Canada’s fleet of active drilling rigs shrank from 23 to 21 since last week according to data from Baker Hughes. Total drilling count was 21 at May 22. 8 rigs were drilling for oil; 13 for natural gas. The drilling activity in Alberta fell from 11 to 10 since last week. Saskatchewan’s drilling remained at 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Headlines
N. American oil & gas rig count falls to record lows
The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May 22, according to data from energy services firm Baker Hughes Co going back to 1940. That was a third consecutive week of record lows for the U.S. rig count. In Canada, the count fell to [Read more]
Delphi Energy Corp. announces approval of interim financing and extension of stay period to October 9, 2020
CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) announces that it has obtained an order from the Court of Queen’s Bench of Alberta (the “Court”) granted in Delphi’s proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”): (i) extending the stay period to October 9, 2020, (ii) approving interim financing arrangements intended to fund the Company’s operations and expenses during the CCAA proceedings, and (iii) approving a claims process with a claims bar date of [Read more]
Crew Energy Inc. announces annual meeting results for election of directors
CALGARY - Crew Energy Inc. (TSX: CR) ("Crew" or the "Company") today announces the voting results for the election of directors at its annual general and special meeting of shareholders held on May 21, 2020 (the "Meeting"). Each of the six nominees proposed by Crew and as set forth in the Information Circular – Proxy Statement provided to shareholders in connection with the Meeting were elected as directors, with common shares represented at the Meeting voting in favour of individual nominees [Read more]
Oil drops after China abandons target for 2020 GDP amid coronavirus outbreak
Oil prices slumped on Friday after China's decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world's second-largest oil user. West Texas Intermediate (WTI) crude dropped by $1.79, or 5.3%, to $32.13 a barrel, having gained more than 1% in the last session. Brent crude fell $1.56, or 4.3%, to $34.50 a barrel by 0323 GMT, after gaining nearly 1% on Thursday. China's National [Read more]
Point Loma Resources announces the resignation of directors, terminations of officers and provide consent to creditors to appoint a receiver
CALGARY - Point Loma Resources Ltd. (TSXV:PLX) (the "Corporation" or "Point Loma") announces that the directors of the Corporation have resigned, the officers have been terminated and the senior secured creditors ("Senior Secured Creditors") have been given consent to appoint a receiver-manager. The board of directors of the Corporation (the "Board") has been notified by the Senior Secured Creditors that they are making arrangements for the appointment of a licensed receiver-manager to oversee [Read more]
Alberta premier wise to delay fair deal report given Ottawa’s COVID aid: NDP
EDMONTON - Alberta's Opposition leader says it's a good idea for Premier Jason Kenney to delay releasing a report from his "fair deal" panel, given the federal government has outshone his efforts to help Albertans through the COVID-19 pandemic. "Our premier's primary strategy and tool for supporting Alberta through the pandemic is to stand back and wait for the federal government to step in and do the heavy lifting," the NDP's Rachel Notley said Thursday. "So if that's your strategy, I [Read more]
Pine Cliff Energy Ltd. Announces Results of Shareholders' Meeting, Election of New Director and Annual Stock Option Grant
Calgary, Alberta - Pine Cliff Energy Ltd. (TSX: PNE) ("Pine Cliff" or the "Company") is pleased to announce all matters presented for approval at the annual meeting of shareholders on May 21, 2020 (the "Meeting") have been approved. A total of 99,008,064 common shares representing 30.21% of Pine Cliff's issued and outstanding common shares were voted in connection with the Meeting. All of the nominees proposed as directors were duly elected, including Ms. Jacqueline R. Ricci. Ms. Ricci has [Read more]
Sturgeon Refinery says it is processing bitumen after two years of delays
CALGARY - The operators of the $9.7-billion Sturgeon Refinery say it is now processing oilsands bitumen as designed after two years of delays blamed mainly on equipment failures. According to an update on its website, the refinery northeast of Edmonton is "now fully operational," having switched to bitumen feedstock in April for its production of diesel and other fuels. Construction was completed on the refinery in the fall of 2017 and it was to begin processing as much as 80,000 barrels [Read more]
Alberta Energy Regulator suspends environment monitoring for oilpatch over COVID
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]