CALGARY, ALBERTA--(Marketwired - July 7, 2016) - Birchcliff Energy Ltd. ("Birchcliff" or the "Corporation") (TSX:BIR) is pleased to announce that it has filed its (final) short form prospectus (the "Prospectus") with the applicable securities regulatory authorities in each of the provinces of Canada and received a receipt therefor in respect of its previously announced bought-deal financing of 101,520,000 Subscription Receipts ("Subscription Receipts") at a price of $6.25 per Subscription [Read more]
Headlines
US says oil inventories declined but not as much expected
NEW YORK - Oil prices are falling on a government report that crude inventories are declining less than expected. The Energy Information Administration said Thursday that inventories fell by 2.2 million barrels last week. S&P Global Platts had forecast a decline of 2.6 million barrels. Benchmark U.S. crude is down $2.19, or 4.6 per cent, to $45.24 a barrel in afternoon trading on the New York Mercantile Exchange. Brent crude, the international price, is down $2.18, or 4.5 per [Read more]
Oil drops more than 4% on disappointing weekly crude draw
Oil prices fell nearly 5 percent on Thursday, reversing early gains after the U.S. government reported a weekly crude draw that disappointed investors expecting larger declines. Brent crude oil futures fell $2.28, or 4.7 percent, at $46.52 per barrel at 1:06 p.m. ET (1706 GMT) on Thursday. It rose 1.6 percent earlier to a session high of $49.59. WTI crude was trading at $45.16 per barrel, down $2.27, or 4.8 percent. Oil prices have risen more than 70 percent from 12-year lows of around [Read more]
July 6 Alberta Land Sale Results in $6.28 million
The 12th Alberta land sale of the year, held yesterday on July 6, has netted the Province of Alberta a total of $6.282 million. This is the 4th highest result so far, for 2016. This follows on the heels of the largest sale of the year held two weeks ago, on June 22, which brought in a respectable $16.1 million. There were a total of 85 parcels with acceptable lease bids, including 5 Oil Sands lease. The total for all 12 sales so far this year is $$70.1 million. The chart [Read more]
GLJ Petroleum’s July 1, 2016 Price Forecast
In the second quarter of 2016, a substantial recovery in crude prices has taken place, with both Brent and WTI prices rising from the mid-30s to the high 40s. It’s difficult to attribute this streak to any single reason, but we can certainly identify some of the contributing factors. First, US Dollar weakness has boosted nearly all commodity prices worldwide, including energy prices. While it has recovered from its early-May low, the US Dollar has fallen about 4 percent against a basket of [Read more]
Pipelines are consulted to death, and it’s killing jobs and productivity
Perhaps the biggest loss for oil and gas advocacy groups has been in the arena of consultation. The industry has happily and oftentimes cheered, as if it is major progress, entering the arena of consultation, but what industry has perpetually been stepping into is no less than a death sentence for the most important infrastructure projects this country desperately needs. The Northern Gateway Pipeline approval was just quashed by the federal courts for failing to 'adequately' consult various [Read more]
Interview with Cody Battershill
BOE Report publisher, Josh Groberman, spoke with Cody Battershill, founder of Canada Action, Oil Sands Action, and Pipeline Action. The two discussed Canada's record as an oil and gas producer, the history of Canada Action, the fight for a more positive view of the Canadian oil industry, and what people can do to help getting badly needed pipelines approved. During the interview, Cody mentioned upcoming roundtable public discussions for Trans Mountain. Click here for a list of days and [Read more]
How the University of Tulsa’s Master of Energy Business Helped a Landman Pivot His Career
For Ben Tatlow, transitioning into his new job at a major oil and gas company has been a big step. Up until this year, the entirety of Ben’s eleven-year career in the oil and gas industry was served as a petroleum landman. His new job? Senior Business Development Representative within one of Canada's largest integrated petroleum companies. Not only is this a different role, but also a different part of the energy industry. “Taking the University of Tulsa’s online Master of Energy Business [Read more]
Killing energy projects only hurts First Nations
HALIFAX, N.S. / Troy Media/ – The right of First Nations to question resource development is not the same as a right to veto much-needed projects. Ron Tremblay, Grand Chief of the Wolastoq Grand Council in New Brunswick, said he believes Canada’s adoption of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) gives First Nation communities veto power over natural resource projects – including TransCanada’s Energy East pipeline, which would transport oil from Alberta to [Read more]
Here’s how Paramount Resource’s disposition compares to other mega-Montney deals
Paramount Resources announced disposition of Montney assets to Seven Generations Energy for $1.9 billion makes it the largest Montney asset sale this year and one of the largest ever. The transaction metrics are fairly attractive for Paramount Rescources when comparing to other large-scale ($100 million+) Montney transactions in the past 3 years on a $/BOE/D metric: The $63,333/BOE/D is quite impressive considering the severe price drop in the past 18 months. As mentioned earlier in [Read more]