When U.S. President Joe Biden nixed Keystone XL, it was a seismic moment for both Canada and the U.S., not only because of the pipeline itself, but how would affairs be moving forward between the two countries, how would the political climate be affected, and what is to become of other projects, namely Enbridge Line 5? A great deal of attention has shifted to Line 5. Tensions are high, and many people are concerned about job loss, notably workers in Ontario, threatening nearly 5,000 jobs, [Read more]
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XI Technologies: Merger Overview – NAL and Whitecap Resources
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. With major mergers dominating the headlines of the oil and gas industry, we thought it would be helpful to take the data at our disposal and use it to look at a recent merger. We’ll look at each company from a high-level perspective [Read more]
U.S. shale could face weeks of depressed oil production due to cold
The U.S. deep freeze will wreak havoc on oil and gas production for several days if not weeks, according to industry experts, as companies deal with frozen equipment and a lack of power to run operations. Texas produces more oil and natural gas than any other U.S. state, and its operators, unlike those in North Dakota or Alaska, are not accustomed to dealing with frigid temperatures. Numerous refineries in Texas have also been shut, though weather events rarely knock substantial amounts of [Read more]
Journey Energy Inc. announces revised closing date for Countess asset sale
CALGARY, AB - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") reports that it has today agreed to a further extension to the closing date for the previously announced disposition (see press release dated October 30, 2020) of its Countess area assets. In conjunction with this extension, Journey has also executed an amendment to its credit agreement with Alberta Investment Management Corporation to extend the maturity date of the $15 million tranche of term debt, to [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Feb. 16 Oil & Gas Operational Accounting Edge Liability Risk Management Regina/Calgary Feb. 16 Permitting Manager Brunel Vancouver Feb. 15 Environmental [Read more]
Bonterra Energy Corp. provides operations update and announces fully funded 2021 budget and guidance
CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") today confirms that the Company's Board of Directors has approved a fully-funded 2021 capital budget of between $65 to $75 million, along with the associated guidance, and provides an operational update. Operational Update Through 2020, Bonterra invested approximately $44 million1 in capital projects, a substantial reduction from its original annual capital budget of $70 million, [Read more]
Spartan Delta buys Inception Exploration and oil and gas assets for $148 million
Calgary producer Spartan Delta Corp. says it has agreed to buy private rival Inception Exploration Ltd. and two packages of oil and gas assets in northwestern Alberta for a total of $148 million in cash and shares. The company, founded last spring through a recapitalization of Return Energy Inc. that put in place a new management team, says it has also arranged an $80-million equity financing through National Bank Financial. Spartan says it has agreed to issue 23.7 million common shares to [Read more]
U.S. natgas soars over 10% as deep freeze strains output
U.S. natural gas futures jumped as much as 10.4% on Tuesday to an over three-month high as bone-chilling weather across the United States disrupted pipeline flows and pushed up heating demand. Front-month gas futures gained 12.1 cents, or 4.2%, to $3.033 per million British thermal units at 12:33 p.m. EST, having earlier hit a peak since Nov. 5 at $3.214 per mmBtu. In the spot market, next-day power at the ERCOT North hub jumped to an all-time high of $1,489.75 per megawatt hour [Read more]
Spartan Delta Corp. announces three strategic acquisitions and $80.0 million financing
CALGARY, Alberta - Spartan Delta Corp. ("Spartan" or the "Company") (TSXV:SDE) is pleased to announce three strategic acquisitions, executing on its stated acquisitive growth strategy within western Canada. Total consideration for the three acquisitions (the "Acquisitions") is approximately $147.9 million, subject to certain closing adjustments. The Acquisitions include the corporate acquisition of Inception Exploration Ltd. ("Inception"), a Montney focused arm's length private company with [Read more]
Resurgent Canadian natgas producers look to edge in on U.S. market
Canadian natural gas producers are bouncing back faster from the COVID-19 pandemic than battered U.S. shale firms, putting them in a position to boost net gas exports to the United States for the first time in five years. The opportunity for Canadian firms to take a piece of the market back from U.S. rivals reverses one of the dominant energy trends of the last decade, where U.S. shale drillers unleashed a flood of cheap plentiful gas - largely a byproduct of crude oil drilling - and pushed [Read more]