A month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday - and so far there is little sign of a repeat of the historic plunge. The extent of the damage that the coronavirus pandemic had inflicted on the oil industry came into focus on April 20, when the U.S. benchmark WTI contract plunged to minus $38 a barrel. The virus destroyed so much fuel demand as billions of people stopped [Read more]
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Canada weekly rig count down 3 to 23
Canada’s fleet of active drilling rigs shrank from 26 to 23 since last week according to data from Baker Hughes. Total drilling count was 23 at May 15th. 7 rigs were drilling for oil; 16 for natural gas. The drilling activity in Alberta fell from 15 to 11 since last week. Saskatchewan’s drilling remained at 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Column: Canada targeted (yet again) as a scapegoat for global climate change challenge
May 14, 2020 – The recent decision by the Norwegian wealth fund, Norges, to pull its investments in Cenovus Energy and three of our oil sands peers is another example of Canada being used as a pawn by institutions attempting to earn climate points. But these announcements are motivated more by public relations than fact. The data they used to assess Cenovus’s greenhouse gas performance is outdated and incorrect. Here’s what Norges failed to consider in its decision. Cenovus has reduced the [Read more]
U.S. oil & gas rig count plunges to record low for 2nd week
U.S. energy firms cut number of U.S. oil and natural gas rigs operating to an all-time low for a second week in a row as producers slash spending on new drilling after oil prices collapsed due to a slump in demand caused by global lockdowns to stop the coronavirus pandemic. The rig count, an early indicator of future output, fell by 35 to a record low of 339 in the week to May 15, according to data from energy services firm Baker Hughes Co going back to 1940. The prior all-time low was 374 [Read more]
Pieridae Responds to regulatory decision regarding alberta foothills assets transfer of licences
The Company is Confident a Solution Will Be Found CALGARY, Alberta - Pieridae Energy Limited (Pieridae or the Company) (TSXV: PEA) issued the following statement from CEO Alfred Sorensen with respect to the Alberta Energy Regulator’s (“AER”) decision to deny the application to transfer licences for Shell’s Foothills Assets to Pieridae: “We are disappointed by the AER’s decision regarding the transfer of licences for the Foothills Assets. The decision has nothing to do with Pieridae’s [Read more]
Oil extends gains amid signs of China demand pickup, global supply overhang fading
Oil prices rose on Friday, extending day-earlier gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade. West Texas Intermediate (WTI) oil was up 71 cents, or 2.5%, at $28.71 a barrel, having jumped 9% in the previous session. WTI is heading for a third weekly increase, up more than 12%. Brent crude was up 39 cents, or 1.3% at $31.52 a barrel by 0333 GMT, after [Read more]
Cequence Energy announces first quarter financial results
CALGARY, Alberta - Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) is pleased to announce its operating and financial results for the three months ended March 31, 2020. The Company’s Management’s Discussion and Analysis (“MD&A”) and Condensed Consolidated Financial Statements are available at cequence-energy.com and on SEDAR at www.sedar.com. HIGHLIGHTS Production was 5,669 boe/d for the three months ended March 31, 2020 compared to 5,964 boe/d for the same period in [Read more]
Alberta Energy Regulator blocks sale of Shell assets over clean-up concerns
CALGARY - Alberta's energy regulator has blocked the sale of sour gas wells, pipelines and other facilities from an energy giant to a much smaller company over clean-up concerns. In a decision released today, the regulator says Calgary-based Pieridae Energy's attempted purchase of the southern Alberta assets from Shell Canada goes against the intent of environmental laws. The issue was seen as a test case of the regulator's determination to avoid clean-up costs for energy facilities [Read more]
Headwater Exploration Inc. announces first quarter operating and financial results and operations update
CALGARY - Headwater Exploration Inc. (the "Company" or "Headwater") (TSX:HWX) announces its operating and financial results for the three months ended March 31, 2020. Selected financial and operational information is outlined below and should be read in conjunction with the unaudited interim condensed financial statements and the related management's discussion and analysis ("MD&A"). These filings will be available at www.sedar.com and the Company's website at [Read more]
Prairie Provident Resources announces first quarter 2020 financial and operating results
CALGARY, Alberta - Prairie Provident Resources Inc. ("Prairie Provident", "PPR" or the "Company") today announces our financial and operating results for the three months ended March 31, 2020. PPR’s unaudited condensed interim consolidated financial statements for the three months ended March 31, 2020 (“Interim Financial Statements”) and related Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2020 are available on our website at www.ppr.ca and filed on [Read more]