Strong 2020 operational performance drives improved cost metrics and debt reduction Robust well results to date from first half 2021 development program 2021 capital budget set at $127 million with decommissioning budget of $8 million Calgary, Alberta - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to report strong operating and financial results for the fourth quarter and full year 2020. Three months ended [Read more]
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Whitecap Resources Inc. increases 2021 production guidance with no increase to capital spending and enhances balance sheet strength through credit redetermination
CALGARY, AB - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to provide shareholders with an operational update on our successful capital program thus far in 2021 allowing us to increase 2021 production guidance with no change to our capital program, resulting in increased free funds flow. In addition, we continue to enhance our financial strength by extending our credit facility maturity to May 31, 2025 and maintaining our low cost of debt. OPERATIONS [Read more]
‘It’s silly’ Director of Bigfoot movie thanks Alberta energy centre for controversy
EDMONTON - The director of a children's movie about Bigfoot wants to thank the Alberta government's energy centre for starting a "ludicrous" fight over the film. Ben Stassen laughed several times as he told The Canadian Press that the animated "Bigfoot Family" had dropped from the top 10 list of most-viewed films on Netflix about 15 days after its February debut. After the controversy earlier this month, "it went back up to number eight and stayed there until last Sunday," Stassen, who [Read more]
Canada’s weekly rig count at 87
Canada averaged 87 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 48% are drilling for natural gas, 39% are drilling for oil, 2% for other (helium, hydrogen, geothermal, or potash), and 10% are moving. Drilling activity by province is 74% in Alberta, 22% in BC, and 3% in Saskatchewan. Precision Drilling holds the majority of the Canadian market share with 30%, Ensign Drilling with 13%, Nabors Drilling with 12%, [Read more]
Obsidian Energy announces the extension to syndicated credit facility and senior notes
Maturity dates of both credit facility and senior notes extended to November 2022 Calgary, Alberta - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce that the Company has executed amending agreements to extend both our syndicated credit facility and senior notes maturity date to November 30, 2022. "We are very pleased with the successful completion of our extension," said Stephen Loukas, Obsidian Energy's Interim [Read more]
A sign of the times: CAODC ponders change to 72-year-old name
CALGARY - In a sign of changing times in the oilpatch, the head of the group representing contract drilling companies in Canada says it is exploring a change to the name adopted when it was founded in 1949. CEO Mark Scholz says members were surveyed earlier this year for input as part of a process to replace the Canadian Association of Oilwell Drilling Contractors name to better reflect its changing mandate and widening membership. In January, the Calgary-based group announced a new [Read more]
Kenney says Alberta didn’t prep carbon tax fallback plan, was hoping to win in court
EDMONTON - Alberta Premier Jason Kenney says his government didn't prepare a fallback plan on implementing a consumer carbon tax because it was hoping to win in the country's top court. Kenney says the province was buoyed by a lower court win in Alberta and noted that three of the nine Supreme Court justices had concerns with yesterday's majority decision that the tax is onside with the Constitution. Alberta is currently paying a federally imposed levy, and Kenney says that will continue [Read more]
U.S. drillers add oil & gas rigs for second quarter in a row
U.S. energy firms added oil and natural gas rigs this week, with the total count rising for an eighth month and a second quarter in a row as higher oil prices prompt drillers back to the wellpad. The oil and gas rig count, an early indicator of future output, rose six to 417 in the week to March 26, its highest since April last year, energy services firm Baker Hughes Co said in its closely followed report on Friday. That puts the rig count up 71% from a record low of 244 in August 2020, [Read more]
Oil prices recover some ground on fears Suez blockage may last weeks
Oil prices reversed a sharp sell-off a day earlier to rise 1% on Friday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products. Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand dented by fresh coronavirus lockdowns in Europe. U.S. West Texas Intermediate (WTI) crude was up $2.19, or 3.74%, at $60.63 a barrel. Brent crude was higher [Read more]
Prairie Provident Resources announces fourth quarter and year-end 2020 financial and operating results
CALGARY, Alberta - Prairie Provident Resources Inc. ("Prairie Provident", "PPR" or the "Company") is pleased to announce our operating and financial results for the three months and year ended December 31, 2020. PPR’s audited consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) for the three months and year ended December 31, 2020 and annual information form dated March 25, 2021 (“AIF”) are available on our website at www.ppr.ca and filed on [Read more]