CALGARY, Jan. 31, 2017 /CNW/ - Enerplus Corporation (TSX & NYSE: ERF) today announced its 2017 capital budget, an operational update, and a production outlook through 2019. Enerplus' 2017 capital budget is $450 million and is focused on generating strong returns on capital, maintaining the Company's balance sheet strength, and delivering profitable growth. Highlights of the $450 million capital budget: Company liquids production is expected to increase approximately 25% from the [Read more]
Headlines
PSAC Looks to the Future with Cautious Optimism Once Again for 2017
CALGARY, AB (January 30, 2017) – In its first update to the 2017 Canadian Drilling Activity Forecast, released today, the Petroleum Services Association of Canada (PSAC) has revised its forecasted number of wells drilled (rig releases) across Canada for 2017 to 5,150 wells. This represents an increase of 975 wells, or 23 percent, from PSAC’s original 2017 drilling forecast released in early November 2016. PSAC is basing its updated 2017 forecast on average natural gas prices of $3.00 CDN/mcf [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 here to create an account to post jobs; it's simple and easy to use. Jan. 27 Summer Student Relief Operator - Harmattan Gas Processing Facility AltaGas Didsbury Jan. 27 Regulatory Coordinator - Horizon Canadian Natural Resources Calgary Jan. 27 Legal Assistant - Part [Read more]
Part 2, The Saudi Challenge: Will U.S. Producers Respond in 2017?
In Part 1, Crude in 2017: Will the bulls give way to bears? We explored three major factors likely to impact the price of oil in 2017. The OPEC/Non-OPEC agreement could fall apart, given the history of members cheating on production cuts. New Nigeria and Libya production could hit the market this year. Meanwhile, Canadian heavy crude production is expected to increase by 600,000 bpd in the next couple of years. Indeed, this is a lot of oil, but there is also an elephant in the room: U.S. [Read more]
Second Cardium light oil discovery confirms major light oil pool for Ikkuma
CALGARY, Jan. 30, 2017 /CNW/ - Ikkuma Resources Corp. ("Ikkuma" or the "Corporation") (TSXV: IKM) is pleased to provide an operations update with a focus on its new light oil pool. OPERATIONS UPDATE Ikkuma completed drilling its second (offset) horizontal Cardium oil well in mid-October, 2016, performed a 25 stage slick water frac shortly thereafter, and flow-tested during mid-November 2016, for 6.4 days. During the flow test, the well free-flowed at fluid rates between 250-700 bbl/d [Read more]
Canada rig count climbs to 345 active rigs
Drilling in western Canada is at highest since close to one year ago, new data from Baker Hughes shows. With an increase in drilling activity, positive news with regard to several Canadian pipeline projects, and a recent rebound in price, things are starting to look rosier in the oil patch. According to Baker Hughes, 345 rigs are drilling in western Canada. The highest total since February 2015. Of the working fleet, 200 are drilling for oil; 145 for gas. Alberta activity has increased [Read more]
Treeline Well Services Inc. Acquisition & 20th Year in Business
Treeline Well Services Inc. is pleased to announce we have added two Freestanding Mobile Doubles to its rig fleet. Treeline now operates a total of 21 rigs packages, 15 of which are doubles and the average age of their double fleet is only 5 years old. Over 50% of the service rigs registered at the CAODC were manufactured before 1985. Treeline is now the largest & most active private service rig company in Canada. Treeline specializes in the deeper areas of Alberta with its base in [Read more]
Energy East Hearing to restart from the beginning
New Hearing Panel voids all decisions made by the previous Hearing Panel CALGARY, Jan. 27, 2017 /CNW/ - The new Hearing Panel assigned to review the Energy East and Eastern Mainline applications has voided all decisions made by the previous Hearing Panel. These decisions will be removed from the official hearing record. Previous decisions that have been voided include: Determination that the Energy East and Eastern Mainline applications are complete; Decision to review the Energy [Read more]
Chevron Reports Fourth Quarter Net Income of $415 Million
95 percent oil and gas reserves replacement; spending down sharply in 2016 SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE:CVX) today reported earnings of $415 million ($0.22 per share – diluted) for fourth quarter 2016, compared with a loss of $588 million ($0.31 per share – diluted) in the 2015 fourth quarter. Foreign currency effects increased earnings in the 2016 quarter by $26 million, compared with an increase of $46 million a year earlier. Full-year 2016 results were a [Read more]
What is the financial impact of abandonment and environmental liabilities?
The LLR program was created by the government to estimate the deemed assets and liabilities of licensees to identify at risk companies. Although the asset values are based on outdated netbacks and are rarely used by anyone other than the regulating bodies, the deemed liabilities are widely used across the industry for financial reporting. Here is how liabilities directly affect cashflow. Orphan Fund Levy’s In 2016, the Orphan Fund Levy in Alberta was $30,000,000 and this was completely [Read more]