Falcon Oil & Gas Ltd. (TSXV: FO) has agreed to assign its working interest in three gross producing wells and one gross shut-in well and associated infrastructure in Alberta, Canada to a large Canadian-based company. These wells have been loss making and have generated minimal revenues to Falcon over the last number of years. Collective revenues for nine months to September 2020 were US$3,000 and the associated costs for the same period were US$6,000. For the 12 months to December 2019 [Read more]
Headlines
Canada’s weekly rig count drops 1 to 185
Canada averaged 185 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 24 were moving, 93 are drilling for oil, 66 are drilling for natural gas, and 2 for other (helium, hydrogen, geothermal, or potash). Drilling activity by province is 70% in Alberta, 22% in Saskatchewan, 7% in British Columbia, 1% in Manitoba. Precision Drilling holds the majority of the Canadian market share with 30 per cent, Ensign Drilling [Read more]
Topaz Energy Corp. announces credit facility expansion and extension
CALGARY, AB - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce that it has entered into an amended and restated credit agreement with a syndicate of Canadian banks providing for a $300 million combined operating and syndicated credit facility due February 19, 2024 ("Amended Credit Facility"). The Amended Credit Facility replaces the Company's prior credit facility, which was undrawn, due June 10, 2022, and provided for aggregate borrowing capacity of $125 million [Read more]
TC PipeLines largest unitholder to vote against $1.68 bln merger with TC Energy
TC PipeLines LP's largest independent unitholder, Energy Income Partners, said on Friday it plans to vote against the $1.68 billion merger with Keystone pipeline owner TC Energy, saying the deal undervalues the company's assets. Energy Income Partners has more than 10% stake, which makes it the largest 'non-affiliated' unitholder. It said the deal is "inadequate" and "significantly undervalues" TCP's organic growth opportunities. Calgary-based TC Energy owns about 24% stake in TC PipeLines [Read more]
Coastal GasLink bringing back pipeline workers after pandemic plan approved
TC Energy Corp. says it is gradually bringing back workers on its Coastal GasLink pipeline project in B.C. after health authorities approved its plan to deal with risks of the COVID-19 pandemic. The workforce fell from almost 3,700 people to fewer than 600 and pipeline construction ground to a near halt in January after an order was issued restricting worker numbers at industrial projects in the Northern Health Authority region of B.C. to control the pandemic. On Thursday, TC Energy CEO [Read more]
Inter Pipeline says no decisions made on strategic options after Brookfield offer
Canada's Inter Pipeline Ltd said on Friday no decisions have been made as it initiates a strategic review of its options, a week after rejecting an unsolicited bid from its largest shareholder, Brookfield Infrastructure Partners. The Calgary-based company announced a formal review on Thursday, and said options included a possible "corporate transaction." Infrastructure company Brookfield had offered C$16.50 per share for Inter and said it was willing to go as high as C$18.25 if the [Read more]
U.S. drillers cut oil rigs for first week in 13 amid deep freeze
U.S. energy firms this week cut the number of oil rigs operating for the first time since November as blistering cold and snow hit most of Texas, New Mexico and other big energy producing areas. The U.S. oil and gas rig count, an early indicator of future output, was unchanged at 397 in the week to Feb. 19, according to data on Friday from energy services firm Baker Hughes Co. Despite rising for six months in a row, that combined count is still 393 rigs, or 50%, below this time last year. [Read more]
Oil drops as investors gauge big chill impact on U.S. refineries, OPEC+ output rise
Oil prices slid by up to 2% in early trade on Friday, adding to overnight declines, on worries that refineries will take time to resume operations after the big freeze in the U.S. South, creating a gap in demand, while OPEC+ supplies were expected to rise. "The market was ripe for a correction and signs of the power and overall energy situation starting to normalise in Texas provided the necessary trigger," said Vandana Hari, energy analyst at Vanda Insights. U.S. West Texas Intermediate [Read more]
Mergers and acquisitions are on the rise
There are a staggering amount of mergers and acquisitions happening in Western Canada’s oil and gas, as the fervent wheeling and dealing days are heating up the frigid winter. In what could be seen as short-term pain for long-term gain, depending on who you talk to, the recent Crescent Point, Spartan Delta Corp, and Arc Resources mergers, Ovintiv, and even Inter Pipeline, have sent shockwaves throughout the industry after a Wacky Wednesday. Is it the ability to drive down costs and [Read more]
Enerplus announces fourth quarter and full year 2020 financial and operating results and 2020 year end reserves
CALGARY, AB - Enerplus Corporation ("Enerplus" or the "Company") (TSX: ERF) (NYSE: ERF) today reported fourth-quarter 2020 cash flow from operating activities and adjusted funds flow of $96.1 million and $91.9 million, respectively, compared to $188.5 million and $178.9 million, respectively, in the fourth quarter of 2019. Full-year 2020 cash flow from operating activities and adjusted funds flow was $446.4 million and $358.2 million, respectively, compared to $694.2 million and $709.0 million, [Read more]