Canada's drilling rig count, a bellwether of the oil and gas industry's growth, has plummeted far below previous records, raising risks that much of the country's equipment will permanently fall out of service. Just 18 rigs were active last week in the world's fourth-largest oil-producing country, a fraction of even the depressed levels of a year ago, according to Baker Hughes data. The fleet looks likely to shrink 25% in the next year from the current 500, as companies decide against [Read more]
Headlines
Rangeland Midstream Canada brings Marten Hills pipeline system into service
SUGAR LAND, Texas, and CALGARY, Alberta – July 7, 2020 – Rangeland Midstream Canada, Ltd. (”Rangeland Canada”), a wholly owned subsidiary of Rangeland Energy III LLC, today announced that its Marten Hills Pipeline System is in service. The system consists of new crude oil and condensate pipelines located in the Marten Hills region of north central Alberta. The Marten Hills Pipeline System extends approximately 85 kilometres (52.8 miles), terminating at an interconnect with Plains Midstream [Read more]
Digitize and improve your wellsite operations
In times of rigorous cost control, operating lean, remote worksites and a renewed emphasis on environmental and social governance (ESG), Resource Energy Solutions (RES) wants to introduce you to a leading edge solution “Total Operations, Risk & Control (TORC).” TORC is an intuitive Web based operations management platform that provides a 360-degree view of your well activities incorporating business & workflow automation, task assignment, monitoring, and reporting functions. TORC [Read more]
Alberta justice minister cleared in ethics case tied to oil funding inquiry
EDMONTON - Alberta's ethics commissioner says Justice Minister Doug Schweitzer did not break the rules when he hired Steve Allan to run a public inquiry into whether foreign money is bankrolling anti-oil protests in Canada. Marguerite Trussler, in a report issued Monday, said Allan was on balance a good choice in a small pool of qualified candidates. The commissioner also noted that while Allan and Schweitzer knew each other in passing and Allan had contributed to Schweitzer's political [Read more]
Petrus Resources announces extension to credit agreement
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from July 6, 2020, 2020 to July 13, 2020. The Company continues to be in discussions with the bank syndicate on a one year extension to the credit facility, as well as with its term loan provider on a one year extension to the term loan. While discussions are ongoing, there is no certainty, [Read more]
Heavy discount narrows to 1-month low on modestly increasing demand
Canadian heavy crude's discount narrowed to a 1-month low versus West Texas Intermediate (WTI) on Monday, supported by modestly increasing demand. All eyes are on the Midwest refining sector, a major buyer of Canadian oil, where utilization rates are inching higher as supply returns to the market, a trader said. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $7.65 per barrel below WTI, according to NE2 Canada Inc, narrower than Friday's [Read more]
Global oil demand rebound from pandemic’s lows prompts price spike forecasts
CALGARY - Oil analysts say a rebound in the world's hunger for oil has already started after demand destruction caused by the COVID-19 pandemic fell far short of what many experts had expected. Amrita Sen, co-founder and director of research for international consultancy Energy Aspects, says the bounce in demand will outstrip the ability of producers to restore supply, resulting in average Brent oil prices rising from about US$43 per barrel this year to US$66 next year and US$83 in [Read more]
Delphi Energy Corp. announces proposed plan of compromise and arrangement and $22.9 million capital investment by Kiwetinohk Resources Corp.
CALGARY, AB - Delphi Energy Corp. ("Delphi" or the "Company") announces a recapitalization and financing transaction (the "Restructuring Transaction"), to be implemented as a plan of compromise and arrangement (the "Plan") under the Companies' Creditors Arrangement Act ("CCAA") and the Canada Business Corporations Act, that will allow the Company to substantially reduce its debt and associated interest costs, while improving available liquidity and injecting new capital to fund future [Read more]
i3 Energy plc Gain Energy Ltd. production acquisition
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce the following update. In reference to the Company's announcement of 23 June 2019 regarding the Letter of Intent to acquire production assets, i3 has now entered into a binding purchase and sale agreement ("PSA")(the "Transaction") for all the petroleum and infrastructure assets (the "Assets") of Gain Energy Ltd. ("Gain"), a private Canadian company with operations in the Western [Read more]
Record debts come due for Canadian oil patch after five years of crisis
Six years ago, Canadian oilfield services firm Calfrac Well Services commanded a C$2.1 billion ($1.55 billion)market value and was poised for U.S. expansion. But by last month, Calfrac's market value had collapsed to just C$23 million and it deferred an interest payment on debt that does not mature for six years. The Texas billionaire Wilks brothers, already its top shareholder, scooped up more of the company's debts in June, a regulatory filing showed, preparing to salvage what they can from [Read more]