GSER has filed an application for among other relief, an order approving a proposed sales and investment solicitation process (the “SISP”), which is to be managed by the Proposal Trustee with the assistance of Sayer Energy Advisors (“Sayer”). The Proposal Trustee has engaged Sayer to assist the Proposal Trustee with the sale of all of GSER’s oil and natural gas interests in the Maxhamish area of British Columbia (the “Property”). A copy of the SISP is found on Sayer’s website at [Read more]
Headlines
Topaz Energy Corp. announces strategic Charlie Lake royalty acquisition to advance its position as the largest contiguous Charlie Lake royalty holder in the Peace River High area of Alberta
CALGARY, AB - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce that it has entered into a non binding agreement with Tamarack Valley Energy Ltd. ("Tamarack") for the purchase of a newly created gross overriding royalty interest in the Peace River High area of Alberta for total purchase consideration of $32.0 million (the "Royalty Acquisition"). The Royalty Acquisition provides free cash flow growth and enhanced financial sustainability for Topaz while enabling [Read more]
Tamarack Valley Energy Ltd. announces the strategic acquisition of Anegada Oil Corp., a leading Charlie Lake light-oil producer, for total net consideration of $494 million
CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce that it has entered into a definitive agreement (the "Agreement") to acquire Anegada Oil Corp. ("Anegada"), a privately held pure play Charlie Lake light-oil producer, for total net consideration of $494 million (the "Acquisition"), after deducting the proceeds from the sale of a 2% newly created gross overriding royalty (the "GORR") on the acquired assets (the "Assets"). The total net [Read more]
Oil prices climb on favourable outlook for U.S. fuel demand
Oil was little changed on Monday amid hopes that fuel demand is picking up in the U.S. as the summer driving season approaches and COVID-19 vaccinations there accelerate, although rising case numbers in other countries are keeping a lid on prices. U.S. crude gained 2%, or $1.25 to $60.56 a barrel. Brent was up $1.16 at $64.03 a barrel. Prices have changed little since a period of volatile trading ended last Monday. "At the moment, the market lacks direction," the Schork Report, [Read more]
Petrus announces renewed focus and new management
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce that Mr. Ken Gray has been appointed as President and Chief Executive Officer of Petrus. Mr. Gray is a Petroleum Engineer from Texas A&M with extensive experience in Canada, the North Sea and Alaska and is currently President of a private oil and gas company with operations in Alberta. Mr. Neil Korchinski has resigned as President, CEO and a Director of the Company. Petrus would like [Read more]
Canada’s weekly rig count at 67
Canada averaged 67 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 49% are drilling for natural gas, 37% are drilling for oil, 3% for other (helium, hydrogen, geothermal, or potash), and 10% are moving. Drilling activity by province is 73% in Alberta, 24% in BC, and 3% in Saskatchewan. Precision Drilling holds the majority of the Canadian market share with 27%, Ensign Drilling with 18%, Nabors Drilling with 14%, [Read more]
Canada says government fund helping to cut methane emissions
A Canadian government fund established to help the energy sector reduce methane emissions will cut the country's overall carbon dioxide emissions by about half a percentage point in its first year, Natural Resources Minister Seamus O'Regan said on Friday. The oil and gas sector is Canada's largest industrial emitter of methane, a potent climate-warming greenhouse gas that accounts for 13%, or 91 megatons, of the country's overall emissions. In a news release, O'Regan said the C$750 million [Read more]
Canada launches hydrogen strategy steering committee
OTTAWA, ON - The Government of Canada is committed to reaching net-zero emissions by 2050 while strengthening the economy, creating good jobs and supporting our proud energy workers. The Honourable Seamus O'Regan Jr., Minister of Natural Resources, today announced the Hydrogen Strategy Implementation Strategic Steering Committee, which will advance and measure the progress outlined in the Hydrogen Strategy for Canada launched in December 2020. The committee, co-chaired by Natural [Read more]
U.S. drillers add gas rigs, hold oil rigs steady this week
U.S. energy firms added two natural gas rigs and kept the number of oil rigs unchanged this week, energy services firm Baker Hughes Co said on Friday, with analysts forecasting more rigs were needed to keep production steady. The combined oil and gas rig count, an early indicator of future output, rose two to 432 in the week to April 9, its highest since April 2020, Baker Hughes said in its closely followed weekly report. That puts the rig count up 77% since falling to a record low of 244 [Read more]
COVID-19 surge complicates busy maintenance season for Canada’s oil sands
Canada's oil sands are entering their busiest season for annual maintenance, bringing thousands of extra workers onto sites, but union officials say many members are reluctant to travel as a third wave of COVID-19 surges across the country. "It's absolutely crazy in the oil sands right now trying to get workers," said Ian Robb, Canadian director for Unite Here! labor union "People don't want to travel, especially not by plane or by bus. But these east coasters need the work, they are used to [Read more]