CALGARY - Canadian exports of crude oil by rail jumped 87% in November as oil production rose in Western Canada amid limited pipeline capacity for heavy crude. The Canada Energy Regulator says rail shipments of oil amounted to 173,000 barrels per day, up about 80,000 bpd from 92,800 barrels per day in October. That's down from 302,300 barrels per day shipped by rail in November 2019. Crude-by-rail numbers have been volatile in the past year, with shipments rising to a record 412,000 bpd [Read more]
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You’re invited to attend CAODC’s Virtual Town Hall with Saskatchewan Minister of Energy and Resources, the Honourable Bronwyn Eyre
Join the CAODC on Tuesday, February 9, for a Virtual Town Hall with Saskatchewan Minister of Energy and Resources, the Honourable Bronwyn Eyre. At this event you’ll hear an address from the Honourable Brownwyn Eyre followed by a Q&A facilitated by CAODC President & CEO Mark A. Scholz. Cost per ticket for non-members: $25.00 + tax. Register for the event here. [Read more]
Pembina Pipeline Corporation announces closing of hybrid note offering and redemption of Series 11 preferred shares
CALGARY, AB - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL); (NYSE: PBA) is pleased to announce that it has closed its previously announced offering of $600 million of 4.80% Fixed-to-Fixed Rate Subordinated Notes, Series 1 due January 25, 2081 (the "Offering"). The Company also announced its intention to redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 11 (TSX: PPL.PR.K) (the "Series 11 Shares") on March 1, [Read more]
Canada’s Trans Mountain pipeline sees fortunes shine after KXL’s demise
The expansion of Canada's government-owned Trans Mountain pipeline assumes greater importance for the oil sector after the cancellation of rival Keystone XL reduced future options to carry crude, potential buyers say. Trans Mountain Corp, a government corporation, is spending C$12.6 billion ($9.9 billion) to nearly triple capacity to 890,000 barrels per day (bpd), a 14% increase from current total Canadian capacity. Prime Minister Justin Trudeau's government bought the 68-year-old pipeline [Read more]
Regina councilors voting to ban oil and gas advertising
Saskatchewan Premier Scott Moe has voiced concerns and displeasure over Regina councillors wanting to ban oil and gas companies from advertising in the city. The proposal would not allow for oil and gas companies to place their logos on public parks or buildings within the city. The motion was passed during an executive council meeting, although the proposal still needs approval from city council on Jan. 27 to come into effect. Daniel LeBlanc has cited sustainability as the reason why the [Read more]
Paramount Resources Ltd. announces increased credit facility availability and issuance of senior unsecured convertible debentures
CALGARY, AB - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to announce amendments to its senior secured revolving bank credit facility (the "Facility") to remove prior conditions on Facility availability in excess of $900 million. As a result, the full $1.0 billion Facility capacity is now available. Concurrent with the amendments, and to provide further liquidity, the Company completed a private placement of $35 million of senior unsecured convertible [Read more]
Obsidian Energy announces extension of its offer to purchase the shares of Bonterra Energy Corp.
CALGARY, AB - OBSIDIAN ENERGY LTD. (TSX: OBE), (OTCQX: OBELF) ("Obsidian Energy" or the "Company") today announced that it has extended the expiry of its offer (the "Offer") to purchase all of the issued and outstanding common shares (the "Bonterra Shares") of Bonterra Energy Corp. (TSX – BNE) ("Bonterra") until 5:00 p.m. (Mountain Daylight Time) on Monday, March 29, 2021. "Obsidian Energy is uniquely positioned to be a true 'Cardium Champion', and we have heard from many Bonterra [Read more]
A chronology of the Coastal GasLink pipeline in British Columbia
Here is a timeline of the disputed natural gas pipeline dispute in British Columbia. Dec. 31, 2019: The B.C. Supreme Court grants Coastal GasLink an injunction calling for the removal of any obstructions on any roads, bridges or work sites the company has been authorized to use. Jan. 1, 2020: The Wet'suwet'en hereditary chiefs serve Coastal GasLink with an eviction notice, telling the company workers are trespassing on their unceded territory. Jan. 27: The British Columbia government [Read more]
Bird River Resources announces sale of interests in Manitoba oil wells
WINNIPEG, MB - Bird River Resources Inc. (CSE:BDR) ("Bird River" or the "Company") announces the sale of 100% of the Company's shareholdings in 2411181 Manitoba Ltd. ("2411181") under a share sale & assignment agreement (the "Assignment") with an arms-length party (the "Acquirer"). The transaction is now effectively closed. 2411181 was a subsidiary holding company of Bird River, which holds a minority interest in nine oil wells of which three were non-active and subsequently were shut-in [Read more]
Perpetual Energy Inc. completes note exchange and makes PIK interest payment
CALGARY, AB - (TSX: PMT) – Perpetual Energy Inc. ("Perpetual" or the "Company") announced today that it has completed its previously announced arrangement involving the exchange of its 8.75% senior unsecured notes due January 23, 2022 (the "Old Notes") for new 8.75% secured third-lien notes due January 23, 2025 (the "New Notes") pursuant to a Court-approved plan of arrangement (the "Note Exchange Arrangement"). The New Notes have been issued under a new trust indenture that contains [Read more]