CALGARY - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) is pleased to announce its financial and operating results for the fourth quarter and year ended December 31, 2019 and an operational update. The audited consolidated financial statements and related management's discussion and analysis ("MD&A") are available at www.sedar.com and www.alturaenergy.ca. Selected financial and operating information for the fourth quarter and year ended December 31, 2019 appear below and [Read more]
Headlines
Coronavirus, oil price war put Canada’s crude sector ‘on life support’
Canadian oil producers, already under stress before this month, now face deeper spending cuts and possibly a wave of consolidation due to the twin shocks of the global spread of coronavirus and the Saudi-Russia oil price war. The TSX energy index has dropped 57%, showing the strain on producers in the world's fourth-biggest oil supplying country since the price war began and the coronavirus pandemic slashed global energy demand. "We have never experienced anything like this in the history [Read more]
More N. American producers trim budgets to cushion oil price crash
Continental Resources Inc and Diamondback Energy on Thursday unveiled drastic cuts to their annual budgets as oil and gas producers look to run a tight ship following the recent plunge in oil prices. North American shale producers have cut planned expenditures between 25% and 55% on average, as crude prices have plummeted to two-decade lows following a slump in demand due to the coronavirus outbreak and an expected surge in supplies after top producers Russia and Saudi Arabia pledged to pump [Read more]
Leading Duvernay Producer Turns to Lateral Completions to Make PNP Completions More Efficient
Calgary, AB – Lateral Completions Inc (“Lateral”), an innovator in downhole tool technology for horizontal PNP completions, announced today that one of the largest oil producers in Alberta’s Duvernay Formation has integrated Laterals’ ‘Dissolva-Perf’ System (DP) to their completion. The Patent-Pending DP Toe Initiation System allows the operator to stimulate the first stage without the need of pumping down wireline to perforate the first stage. This results in a huge time savings, and safer [Read more]
Paramount Resources Ltd. Announces Reduced Capital Spending and Revised Production Guidance
CALGARY - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX:POU) announces that, in response to the recent significant decline in global energy prices, it has revised its 2020 capital guidance to a range of $185 million to $250 million, a reduction of approximately 46% at mid-point from the originally planned range of $350 million to $450 million. Forecast average sales volumes for 2020 under the revised capital guidance are expected to range between 70,000 Boe/d to 75,000 Boe/d [Read more]
Perpetual Energy Inc. Reports Fourth Quarter and Year-End 2019 Financial and Operating Results and Reserves
CALGARY - (TSX:PMT) - Perpetual Energy Inc. ("Perpetual", or the "Company") is pleased to release its fourth quarter and year-end 2019 financial and operating results and a summary of the Company's year-end 2019 reserves as reported by the independent engineering firm McDaniel and Associates Consultants Ltd. ("McDaniel"). A complete copy of Perpetual's audited consolidated financial statements, Management's Discussion and Analysis ("MD&A") and Annual Information Form for the year ended [Read more]
Tamarack Valley Energy Ltd. Announces Revised 2020 Capital Program
Calgary, Alberta - Tamarack Valley Energy Ltd. (TSX: TVE) ("Tamarack" or the "Company") today announces proactive revisions to its 2020 capital budget and associated guidance in response to events impacting the global oil and gas industry. Tamarack remains committed to enhancing its long-term sustainability and to executing a measured capital program that is fully funded with internally generated adjusted funds flow (see "Non-IFRS Measures"), while ensuring that the Company is well positioned [Read more]
Canadian Natural Resources Limited Provides a Corporate Update
CALGARY, Alberta - Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) is providing a corporate update on its capital flexibility and its continued focus on effective and efficient operations. Canadian Natural is well positioned through the current global COVID-19 challenges, due to our significant long life low decline asset base that has 27.8 years of reserve life based on proved reserves and 36.0 years of reserve life based on proved plus probable reserves. Of the proved [Read more]
BOE Report Podcast Episode 13: Oversupplied oil market and COVID-19 cause mayhem
On this episode of the BOE Report podcast, the team discuss the dreadful international situation surrounding the coronavirus and concurrent oil price war. Get episode on Google Play | iTunes | RSS On the Show Terry Etam Josh Groberman Michael Hibbs Topics Why the Remedy May Be Worse Than the Disease Canada Oil and Gas Markets Goldman Sachs Says Oil Has a Lot More Downside Risk [Read more]
Baytex Announces Revised 2020 Capital Program
CALGARY, Alberta - Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) announces a 50% reduction to its 2020 capital budget to $260 to $290 million, from the original $500 to $575 million announced on December 4, 2019. “As an industry, we are facing an unprecedented challenge due to the significant degradation and volatility in global crude oil prices. During this time, our priority is to preserve financial liquidity. As a result, we are immediately suspending drilling operations in Canada and [Read more]