Oil prices fell on Monday on renewed concerns about global fuel demand amid strict coronavirus lockdowns in Europe and new movement restrictions in China, the world’s second-largest oil user, after a jump in cases there. U.S. West Texas Intermediate (WTI) slipped 97 cents, or 1.85%, to $51.65 a barrel. WTI rose to its highest in nearly a year on Friday. Brent crude oil futures fell $1.09, or 1.94%, to $55.16 a barrel after earlier climbing to $56.39, its highest since Feb. 25, 2020. Brent rose [Read more]
Headlines
Pembina Pipeline Corporation announces consideration of hybrid subordinated debt securities offering
CALGARY, AB - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL); (NYSE: PBA) announced today that it is considering an offering of hybrid subordinated debt securities under its short form base shelf prospectus dated December 30, 2020. If a successful offering is priced and completed, the Company intends to use the net proceeds of the offering to redeem or repurchase its outstanding cumulative redeemable minimum rate reset Class A Preferred Shares, Series 11 (TSX: [Read more]
Vertex Resource Group Ltd. appoints new Vice President of Engineering
Sherwood Park, Alberta (TSXV:VTX) – Vertex Resource Group Ltd. (“Vertex” or the “Company”) announces the appointment of Tom Bratrud, P.Eng to the position of Vice President Engineering. Mr. Bratrud has 29 years of multisectoral EPCM experience with public and private companies, including his role as Senior Vice President of Oil and Gas with WSP Canada. He is a Professional Engineer and active member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA). Vertex is [Read more]
Bonterra Energy Corp. confirms previous recommendation for shareholders to reject the hostile bid
CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") today confirms that the Company has carefully reviewed the Notice of Extension, Variation and Change filed by Obsidian Energy Ltd. ("Obsidian") for the unsolicited bid to acquire all of the issued and outstanding common shares of Bonterra in exchange for shares of Obsidian (the "Hostile Bid") and continues to strongly recommend that Bonterra shareholders take no action and REJECT the Hostile [Read more]
Pieridae COO departs company
CALGARY, Alberta - Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) today announced Chief Operating Officer (“COO”) Tim de Freitas has left the Company effective immediately to pursue other endeavours. “On behalf of Pieridae Energy Limited, I would like to thank Tim for his past contributions, particularly during the purchase of the Shell assets in the fall of 2019, and we wish him well in the future,” said Pieridae CEO Alfred Sorensen. Sorensen will assume COO [Read more]
Canada’s rig count up to 170 at start of 2021
Canada averaged 170 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 100 are drilling for oil, 65 are drilling for natural gas, 1 for potash, and 4 for other. Drilling activity by province is 117 in Alberta, 29 in Saskatchewan, 19 in British Columbia, 3 in Manitoba, and 2 in other. Precision Drilling holds the majority of the Canadian market share with 27 per cent, Nabors Drilling with 16 per cent, Ensign [Read more]
U.S. drillers add oil and gas rigs for 7th week in a row
U.S. energy firms this week added oil and natural gas rigs for a seventh week in a row as higher energy prices have prompted producers to pull more fuel out of the ground in recent months. The oil and gas rig count, an early indicator of future output, rose nine to 360 in the week to Jan. 8, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. Despite the gains in recent months, that count was still 421 rigs, or 54%, below this time [Read more]
Oil near 11-month highs on Saudi output cut pledge, equities rally
Oil prices held near 11-month highs on Friday and were on track for a strong weekly gain as Saudi Arabia's pledge to cut output continued to buoy market sentiment. U.S. West Texas Intermediate (WTI) gained 67 cents, or 1.31%, to $51.56. Brent crude climbed 81 cents, or 1.52%, to $55.22 a barrel. Both benchmarks are on track for gains of about 5% for this week. "Saudi's decision to make voluntary cuts to its output continued to provide support," said Hiroyuki Kikukawa, general [Read more]
Column: More oil & gas predictive analytics applications
The leadership of many oil & gas producers can significantly widen the application of predictive analytics to achieve value from the digital data their company collects and manages. I’ll illustrate how predictive analytics achieves business value for oil & gas producers through the following five examples along the upstream oil & gas well life cycle: Reducing exploration risk. Creating development scenarios. Controlling drilling and completion costs. Improving [Read more]
InPlay Oil Corp. announces 2021 capital budget and guidance and provides an operations update with production guidance exceeding pre-COVID 2019 production levels
CALGARY, Alberta - InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) is pleased to announce that its Board of Directors has approved a $23 million capital program for 2021 with forecast average production of 5,100 – 5,400 boe/d (69% oil and liquids). InPlay enters 2021 coming out of one of the most challenging years that our industry has experienced as a result of the price capitulation (with 2020 West Texas Intermediate (“WTI”) averaging USD $39.30/bbl) and capital [Read more]