There is no doubt that Keystone XL’s cancellation was a massive gut punch to the oil and gas industry and Canada’s security. After a battle of over 12 years, legal challenges, and billions in up-front investment to finally have pile laid across the border looked to be a success, but instead, it became a devastating loss. Now buoyed by their Keystone success, Canadian and American radical activists are once again turning their attention back to killing the Trans Mountain expansion [Read more]
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Hedge funds bet on oil’s ‘big comeback’ after pandemic hobbles producers
Hedge funds are turning bullish on oil once again, betting the pandemic and investors' environmental focus has severely damaged companies' ability to ramp up production. Such limitations on supply would push prices to multi-year highs and keep them there for two years or more, several hedge funds said. The view is a reversal for hedge funds, which shorted the oil sector in the lead-up to global shutdowns, landing energy focused hedge funds gains of 26.8% in 2020, according to data from [Read more]
Journey Energy Inc. Announces Revised Closing Date for Countess Asset Sale
CALGARY, AB, Feb. 5, 2021 /CNW/ - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") reports that its previously announced disposition (see press release dated October 30, 2020) of its Countess area assets has been mutually deferred with the purchaser to a new closing date of February 16, 2021. In addition, an amendment to the credit agreement with Alberta Investment Management Corporation has been executed to extend the maturity date of the $15 million tranche of term [Read more]
Canada’s weekly rig count up 4 to 188
Canada averaged 188 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 112 are drilling for oil, 71 are drilling for natural gas, and 5 for other. Drilling activity by province is 126 in Alberta, 36 in Saskatchewan, 13 in British Columbia, 3 in Manitoba, and 10 in other. Precision Drilling holds the majority of the Canadian market share with 30 per cent, Ensign Drilling with 18 per cent, Savanna Drilling with 10 [Read more]
U.S. drillers add oil and gas rigs for 11th week in a row
U.S. drillers this week added oil and natural gas rigs for an 11th week in a row for the first time since June 2017 as crude prices hit pre-pandemic highs. The U.S. oil and gas rig count, an early indicator of future output, rose by eight to 392 in the week to Feb. 5, the highest since May, according to data on Friday from energy services firm Baker Hughes Co. Despite rising for six months in a row, that count is still 398 rigs, or 50%, below this time last year. The total count, however, [Read more]
Oil prices rise to highest in a year on U.S. growth optimism, crude supply restraint
Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply. "Rising confidence in an upturn in economic and oil demand recovery around the corner is a major impetus for crude," said Vandana Hari, energy analyst at Vanda Insights. "Right now, the concurrent tightening of supply due to the additional Saudi cuts is adding to the tailwinds," [Read more]
Osum updates timeline for independent valuation and corporate sale process and reminds shareholders there is no need to tender at this time
CALGARY, Feb - Osum Oil Sands Corp. ("Osum" or the "Company") wishes to update shareholders on matters related to the hostile bid for the Company announced by Waterous Energy Fund ("Waterous" or "WEF") on November 2, 2020 (the "Hostile Bid" or "WEF Offer"). Specifically, Osum anticipates: The results of the independent valuation will be available to be released to shareholders on or about February 16, 2021. The outcome of the corporate sale process is expected to be known within a [Read more]
Cardinal Energy Ltd. announces notice of redemption of 8% convertible debentures
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ; CJ.DB.A) is pleased to announce that it is issuing a notice of redemption to holders of its currently outstanding $28,207,000 8% Convertible Unsecured Subordinated Debentures due December 31, 2022 (the "Debentures"). The Debentures are not subject to a pre-payment penalty. As set out in the notice of redemption, Cardinal will redeem, as of March 11, 2021 ("Redemption Date"), all of the aggregate principal amount [Read more]
Lack of overhauls at U.S. refiners could stall industry recovery
U.S. oil refiners are predicting a strong recovery in fuel demand in the second half of this year as vaccination rates increase and workers are expected to resume commuting and taking vacations. But oil processors appear to be skimping on routine spring overhauls that typically prepare refineries for peak summer output. Maintenance cutbacks could make it hard to boost output as the economy recovers from its pandemic-related contraction. U.S. plants are running at about 82% of capacity, [Read more]
Suncor Energy reviews mining safety after three workers killed
Canada's second-biggest oil company, Suncor Energy Inc, said on Thursday it had started a third-party safety review after three contract workers died in two separate mining accidents. Chief Executive Mark Little said the review would focus on mining operations, which are one of the ways the company extracts crude from Alberta's oil sands. It is scheduled for completion this quarter. "As devastating as this has been for all of us, I can't even comprehend how difficult this is on the [Read more]