"We can’t wait to tackle the climate crisis. The signs are unmistakable. The science is undeniable. And the cost of inaction keeps mounting.” President Biden on Twitter “President Biden has made clear that he wants Americans to have access to affordable and reliable energy, including at the pump.” White House statement, two days later, pleading with OPEC to produce more oil to reduce gasoline prices Confused? Bad news; it gets worse. That's what happens when you have a minimum wage job and [Read more]
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Canadian carbon tax impacts: carbon capture, utilization and storage (CCUS) & environmental, social and governance (ESG) reporting
CANADA’S CLIMATE PLAN As part of Canada’s plan to reduce emissions and combat climate change, the Pan-Canadian Framework on Clean Growth and Climate Change was developed to meet emission reduction targets, grow provincial economies, and adapt to climate challenges. According to the Government of Canada: “In 2018, the Greenhouse Gas Pollution Pricing Act came into effect, ensuring there is a price on carbon pollution across the country. A well-designed price on carbon pollution provides an [Read more]
Distinction Energy Corp. files second quarter 2021 results
CALGARY, Alberta - Distinction Energy Corp. (“Distinction” or the “Company”) announces that it has filed its second quarter financial statements and related management’s discussion and analysis for the three and six months ended June 30, 2021 with the Canadian securities regulatory authorities on SEDAR. [Read more]
Biden admin appeals federal court decision to block oil, gas leasing pause
The Biden administration on Monday challenged a federal judge's decision in June to block the Interior Department's pause on oil and gas leasing on public lands and waters - a critical piece of its climate change policy - but will proceed with leasing during the appeals process. The Interior Department seeks to overturn the decision of Judge Terry Doughty of the U.S. District Court for the Western District of Louisiana, who said Louisiana and a dozen states that sued President Joe Biden's [Read more]
Hemisphere Energy announces 2021 second quarter financial and operating results
Vancouver, British Columbia - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ("Hemisphere" or the "Company") is pleased to provide its financial and operating results for the second quarter ended June 30, 2021. During the second quarter, Hemisphere achieved record revenue of $10.1 million, generated adjusted funds flow from operations (AFF) of $4.2 million ($26.03/boe), and increased average production by 8% when compared to the previous quarter. Hemisphere's capital expenditures [Read more]
Heavy crude discount inches tighter
Canadian heavy crude's discount to West Texas Intermediate (WTI) edged narrower on Monday. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $12.95 per barrel below the WTI benchmark, according to NE2 Canada Inc, having settled at $13 per barrel below WTI on Friday. Enbridge Inc's Line 3 pipeline replacement project, which would add around 370,000 barrel per day of capacity, is expected to enter service as early as October. One industry [Read more]
U.S. shale oil output expected to rise 49,000 bpd in September to 8.1 million bpd – EIA
U.S. oil output from seven major shale formations is expected to rise by about 49,000 barrels per day (bpd) in September, to 8.1 million bpd, according to the Energy Information Administration's monthly drilling productivity report on Monday. The forecast is led by growing production in the largest formation, the Permian Basin, where crude output is estimated to rise 49,000 bpd in the month, offsetting falling output expected from the Bakken and other top regions. Output in the Eagle Ford [Read more]
i3 Energy PLC Announces Operational and Financial Update
EASTLEIGH, UK / ACCESSWIRE / August 16, 2021 / i3 Energy plc (AIM:I3E)(TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to provide the following update. Highlights: Recent strategic acquisition of approximately 8,400 barrels of oil equivalent per day ('boepd') from Cenovus Energy Inc. ('Cenovus') expected to close on or around 20 August 2021. Closed both the South Simonette and Wapiti acquisitions and commenced well reactivation [Read more]
Oil industry sues Biden administration over drilling auction pause
Major U.S. oil industry groups on Monday sued the Biden administration for halting drilling auctions on federal lands and waters this year, arguing the government is required by law to hold regular sales. The American Petroleum Institute (API) and 11 other groups filed the lawsuit in federal court in the Western District of Louisiana. It seeks to compel the U.S. Department of Interior to reinstate oil and gas lease sales, which the administration paused in January pending a review of the [Read more]
Petro Viking Energy Inc. newly appointed director and chief executive officer provides a corporate update
Calgary, Alberta – Petro Viking Energy Inc. (“Petro Viking” or the “Company”) (CNSX:VIK.CN) (CNSX:VIK.V.CN) is pleased to provide a Corporate update on the closing of the asset purchase of 100% of Avila Energy’s interests in 53,835 Acres, 43,935 Acres (Net), of mineral rights, associated wells, pipelines and facilities for $50,664,000. As part of the previously announced binding agreement for the acquisition on June 14th, 2021, after waiving all further due diligence, Leonard Van Betuw accepted [Read more]