CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) announces that it has entered into subscription agreements for a non-brokered private placement of approximately $16,920,833 principal amount of 2nd lien secured notes (the "Notes") issued at a 4% discount for gross proceeds of $16,244,000. As part of the Note offering, each subscriber is also required to subscribe for a pro rata number of units (the "Units") totaling 8,122,000 Units, at a subscription price of $0.50 [Read more]
Headlines
Canada’s weekly rig count at 109
Canada averaged 109 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 57 are drilling for oil, 48 are drilling for natural gas, 1 for potash, and 3 for other. Drilling activity by province is 71 in Alberta, 20 in British Columbia, 17 in Saskatchewan, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 35 percent, Ensign Drilling with 22 percent, Savanna Drilling with 11 [Read more]
U.S. drillers add oil and gas rigs for 11th week in 12
U.S. energy firms this week added oil and natural gas rigs for the 11th time in 12 weeks as producers return to the wellpad even as most are cutting spending this year and next. The oil and gas rig count, an early indicator of future output, rose three to 323 in the week to Dec. 4, energy services firm Baker Hughes Co said in its closely followed report on Friday. That was 476 rigs, or 60%, below this time last year. The number of operating rigs has surged since August, when it hit a [Read more]
Oil prices rise as producers agree on supply compromise
Oil prices rose on Friday, heading for a fifth week of gains, after major producers agreed to continue to restrain production to cope with coronavirus-hit demand but the compromise fell short of expectations. West Texas Intermediate had risen 41 cents, or 0.89% at $46.04 a barrel. Brent was up 48 cents, or 1.03%, at $49.18 a barrel after gaining around 1% on Thursday. OPEC and Russia on Thursday agreed to ease deep oil output cuts from January by 500,000 barrels per day, failing to [Read more]
Despite Anti-O&G lobbyists, CDN Natural Gas keeps getting greener
As the decarbonization dialogue develops, new information from the European Union Sustainable Finance taxonomy (a work group supporting the European Green Deal) still marginalizes natural gas. Just last month, natural gas was denied ‘transition’ fuel status in a draft of EU green finance rules with environmentalists praising the draft as a move against hydrocarbons- preventing natural gas investments from being labelled “green”. Here in Canada, natural gas hydrogen project development is [Read more]
OPEC+ to boost output as oil market tightens: Kemp
OPEC and its partners have agreed to raise their collective production by 0.5 million barrels per day (bpd) in January, with output to be reviewed and adjusted at monthly intervals thereafter. The increase is much smaller than the 2 million bpd scheduled last April, but marks a significant shift from the start of November, when the group seemed poised to leave output unchanged for another three months. The shift responds to news of successful coronavirus vaccine trials, which could lead to [Read more]
Crescent Point announces 2021 budget
CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is pleased to announce its formal 2021 capital expenditures budget and production guidance. KEY HIGHLIGHTS Capital expenditures of $475 to $525 million and annual average production guidance of 108,000 to 112,000 boe/d. Disciplined, flexible and returns focused budget fully funded at approximately US$40/bbl WTI. Excess cash flow of approximately $150 to $300 million expected in 2021 [Read more]
Column: Oil & Gas predictive analytics applications
The leadership of many oil & gas producers can greatly widen the use of predictive analytics to achieve value from the data their company collects and manages. After defining what predictive analytics is, I’ll illustrate how predictive analytics achieves business value for oil & gas producers through the following five common upstream oil & gas industry use cases along the well life cycle: Reducing exploration risk. Creating development scenarios. Controlling drilling and [Read more]
Hydrogen’s future remains murky despite home heating projects in Alberta and Ontario
CALGARY - It seems like a no-brainer to use clean-burning hydrogen to offset the environmental negatives of natural gas for warming homes, but pilot projects to do just that starting next year illustrate nothing is simple about this trendy new energy source. As companies consider ways to commercialize hydrogen as a cleaner alternative fuel and projects advance in Fort Saskatchewan, Alta., and Markham, Ont., most observers concede it will take time and government support to overcome its cost [Read more]
Be heard! Regulators are accepting public comments for these projects
There are currently five oil & gas and mining projects in a public comment period with the BC EAO and the IAAC. Most notably are the Vopak storage and export facility in Prince Rupert, the Town North Gas Plant Expansion near Wonowon, the Eagle Mountain - Woodfibre Gas Pipeline, and the Heartland Complex Expansion Project in Alberta’s Industrial Heartland. To learn about these projects, and have your voice heard, follow the links below. Project: Vopak Pacific Canada Project - bulk liquids [Read more]