CALGARY - Oil and gas company Paramount Resources Ltd. is demanding a cash payout for its shares in Strath Resources Ltd. when it is merged with another private firm. Calgary-based Paramount says neither the amalgamation nor the process followed were in the best interests of Strath and its shareholders and it is exercising its "right of dissent" under the Alberta Business Corporations Act to be bought out for fair value. It didn't specify a price. In 2018, Strath bought Paramount's oil and [Read more]
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Oil prices advance as China ramps up U.S. crude imports
Oil prices rose on Monday as China's plans to ship in large volumes of U.S. crude in August and September outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies. U.S. West Texas Intermediate crude was up 34 cents, or 0.8%, to $42.35 a barrel. Brent crude added 30 cents, or 0.7%, to $45.10 a barrel. Chinese state-owned oil firms have tentatively booked tankers to transport at least 20 million barrels of U.S. crude for August and [Read more]
2020’s crude price crash offers a bright spot for natural gas producers
CALGARY - Veteran oilman Mike Rose says he doesn't want to "jinx it," but he admits it's not so bad heading the company that last year became the biggest producer of natural gas in Canada. While many oil companies have curtailed production and chopped capital budgets to deal with a massive drop in demand for crude this year, Tourmaline Oil Corp. has been buying assets, running a fleet of 10 drilling rigs and reporting production at the high end of guidance. "On the oil side, that's where [Read more]
Work at Suncor’s Fort McMurray base plant affected until September due to fire
CALGARY - Suncor Energy Inc. says it will be early September before mined bitumen production resumes at its base plant mining operation in Fort McMurray, Alta. The Calgary-based company has released an update on operations at the plant in the wake of a fire in the extraction area of the plant on Aug. 14. Suncor says the fire was contained quickly, extinguished several hours later and no one was hurt. It says regulators have been notified and maintenance planned for the third quarter has [Read more]
Paramount Resources Ltd. provides update concerning Strath Resources Ltd. investment
CALGARY, AB - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is providing an update concerning its investment in Strath Resources Ltd. As announced by Waterous Energy Fund, Strath amalgamated with Cona Resources Ltd. on August 14, 2020 to form Strathcona Resources Ltd. Prior to the amalgamation, Paramount held common shares of Strath and warrants to acquire common shares of Strath that it received in connection with the July 2018 disposition of its Resthaven/Jayar assets to [Read more]
Heavy discount narrows on slow pace of restoring output
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Friday, as a slow pace of reversing production cuts supported prices. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $9.60 per barrel below WTI, according to NE2 Canada Inc. It settled the previous day at $9.85 under. A significant volume of heavy oil production capacity remains offline, lending support to prices, an industry source said. Demand from [Read more]
Canada weekly rig count up 3 to 51
Canada’s fleet of active drilling rigs grew from 48 to 51 this week according to data from the Canadian Association of Oilwell Drilling Contractors. Total drilling count was 51 on August 14. 16 were drilling for oil, 34 for natural gas. Drilling activity in Alberta is at 33, B.C. at 14, and Saskatchewan at 4. Precision Drilling holds the majority of the Canadian market share at 31 per cent, Ensign Drilling with 20 per cent, Nabors Drilling 16 per cent, and Savanna Drilling 8 per [Read more]
U.S. oil & gas rig count falls to record low for 15th week
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 15th week even as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by three to an all-time low of 244 in the week to Aug. 14, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. That was 691 rigs, or 74%, below this time last year. U.S. oil rigs fell by four to 172 this [Read more]
Waterous Energy Fund announces the combination of Strath Resources Ltd. and Cona Resources Ltd. to create the leading private North American oil producer, Strathcona Resources Ltd
CALGARY, AB - Waterous Energy Fund ("WEF") today announced the amalgamation of two portfolio companies, Cona Resources Ltd. ("Cona") and Strath Resources Ltd. ("Strath"), to form Strathcona Resources, Ltd. ("Strathcona"). Strathcona is the largest wholly private equity-owned, oil-weighted producer in North America, with production of ~60,000 Boe / d (67% oil and liquids), a 40-year reserve life index, industry-leading full-cycle margins, and a base oil decline rate of approximately 10%, and low [Read more]
InPlay Oil Corp. announces BDC term facility and provides second quarter 2020 financial and operating results
CALGARY, Alberta - InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” 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 our syndicate of lenders, for a non-revolving term facility of up to $25 million with a four year term. The Company is also announcing its financial and operating results for the second quarter. InPlay’s condensed unaudited interim [Read more]