CALGARY, AB – Perpetual Energy Inc. ("Perpetual" or the "Company") announced today the extension of the revolving credit period applicable to the Company's existing $20 million credit facility to October 30, 2020. The credit facility continues to be available on a revolving basis until that date. The date for the redetermination of the borrowing limit has also been extended until October 30, 2020. The extension of the borrowing limit redetermination provides additional time to finalize [Read more]
Headlines
Heavy discount narrows slightly in thin trade
Canadian heavy crude's discount narrowed slightly versus West Texas Intermediate (WTI) on Monday, in thin summer trading. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $11.80 per barrel below WTI, according to NE2 Canada Inc. It settled on Friday at $11.90 under. The market is range-bound, with any narrowing reflecting attractive heavy crude refining margins in the U.S. Midwest, and widening due to big Canadian oil producers restoring [Read more]
U.S. natgas drops 5% after last week’s high prices boost output
U.S. natural gas futures fell over 5% on Monday on forecasts for slightly lower demand over the next two weeks than previously expected and a slow increase in output after prices jumped to a seven-month high last week. Traders noted futures soared last week because the market was no longer concerned prices will have to drop later this year to encourage producers to shut wells to prevent stockpiles from reaching tank tops. That is because power generators burned record amounts of gas during [Read more]
Canadian Natural Resources Limited announces acquisition of Painted Pony Energy Ltd.
CALGARY, Alberta - Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces it has entered into a definitive arrangement agreement with Painted Pony Energy Ltd. (“Painted Pony”) relating to the acquisition of all the issued and outstanding common shares of Painted Pony, for a cash consideration of $0.69 per share. The Company will also assume Painted Pony’s total debt of approximately $350 million. This transaction value represents approximately 1% of Canadian Natural’s [Read more]
Oil prices rise 1% on Saudi Aramco’s upbeat demand view, Iraq output cut
Oil prices climbed on Monday, supported by Saudi optimism on Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the U.S. economic recovery capped gains. U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 1.2%, to $41.72 a barrel. Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel. Both benchmark contracts fell on Friday, hurt by demand concerns, but Brent still ended the week up 2.5%, with WTI up [Read more]
Today, Fuelled, the leading and most credible energy equipment marketplace, announces new agreements and provides operational updates
New Agreements Fuelled has signed several new agreements in North America as well as overseas. These agreements have been executed with exploration and production companies as well as services companies and cataloging of the equipment is currently underway. With this, Fuelled has expanded its breadth of consignment equipment to include drilling tools and equipment well suited for cryptocurrency, agriculture, mining, and forestry applications. Fuelled will be providing regular updates on [Read more]
Painted Pony enters into agreement to be acquired by Canadian Natural Resources Limited
CALGARY, Alberta - Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) announces that it has entered into a definitive arrangement agreement (the “Arrangement Agreement”) with Canadian Natural Resources Limited (the “Purchaser”) (TSX, NYSE: CNQ) pursuant to which the Purchaser has agreed to acquire all of the issued and outstanding common shares of Painted Pony (“Painted Pony Shares”) for cash consideration of $0.69 per Painted Pony Share (the “Purchase Price”). The [Read more]
Journey Energy Inc. provides banking update
CALGARY, AB - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") announces an extension to the forbearance agreement with its banking syndicate. Journey reports that it has reached an agreement with its syndicate of lenders to extend the current forbearance agreement until August 19, 2020. Journey and its lending syndicate continue to discuss the best path forward to deal with the repayment of its bank borrowings. This extension of the forbearance period will allow [Read more]
Canada weekly rig count up 3 to 48
Canada’s fleet of active drilling rigs grew from 45 to 48 since last week according to data from the Canadian Association of Oilwell Drilling Contractors. Total drilling count was 48 at August 6. 17 rigs were drilling for oil; 30 for natural gas. The drilling activity in Alberta grew from 29 to 32 since last week. Saskatchewan’s drilling shrank from 5 to 4 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Heavy discount narrows slightly, widening seen resuming on higher output
Canadian heavy crude's discount narrowed slightly versus West Texas Intermediate (WTI) on Friday, but was expected to resume its widening trend as more production returns after shut-ins. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $11.70 per barrel below WTI, according to NE2 Canada Inc. It settled the previous day at $11.90 under. The heavy differential widened earlier this week because of returning supplies after first-half [Read more]