U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude prices soared to their highest since 2019. The oil and gas rig count, an early indicator of future output, rose one to 403 in the week to March 5, still its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count has increased for the past seven months after dropping to a record low of 244 in August, according to Baker Hughes data [Read more]
Headlines
Tamarack Valley Energy upsizes previously announced financing
CALGARY, Alberta - Tamarack Valley Energy Ltd. (“Tamarack” or the “Company”) (TSX: TVE) is pleased to announce that, as a result of excess demand, it has agreed with the syndicate of underwriters led by National Bank Financial Inc. and Peters & Co. Limited to increase the size of its previously announced bought-deal financing (the "Offering"). Tamarack will now issue 30,303,000 common shares (the "Common Shares") at a price of $2.25 per Common Share to raise aggregate gross proceeds of [Read more]
Drilling into the Viking Play: Economic insights
There has been much study and prognostication on future supply as well as supply costs within major North American oil plays. Oil and gas development spending across most basins has been notably suppressed since early 2020, but with crude oil benchmark prices marching steadily upwards in 2021, it is not hard to believe that more vigorous capital spending could once again return. In this case study, we put the Lower Cretaceous Viking oil play under the microscope and take a closer look at the [Read more]
Oil prices surge as OPEC+ extends output cuts into April
Oil prices rose on Friday, extending gains from the previous session, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude futures were up $1.90, or 3.01%, to $65.91 per barrel. Brent crude futures for May rose $2.06, or 3.08%, to $69.06 a barrel, and was on track for a near 2% gain in the week. Both contracts surged more than 4% on Thursday after the [Read more]
Crescent Point receives approval for normal course issuer bid
CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is pleased to announce the Toronto Stock Exchange ("TSX") has accepted its notice to implement a normal course issuer bid ("NCIB") to purchase, for cancellation, up to 26,462,509 common shares, or five percent of the Company's public float, as at February 26, 2021. The NCIB is scheduled to commence on March 9, 2021 and is due to expire on March 8, 2022. Purchases of Crescent Point's common [Read more]
Oil prices key to economic recovery
In a year dealing with a global pandemic and a historic oil price crash, Alberta’s budget was released last week with an $18.2 billion deficit, though offered prosperous times in the future. Getting out of the pandemic is first priority, as it has decimated the province. By controlling the virus and outbreaks, oil and gas activity can continue. The vaccine rollout and potential high demand for oil and gas products coming out of the pandemic play into the province’s hand. Finance Minister [Read more]
Topaz Energy Corp. announces strategic royalty acquisition in the Clearwater area of Alberta
CALGARY, AB - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce it has entered into a non-binding agreement with Tamarack Valley Energy Ltd. ("Tamarack") for the purchase of a newly created gross overriding royalty interest underpinned by a multi-year minimum capital development commitment for total purchase consideration of $13.7 million (the "Royalty Acquisition"). The Royalty Acquisition demonstrates Topaz's strategy of generating free cash flow growth while [Read more]
Surge Energy Inc. announces successful 1H/21 drilling program; strategic $106 million asset sale; positive credit facility re-determination
CALGARY, AB - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its successful 32 well 1H/21 drilling program, a strategic $106 million asset sale (the "Sale"), and a positive re-determination of its first lien and second lien credit facilities. SURGE ENERGY - VALUE CREATION AND DEBT REDUCTION Very Positive Macro Environment for Canadian Crude Oil 2020 was an extremely difficult year for the Canadian oil and gas industry managing through the COVID crisis, [Read more]
Tamarack Valley Energy announces strategic Clearwater and Waterflood asset acquisitions, $55 million equity financing, appointment of new board member and pro forma 2021 guidance
CALGARY, Alberta - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce that it has entered into two separate agreements to acquire assets in the Provost and Nipisi areas of Alberta (the "Acquisitions"). The Acquisitions include approximately 2,800 boe/d of low decline (~16%) oil weighted assets under waterflood, along with approximately 38,400 net acres in the Clearwater play of Alberta (the “Assets”) for a total purchase price of approximately $135.3 [Read more]
Freehold Royalties Ltd. announces 2020 results and increases 2021 dividend and production guidance
CALGARY, Alberta - Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces fourth quarter and annual results for the period ended December 31, 2020. Operating and Financial Highlights Three Months Ended December 31 Twelve Months Ended December 31 FINANCIAL ($000s, except as noted) 2020 2019 Change 2020 2019 Change Royalty and other revenue 25,793 36,827 -30% 89,958 140,837 -36% Net income (loss) 373 6113 -94% (13,931) 5,193 nm Per [Read more]