CALGARY, Alberta - Prairie Provident Resources Inc. (“Prairie Provident”, “PPR” or the “Company”) is pleased to announce the results of our independent 2019 year-end reserves evaluation conducted by Sproule Associates Limited (“Sproule”) with an effective date of December 31, 2019 (the “Sproule Report”). 2019 RESERVES HIGHLIGHTS Significant proved plus probable (“2P”) and total proved (“1P”) reserves were added through exploration and development activities in 2019, totaling 4.3 MMboe and [Read more]
Headlines
Regulators revisit environmental review for Line 3 pipeline
ST. PAUL, Minn. - Minnesota regulators opened a hearing Friday on an updated environmental review for Enbridge Energy's plan to replace its aging Line 3 crude oil pipeline across the state, but most testimony focused on broader questions of whether the project even be built. Environmental and tribal activists urged the Public Utilities Commission to reconsider its earlier approvals and kill the project, saying climate change has reached a crisis stage. But the project's supporters, including [Read more]
Alberta, Fort McKay to meet in three months on fate of Moose Lake protected area
EDMONTON - The Alberta government and the Fort McKay First Nation have agreed to meet again in three months to decide the fate of one of the last areas in the band's territory that hasn't been impacted by oilsands development. In 2018, the band thought it had a deal putting a 10-kilometre buffer around Moose Lake. But the deal wasn't ratified and Alberta's energy regulator later approved an oilsands mine that would come within two kilometres of the shore. The First Nation is fighting [Read more]
Dow to build Alberta ethylene plant expansion for more than US$200 million
CALGARY - U.S. chemical producer Dow Inc. has approved an expansion of its Alberta petrochemical facilities expected to cost between US$200 million and US$225 million. While releasing its fourth-quarter results this week, CEO Jim Fitterling announced the Michigan-based company will increase capacity at its Fort Saskatchewan ethylene plant just north of Edmonton by about 130,000 tonnes per year by adding a process furnace. He says Dow will equally share costs of the expansion and the [Read more]
Canada weekly rig count up 3 to 247
Canada’s fleet of active drilling rigs grew from 244 to 247 since last week according to data from Baker Hughes. Total drilling count was 247 at January 31. 157 rigs were drilling for oil; 90 for natural gas. The drilling activity in Alberta remained at 171 from last week. Saskatchewan’s drilling grew from 51 to 53 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. drillers cut oil rigs for first week in three
U.S. energy firms reduced the number of oil rigs operating for the first time in three weeks as producers follow through on plans to slash spending on new drilling for a second consecutive year in 2020. Drillers cut one oil rig in the week to Jan. 31, bringing the total count down to 675, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 847 active rigs. In January, the rig count declined for the 13th time in the [Read more]
Prospects advance for Canada’s oil pipelines, but hurdles remain
Prospects for expanding pipelines to move Canadian oil to markets have brightened, but plenty of hurdles remain for the Canadian sector, which has struggled for years with low prices and a glut in storage due to long project delays. Two of three major proposals - TC Energy Corp's Keystone XL and the Canadian government-owned Trans Mountain - have cleared obstacles to bring them a step closer to fruition. The third, Enbridge Inc's Line 3, faces a new round of hearings before regulators in [Read more]
Column: AFL boss advocacy erodes public purse
Premier Jason Kenney needs to get Alberta taxpayers out of the $70-billion debt hole so he needs to cut government labour costs that have ballooned by more than $3 billion during the downturn. Union bosses will oppose cuts, but their own advocacy against revenue-generating pipelines and in support of wasteful corporate welfare spending has made the need for cuts even greater. The Alberta Federation of Labour has consistently fought pipeline development, including the Trans Mountain project [Read more]
Imperial announces 2019 financial and operating results
CALGARY, Alberta - Imperial Oil Limited (TSX:IMO): Full-year earnings of $2,200 million; $4,429 million cash generated from operations Annual production of 398,000 gross oil-equivalent barrels per day, the highest in over 25 years Kearl supplemental crushing capacity online as planned Returned over $2 billion to shareholders in 2019 through share purchases and dividends Fourth quarter Twelve months millions of [Read more]
Pipestone Energy Corp. Announces the Keyera Wapiti Gas Plant Has Resumed Operations and Announces Timing of Year-End Reserves Update and Q4 2019 Financials
CALGARY, Alberta - (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) announces that the Keyera Wapiti Gas Plant (“Keyera Plant”) has resumed operations and that Pipestone Energy has continuously flowed volumes into the plant over the last 24 hours without curtailment. Pipestone Energy has been informed that normal plant operations are expected to continue. Year-End 2019 Reserves The Company expects to provide an updated year-end 2019 reserve and resource [Read more]