U.S. natural gas futures surged over 6% for a second day in a row on Tuesday to their highest level in five weeks on forecasts the cold weather blanketing much of the country will remain through at least mid-November. Traders noted if the current cold forecasts hold, utilities will start pulling gas out of storage during the week ended Nov. 8, a week before the five-year average. On their last day as the front-month, gas futures for November delivery on the New York Mercantile Exchange [Read more]
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Sojourn Energy Inc.: Saskatchewan Heavy Oil Property Divestiture
Sayer Energy Advisors has been engaged to assist Sojourn Energy Inc. (“Sojourn” or the “Company”) with the sale of its non-core properties in the Plover Lake, Furness and Dulwich areas of southwestern Saskatchewan (the “Properties”). Sojourn is considering the sale of these Properties in order to allow the Company to focus on accelerating growth in its core areas. Total production from the Properties throughout the summer has averaged approximately 251 barrels of oil per day. Each property [Read more]
Oil prices edge lower ahead of U.S. stockpile numbers
Oil prices slipped on Tuesday as investors awaited U.S. crude inventory data for a pointer on oil demand trends, while concerns about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing. U.S. West Texas Intermediate (WTI) crude was down 80 cents at $54.92, after falling 1.5% in the previous session. Brent futures were down 54 cents at $61.02 a barrel, having fallen 0.7% on Monday. Prices rose sharply last week amid a decline in U.S. [Read more]
PrairieSky Announces 2019 Third Quarter Results
PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX: PSK) is pleased to announce its third quarter ("Q3 2019") operating and financial results for the period ended September 30, 2019. PRESIDENT’S MESSAGE Third Quarter 2019 Highlights: Funds from Operations totaled $48.8 million ($0.21 per common share basic and diluted). Revenues totaled $58.8 million, comprised of royalty production revenues of $51.9 million and other revenues of $6.9 million for the third quarter. [Read more]
Oil holds steady as Russia reaffirms commitment to output cuts
Oil prices were steady on Monday, holding on to strong gains last week, after Russia affirmed its commitment to a deal with OPEC producers to keep production in check and support prices. West Texas Intermediate (WTI) crude futures were up 6 cents at $56.68 a barrel, having risen more than 5% last week, also the biggest weekly increase since Sept. 20. Brent crude was up 22 cents at $62.18 a barrel by 0055 GMT, having logged a weekly gain of more than 4% last week, its best weekly gain since [Read more]
Light Oil – Peejay, BC
To attain a royalty-only business model, 1445640 Alberta Ltd. is seeking to divest of its remaining working interest property, located in an extension of the large Peejay Halfway pool in NE B.C. The company holds a 23.834% non-operated working interest in a Halfway oil producer located at c-100-H/94-A-15, with bottom hole located at 02/d-91-G/94-A-15/00. Operated by Canadian Natural Resources, this producing well is located near the northwestern edge of the Halfway oil pool. The extension to [Read more]
Comment period opens for $20.6-billion Frontier oilsands mine project in Alberta
The Impact Assessment Agency of Canada is inviting public comment on the proposed Frontier oilsands mine project in northern Alberta. The agency, which was until recently called the Canadian Environmental Assessment Agency, says the public and Indigenous groups can comment on potential environmental assessment conditions for the project until Nov. 24. The $20.6-billion mine proposed by Vancouver-based Teck Resources Ltd. for a site 110 kilometres north of Fort McMurray would be built in [Read more]
Canada weekly rig count grows 4 to 147
Canada’s fleet of active drilling rigs increased from 143 to 147 since last week according to data from Baker Hughes. Total drilling count was 147 at October 25. 102 rigs were drilling for oil; 45 for natural gas. The drilling activity in both Alberta and Saskatchewan increased, growing from 95 to 97 in Alberta, and 32 to 35 in Saskatchewan. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. drillers cut oil rigs for record 11th month
U.S. energy companies reduced the number of oil rigs operating this week, leading to a record 11-month decline as producers follow through on plans to cut spending on new drilling. Drillers cut 17 oil rigs in the week to Oct. 25, bringing the total count down to 696, the lowest since April 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That was the biggest weekly decline since April. For the month, drillers cut 17 oil rigs, [Read more]
Oilsands part of second U.S. fraud lawsuit against Exxon over carbon pricing
Alberta's oilsands are at the centre of a second major fraud lawsuit filed in the United States against ExxonMobil. The lawsuit, filed on Thursday by the state of Massachusetts, accuses the oil multinational of misleading investors about what climate change measures could cost its operations — especially those in the oilsands. It says Exxon told investors it evaluated its projects with a high and increasing price on carbon when in fact it used a much lower figure that remained [Read more]