CALGARY, ALBERTA--(Marketwired - July 25, 2017) - Blackbird Energy Inc. ("Blackbird" or the "Company") (TSX VENTURE:BBI) is pleased to provide an operational update regarding its 2017 delineation and development program and expansion of the Eastern Pipestone/Elmworth Gathering System ("Eastern Gathering System"). Blackbird is also pleased to announce that it has increased its Montney rights in the Pipestone/Elmworth corridor to 125 gross sections (108.9 net sections). Highlights 2017 [Read more]
Headlines
New Methane Gas Emission Rules Raise Questions
New regulations to cut methane gas emissions might address some of Ottawa’s concerns about climate change but leave some in the oil and gas industry with questions and concerns about the process. At issue is the analysis in the government’s Regulatory Impact Analysis Statement released on May 25. Questions include the source of the data used by the government to craft the regulations, the depth of the impact on an industry already hit by lower energy prices, and how the federal government [Read more]
Break in rationing on Enbridge Canada pipelines likely short lived
Enbridge Inc's move not to ration space on heavy oil pipelines out of western Canada for the first time in 16 months is likely to give producers only a short respite from difficulties in getting crude to market, industry players said. Market access is a persistent headache for Canadian energy firms, who produce oil from the world's third-largest crude reserves but often struggle to get their barrels to U.S. markets because of limited space in export pipelines. Canada's largest pipeline [Read more]
PrairieSky Announces Second Quarter 2017 Results
CALGARY, ALBERTA--(Marketwired - July 24, 2017) - PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX:PSK) is pleased to announce its second quarter operating and financial results for the period ended June 30, 2017. 2017 Second Quarter Highlights: • Funds from operations of $75.0 million or $0.32 per share, basic and diluted and net income of $40.5 million or $0.17 per share, basic and diluted • Revenues of $102.2 million including [Read more]
Conservatives to choose interim leader after uniting in Canada’s Alberta
The two right-leaning parties in Canada's oil-rich province of Alberta were due to elect an interim leader on Monday after voting over the weekend to form a new conservative alliance to take on the ruling New Democratic Party (NDP). The new United Conservative Party could present a serious challenge in the 2019 provincial election to the left-leaning NDP, which ended 40 years of Conservative rule in a shock win two years ago. The NDP was partly helped by a divided right at the time. In [Read more]
Loonie rises above 80 cents, highest level in 14 months
TORONTO, July 24 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Monday, as domestic wholesale trade data beat expectations, oil prices moved higher and the greenback struggled to shrug off soft data and political uncertainty. The loonie is trading at its strongest in 14 months, helped by a hawkish turn from the Bank of Canada and an interest rate hike earlier this month. At 8:49 a.m. ET (1249 GMT), it was trading at C$1.2512 to the greenback, or 80 U.S. cents, [Read more]
Hedge funds close bearish positions in crude and gasoline
LONDON, July 24 (Reuters) - Hedge fund managers have continued to cover short positions in crude oil and gasoline, helping lift prices across the petroleum complex against a backdrop of improving fundamentals. Hedge funds and other money managers reduced short positions in the five major petroleum futures and options contracts by a further 44 million barrels in the week to July 18. Total short positions in ICE Brent, ICE and NYMEX WTI, NYMEX gasoline, and NYMEX heating oil were cut to 350 [Read more]
Ghawar vs. the Permian – who would guess that a government-owned business would be run more wisely?
Petroleum reservoirs are not infinite. That might sound self-evident and/or stupid, but they are often treated as if they are. That can be a natural reaction as new fields are being developed, when the boundaries are still being delineated, and sometimes those enthusiastic thoughts just get stuck in everyone’s head. The phenomenon happens everywhere, but always fades with time. Two of the biggest examples of the past 50 years are Saudi Arabia’s reserves and US shale production. For decades [Read more]
Oil dives about 2.5 percent; OPEC crude output rise forecast
NEW YORK (Reuters) - Oil prices slid on Friday, settling about 2.5 percent lower after a consultancy forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the global market will stay awash with crude. Benchmark Brent crude futures LCOc1 settled down $1.24 or 2.52 percent at $48.06 a barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 settled down $1.15 or 2.45 percent, at $45.77 a barrel. "This turn around late in the week is [Read more]
Westcore Energy Ltd. Announces Closing of $499,950 Equity Financing
SASKATOON, SASKATCHEWAN--(Marketwired - July 21, 2017) - Westcore Energy Ltd. ("Westcore" or the "Company") (TSX VENTURE:WTR) is pleased to announce that it has completed a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of $499,950.00. An aggregate of 3,333,000 units have been issued, each at a subscription price of $0.15 per unit, with each unit consisting of one common share of the Company and one common share purchase warrant. Each whole warrant entitles [Read more]