CALGARY, AB - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", "we", or "our") today announced that it has sent the following letter to Bonterra Energy Corp. (TSX: BNE) ("Bonterra") proposing a combination transaction that would be expected to result in significant cost synergies and drive substantial accretion across all financial metrics for both Obsidian Energy and Bonterra. August 31, 2020 Bonterra Energy Corp. 901, 1015 – 4th Street SW Calgary, Alberta T2R [Read more]
Headlines
Canada’s weekly rig count continues at 52
Canada’s fleet of active drilling rigs continues at 52 this week according to data from the Canadian Association of Oilwell Drilling Contractors. Total drilling count for the week of August 24 is 52, 21 of which are drilling for oil and 30 for natural gas. Drilling activity by province as of August 28 is 34 in Alberta, 13 in B.C., and 5 in Saskatchewan. Precision Drilling holds the majority of the Canadian market share with 38 per cent, Ensign Drilling with 17 per cent, Nabors Drilling [Read more]
U.S. drilling rig count steady, posts first monthly increase since Dec
U.S. energy firms kept the number of oil and natural gas rigs operating unchanged this week, resulting in the first monthly increase since December as higher crude prices prompt some producers to start drilling again. In August, the oil and gas rig count rose by three to 254, according to data on Friday from energy services firm Baker Hughes Co . The rig count fell to a record low of 244 during the week of Aug. 14. U.S. oil rigs fell three to 180 in the week to Aug. 28, while gas rigs [Read more]
Leucrotta Exploration Inc. Announces Grant of Incentive Stock Options
Calgary, Alberta - Leucrotta Exploration Inc. (TSXV: LXE) (the "Corporation") announces that its board of directors approved the granting of incentive stock options ("Options") under its stock option plan to certain of its directors and officers to acquire up to an aggregate of 5,465,000 common shares ("Common Shares") of the Corporation and the granting of Options to certain of its employees and consultants to acquire up to an aggregate of 1,535,000 Common Shares. All of the Options are [Read more]
Oilpatch capital spending fell by 54% in second quarter, StatCan reports
CALGARY - Statistics Canada says capital spending in the country's oil and gas sector fell by 54 per cent in the quarter ended June 30 as numerous producers chopped budgets amid sliding global oil prices. The federal agency says the industry spent about $3.88 billion in the three-month period, down from $8.46 billion in the first quarter and $8.59 billion in the second quarter of 2019, as a global price war and demand destruction caused by the COVID-19 pandemic eroded crude prices. In [Read more]
Pipestone Energy Corp. announces extension to the unplanned outage at the Keyera Wapiti Gas Plant
CALGARY, Alberta - (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) was notified by Keyera Corp. (“Keyera”) on August 27, 2020 that the issue relating to the Waste Heat Recovery System within the Keyera Wapiti Gas Plant (“Keyera Plant”) is more widespread than previously indicated. The total scope of the problem and root cause of the outage has yet to be determined. As such the original estimate provided by Keyera to repair the plant and return to operations is no [Read more]
Going International – As COVID-19 and oil price shocks drive reserves of global O&G assets for sale, are there opportunities for Canadian companies?
Amid the COVID 19 oil price crash, the amount of current oil and gas assets with recoverable reserves for sale globally has ballooned up to over 12.5 billion boe, according to a recent Rystad Energy report. While some companies are divesting low-priority assets, others are considering whether this may be the right time to acquire assets at a low price. Certainly a recent IHS report stating that global oil demand has recovered to 89 per cent of what it was before the COVID-19 pandemic crushed [Read more]
Altura Energy Inc. announces Q2 2020 results and renewal of credit facility
CALGARY, AB - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) announces its financial and operating results for the three and six months ended June 30, 2020 and the renewal of its credit facility. The unaudited interim condensed consolidated financial statements and related management's discussion and analysis ("MD&A") are available at www.sedar.com and www.alturaenergy.ca. Selected financial and operating information for the three and six months ended June 30, 2020 appear [Read more]
Clearview Resources Ltd. reports second quarter 2020 results
CALGARY, AB - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its financial and operational results for the three and six months ended June 30, 2020. FINANCIAL and OPERATIONAL RESULTS During the second quarter of 2020, Clearview's realized price per barrel of oil equivalent ("boe") was lower by 49% than the comparative period of 2019, due to lower prices being realized for all of the Company's products, except natural gas. Crude oil and natural gas liquids [Read more]
Razor Energy Corp. announces second quarter 2020 results
CALGARY, Alberta - Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) announces its second quarter 2020 financial and operating results. Selected financial and operational information is outlined below and should be read in conjunction with Razor’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis for the quarter ended June 30, 2020 which are available on SEDAR at www.sedar.com and the Company’s website www.razor-energy.com. Q2 2020 [Read more]