Canada averaged 172 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 28% are drilling for natural gas, 62% are drilling for oil, 2% for other (helium, hydrogen, geothermal, or potash), and 9% are moving. Drilling activity by province is 69% in Alberta, 17% in Saskatchewan, 11% in BC, 2% MB. Precision Drilling holds the majority of the Canadian market share with 32%, Ensign Drilling with 25%, Savanna Drilling with 11%, and [Read more]
Headlines
Oil producer Canadian Natural Resources to require worker vaccinations
Canada's biggest oil producer, Canadian Natural Resources will require employees and contractors at Canadian sites to be vaccinated by Dec. 1, as Alberta grapples with a deadly new wave of the COVID-19 pandemic. Canadian Natural (CNRL), the first oil sands company to announce such a policy, made the decision after the recent rise in infections in Alberta, spokesperson Julie Woo said. Alberta has the highest rate of active cases among Canada's 10 provinces, with 456 per 100,000 people, [Read more]
U.S. drillers add oil and gas rigs for 14th month in a row
U.S. energy firms this week added oil and natural gas rigs for a 14th month in a row as more offshore units in the Gulf of Mexico returned to service after shutting when Hurricane Ida slammed into the coast in late August. This week, 3 offshore rigs returned in the Gulf of Mexico, energy services firm Baker Hughes Co said in its closely followed report on Friday. During the week ended Sept. 3, all 14 offshore oil rigs operating in the Gulf of Mexico, all of which were located off [Read more]
Freehold Royalties Ltd. announces closing of U.S. royalty assets and credit facility expansion
CALGARY, Alberta - Freehold Royalties Ltd. (Freehold) (TSX:FRU) announces that it has closed its previously announced transaction to acquire a high-quality U.S. royalty asset located in the Eagle Ford oil basin in Texas (the Acquired Assets) for US$180 million before closing adjustments (CAD $227 million) (the U.S. Royalty Transaction). The Acquired Assets are expected to significantly enhance the quality of Freehold’s North American royalty portfolio, improving both the near-term and long-term [Read more]
Oil edges higher on supply concerns, China releases 4.43 mln barrels
Oil prices rose on Friday for a fourth straight day due to global supply concerns following powerful storms in the United States, with China's first public sale of state crude reserves causing a momentary blip in the rise. U.S. West Texas Intermediate (WTI) was up 16 cents, or 0.22%, at $73.36 a barrel, having closed 1.5% in the previous session, the highest since the start of August. Brent crude was up 19 cents, or 0.25%, at $77.44 a barrel, after touching two-month high on Thursday and [Read more]
Century Auctions and ClubBid.com are holding an absolute public online oilfield equipment auction
Featuring: 3-Stage Compressors, Reciprocating Compressors, Separators, Dehydrators, Flare Stacks, Mud Chillers, Decompression Systems, Free Water Knock Outs and Much More! All of these assets can be found in Day 3 of our absolute public online Foothills consignment auction on ClubBid.com, closing on Thursday, September 30 at 10 a.m. (MST)! View, join & bid on day 3 (Oilfield) lots here. Let’s take a closer look at some of the assets in this auction: The Startec Mud Chiller [Read more]
Pipestone Energy Corp. announces appointment of new director, distribution of common shares by its largest shareholder Canadian Non-Operated Resources L.P. and updated investor rights arrangements
CALGARY, Alberta - Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to announce that Kim Anderson has been appointed to the Pipestone Energy Board of Directors (the “Pipestone Board”) effective September 24, 2021 and will also serve as a member of the Audit Committee. Ms. Anderson is currently the Chief Financial Officer of Heartland Generation, and prior to that was Chief Financial Officer of TSX-Listed Athabasca Oil Corporation. Ms. Anderson holds a Bachelor of Commerce [Read more]
Distribution of Pipestone shares by Canadian Non-Operated Resources L.P.
CALGARY, AB – Canadian Non-Operated Resources L.P. ("CNOR LP") announces that Canadian Non-Operated Resources GP Inc. in its capacity as general partner, for and on behalf of CNOR LP distributed 103,750,000 common shares ("Common Shares") of Pipestone Energy Corp. ("PEC") to its limited partners as an in-kind distribution (the "Distribution"). Immediately prior to the Distribution, CNOR LP beneficially owned and controlled 103,750,000 Common Shares representing approximately 54.1% of the [Read more]
Questerre files application for carbon storage reservoir test
CALGARY, Alberta - Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported it has filed an application with the Ministry of Energy and Natural Resource in Quebec to test a reservoir for carbon storage potential. The operation will consist primarily of an injectivity test to gather data on both the safe rate of injection and storage potential. The Company identified the storage formation earlier this year after studying its proprietary seismic and well data. The [Read more]
‘It’s going to be an expensive winter’: Gas prices to push heating bills higher
CALGARY - With North American natural gas prices soaring to heights not seen in years, Canadians can expect to pay significantly more to heat their homes this winter. While natural gas prices in Canada and the U.S. have not hit the record levels being experienced right now in Europe and the U.K. — where supply shortages are raising the spectre of potential outages this winter — they are still higher than they've been in more than six years. Increased economic activity, the loosening of [Read more]