OPEC+ is likely to keep its oil output policy unchanged when the group meets on Wednesday and continue with its planned modest production increase, three OPEC+ sources told Reuters. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Sept. 1 to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months. U.S. President Joe Biden's administration has urged OPEC and its [Read more]
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Cuda Oil and Gas Inc. announces second quarter financial and operating results
Calgary, Alberta - Cuda Oil and Gas Inc. (TSXV: CUDA) ("Cuda" or the "Company") announces its financial and operating results for the three and six months ended June 30, 2021. Cuda's unaudited interim condensed consolidated financial statements and related management's discussion and analysis ("MD&A") as at and for the periods ended June 30, 2021 and 2020, are available under the Company's profile on the SEDAR website at www.sedar.com. Selected financial and operating information for the [Read more]
Mancal Energy Inc. oil & liquids property divestiture
Mancal Energy Inc. (“Mancal”, or the “Company”) has retained Earth Horse Energy Advisors (“Earth Horse”) as its exclusive financial advisor and agent to assist with the marketing of certain Oil & Liquids properties located in the Karr, Redwater and Sawn Lake areas of Alberta (the “Properties”). Recent production of 1,368 boe/d, consisting of 934 bbl/d of oil & condensate, 108 bbl/d of natural gas liquids and approximately 1.96 MMcf/d of natural gas. Production from the Dunvegan [Read more]
Danger: working alone can seriously damage your health: how GPS can build a better safety net
According to the latest statistics from OHS Canada, the workplace is getting more dangerous. In 2018, 1,027 workers died at work (not from natural causes), up 76 from 2017. After years of falling numbers, fatalities and injuries have taken a worrying uptick. In 2019 in Canada, 42 employees died in the extraction industries, including oil and gas. One trend that may be having an impact is the growth in lone working. Between 2013 and 2017, 489 US oil and gas extraction workers were killed [Read more]
Altura Energy Inc. announces proposed private placement, name change to Tenaz Energy Corp., new management team and new board
CALGARY, Alberta - Altura Energy Inc. ("Altura" or the "Company") (ATU: TSXV) is pleased to announce it has entered into a definitive reorganization and investment agreement (the "Investment Agreement") which provides for, among other things: (i) the appointment of a new management team (the "New Management Team"); and (ii) the reconstitution of the board of directors of Altura (the "New Board"), all as described below (collectively, the "Transaction"). The New Management Team will cause Altura [Read more]
Sahara Energy Ltd. files amended filing statement in connection with change of business transaction
Calgary, Alberta - Sahara Energy Ltd. (TSXV: SAH) ("Sahara" or the "Company") announces that, further to its press release dated August 26, 2021, wherein it announced that it had filed its filing statement dated August 26, 2021 (the "Original Filing Statement"), outlining the terms of its proposed Change and Business and providing detailed information respecting the Company's ongoing business and operational plans and expectations following the Change of Business, Sahara has today filed an [Read more]
ARC Resources Ltd. receives TSX approval for normal course issuer bid
CALGARY, AB - (TSX: ARX) ARC Resources Ltd. ("ARC" or the "Company") announced today that the Toronto Stock Exchange ("TSX") has accepted the notice filed by ARC to commence a normal course issuer bid ("NCIB"). The NCIB allows ARC to purchase up to 72,236,753 of its outstanding common shares ("Common Shares"), representing 10 per cent of the Company's public float, over a 12-month period commencing September 1, 2021. The NCIB will complement ARC's sustainable and growing dividend in the [Read more]
Petrus Resources announces transformative transactions to reduce debt and position company for renewed growth
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce that it has entered into a series of agreements (the “Transactions”) that will reduce the Company’s total debt by approximately $49 million through the issuance of $25.8 million of Petrus shares at $0.55 per share, and extend the maturity date of the Company’s senior secured credit facility (the "First Lien Loan"). The Transactions will also result in the full settlement of the Company’s [Read more]
Enerplus announces sale of non-strategic interests in the Williston Basin
CALGARY, AB - Enerplus Corporation ("Enerplus" or the "Company") (TSX: ERF) (NYSE: ERF) today announced that it has entered into a definitive agreement to sell its interests in the Sleeping Giant field (Montana) and Russian Creek area (North Dakota) in the Williston Basin (the "Interests") for total consideration of US$115 million. In addition, Enerplus will receive up to US$5 million in contingent payments if the WTI oil price averages over $65 per barrel in 2022 and over $60 per barrel in [Read more]
Oil rises as Hurricane Ida pounds U.S. crude patch, Louisiana
Oil prices rose around 1% on Monday after a powerful hurricane ploughed through the Gulf of Mexico forcing shutdowns and evacuations of hundreds of offshore oil platforms. U.S. oil gained 53 cents or 0.8% at $69.27 a barrel, having jumped a little over 10% over last week. Brent crude was up by 84 cents or 1.2% at $73.54 a barrel by 0001 GMT, after gaining more than 11% last week in anticipation of disruptions to oil production. By Saturday, energy companies had halted 91% of crude [Read more]