Canada released draft regulations on Friday detailing how projects that reduce or remove greenhouse gas (GHG) emissions can earn tradable credits, a major part of the government's climate plan as it aims to cut carbon emissions. Canada, which is the world's fourth-largest oil producer and one of the highest greenhouse gas emitters on a per capita basis, has committed to reducing its climate-warming GHG emissions to 30% lower than 2005 levels by 2030, and is targeting net-zero emissions by [Read more]
Headlines
Canada’s weekly rig count drops 5 to 172
Canada averaged 172 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 102 are drilling for oil, 66 are drilling for natural gas, 3 for other (helium, hydrogen, geothermal, or potash), and 1 is moving. Drilling activity by province is 113 in Alberta, 35 in Saskatchewan, 7 in British Columbia, 2 in Manitoba, and 15 in other. Precision Drilling holds the majority of the Canadian market share with 30 per cent, Ensign [Read more]
AER suspends SanLing Energy Ltd.’s operations
March 05, 2021... The Alberta Energy Regulator (AER) has suspended the licences for all of SanLing Energy Ltd.'s wells, facilities, and pipelines through a reasonable care and measures order. The order requires the company to take a number of actions, including suspending all wells, facilities, and pipelines and ensuring they are left in a state that is safe to the public and environment, complying with past orders to clean up historic spills and contamination, confirming that [Read more]
U.S. drillers add oil and gas rigs for second week in a row
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude prices soared to their highest since 2019. The oil and gas rig count, an early indicator of future output, rose one to 403 in the week to March 5, still its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count has increased for the past seven months after dropping to a record low of 244 in August, according to Baker Hughes data [Read more]
Tamarack Valley Energy upsizes previously announced financing
CALGARY, Alberta - Tamarack Valley Energy Ltd. (“Tamarack” or the “Company”) (TSX: TVE) is pleased to announce that, as a result of excess demand, it has agreed with the syndicate of underwriters led by National Bank Financial Inc. and Peters & Co. Limited to increase the size of its previously announced bought-deal financing (the "Offering"). Tamarack will now issue 30,303,000 common shares (the "Common Shares") at a price of $2.25 per Common Share to raise aggregate gross proceeds of [Read more]
Drilling into the Viking Play: Economic insights
There has been much study and prognostication on future supply as well as supply costs within major North American oil plays. Oil and gas development spending across most basins has been notably suppressed since early 2020, but with crude oil benchmark prices marching steadily upwards in 2021, it is not hard to believe that more vigorous capital spending could once again return. In this case study, we put the Lower Cretaceous Viking oil play under the microscope and take a closer look at the [Read more]
Oil prices surge as OPEC+ extends output cuts into April
Oil prices rose on Friday, extending gains from the previous session, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude futures were up $1.90, or 3.01%, to $65.91 per barrel. Brent crude futures for May rose $2.06, or 3.08%, to $69.06 a barrel, and was on track for a near 2% gain in the week. Both contracts surged more than 4% on Thursday after the [Read more]
Crescent Point receives approval for normal course issuer bid
CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is pleased to announce the Toronto Stock Exchange ("TSX") has accepted its notice to implement a normal course issuer bid ("NCIB") to purchase, for cancellation, up to 26,462,509 common shares, or five percent of the Company's public float, as at February 26, 2021. The NCIB is scheduled to commence on March 9, 2021 and is due to expire on March 8, 2022. Purchases of Crescent Point's common [Read more]
Oil prices key to economic recovery
In a year dealing with a global pandemic and a historic oil price crash, Alberta’s budget was released last week with an $18.2 billion deficit, though offered prosperous times in the future. Getting out of the pandemic is first priority, as it has decimated the province. By controlling the virus and outbreaks, oil and gas activity can continue. The vaccine rollout and potential high demand for oil and gas products coming out of the pandemic play into the province’s hand. Finance Minister [Read more]
Topaz Energy Corp. announces strategic royalty acquisition in the Clearwater area of Alberta
CALGARY, AB - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce 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 underpinned by a multi-year minimum capital development commitment for total purchase consideration of $13.7 million (the "Royalty Acquisition"). The Royalty Acquisition demonstrates Topaz's strategy of generating free cash flow growth while [Read more]