CALGARY - The Alberta Energy Regulator has suspended a wide array of environmental monitoring requirements for the province's entire energy industry. According to decisions posted on its website, the suspensions include all conventional oil and gas operators as well as in situ oilsands mines. A previous decision only affected open-pit oilsands mines. The regulator says the suspensions are being made because of public health requirements during the COVID-19 pandemic. Suspensions [Read more]
Headlines
Oil prices climb as U.S. stock drawdown eases supply glut fears
Oil prices advanced on Thursday as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains. U.S. West Texas Intermediate (WTI) crude futures for July were up 83 cents, or 2.49%, at $34.32 a barrel, extending its gains into a sixth straight session. Brent crude futures for July delivery were trading up 86 cents, or 2.35%, at $36.64 per [Read more]
Pulse Oil announces a private placement offering of preferred and common equity to fund bigoray enhanced oil recovery project
CALGARY - Pulse Oil Corp. (TSX-V:PUL) (the "Company" or "Pulse") is pleased to announce that it intends to complete a brokered private placement (the "Private Placement"), whereby the Company and a wholly owned subsidiary of the Company, Pulse Oil Operating Corp ("OpCo") will issue an aggregate number of units (the "Private Placement Units") comprised of securities issued by the Company and OpCo for gross proceeds of up to $30,900,000. Each Private Placement Unit will be priced at $25.75 and [Read more]
RCMP investigating burned truck, theft of fuel at Trans Mountain work site
MERRITT, B.C. - The RCMP says it's investigating a suspicious blaze and alleged vandalism at a Trans Mountain pipeline work site near Merritt, B.C. Mounties say in a news release that a piece of heavy equipment on the pipeline expansion project was the target of vandalism and theft one day, and the fire on another. They received a report in the early hours of Tuesday morning after crews discovered a rope truck at the site had burned, resulting in a total loss of the vehicle. RCMP say [Read more]
TC Energy invests in alberta pumped hydro energy storage project
CALGARY - WindRiver Power Corporation is pleased to announce that TC Energy Corporation has closed an equity investment in Turning Point Generation ("TPG"), a WindRiver subsidiary. TPG is the developer and 100 per cent owner of the Canyon Creek Project, a planned pumped hydro energy storage facility to be located near Hinton, Alberta. "We are excited to be joined by TC Energy in advancing the Canyon Creek Project to its commencement of construction, which we anticipate by year's end", said [Read more]
Oil rises on signs of firmer demand, fall in U.S. crude stocks
Oil prices rose on Wednesday amid signs of improving demand and a drawdown in U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains. U.S. West Texas Intermediate (WTI) crude futures for July were up $1.45, or 4.38%, at $33.23 a barrel. The July contract closed on Tuesday at $31.96, up 1%. Brent crude futures for July delivery were up $1.51, or 4.34%, at $36.06 per barrel. The June contract expired on Tuesday at $32.50 a barrel, up [Read more]
How automated well abandonment programing can help define end of life work for the Alberta site rehabilitation program
With the recent announcement of the Alberta Site Rehabilitation Incentive Program, funded as part of the federal government’s COVID-19 Economic Response Plan for oil field services contractors, there is a new focus on defining end of life work. Resource Energy Solutions, offers an automated well abandonment programming solution called Total Operations, Risk & Control (TORC) that generates a draft program outline and it creates relevant tasks and workflow processes. TORC increases [Read more]
XI Technologies: Why now is the right time to tackle ARO
Each week, XI Technologies scans its 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. At XI Technologies, we may be a little biased when it comes to the importance of staying on top of your Asset Retirement Obligations (ARO) and thus think it’s always a good time to tackle your liabilities. However, there are specific [Read more]
Journey Energy Inc. reports first quarter 2020 results
CALGARY - Journey Energy Inc. (JOY – TSX; JRNGF - OTCQX) ("Journey" or the "Company") announces its financial results for the first quarter of 2020. The complete set of financial statements and management discussion and analysis for the periods ended March 31, 2020 and 2019 are posted on www.sedar.com and on the Company's website www.journeyenergy.ca. Highlights for the first quarter are as follows: Achieved production of 9,325 boe/d in the first quarter. Liquids (oil and natural gas [Read more]
Keyera announces appointment of new chief financial officer
CALGARY - Keyera Corp. (TSX: KEY) ("Keyera") today announced the appointment of Ms. Eileen Marikar as Senior Vice President and Chief Financial Officer ("CFO"), effective May 20, 2020. Mr. Steven Kroeker, who has served as Keyera's CFO since 2012 is stepping down from the CFO role effective immediately. Ms. Marikar joined Keyera in 2005. Most recently, she served as Vice President, Finance, and was responsible for leading Keyera's Investor Relations, Treasury, Accounting, Tax and Credit [Read more]