Canada’s fleet of active drilling rigs holds steady at 52 this week according to data from the Canadian Association of Oilwell Drilling Contractors. Total drilling count for the week was 52 on August 21. 18 were drilling for oil, 32 for natural gas. Drilling activity as of August 21 in Alberta is at 31, B.C. at 14, and Saskatchewan at 4. Precision Drilling holds the majority of the Canadian market share at 35 per cent, Ensign Drilling with 19 per cent, Nabors Drilling 15 per cent, and [Read more]
Headlines
Kelt Announces Completion of the Sale of Its Inga Assets
Calgary, Alberta - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") has completed its previously announced disposition of oil and gas assets in its Inga/Fireweed/Stoddart Division (the "Inga Assets"), located in British Columbia, to ConocoPhillips (the "Purchaser"). The effective date for closing adjustments relating to the disposition was July 1, 2020. Kelt received gross cash proceeds of $510.0 million, prior to closing adjustments. In addition, the Purchaser has assumed certain [Read more]
U.S. drillers add rigs for first time since March in strong recovery
The U.S. oil and natural rig count increased this week for the first time since March, with energy firms adding the most oil rigs in seven months, as shale producers start drilling again now that crude prices have recovered from historic lows. The oil and gas rig count, an early indicator of future output, rose 10 from a record low to 254 in the week to Aug. 21, energy services firm Baker Hughes Co said in its closely followed report on Friday. Prior to this week, the rig count hit records [Read more]
Oil prices dip on sluggish coronavirus recovery
Oil prices edged lower on Friday but held near a five-month high as an easing of coronavirus lockdowns aids a slow recovery in fuel demand while major crude producers seek to limit supply. U.S. West Texas Intermediate (WTI) crude futures were down 84 cents, or 1.97%, at $41.91 but on track for a weekly gain of about 0.9%. Brent crude futures were down 76 cents, or 1.65%, at $44.12 a barrel, heading for a 0.9% weekly decline. The euro zone’s economic recovery from its deepest downturn on [Read more]
International Petroleum Corp. senior management change
International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that William Lundin has been appointed as Chief Operating Officer of IPC, effective as of December 1, 2020. Mike Nicholson, Chief Executive Officer of IPC comments: “William has worked in the engineering and production operations departments at IPC in Canada and prior to that, worked for BlackPearl Resources Inc. which was acquired by IPC in December 2018. He has developed a deep understanding of [Read more]
Column: It has been 5 months and little help in sight for the oil and gas sector.
Ticktock, ticktock. That is the sound of clocks at oil and gas companies still waiting to hear back on the short-term assistance that was announced by the Federal Government in April. Many now face looming restructurings, sell-offs or insolvency in a distressed market. What went wrong? An industry facing the double whammy of Saudi Russian manipulation and the economic collapse caused by COVID-19 was looking for a liquidity lifeline so they could weather a unique storm. The energy [Read more]
DXI Energy provides Voting Results of AGSM and Notice of Name Change to DXI Capital
Vancouver, British Columbia - DXI Energy Inc. (TSXV: DXI.H) ("DXI" or the "Company") today announced the results of its Annual General and Special Meeting of Shareholders held on August 20, 2020 at the Company's Vancouver office. The following sets forth a brief description of each matter which was voted upon at the Meeting and the outcome of the vote: Description of Matter Outcome of Vote Votes For Votes Against Votes Withheld/Abstained 1. Fix the number of directors to be [Read more]
Bonterra Energy Corp. announces Business Development Bank of Canada term facility
CALGARY, AB - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") is pleased to announce that it has entered into a non-binding term sheet (the "BDC Term Sheet") with the Business Development Bank of Canada ("BDC"), in partnership with its syndicate of lenders, for a non-revolving four year term facility of potentially up to $45 million and subject to formal credit approval from BDC and the syndicate. Subsequent to the end of the second quarter, on July [Read more]
Oil drops as demand risk rises, U.S. stockpiles fall less than expected
Oil prices fell on Thursday as major producers warned of a risk to demand recovery if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than expected. U.S. oil was down 98 cents, or 2.34%, at $41.71 a barrel, after inching higher on Wednesday. Brent crude was down $1.11, or 2.46%, at $44.06 a barrel by 0442 GMT, having slipped 0.2% in the previous session. Stockpiles of crude in the United States fell a fourth straight week, even as net imports rose, the [Read more]
From Suits and Boots and grassroots to Parliament Hill – Going federal with Rick Peterson
Big news last week as Rick Peterson announced he will be handing over the reins of the grassroots organization “Suits and Boots” to Rick Grafton, CEO of Grafton Asset Management. Peterson originally founded Suits and Boots to provide a strong voice for Western Canada and bring together white-collar investment & energy executives with blue-collar workers and with those appreciative of the Canadian energy sector. Regarding his successes with Suits and Boots, Peterson is deservedly [Read more]