CALGARY, AB - Osum Oil Sands Corp. ("Osum" or the "Company") wishes to update shareholders on matters related to the hostile bid for the Company announced by Waterous Energy Fund ("Waterous" or "WEF") on November 2, 2020 (the "Hostile Bid" or "WEF Offer"), as well as address misleading statements in a recent press release issued by WEF. Gap Between the Hostile Bid and the Value of Osum's Shares has Widened As set out in the Directors' Circular dated November 18, 2020, Osum's special [Read more]
Headlines
Oil gains despite patchy vaccine rollouts, new coronavirus variants
Oil prices rose on Monday after a weak start, adding to the gains of the last three months, although patchy coronavirus vaccine rollouts, new infections and the discovery of new variants are casting a shadow over the outlook for demand. U.S. West Texas Intermediate (WTI) gained 48 cents, or 0.9%, to $52.65. Brent crude futures were up 64 cents, or 1.16%, at $55.64 a barrel. Both benchmarks gained nearly 8% in January. Oil prices have been boosted by vaccination programmes getting [Read more]
The state of Western Canada’s pipeline projects
As Keystone XL has been shelved following President Joe Biden’s inauguration, that doesn’t mean other pipeline projects aren’t on the go, or that others won’t be completed. Some prominent Western Canada projects, Trans Mountain, Coastal GasLink, and Enbridge Line 3 are well underway. We give a rundown of them below with some updates on how the respective projects are coming along. Trans Mountain Originally built in 1953, the pipeline is still operating safely to this day. The expansion is [Read more]
Exxon, Chevron CEOs discussed merger in early 2020
The chief executives of ExxonMobil Corp and Chevron Corp held preliminary talks in early 2020 to explore combining the two largest U.S. oil producers in what would have been the biggest merger of all time, according to people familiar with the matter. The discussions, which are no longer active, are indicative of the pressure the energy sector's most dominant companies faced as the COVID-19 pandemic took hold and crude prices plunged. The talks between Exxon Chief Executive Darren Woods [Read more]
Crew Energy Inc. provides operations update highlighted by strong production gains and robust capital efficiencies
CALGARY, AB - Crew Energy Inc. (TSX: CR) ("Crew" or the "Company") is pleased to provide an update on the progress and achievements realized following the announcement of our innovative 2021 and 2022 asset development plan, released on Dec. 10, 2020. We are also pleased to provide production estimates for Q4/20 and full year 2020, along with current production levels and details on our recent drilling and completion activities. Crew's pivotal two-year plan is designed to expand margins and [Read more]
Deadline extension will mean more time to get responses, oil inquiry head explains
CALGARY - The commissioner of Alberta's inquiry into the funding of oil and gas industry critics says a deadline extension will allow more time for the inquiry to get responses from the people it names. The inquiry headed by Steve Allan was to have completed its report by Sunday, but the United Conservative government released an order-in-council on Friday night amending the inquiry's deadline to May 31. Allan says in a written statement that it was always the inquiry's intention to give [Read more]
Zargon Oil & Gas Ltd. completes transactions approved under Canadian bankruptcy proceedings; Blue Sky Resources Ltd. becomes sole shareholder
CALGARY, Alberta - Zargon Oil & Gas Ltd. ("Zargon" or the "Corporation") announces that it has completed certain transactions contemplated by a Bankruptcy and Insolvency Act (Canada) proposal (the "Proposal") filed by Zargon, Zargon Oil & Gas Partnership (“Zargon Partnership”) and Zargon U.S. Holdings Ltd. (“Zargon US”), through their proposal trustee MNP Ltd. The Proposal provides for, among other things, the compromise and settlement of claims of creditors of Zargon, Zargon Partnership [Read more]
Razor Energy Corp. announces interim extension of term loan facility
CALGARY, Alberta - Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) announces that it has secured an interim extension to its existing non-revolving term loan facility from Alberta Investment Management Corporation (“AIMCo”). The Company has reached an agreement with AIMCo to extend the maturity date from January 31, 2021 to February 5, 2021 in order to complete necessary documents and registrations related to an extension of the facility. [Read more]
Altura Energy Inc. announces the closing of a previously announced asset disposition, operational update and 2021 capital program
CALGARY, AB - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) is pleased to announce a January 29, 2021 asset disposition, an operational update and its capital program for 2021. ASSET DISPOSITION Altura has agreed to amend the payment schedule in respect to the previously announced disposition to a private company and divested of a 0.6875% working interest for $437,500 on January 29, 2021. The payment schedule is as follows: Stage Closing [Read more]
Canada’s weekly rig count up to 184
Canada averaged 184 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 106 are drilling for oil, 72 are drilling for natural gas, and 6 for other. Drilling activity by province is 124 in Alberta, 35 in Saskatchewan, 14 in British Columbia, 3 in Manitoba, and 8 in other. Precision Drilling holds the majority of the Canadian market share with 29 per cent, Ensign Drilling with 18 per cent, Nabors Drilling with 9 per [Read more]