CALGARY, AB - MEG Energy Corp. (TSX: MEG) ("MEG" or the "Corporation") reported its first quarter of 2021 operational and financial results. MEG continues to proactively respond to the safety 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. "MEG's first quarter was strong from both a financial and operational perspective" said Derek Evans, [Read more]
Headlines
Gibson Energy announces 2021 first quarter results
CALGARY, Alberta - Gibson Energy Inc. announced today its financial and operating results for the three months ended March 31, 2021. “We are very pleased with the solid start to 2021, with our Infrastructure segment performing in-line with our expected run-rate on a normalized basis and Marketing slightly above our initial outlook,” said Steve Spaulding, President and Chief Executive Officer. “Importantly, since the start of the year, we have resumed our commercial discussions with [Read more]
Oil climbs as demand optimism overshadows India worries
Oil prices climbed on Monday as optimism about a strong rebound in fuel demand in developed countries and China in the second half of the year overshadowed growing concerns of a full lockdown in India to curb the COVID-19 pandemic. U.S. West Texas Intermediate for June was at $64.07 a barrel, up 61 cents, or 0.98%. Brent crude futures for July gained 46 cents, or 0.71%, to $67.12 a barrel. Vaccinations are expected to lift global oil demand, especially during peak travel season in the [Read more]
Topaz Energy Corp. announces the acquisition of Reserve Royalty and provides update to previously announced Charlie Lake royalty acquisition
CALGARY, AB, May 3, 2021 /CNW/ - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce that it has entered into a definitive agreement with Reserve Royalty Income Trust ("Reserve Royalty") for the purchase of its subsidiaries which hold all of the Reserve Royalty assets, for approximately $26.0 million, payable through the issuance of 1,794,886 Topaz shares (the "Reserve Royalty Acquisition"). Reserve Royalty Acquisition The Reserve Royalty Acquisition adds a [Read more]
Carbon tax overview and impact on in situ projects
Although not a new concept, carbon taxes have become a hot topic around the globe, ever-growing in the last decade. Canada is no different. At home, Canadians are paying carbon taxes on several different services, from fueling vehicles to heating our homes. The same can be said for industrial emitters. They pay carbon tax based on historical emission rates as well as emission reduction targets set by government legislation. Why? According to the Government of Canada: A price on carbon [Read more]
ROK Resources announces closing of previously announced asset acquisition and first closing of private placement financing
REGINA, SK - ROK Resources Inc. ("ROK" or the "Company") (TSXV:ROK) is pleased to announce that it has closed on its previously announced bolt-on acquisition (the "Acquisition") of certain non-operated producing oil and gas assets (the "Asset") in Southern Saskatchewan, along with associated land leases, a facility, and related assets. The Acquisition has an effective date of April 1, 2021. Total consideration paid for the Asset was $1,500,000 in cash and 2,000,000 Class B common shares of ROK [Read more]
Canada’s weekly rig count up 1 to 56
Canada averaged 56 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 45% are drilling for natural gas, 36% are drilling for oil, 5% for other (helium, hydrogen, geothermal, or potash), and 14% are moving. Drilling activity by province is 71% in Alberta, 21% in BC, and 5% in Saskatchewan. Precision Drilling holds the majority of the Canadian market share with 35%, Ensign Drilling with 18%, Nabors Drilling with 16%, [Read more]
Waterous Energy Fund announces the completion of the final step of its acquisition of Osum Oil Sands Corp.
CALGARY, AB - Waterous Energy Fund ("WEF") and Osum Oil Sands Corp. ("Osum") are pleased to announce that a special meeting of shareholders (the "Meeting") of Osum was held earlier today to approve the amalgamation (the "Amalgamation") of Osum and WEF Osum Acquisition Corp. ("WOAC"), an entity wholly-owned by WEF. Osum shareholders overwhelmingly voted to approve the Amalgamation, with 97.7% of votes cast by Osum shareholders represented at the Meeting (holding 89.8% of all issued and [Read more]
Enerplus closes acquisition of Williston Basin assets
CALGARY, AB - Enerplus Corporation ("Enerplus" or the "Company") (TSX: ERF) (NYSE: ERF) today announced that it has closed its previously announced acquisition of Williston Basin assets from Hess Corporation for a total cash purchase price of US$312 million, subject to normal purchase price adjustments. The purchase price was funded with existing cash on hand and by borrowing on the Company's bank credit facility. About Enerplus Enerplus is an independent North American oil and gas [Read more]
U.S. drillers add oil and gas rigs for ninth month
U.S. energy firms added oil and natural gas rigs this week, leading to a ninth straight monthly rig count increase, as a recovery in prices lured some drillers back to the wellpad. The oil and gas rig count, an early indicator of future output, rose two to 440 in the week to April 30, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That was the sixth time the count increased in the past seven weeks and put the total number [Read more]