CALGARY - Pieridae Energy Ltd. says the engineering company it hired to build its proposed Goldboro LNG export facility in Nova Scotia is withdrawing from an agreement to provide a fixed price contract for the job. The Calgary-based company says it has received written notice from Kellogg Brown & Root Ltd. that it is no longer prepared to enter into a lump-sum turnkey engineering, procurement, construction and commissioning contract for the project as agreed in March 2019, although it is [Read more]
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OPEC chief sees oil market moving closer to balance before key meeting
The oil market is getting closer to balance as demand gradually rises, OPEC's secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand and caused a price collapse. After July, the cuts are due to taper to [Read more]
Oil slips as traders expect OPEC+ to ease supply cuts
Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices. U.S. West Texas Intermediate crude was at $40.17 a barrel, down 40 cents, or 1%. Brent crude fell 29 cents, or 0.7%, to $42.95 a barrel. Oil was little changed last week as a resurgence of coronavirus cases prompted several U.S. states to impose tighter travel restrictions that could dampen oil demand [Read more]
Obsidian Energy provides additional details to proposed long term incentive plan amendments
CALGARY - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") is providing additional details to the proposed Long Term Incentive ("LTI") plan amendments to be voted on by shareholders at the July 30, 2020 Annual General Meeting (the "AGM"). The Company's LTI plan amendments are to the Restricted & Performance Share Unit Plan and the Stock Option Plan. In connection with the June 30, 2020 mailing of the management information circular [Read more]
Heavy discount narrows as reduced production offsets lower demand
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Friday as curtailed production levels eased price pressures from reduced oil demand. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $7.95 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday's settle of $8.50 under. The market is balanced, with curtailed production offsetting reduced refinery demand, a Calgary industry source said. Also [Read more]
Gear Energy Ltd. announces completion of borrowing base redetermination
CALGARY, AB - Gear Energy Ltd. ("Gear") (TSX: GXE) has completed its annual borrowing base redetermination and the syndicated credit facilities have been confirmed at $75 million with a maturity date of May 28, 2021. In addition, there are three repayment dates and corresponding reductions of the borrowing base scheduled for September 30, 2020, December 31, 2020, and March 31, 2021 of $5 million each. Adjustments have also been made to the interest rate pricing grid. The next borrowing base [Read more]
Canada weekly rig count up 8 to 26
Canada’s fleet of active drilling rigs jumped from 18 to 26 rigs since last week, according to data from Baker Hughes. Total drilling count was 26 at July 10. 6 rigs were drilling for oil; 20 for natural gas. The drilling activity in Alberta rose from 9 to 16 since last week. Saskatchewan’s drilling remained at 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. oil & gas rig count falls to record low for 10th week
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 10th week in a row but the rate of decline has slowed 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 five to an all-time low of 258 in the week to July 10, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. That was 700 rigs, or 73%, below this time last [Read more]
Oil rises, heads for weekly decline as virus cases hit record
Oil prices rose on Friday, working to counter steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere would suppress fuel demand. U.S. oil rose 33 cents, or 0.8%, at $39.92 a barrel after a drop of 3% in the previous session. Brent crude was up by 25 cents, or 0.6%, at $42.58 a barrel after falling more than 2% on Thursday. Brent looks set for a weekly [Read more]
Tamarack Valley Energy announces strategic asset acquisition in West Central, Alberta & updated 2020 pro forma guidance
CALGARY, AB - Tamarack Valley Energy ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce it has entered into a purchase agreement to acquire assets located in West Central, Alberta (the "Assets"). The Assets include approximately 2,500 boe/d (52% oil and natural gas liquids, "NGLs") of low-decline production supported by a high-quality, multi-zone light oil and liquids rich gas drilling inventory and approximately 105,000 net acres of land, acquired for total cash consideration of [Read more]