Energy firms and ports along the U.S. Gulf Coast were bracing on Tuesday for another test as Hurricane Zeta, the 11th hurricane of the season, entered the Gulf of Mexico. BP, Chevron and Equinor evacuated oil workers and Royal Dutch Shell paused drilling as winds intensified to 85 mile-per-hour (136 kph). Pipeline operator Enbridge evacuated an offshore platform and on Tuesday plans to remove workers from a Louisiana natural gas processing plant. Some oil producers were pulling workers for [Read more]
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Highwood Oil Company Ltd. announces review of strategic alternatives to enhance shareholder value and provides operational update
CALGARY, AB - Highwood Oil Company Ltd. ("Highwood" or the "Company") (TSXV: HOCL) today announces that its Board of Directors has initiated a process to identify, examine and consider strategic and financial alternatives available to the Company with the ultimate view of enhancing shareholder value. Strategic Review Strategic and financial alternatives may include, but are not limited to, the sale of the Company, investment in, merger or other business combination, recapitalization, [Read more]
MEG Energy announces third quarter results including successful completion of major plant turnaround, increased production guidance and further cost reductions
CALGARY, AB - MEG Energy Corp. (TSX: MEG) ("MEG" or the "Corporation") reported its third quarter of 2020 operational and financial results. MEG continues to proactively respond to the safety and financial challenges associated with the COVID-19 pandemic and remains committed to ensuring the health and safety of all of its personnel and the safe and reliable operation of the Christina Lake facility. "Our 75-day major scheduled plant turnaround was successfully completed in August with [Read more]
Canadian energy deal creates Midwestern refining giant amid uncertain demand
The merger of Canadian oil companies Cenovus Energy and Husky Energy will create a formidable refining presence in the Midwestern United States, but it comes at a time when weak demand has left that market oversupplied, squeezing margins. Pandemic travel restrictions have hurt fuel demand and spurred companies to cut costs or merge. Since the pandemic started, at least four different crude oil refineries have been idled or closed in North America. With infections surging again, consumption of [Read more]
Guilty plea lands Tamarack an $80,000 penalty
Tamarack Acquisition Corp. has been ordered to pay an $80,000 penalty after pleading guilty in provincial court to one charge under the Water Act. Tamarack received a temporary diversion licence from the AER to withdraw groundwater for well drilling operations near Veteran, Alberta between January 2017 and April 2018. As water was being withdrawn from the ground, Tamarack did not record how much water it was withdrawing. Instead, the company recorded this information after the fact [Read more]
U.S. natgas hits near 2-yr high on higher demand view, storm threat
U.S. natural gas futures climbed to their highest in nearly two years on Monday on forecasts for higher heating demand and concerns that Tropical Storm Zeta aiming at the U.S. Gulf Coast could disrupt production. Front-month gas futures rose 5.3 cents, or 1.8%, to settle at $3.024 per million British thermal units (mmBtu). Prices earlier rose to their highest since Jan. 25, 2019 at $3.080 per mmBtu. "We are seeing some cold weather temperatures that will be coming across in the next week, [Read more]
PrairieSky announces 2020 third quarter results
CALGARY, Alberta - PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX: PSK) is pleased to announce its third quarter ("Q3 2020") operating and financial results for the period ended September 30, 2020. Third Quarter 2020 Highlights: • Revenues increased 54% to $43.5 million, comprised of royalty production revenues of $38.4 million and other revenues of $5.1 million, compared to Q2 2020. • Funds from Operations increased 78% quarter over [Read more]
Receivership Sale: Point Loma Resources Ltd
On June 8, 2020, BDO Canada Limited was appointed as the receiver and manager (the “Receiver”) of Point Loma Resources Ltd. (“Point Loma” or the “Company”) pursuant to an Order of the Court of Queen’s Bench of Alberta. The Receiver has engaged Sayer Energy Advisors to assist it with a sale of all of Point Loma’s oil and natural gas properties located in Alberta (the “Properties”). The Receiver has also provided a Sale Solicitation Process document (the “SSP”) outlining the details of the [Read more]
Cenovus-Husky deal creates new Canadian oil major, stokes hunger for deals
Cenovus Energy's acquisition of Husky Energy creates a new Canadian-owned major oil producer and lends the long-struggling oil patch greater stability during its biggest crisis in decades, with investors betting on further deals. The C$3.8 billion ($2.9 billion) combination announced Sunday, the largest Canadian oil and gas deal in nearly four years based on enterprise value, may pressure peers to get bigger or sell. "You will continue to see stock-based deals with skinny premiums as [Read more]
Topaz Energy Corp. completes $230.5 million initial public offering
CALGARY, AB, - Topaz Energy Corp. is pleased to announce it has completed its previously announced initial public offering consisting of a treasury offering by the Company and a secondary offering by its majority shareholder Tourmaline Oil Corp. ("Tourmaline" or the "Selling Shareholder") of an aggregate of 17,731,000 common shares ("Common Shares") at a price of $13.00 per Common Share (the "Offering Price") for gross proceeds to the Company and the Selling Shareholder of approximately $217.5 [Read more]