VANCOUVER, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (TSXV:HRH) announces a non-brokered private placement of up 20,000,000 units of the Company (the "Units") at a price of $0.05 per Unit for a gross proceeds of up to $1,000,000 (the "Offering"). Each unit consists of one common share (a "Share") and one-half of a share purchase warrant (the "Warrant"). Each whole Warrant will be exercisable into an additional common share of the Company at a price of $0.07 per share for a [Read more]
Headlines
Canada weekly rig count up 10 to 42
Canada’s fleet of active drilling rigs grew from 32 to 42 since last week according to data from Baker Hughes. Total drilling count was 42 at July 24. 10 rigs were drilling for oil; 32 for natural gas. The drilling activity in Alberta grew from 20 to 28 since last week. Saskatchewan’s drilling grew from 8 to 9 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. natgas futures edge up to two-week high on hotter midday forecasts
U.S. natural gas futures edged up to a two-week high on Friday on rising pipeline exports and forecasts calling for hotter weather and higher-than-expected air conditioning demand over the next two weeks. Front-month gas futures rose 2.3 cents, or 1.3%, to settle at $1.808 per million British thermal units, their highest since July 8. For the week, the contract gained about 5% after falling almost 5% last week. As the U.S. Atlantic hurricane season ramps up, Tropical Storm Hanna formed in [Read more]
U.S. oil rig count rises for first week since March -Baker Hughes
U.S. energy firms cut the number of oil and natural gas rigs to a record low for a 12th straight week, although they added an oil rig for the first time since March as a recovery in crude prices tempt some producers back to the well pad. The U.S. oil and gas rig count, an early indicator of future output, fell by two to an all-time low of 251 in the week to July 24, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. That was 695 rigs, or 73%, below this [Read more]
Oil prices edges up on weak dollar, U.S.-China tensions weigh
Oil prices edged higher on Friday, supported by a weaker dollar, though tensions between the United States and China weighed. U.S. West Texas Intermediate (WTI) crude was up 2 cents at $41.03. Brent crude was up 1 cent at $43.18 a barrel. “Both crude benchmarks are roughly back where they were before this week’s upside breakout. Looking ahead, the oil market will likely settle back into a wait-and-see mode amid the increasingly uncertain environment,” PVM analysts said in a [Read more]
Cenovus Energy swings to $235-million loss in second quarter on weak oil prices
CALGARY - Cenovus Energy Inc. swung to a $235-million loss in the second quarter reflecting weak crude oil prices early in the quarter that contributed to a plunge in revenues. The oilsands company says its loss amounted to 19 cents per share for the period ended June 30, compared with a profit of $1.45 per share or $1.78 billion a year earlier. Total production from continuing operations amounted to 373,189 barrels of oil equivalent per day, up from 344,973 in the same period a year [Read more]
Suncor CEO signals caution about restarting oil output as economy recovers
CALGARY - The CEO of Suncor Energy Inc. says the company won't quickly ramp up oil production despite recent higher crude prices as the North American economy begins to reopen following the easing of lockdowns from the COVID-19 pandemic. Mark Little says he won't "bet the financial health" of the company on the nascent recovery, listing a host of risks including the possibility of a second wave of virus outbreaks. On a conference call to discuss second-quarter results, Little reiterated [Read more]
Kelt to sell B.C. Montney assets to ConocoPhillips for $510 million
CALGARY - Kelt Exploration Ltd. says it is selling assets in B.C. that account for almost half of its oil and gas production for $510 million in cash to Houston-based ConocoPhillips. The Calgary-based company says the sale of producing and development assets in the Montney region will leave it with no debt while remaining one of the largest players in the area. In a separate release, ConocoPhillips says the lands are adjacent to its existing assets and will increase its exposure to the [Read more]
Need hand sanitizer? Now available for medical, industrial and personal use
Iron Horse Group Inc. is proud to announce that hand sanitizer is now available for purchase online at ironhorsesanitizer.com. Iron Horse Group Incorporated is a First Nations project management and specialty chemistry company focused on water treatment and other industrial services for every significant resource sector within Canada. Iron Horse Group Inc. is proud to be the official Canadian supplier of Genesis Chemical Blending’s Essential Hand Sanitizer Gel (72% Ethanol based) and [Read more]
Cenovus reports second-quarter 2020 results
Company captures value by leveraging flexibility of its operations CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) remained focused on financial resilience in the second quarter of 2020 and used the flexibility of its assets and marketing strategy to adapt quickly to the changing external environment. This positioned the company to weather the sharp decline in benchmark crude oil prices in April by reducing volumes at its oil sands operations and storing the mobilized oil in its [Read more]