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]
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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]
ConocoPhillips provides preliminary third-quarter 2020 operational and financial update and announces intent to resume share repurchases of $1 billion during the fourth quarter of 2020
HOUSTON - ConocoPhillips (NYSE: COP) today provided information regarding certain preliminary third-quarter 2020 operational and financial updates. Final third-quarter results will be reported on Oct. 29. The company also announced that it intends to resume share repurchases of $1 billion during the fourth quarter of 2020 under its existing authorization. The repurchases will be funded from available cash on the balance sheet. Management retains the discretion to determine the level and pace [Read more]
Shell third quarter 2020 update note
The Hague − This is an update to the third quarter 2020 outlook provided in the second quarter results announcement on July 30, 2020. The impacts presented here may vary from the actual results and are subject to finalisation of the third quarter 2020 results. Unless otherwise indicated, presented impacts relate to Adjusted Earnings on a post-tax basis. INTEGRATED GAS Production is expected to be between 820 and 860 thousand barrels of oil equivalent per day. LNG liquefaction [Read more]
NuVista Energy Ltd. reduces minimum volume commitments and increases liquidity
CALGARY, Alberta - NuVista Energy Ltd. (“NuVista” or the “Company”) (TSX:NVA) is pleased to announce the successful renegotiations of our Minimum Volume Commitments (“MVCs”) under various processing and transportation agreements, and the successful consummation of an agreement for Letters of Credit (“LC”) support in the amount of $40 million with Export Development Canada (“EDC”). The adjustments to our MVCs profile provides NuVista with: A successful reduction of approximately 20% in [Read more]