All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta - Gibson Energy Inc. announced today its intention to redeem the entire $99.3 million of principal amount currently outstanding of its 5.25% convertible unsecured subordinated debentures due July 15, 2021 (the “Debentures”). “Through the proactive redemption of the Debentures, we are continuing to optimize our peer-leading capital structure,” said Sean Brown, Senior Vice President and Chief Financial Officer [Read more]
Headlines
CAPP issues statement on Canadian Net-Zero Emissions Accountability Act
CALGARY, AB - In response to the Canadian Net-Zero Emissions Accountability Act introduced by the Government of Canada on November 19, 2020, CAPP issues the following statement: "The Canadian Association of Petroleum Producers is committed to working with the Canadian government to meet emissions reduction objectives, which includes the ambition to achieve net-zero by 2050. This is a 30-year challenge that will have significant impact on all Canadians and require collaboration across [Read more]
CER Recommends approval of NGTL’s Edson Mainline Expansion Project
CALGARY, AB - The Commission of the Canada Energy Regulator (Commission, CER) recommends that the federal Cabinet approve NOVA Gas Transmission Ltd.'s (NGTL) Edson Mainline Expansion Project (Project). The Project involves the construction and operation of approximately 85 km of natural gas pipeline loops in two sections, along with the associated facilities. The Project is needed to increase pipeline capacity and move gas from the Peace River Project Area to growing markets in central and [Read more]
Altura Energy Inc. announces Q3 2020 financial and operating results
CALGARY, AB - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) announces its financial and operating results for the three and nine months ended September 30, 2020. The unaudited interim condensed consolidated financial statements and related management's discussion and analysis ("MD&A") are available at www.sedar.com and www.alturaenergy.ca. Selected financial and operating information for the three and nine months ended September 30, 2020 appear below and should be read in [Read more]
Junior producer Osum Oil Sands rejects Waterous Energy Fund share offer as inadequate
CALGARY - Private junior oilsands producer Osum Oil Sands Corp. says shareholders should reject a $126-million bid by Calgary investment firm Waterous Energy Fund to nearly double its ownership stake. The Calgary company says an independent committee struck to review the informal offer made in early November found it undervalues the shares, adding that TD Securities Inc. and RBC Dominion Securities Inc. have provided written opinions that come to the same conclusion. Osum board chairman [Read more]
Leucrotta Announces Q3 2020 Financial and Operating Results
Calgary, Alberta - LEUCROTTA EXPLORATION INC. (TSXV: LXE) ("Leucrotta" or the "Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2020. All dollar figures are Canadian dollars unless otherwise noted. FINANCIAL RESULTS Three Months Ended September 30 Nine Months Ended September 30 ($000s, except per share amounts) 2020 2019 % Change 2020 2019 % Change Oil [Read more]
Pandemic resurgence blunts refined fuel demand recovery, says Imperial Oil CEO
CALGARY - The CEO of Imperial Oil Ltd. says rising COVID-19 infection numbers have stalled a recovery in demand for vehicle fuels produced in its Canadian refineries from the depths of the pandemic lockdowns in March and April. Brad Corson, speaking at the company's investor day, says demand for Imperial's gasoline and diesel have recovered to between 85 and 95% of normal levels but jet fuel demand is still only at about 40% and it is expected to remain at low ebb into early [Read more]
Imperial Oil to boost spending, slightly raise output amid volatile recovery
Canada's Imperial Oil, one of the country's biggest crude producers and refiners, said on Thursday it would raise capital spending and production next year as a volatile recovery of energy demand continues. Chief Executive Brad Corson said at the company’s virtual investor day presentation that a recovery in global energy demand looked to be “highly uncertain” and dependent on the spread of COVID-19. Pandemic travel restrictions have crushed fuel demand, depressing oil prices, and forcing [Read more]
Alberta’s main economic driver continues to struggle in 2020
It’s been a challenging year for the oil and gas industry in Alberta, as the province has seen depressed oil prices, little work to be found, and drilling all but halted. From BOE’s Well Activity Map, one can see 583 wells of oil/bitumen, gas, and others found. This number represents a stark cry from 2019’s 1,920, and even further from 2018’s 7,445. The CAODC Rig Count shows 51 active rigs currently in Alberta. These numbers are much different from November 2019 when Alberta had 87 active [Read more]
Hemisphere Energy Announces Financial and Operating Results for Q3 2020
Vancouver, British Columbia - Hemisphere Energy Corporation (TSXV: HME) ("Hemisphere" or the "Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2020. Q3 2020 Highlights Achieved revenue of $5.9 million. Realized an operating netback of $4.7 million, including hedging gains of $0.9 million. Attained quarterly adjusted funds flow from operations of $3.4 million or $0.04 per share (basic). Maintained average [Read more]