Solid Financial Returns for a Second Straight Quarter Highlights: Revenue of $74.0 million in Q1 2020, an increase of $51.0 million or 222% compared to Q1 2019 Petroleum and natural gas revenue increased by $41.4 million or 178% compared to Q1 2019 Net operating income1 (“NOI”) increased by $14.1 million or 273% compared to Q1 2019 Adjusted Funds Flow From Operations1 (“AFFO”) increased by $12.0 million or 1,845% compared to Q1 2019, and cashflow from operations improved from a [Read more]
Headlines
Irving Oil and Silverpeak announce acquisition agreement for North Atlantic Refining Corp.
SAINT JOHN, NB and COME BY CHANCE, NL - Canadian-owned Irving Oil and U.S. investment firm Silverpeak have signed an agreement for Irving Oil to acquire North Atlantic Refining Corp., subject to regulatory review and conditions of sale being met. The agreement includes a 135,000 bpd refinery located in Come By Chance, NL, and a network of retail sites and other marketing assets. As a family-owned international refining and marketing company based in Atlantic Canada, Irving Oil has proudly [Read more]
Hillcrest Partnership secures exclusivity to deploy US patented technology for electrical generation applications in the european union
May 28, 2020 - TheNewswire - Vancouver, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (TSXV:HRH) (OTC:HLRTF), has secured exclusive rights under a Memorandum of Intent to market and deploy US patented technology in the European Union. The Technology has been demonstrated in laboratory tests to potentially improve power generation and electrical vehicle efficiencies by up to 80%. Hillcrest previously announced an exclusive arrangement to market licenses for this patented [Read more]
Statement by the minister of natural resources following a meeting of Canada’s energy and mines ministers
OTTAWA - Canada's Minister of Natural Resources, the Honourable Seamus O'Regan, today released the following statement after meeting by video conference with his provincial and territorial counterparts of the Energy and Mines Ministers' Conference: "Canadian families and small businesses across the country are feeling the impacts of COVID-19. That's why the Government of Canada is working with provinces and territories to protect jobs and businesses, including our energy and mining sectors, [Read more]
Alberta introduces bill to put deadlines on energy project approvals
EDMONTON - Alberta is introducing legislation to allow the government to set maximum time limits on approvals for energy projects. Energy Minister Sonya Savage says that a review of the system has shown that at times it takes too long for Alberta's energy regulator to make decisions on whether to allow an oil and gas project to proceed. The review found that while some projects were approved in as little as five days or less, others took months or years. Savage says they are giving the [Read more]
Peter Dea named as Ovintiv board chairman replacing retiring chair Clayton Woitas
President Michael McAllister to retire after 20 years with the Company DENVER - Ovintiv Inc. today announced that Peter A. Dea will succeed Clayton H. Woitas, 71, as its chairman of the board. Ovintiv President Michael McAllister also announced plans to retire after 20 years with the Company and nearly 40 years in the industry. Both changes are effective June 30, 2020. Dea, who has more than 30 years of experience in the exploration and production (E&P) industry, will assume [Read more]
Enbridge says coating repairs under way on Line 5 pipeline
Enbridge Inc on Wednesday said coating repairs were under way at its Line 5 oil pipeline in the Straits of Mackinac in Michigan, as exposed metal spots were found during seasonal maintenance that began in May. "Four locations will require coating repairs where there are bare metal spots ranging from .07 to .43 square feet. The coating repairs are anticipated to take 5-10 days," the Canadian pipeline company said on its website. There were no integrity issues with the Line 5 pipeline and it [Read more]
Alberta cuts oil output by 1 million bpd
Alberta has cut oil output by a quarter or about 1 million barrels per day (bpd), Alberta's energy minister, Sonya Savage, has informed OPEC. The output cut by Alberta, home to the world's third-largest oil reserves, represents about a quarter of its production, Savage said in an interview to be published in the April/May issue of the OPEC Bulletin. "The Minister stated there is currently no point in announcing additional output adjustments, as production has come down on its own," an OPEC [Read more]
Oil slips on demand worries, Hong Kong tensions
Oil prices fell on Wednesday on revived concerns over how quickly fuel demand will recover even as coronavirus lockdowns begin to ease in many countries, while U.S.-China tensions added to negative sentiment. U.S. West Texas Intermediate (WTI) crude futures were down 57 cents, or 1.6%, at $33.47 a barrel. Brent crude futures fell 80 cents, or 2.19%, to $35.24. The Organization of the Petroleum Exporting Countries and producers including Russia, a grouping referred to as OPEC+, are [Read more]
Cold Bore Technology launches beta/commercial test of pioneering ‘Frac Action’ frac optimization software
New software enables high resolution, real-time stage frac data to be overlayed on multiple previous stages to visualize optimized performance or to be tracked against an “ideal” pre set stage Commercialized software to be officially released to market in Q2, 2020 Developed by Cold Bore Technology’s Houston, Texas-based digital team CALGARY, AB - May 26th, 2020 - Cold Bore Technology Inc. (“Cold Bore”), a leader in completion optimization technology, announced today that it will [Read more]