Is the Clearwater going to be the next Big Oil Play in the WCSB? Early entrants recognized a missed pay opportunity in the cyclic shoreline/deltaic deposits. Because the petrophysical response in these Clearwater lithic sandstones is “dirty and damp”, they were largely ignored by industry. The prize is substantial though. In the core of the Marten Hills development, pay ranges from 5 to 25m, with 20—30% effective porosity and 40—50% Sw. Canadian Discovery (CDL) conservatively estimates [Read more]
Headlines
Column: What Canada’s 2019 election means for energy and unity
Canada is increasingly a country of energy pessimists and energy optimists, where the nation’s economic foundation of oil & gas has become the ideological battleground for much bigger issues. Those who believe that energy supplied by Canada is a beneficial contribution to the global economy are pitted against others carrying out a moral crusade, ostensibly in the name of climate, that necessitates the harassment of corporate sinners through demarketing, delegitimizing and [Read more]
Delphi Energy Corp. Announces Completion of $46.5 Million Subscription Receipt Offering
Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce that it has completed the second closing in respect of its previously announced private placement offerings of subscription receipts (the “Offerings”) for aggregate gross proceeds of $44.4 million today. Together with proceeds raised in the first closing of the Offerings on October 15, 2019, Delphi has raised the maximum total gross proceeds of $46.5 million pursuant to the Offerings. Pursuant to the Offerings, Delphi issued [Read more]
United Conservatives to continue with NDP’s Alberta petrochemical credit program
The United Conservative government in Alberta says it will continue with a program introduced by the former NDP regime to use $1.1 billion in natural gas royalty credits to encourage new petrochemical projects. But Energy Minister Sonya Savage says it will cancel two other NDP programs offering loan guarantees and grants — one worth $500 million to back petrochemical feedstock infrastructure projects and the other, worth $1 billion, to encourage more partial upgrading of crude by oil [Read more]
AER Executives No Longer with the Organization
The Alberta Energy Regulator’s executive vice presidents Carol Crowfoot, Stacey Schorr, and Mark Taylor are no longer with the AER. The AER board is committed to finding a permanent CEO as quickly as possible, and will be working closely with interim CEO Gordon Lambert to ensure the AER continues to uphold its mandate to protect public safety and the environment. The board also will continue its work with the Government of Alberta in its review of the AER. [Read more]
Oilsands carbon liability at centre of closely watched New York fraud lawsuit
Alberta's oilsands are at the centre of a closely watched court battle in New York today. The state's attorney general is accusing Exxon Mobil of misrepresenting the risks the operations face as governments move to fight climate change. Court documents say Exxon lowballed by $30 billion the impact of carbon pricing on 14 Alberta oilsands projects. Exxon is a major player in the oilsands through its subsidiary Imperial Oil. The state alleges false estimates concealed risk from [Read more]
TC Energy provides results of Series 9 Shares conversion elections
TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC Energy) announced today that 173,386 of its 18,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 9 (Series 9 Shares) were deposited for conversion on October 30, 2019 on a one-for-one basis into floating rate Cumulative Redeemable First Preferred Shares, Series 10 (Series 10 Shares). As previously announced in our news release dated September 18, 2019, the conversions are subject to the conditions that: (i) if TC Energy [Read more]
Oil jumps up 2.5% on U.S. stockbuild; deeper output cut prospects give support
Oil rose on Wednesday after gaining over 1% in the previous session as U.S. industry data showed a bigger-than-expected build in crude stockpiles, but the possibility of deeper output cuts from OPEC and its allies contained the decline. West Texas Intermediate (WTI) crude futures for December delivery, the new front-month contract, grew $1.48, or 2.74%, to $55.79 per barrel. The November contract expired on Tuesday at $54.16. Brent crude futures grew $1.48, or 2.48%, to $61.04 a barrel [Read more]
Absolute Public Online Auction—Bertram Drilling Corp. Bankruptcy
As Authorized by FTI Consulting Inc., as Monitor Carbon, Alberta, Fort Saskatchewan, Alberta and Richmond, British-Columbia Absolute Public Online Auction Bidding Starts Closing: Wednesday, October 30th, 2019 at 10:00 am (MDT) Featuring: 10 Atlas Copco TH60 Drills, Foremost HD24 Dual Rotary Drill, Heli-Portable Rigs, 3 Sonic Rigs, Assortment of Vehicles, Tools, & Much More! Lots being added DAILY! Go to Clubbid.com or Click Here: VIEW & BID LOTS Viewing & Inspection: By [Read more]
XI Technologies: The good, the bad, and the ugly of drill planning information
Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here. When planning a drilling program, the information gathering phase is critical to the success of the drilling project. Before a bit can break ground, you need to have an estimated drill time, an approach to [Read more]