CALGARY, AB - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce the completion of the Company's inaugural Sustainability Report, highlighting the Company's efforts and commitments to responsibly develop the Company's natural resources. The Sustainability Report exemplifies TORC's core values of integrity and respect for the environment and the health, safety, and well-being of employees and the communities in which the Company operates. Environmental, social [Read more]
Headlines
Paramount Resources Ltd. acquires common shares of NuVista Energy Ltd.
This press release is being issued pursuant to section 5.2 of National Instrument 62-104 -Take-Over Bids and Issuer Bids. CALGARY, AB - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) announces that it acquired direct ownership and control of 17,324,000 common shares ("NuVista Shares") of NuVista Energy Ltd. ("NuVista") (TSX: NVA) today (the "Transaction") at a price of $0.61 per NuVista Share for an aggregate purchase price of $10,567,640. The Transaction was conducted [Read more]
Journey Energy Inc. provides banking update
CALGARY, AB - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") announces a further extension to the forbearance agreement with its banking syndicate. Journey reports that it has reached an agreement with its syndicate of lenders to extend the current forbearance period until October 13, 2020 to allow discussions with the lending syndicate to continue regarding the outstanding bank debt. The extension of the forbearance period will allow Journey and the syndicate [Read more]
Altura Energy Inc. announces the closing of stage two of a previously announced asset disposition
CALGARY, AB - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) announces the closing of the September 30, 2020 asset disposition. As disclosed in the Corporation's June 30, 2020 news release, Altura entered into an amending agreement to change the timing of the second transaction in the December 4, 2019 definitive agreement with a private company. The sale of a 5.5% working interest in the Corporation's production, wells, lands and facilities for cash of $3.5 [Read more]
Bonterra Energy Corp. announces extension of revolving credit facility to finalize BDC-approved $45 million term facility
CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") announces it has received approval from its syndicate of lenders to extend the revolving period applicable to the Company's existing credit facility to October 30, 2020 from September 30, 2020. The credit facility will continue to be available on a revolving basis until that date. The extension presents Bonterra and its syndicate of lenders additional time to finalize legal and banking [Read more]
Cardinal Energy Ltd. announces extension of revolving credit facility
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal") (TSX: CJ) has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to October 30, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to October 30, 2020. Cardinal has hedged a substantial amount of our oil production for the remainder of [Read more]
Shell plan to cut up to 9,000 jobs could result in 100s of fewer jobs in Canada
CALGARY - Hundreds of Canadian employees of Royal Dutch Shell could be affected by its plan revealed Wednesday to cut between 7,000 and 9,000 jobs worldwide by the end of 2022. The company has 3,500 workers in Canada, accounting for about 4.2 per cent of its global workforce of about 83,000 employees, confirmed Shell Canada spokeswoman Tara Lemay. If the cuts are made proportionately, they would result in between 294 and 378 fewer jobs in Canada. "We do not have an exact figure because [Read more]
Oil prices to see little upside as virus threat looms large
Oil prices will stay near current levels this year as rising novel coronavirus cases threaten to slow the pace of demand recovery and counter output curbs by top producers, a Reuters poll showed on Wednesday. The survey of 40 analysts and economists forecast benchmark Brent crude averaging $42.48 a barrel in 2020. That compares with an average of $42.54 this year and last month's forecast of $42.75. Brent is projected to average $50.41 in 2021. The 2020 U.S. crude price outlook was at [Read more]
The Dunvegan: Uphole Potential?
As operators look to maximize returns on their existing properties, or to invest in new opportunities, they often look “uphole” to shallower productive zones. The Upper Cretaceous Dunvegan Formation fits that bill in the Deep Basin of west-central Alberta. The Dunvegan was deposited in a fluvial-deltaic environment (figure 1) on the scale of the present day Mississippi Delta. Figure 2 is a cross-section that traverses one of the Dunvegan delta’s larger distributary channels and shows the facies [Read more]
XI Technologies: Reclamations in the WCSB: looking at the past six months
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. A month ago, we took a look at the state of liabilities in the WCSB and how they’ve improved since January. This week, we wanted to take a deeper look at one part of that equation and examine the reclamation work being done in Western [Read more]