After the unprecedented pandemic-driven swings in global financial markets last year 2021 was never going to be dull, and so it has proved. Vaccine programmes and some of the biggest fiscal and central bank stimulus ever seen have made for compelling viewing. Oil's 45% surge will be its best start to a year since 2009, world stocks are on course for their second best H1 since 1998, wood is on fire and amateur traders' much-loved 'meme' stocks AMC and GameStop are up more than 2,500% and [Read more]
Headlines
Razor Energy Corp. announces deferral of interest payment
CALGARY, Alberta - Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) is announcing that it will be deferring the scheduled June 30, 2021 interest payment to the Alberta Investment Management Corporation (“AIMCo”) under the existing $50.1 million Term Loan Facility (the “Amended Term Loan Facility”). The interest will be capitalized, adding to the principal of the existing Amended Term Loan Facility. The Amended Term Loan Facility matures on January 31, 2024 and bears an interest rate [Read more]
Kelt announces board appointment
Calgary, Alberta - The Board of Directors (the "Board") of Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") is pleased to announce that it has appointed Janet E. Vellutini as a director of the Company effective July 1, 2021. Ms. Vellutini is a professional engineer and has extensive experience in gas marketing and most recently was a Marketing Consultant at a Calgary-based private energy company. She has over 30 years of experience in gas marketing and a total of 36 years in the oil [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 June 30, 2021 to July 14, 2021. Petrus has been advised that effective June 15, 2021, Macquarie Bank Limited has assigned the Company’s second lien term loan to a third party, Blue Oak Partners (Canada) Inc. Subsequent to such assignment, the new lender under the Company's second [Read more]
Ovintiv names George L. Pita to Board of Directors
DENVER - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced that George L. Pita has been named as an independent member of its board of directors, effective July1, 2021. Pita, 59, currently serves as the executive vice president and chief financial officer of MasTec, Inc. (NYSE: MTZ), a leading North American infrastructure construction company. Before joining MasTec in 2013, he served in various leadership positions across multiple industries including CFO and executive vice president for [Read more]
InPlay Oil Corp. announces renewal of credit facility
CALGARY, Alberta - InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) is pleased to announce that the annual renewal of its syndicated Senior Credit Facility by its lenders has been completed on a fully conforming basis. InPlay’s Senior Credit Facility has been reconfirmed at $65 million, comprised of a $55 million revolving credit facility and a $10 million operating line of credit, with the maturity date being extended to May 30, 2022. The Senior Credit Facility has been [Read more]
Alberta ends 2020-21 with $17 billion budget deficit
Alberta ended the 2020-21 fiscal year with a deficit of C$17 billion ($13.7 billion), nearly C$10 billion higher than forecast in its budget, due to the COVID-19 pandemic and oil price collapse, the government said on Wednesday. The deficit for the fiscal year ended March 31 was C$4.8 billion more than the previous year. Alberta said it took a C$1.3 billion in loss on its investment in the Keystone XL oil pipeline, which was formally cancelled earlier this month after U.S. President Joe Biden [Read more]
Oil steady as U.S. stockpiles fall, OPEC warns of possible 2022 glut
Oil prices were broadly steady on Wednesday, heading for monthly and quarterly gains, after some data suggested U.S. crude stockpiles were shrinking while an OPEC report warned of a possibly significant glut building by the end of next year. U.S. West Texas Intermediate (WTI) crude futures was slighty down 2 cents, or 0.02% at $73.43. Brent crude was up 13 cents, or 0.17% at $74.74 a barrel. Both contracts are just below highs last reached in 2018, and are set to record their seventh [Read more]
Goldman says more OPEC+ supply needed to balance oil market
Goldman Sachs Commodities Research said more oil production is needed from the Organization of the Petroleum Exporting Countries and allies (OPEC+) to balance the market by 2022 as supply risk looms elsewhere. The U.S. bank forecast oil demand to rise by an additional 2.2 million barrels per day (mbpd) by year-end, leaving a 5 mbpd supply shortfall, well in excess of what Iran and shale producers can bring online, it said in a note dated June 29. "While a large new infection wave could [Read more]
U.S. natgas producers hope customers will pay more for ‘green gas’
U.S. natural gas producers hope climate-conscious electric utilities and gas exporters will pay a premium for what they say is "greener gas" that has been certified as coming from low-emission operations or from renewable sources such as landfills. EQT Corp, Chesapeake Energy and liquefied natural gas firms Cheniere Energy and NextDecade Corp are among the companies considering low-carbon certifications from groups such as Denver-based Project Canary. Gas certified as "responsibly produced" [Read more]