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]
Headlines
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]
Highwood Oil Company Ltd. announces completion of successful disposition program, acquisition of over 320,000 acres of lithium permits, and strategic transformation to an asset management company
CALGARY, AB - Highwood Oil Company Ltd (TSXV: HOCL) ("Highwood" or the "Company") is pleased to provide the below updates. Operational Update As previously announced on November 13, 2020, Highwood has closed the divestiture of its Red Earth assets ("Red Earth") and the related decommissioning liability of approximately $35 million, for sale proceeds of $2 million in cash (the "Red Earth Sale"). The disposition of Red Earth was to Blue Sky Resources Ltd., an arm's-length Alberta-based, [Read more]
Alberta considering its options after Supreme Court ruling on carbon tax
EDMONTON - Jason Kenney says he is disappointed with the Supreme Court of Canada ruling that the federal government has the right to levy a carbon tax on provinces. Kenney says his government will now consider its options, but the guiding principle will be to impose the least cost and hardship on consumers and Alberta industries. Alberta was one of the provinces challenging the federal carbon tax, arguing that the levy is an intolerable intrusion on the right of provinces to develop their [Read more]
Saskatchewan premier to outline next steps after Supreme Court upholds carbon price
REGINA - Saskatchewan's premier says his government will outline what it plans to do now that Canada's highest court has ruled Ottawa's carbon price is constitutional. Scott Moe says in a statement that despite the Supreme Court of Canada's ruling, he believes the program to be bad policy and punishing to families and local industries. Saskatchewan is one of a handful of provinces subject to the federal carbon price after refusing to charge its own on fuel used by consumers. The [Read more]
Court ruling on federal carbon price both clarifying and worrying
CALGARY - An Alberta oil and gas industry expert says the Supreme Court of Canada's ruling that the federal carbon price is constitutional raises questions about Canada's ongoing ability to compete with other energy producers around the world. Richard Masson, an executive fellow at the University of Calgary's School of Public Policy, says the ruling represents a shift in power to Ottawa from the provinces which produce most of Canada's oil and gas and have the most expertise in regulating, [Read more]
Tamarack Valley Energy Ltd. announces closing of previously announced strategic Clearwater and Waterflood asset acquisitions and $68 million equity financing
CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce the closing of the two previously announced strategic acquisitions (together, the "Acquisitions") in the Provost and Nipisi areas of Alberta for a total net purchase price of $135.3 million, after deducting the proceeds from the sale of two newly created 4% gross overriding royalties ("GORR") on a select portion of the acquired Nipisi properties. Concurrent with the Acquisitions, the [Read more]
In split decision, Supreme Court says the federal carbon price is constitutional
The Supreme Court of Canada says the federal carbon price is entirely constitutional. The split decision upholds a pivotal part of the Liberal climate-change plan, accounting for at least one-third of the emissions Canada aims to cut over the next decade. Chief Justice Richard Wagner says in the written ruling that climate change is a real danger and evidence shows a price on pollution is a critical element in addressing it. "It is a threat of the highest order to the country, and [Read more]
Surge Energy Inc. Announces Closing of Strategic $106 Million Asset Sale; Positive Credit Facilities Re-Determination
CALGARY, AB, March 25, 2021 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce it has successfully completed its previously announced strategic $106 million asset sale (the "Sale"), and finalized a positive re-determination of the Company's credit facilities. ACCRETIVE ASSET SALE COMPLETED Surge has now closed its previously announced strategic Sale, providing a significant, immediate, positive impact on the Company's balance sheet. As a result [Read more]