CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") is pleased to announce that it has received a reserve based lending commitment from Export Development Canada ("EDC") of up to $38.4 million (the "EDC Commitment"). In addition, Bonterra is pleased to confirm that to date, its vendors have been approved for $21 million of funding through Alberta's Site Rehabilitation Program ("SRP"). These amounts build on the Company's recently approved $45 [Read more]
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Bird River Resources announces sale of High Point Oil Inc.
WINNIPEG, MB - Bird River Resources Inc. (CSE:BDR) (the "Company") is pleased to announce that its sale of 100% of the Company's shareholdings in High Point Oil Inc. ("HPO") under a share purchase agreement (the "Share Purchase") with an arms-length party (the "Acquiror", and with the Company, the "Parties") has closed, as initially disclosed in the Company's news release of August 4, 2020. Under the terms of the Share Purchase, the Acquirer paid the Company $90,000 CAD to acquire: 100% [Read more]
Canada Energy Regulator responds to crude oil release at Enbridge’s Express Line Pump Station, near Youngstown, Alberta
CALGARY, AB - The Canada Energy Regulator (CER) has been notified of an above ground crude oil release that occurred on October 2, 2020, at a pump station near Youngstown, Alberta. The release occurred on the Enbridge Express Pipeline. The line has been shut down. Enbridge has reported that the spill is largely contained to company property and that there is no risk to human safety. Clean-up is underway and is expected to continue over the weekend. No water bodies or wildlife are reported [Read more]
Suncor Energy says it will cut 10 to 15 per cent of its workforce over next 18 months
CALGARY - Oil and gas giant Suncor Energy Ltd. says it will eliminate as many as 1,930 jobs over the next 18 months as a result of cost-cutting to deal with low oil prices and market volatility. Spokeswoman Sneh Seetal says CEO Mark Little told employees on a conference call Friday morning the company will aim to reduce total staff by 10 to 15 per cent over the next 18 months, starting with a five per cent cut over the next six months. The Calgary-based company had 12,889 staff at the end [Read more]
Heavy discount narrows on strong demand, low stocks
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Friday, amid strong demand and low Western Canadian inventories. Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $10.20 per barrel below WTI, according to NE2 Canada Inc. It settled on Thursday at $10.70 under. Rising production as curtailed facilities come back on line look to widen the differential this autumn, a trader said. Indian oil refiner Reliance [Read more]
Canada’s weekly rig count at 73
Canada’s fleet of active drilling rigs is down by 8 this week to 73 according to data from the Canadian Association of Oilwell Drilling Contractors. There are 73 total active drilling rigs, 37 are drilling for natural gas, 32 for oil, and 1 for potash. Drilling activity by province is 42 in Alberta, 16 in Saskatchewan, 14 in British Columbia, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 36 per cent, Ensign Drilling with 19 per cent, Nabors [Read more]
U.S. drillers add oil and gas rigs for third week in a row
U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since October 2018 after price increases in recent months prompted some producers to start drilling again. The oil and gas rig count, an early indicator of future output, rose five to 266 in the week to Oct. 2, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count fell to a record low of 244 rigs during the week ended Aug. 14, according [Read more]
Oil drops for second day as worsening pandemic threatens demand drop
Oil prices fell on Friday, extending losses into a second day as rising production of crude comes amid a worsening COVID-19 pandemic which threatens to bring more restrictions on movement and consumption that will likely hit demand for fuel. U.S. oil was $1.51, or 3.91%, lower at $37.05, having fallen nearly 4% in the previous session. Brent crude was also down $1.56, or 3.81%, at $39.17 a barrel, having fallen more than 3% on Thursday. U.S. oil is heading for a drop of nearly 5% this [Read more]
Court hearing to resume in B.C. over Coastal GasLink pipeline
VANCOUVER - A court hearing is set to resume today in a pipeline dispute that led to nationwide protests in February. The British Columbia Supreme Court is hearing arguments over the province's extension of an environmental assessment certificate for the Coastal GasLink pipeline. Court heard Thursday from lawyers for the Office of the Wet'suwet'en, who are seeking an order quashing the extension. Lawyers for the pipeline company and the B.C. Environmental Assessment Office are expected [Read more]
Painted Pony receives securityholder support for its acquisition by Canadian Natural Resources Limited
CALGARY, Alberta - Painted Pony Energy Ltd. (“Painted Pony”) (TSX: PONY) is pleased to announce that at a special meeting held today (the “Meeting”), its shareholders and optionholders voted to approve its previously announced proposed transaction with Canadian Natural Resources Limited (“Canadian Natural”) (TSX, NYSE: CNQ). Painted Pony and Canadian Natural entered into a definitive agreement on August 10, 2020 (the “Arrangement Agreement”) for the proposed acquisition of Painted Pony by [Read more]