive agreement with an Alberta-based publicly [Read more]
Headlines
Manitoba introduces bill proposing tougher fines for protesters
WINNIPEG - The Manitoba government has introduced a bill that proposes tougher fines and possible imprisonment for people interfering with critical infrastructure. The owner or operator of the infrastructure would be able to apply for a court order to create a temporary protection zone. Included would be oil or natural gas pipelines and provincial highways. If a person were to go into the area, he or she could be fined $5,000 or jailed for up to 30 days. A corporation could be fined [Read more]
Waterous Energy Fund successfully completes take-over bid for 57 million shares of Osum Oil Sands Corp.
CALGARY, AB - Waterous Energy Fund ("WEF") is pleased to announce that it has successfully completed the offer (the "Offer") by its subsidiary, WEF Osum Acquisition Corp. (the "Offeror"), to acquire up to 57,000,000 common shares ("Osum Shares") of Osum Oil Sands Corp. ("Osum") at a price of $3.00 per share, following the expiry of the mandatory 10-day extension period at 11:59 pm (Vancouver time) on March 12, 2021. 21,531,295 additional Osum Shares were deposited and not withdrawn during the [Read more]
WTI crude floats near $65 on demand recovery anticipation
Oil prices edged up on Monday, with WTI hovering near $65 a barrel, propped up by output cuts from major producers and optimism about global economic and fuel demand recovery in the second half of the year. U.S. West Texas Intermediate was at $64.44 a barrel, down $1.08, or 1.67%. Brent crude dipped $1.07, or 1.55%, to $68.08 a barrel. Top oil exporter Saudi Arabia has cut the supply of April-loading crude to at least four north Asian buyers by up to 15%, while meeting the normal monthly [Read more]
Kanata Global has the experience and expertise for your abandonment program management
Kanata Global Environment, Engineering & Consulting is an Indigenous owned business whose mission is to provide high caliber, experienced, professional consulting and project management services to the Oil & Gas Industry. Kanata strives to establish a reputation for delivering competent, reliable, competitive services supplied with the highest integrity to satisfy our customers requests. All projects completed will meet or exceed regulatory and safety standards, all the while respecting [Read more]
Column: When it comes to COVID aid, the oil and gas industry got put on hold.
When it came to COVID-19 financial support, the oil and gas industry got put on hold. Well-funded anti-oil and gas campaigners are using the old magician's trick of "look over there so you don't notice what's going on over here". For some time we have seen sensational claims the oil and gas industry is receiving billions in subsidies and the campaigns to end them. It's just the oil and gas industry isn't getting these subsidies and so their campaigns to end them succeeded before they started. [Read more]
Heavy crude differential widens to end week
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Friday. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty was trading at $11.35 per barrel below WTI, according to NE2 Canada Inc, widening from Thursday's settlement of $11.10 per barrel below the benchmark. Despite Friday's widening, the heavy differential has remained relatively tight due to strong demand from U.S. Gulf refiners after the recent Texas storm and talk that pipeline [Read more]
Canada’s weekly rig count at 110
Canada averaged 110 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 55% are drilling for oil, 42% are drilling for natural gas, 2% for other (helium, hydrogen, geothermal, or potash). Drilling activity by province is 71% in Alberta, 17% in BC, 12% in Saskatchewan. Precision Drilling holds the majority of the Canadian market share with 31 per cent, Ensign Drilling with 13 per cent, Savanna Drilling with 12 per [Read more]
U.S. oil & gas rig count falls for first time since November
U.S. energy firms cut the number of oil and natural gas rigs operating for the first time since November even as crude prices soared to their highest since 2018. The U.S. oil and gas rig count, an early indicator of future output, fell by one to 402 in the week to March 12, according to data on Friday from energy services firm Baker Hughes Co. That count is 390 rigs, or 49%, below this time last year. The oil and gas rig count, however, has increased for the past seven months since [Read more]
Ovintiv nears south Texas asset sale for over $800 million
Ovintiv Inc is in advanced talks with a privately-owned energy investment firm to sell its holding in a south Texas shale basin for more than $800 million, sources familiar with the matter said on Friday. The sale of its Eagle Ford acreage would mark a milestone for Denver-based Ovintiv, which is on a multi-year debt reduction plan it outlined in February. The plan includes generating about $1 billion from divesting assets. Ovintiv's shares have gained over 90% so far this year, amid a [Read more]