CALGARY, AB - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce that in furtherance of its growth strategy of acquiring low-risk, premium royalty interests to generate free cash flow(1) growth, it has entered into definitive agreements with Tourmaline Oil Corp. ("Tourmaline") for the purchase of gross overriding royalty interests on approximately 296,000 gross acres in the NEBC Montney play area, for total cash consideration of $145.0 million (the "NEBC Montney [Read more]
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Ovintiv announces redemption of 3.90% notes due 2021
DENVER - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (the "Company") today announced that it has issued a notice to the trustee of its 3.90% notes due 2021 (the "2021 notes") to redeem the entire $517,823,000 aggregate principal amount. The outstanding 2021 notes will be redeemed, pursuant to their terms and conditions, on August 16, 2021. ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release is not a notice of redemption with respect to the 2021 notes. This news release contains certain [Read more]
Michigan, Enbridge say Line 5 mediation efforts likely to wrap up by end of August
WASHINGTON - The two sides in the ongoing dispute over the Line 5 pipeline say they expect their mediation efforts to conclude before the end of August. A court-approved mediator says in court documents he will meet again Aug. 11 with officials from the state of Michigan and Enbridge Inc., the pipeline's Calgary-based owner. The documents, filed late last week in Federal Court in Michigan, offer no added clues as to the state of the dispute, which has been raging since November. That's [Read more]
Brookfield sweetens offer for Inter Pipeline to $6.85 billion
Brookfield Infrastructure Partners raised its hostile offer for Inter Pipeline Ltd for a second time to about C$8.58 billion ($6.85 billion) as it battles a rival bid from Pembina Pipeline Corp. Pembina has made an all-stock bid of about C$8.3 billion, while Brookfield had offered C$8.48 billion, with an all-cash option. Brookfield said on Thursday shareholders can now elect to receive either C$20.00 per share in cash or 0.25 of a Brookfield share for each Inter share. It had previously [Read more]
MEG Energy making contribution to the Pathways to Net Zero Initiative
In June, MEG Energy, Canadian Natural Resources, Cenovus Energy Inc., Imperial, and Suncor Energy joined forces in forming the Oil Sands Pathway to Net Zero initiative. The goal of this alliance, by working closely with the federal and Alberta governments, is to achieve net zero greenhouse gas emissions (GHG) from oil sands operations by 2050 to help Canada meet its stated climate goals. This unprecedented alliance will heavily focus on a carbon capture, utilization, and storage (CCUS) [Read more]
Heavy crude discount edges wider
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened slightly on Wednesday. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $13.30 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from Tuesday's settle of $13.30 per barrel below U.S. crude futures. One industry source said heavy crude prices were well supported despite relatively high inventories in western Canada. Light synthetic crude from [Read more]
What’s next in Montney Completions?
For operators who have established a core development area, drilled their wells out and have been experimenting with bigger frac jobs, what’s left? While longer wells drilled in the best rock with the biggest fracs may have the highest rates, our industry will keep pushing the limits of completions. An increasingly popular technique in US shale plays that has recently been adopted by some operators in the Duvernay and Montney is “extreme limited entry” (XLE) fracturing and the more targeted [Read more]
Oil prices extend losses as investors brace for more supplies
Oil prices extended losses on Thursday as investors braced for more supplies following a compromise between top OPEC producers and as U.S. fuel stocks rose last week, raising concerns about demand at the world's largest consumer. U.S. West Texas Intermediate (WTI) crude for August was at $72.61 a barrel, down 61 cents, or 0.77%. Brent crude futures for September dropped 66 cents, or 0.67%, to $73.87 a barrel. Both benchmarks slid 2% on Wednesday after Reuters reported that Saudi Arabia and [Read more]
Petrus Resources announces extension to credit agreements
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its senior revolving credit facility agreement from July 14, 2021 to July 30, 2021. The Company's second lien term loan provider has also agreed to extend the maturity date of the Company's second lien term loan from September 14, 2021 to September 30, 2021. The Company continues to be in discussions with the bank syndicate on a [Read more]
Alberta businesses see glimmer of hope as oil price rises and sun shines on Stampede
CALGARY - As the lights dimmed and the music started pumping at Calgary's Home and Away sports bar last weekend, owner James Martin felt something he hadn't in a long time — hope. The bar was maybe 60 to 70 per cent full, nothing like the pre-pandemic days when a big game or a corporate Christmas party would result in a packed house. But since Alberta lifted all COVID-19 restrictions on July 1, Martin has seen a slow but steady increase in customers. The July 9 kickoff of the 10-day Calgary [Read more]