CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce that, further to its recently completed bought deal equity financing of common shares of Tamarack ("Common Shares") at a price of $2.25 per Common Share, the over-allotment option granted to the underwriters has been exercised in full, resulting in the issuance of 3,030,300 Common Shares on April 15, 2021 for gross proceeds of $6,818,175. The syndicate of underwriters was led by National [Read more]
Headlines
Heavy crude differential widens
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Wednesday: Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, widened to settle at $11.50 per barrel below WTI, according to NE2 Canada Inc. On Tuesday it settled at $10.80 per barrel below the benchmark. That was the widest discount so far this month, but WCS remains relatively strong by historic levels. Light synthetic crude from the oil sands for May delivery settled at $1.30 [Read more]
Oil maintains upward momentum but virus concerns cap gains
Crude climbed on Wednesday after industry data showed U.S. oil inventories declined more than expected and OPEC raised its outlook for oil demand, but gains were capped by worries about the coronavirus and by rising supplies of the energy resource. U.S. West Texas Intermediate (WTI) crude futures added $1.03, or 1.7%, to $61.48 a barrel, following Tuesday's rise of 48 cents. Brent crude futures rose $1.07, or 1.69%, to $65.02 a barrel after gaining 39 cents on Tuesday. Signs of a [Read more]
CER analysis shows the U.S. continues to be major supplier of oil to Canada while imports dropped in 2020
CALGARY, Alberta - The United States supplied nearly four out of every five barrels of oil imported into Canada in 2020 while crude imports fell 20 percent due to lower demand during the COVID-19 pandemic, according to the latest analysis from the Canada Energy Regulator (CER). Imports of crude oil decreased to 555,000 barrels per day (b/d), down from 693,000 b/d in 2019 with 77 per cent of total crude imports coming from the U.S. in 2020, up from 72 per cent in 2019. Of the remaining crude [Read more]
Ontario Energy Association releases report examing the implcations of shutting down Ontario’s natural gas-fired generators by 2030
TORONTO - Today, the Ontario Energy Association (OEA), released a report produced by Power Advisory LLC examining the implications for Ontarians of shutting down all of Ontario's natural gas-fired generators by 2030. The OEA is committed to Canada's goal of achieving net zero GHG emissions by 2050 (NZ2050). Seventy-six per cent of Ontario's GHG emissions stem from energy use. However, only 2.3 per cent of emissions currently come from the electricity system. Therefore, the path to NZ2050 [Read more]
XI Technologies: Don’t forget ARO when developing ESG strategies
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. As more attention is given to the energy industry in Canada from increasingly vocal environmental groups, stakeholders, and investors, there is an increased focus on Environment, Social, and Governance (ESG) performance. ESG metrics [Read more]
Bonterra Energy Corp. announces appointment of new board chair and adoption of advance notice by-law
CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") today announces that Mr. D. Michael G. Stewart has been appointed Chair of the Board of Directors (the "Board") effective immediately, assuming the role from Mr. George Fink, who remains an active Director on the Board and the Company's Chief Executive Officer. In addition, Bonterra's Board has approved certain amendments to the Company's by-laws (the "By-Law Amendments"), including the adoption [Read more]
IEA ups oil demand forecast as vaccinations brighten outlook
Vaccine rollouts are brightening the outlook for global oil demand, the International Energy Agency (IEA) said on Wednesday, though rising cases in some major oil-consuming countries show a recovery may be fragile. "Fundamentals look decidedly stronger," the IEA said in its monthly report. "The massive overhang in global oil inventories that built up during last year's COVID-19 demand shock is being worked off, vaccine campaigns are gathering pace and the global economy appears to be on a [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Apr. 12 Construction Representative - Pipeline ROW Stripping Brunel Lloydminster Apr. 12 Construction Site Representative - Grading Brunel Lloydminster Apr. [Read more]
New poll: Focus on COVID, not climate reset
57% want focus on fighting COVID and return to normal vs 34% who support efforts to restructure the economy to address climate change Majority opposed to city council motions to phase out natural gas Public policy think tank SecondStreet.org released public opinion research today that shows a majority of Canadians want governments to be focussed on fighting COVID-19 and returning things to normal rather than looking at restructuring the economy with higher carbon taxes, rebates, [Read more]