Execution drives increase to midpoint of 2020 production guidance, 2021 budget targets stable production and free cash flow CALGARY, Alberta - Seven Generations Energy Ltd. (TSX: VII) THIRD QUARTER 2020 HIGHLIGHTS The company successfully completed its planned three-week turnaround and upgrade at the Karr plant and condensate stabilizer on-time and on-budget, while mitigating the impact to production volumes. Third quarter sales volumes were 168.9 Mboe/d (43% natural gas, 34% [Read more]
Headlines
Crew Energy Inc. announces third quarter 2020 financial and operating results
CALGARY, AB, Nov. 9, 2020 - Crew Energy Inc. (TSX: CR) ("Crew" or the "Company") today announces our operating and financial results for the three and nine month periods ended September 30, 2020. Crew's Financial Statements and Notes, as well as Management's Discussion and Analysis ("MD&A") for the three and nine month periods ended September 30, 2020 are available on Crew's website and filed on SEDAR at www.sedar.com. Q3 2020 HIGHLIGHTS Production Guidance Increased: Q3 production [Read more]
Headwater Exploration Inc. announces transformational transaction with Cenovus Energy Inc. and third quarter operating and financial results
CALGARY, AB, Nov. 9, 2020 /CNW/ - Headwater Exploration Inc. (the "Company" or "Headwater") (TSX: HWX) announces it has entered into a definitive agreement with Cenovus Energy Inc. ("Cenovus") for a transformational transaction (the "Transaction") to acquire 100% of Cenovus' assets in the Marten Hills area of Alberta for approximately $100 million. Pursuant to the Transaction, Headwater will acquire a 100% working interest in approximately 2,800 barrels per day of medium oil production and 270 [Read more]
Vermilion Energy Inc. announces results for the three and nine months ended September 30, 2020 and the release of its 2020 corporate sustainability report
CALGARY, AB - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX: VET) (NYSE: VET) is pleased to report operating and condensed financial results for the three and nine months ended September 30, 2020 and the release of its 2020 Corporate Sustainability Report. The unaudited interim financial statements and management discussion and analysis for the three and nine months ended September 30, 2020 will be available on the System for Electronic Document Analysis and [Read more]
How a Biden presidency would transform the U.S. energy landscape
Democrat Joe Biden has won the November U.S. presidential election, according to several major networks. Here are some of the changes that could occur in U.S. energy policy under his administration: INTERNATIONAL OIL SUPPLIES Biden has shown an interest in multilateral diplomacy similar to previous Democratic administrations. That could mean an eventual path for OPEC members Iran and Venezuela to get out from under Washington’s sanctions and start pumping again, if the right conditions are [Read more]
Heavy discount narrows on tight supplies, stronger demand
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Friday with supplies tight and demand for this type of oil strengthening. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, traded at $9.35 per barrel below WTI, according to NE2 Canada Inc, narrowing from Thursday's settlement of $9.75. Much Canadian oil production remains offline and refiners are actively searching for heavy oil, keeping the differential tight, a [Read more]
You’re invited to attend the 2020 CAODC Virtual State of the Industry!
On Wednesday November 18, the CAODC is excited to welcome Canada’s Federal Minister of Natural Resources, the Honourable Seamus O’Regan, as their keynote speaker at their Virtual State of the Industry. The State of the Industry is not only welcomed by CAODC members as a capstone event for the year, but it is widely covered by mainstream media as one of the most accurate barometers of industry activity with the release of the 2020 State of the Industry Report, and 2021 Drilling [Read more]
Canada’s weekly rig count at 99
Canada averaged 99 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 46 per cent are drilling for natural gas, 51 per cent for oil, 1 per cent for potash, and 2 per cent other. Drilling activity by province is 58 in Alberta, 21 in Saskatchewan, 19 in British Columbia, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 31 per cent, Ensign Drilling with 23 per cent, Savanna [Read more]
U.S. drillers add oil and gas rigs for eighth week
U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row for the first time since June 2018 as producers keep returning to the wellpad after crude prices held around $40 a barrel from mid June-late October. The oil and gas rig count, an early indicator of future output, rose four to 300 in the week to Nov. 6, the highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count fell to a record low of [Read more]
Alberta auditor flags $1.6B in government accounting blunders, oversight problems
EDMONTON - Alberta’s auditor general has flagged $1.6 billion worth of accounting blunders along with other oversight problems by Premier Jason Kenney’s government. Auditor general Doug Wylie says the mistakes are on big-ticket files including oil-by-rail contracts and the so-called energy war room. He says the errors have been or are being corrected by the United Conservative government, but highlights the importance of adhering to accounting rules so people have an accurate picture of [Read more]