CALGARY, Alberta - Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is taking further actions in response to the decline in global oil prices to bolster balance sheet strength and corporate resiliency. Upsized Contingent Bitumen Royalty Athabasca is pleased to announce an upsizing of the previously completed Contingent Bitumen Royalty with Burgess Energy Holdings L.L.C. (the “Royalty”) for additional cash consideration of $70 million. Athabasca has now raised total cash [Read more]
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Vermilion Energy Inc. announces results for the three months ended March 31, 2020
CALGARY - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) is pleased to report operating and condensed financial results for the three months ended March 31, 2020. The unaudited interim financial statements and management discussion and analysis for the three months ended March 31, 2020 will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml, and on [Read more]
Continental Resources sued by rival over failed $200 million oil deal
Casillas Petroleum Resource Partners sued Continental Resources Inc, alleging the Oklahoma shale producer last month backed out of a $200 million oil and gas deal as prices crashed. U.S. crude futures prices have tumbled, with coronavirus-related lockdowns and travel restrictions souring demand as OPEC and other producers waged a price war, sending oil to $13 a barrel this month from $61 at the start of the year. On March 6, the day a supply pact by OPEC and allies collapsed, Continental [Read more]
Texas energy regulators to vote on production curtailments in May 5 meeting
Texas energy regulators will next week vote on a controversial proposal to reduce the state's oil output after delaying it on concerns of legal challenges. The vote follows a motion submitted by Texas Railroad Commissioner Ryan Sitton, who has already been vocal about the need for curtailments to address historically low oil prices. Oil and gas companies have been gushing red ink and cutting tens of thousands of workers as prices tumble, prompting regulators in the largest U.S. [Read more]
Canada’s economy in deepest recession on record, U-shaped recovery likely
The Canadian economy is likely in its deepest recession on record and will only recover modestly over the coming year as it takes a direct hit from the coronavirus outbreak and a collapse in oil prices, a Reuters poll of economists showed. After the economy contracted sharply last month and lost a record 1.01 million jobs, economists have slashed back their economic forecasts due to lockdown measures and reeling oil prices which hit a record low last week as global economic activity came to a [Read more]
Win $500 for your #EnergyEssentials
Show your support for the Canadian Energy Industry Are you ready for some good news? Debunk is proud to present the 'Show us your Energy Essentials $5000 Cash Giveaway!’ The past few weeks have been tough for everyone and Debunk wanted to do a little something to help out. Every day, until Sunday May 3, 2020, Debunk will be giving away $500 cash to individuals who show the #EnergyEssentials they're most grateful for right now. Energy is essential. It's supporting our heroes during this [Read more]
Journey Energy Inc. provides corporate update
CALGARY - Journey Energy Inc. (JOY – TSX; JRNGF - OTCQX) ("Journey" or the "Company") announces an update to its operations and credit facility. The world oil price took a sharp turn downward in mid-March with the onset of the COVID 19 pandemic and systematic shutdowns of global economies. WTI oil prices have recently declined below USD $20/bbl making several of Journey's properties uneconomic to operate at these levels. Consequently, Journey has shut-in approximately 1,500 boe/d (73% oil and [Read more]
Bonavista Energy Corporation Provides Financial Update
Calgary, Alberta - Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") announces that the Company, its banking syndicate (the "Lenders"), and the holders (the "Noteholders") of the Company's senior unsecured notes have been actively negotiating the reorganization of the Company's debt maturities and related interim arrangements. In connection with such matters, the Lenders continue to allow the Company access to the swing line loan facility effective as of March 20, 2020 [Read more]
Canadian oil sands hub floods, some residents evacuate amid virus fight
Floods have forced mandatory evacuations in parts of Fort McMurray, the hub for Canada's oil sands industry, even as the province of Alberta tries to stem the spread of the coronavirus. The Regional Municipality of Wood Buffalo, which includes Fort McMurray, ordered mandatory evacuations of some residents that began on Sunday and were expanded on Monday. Ice jams caused the Athabasca River to spill its banks. Canada's Deputy Prime Minister, Chrystia Freeland, said the federal government [Read more]
WATCH: Oil in a Tesla
Secondstreet.org explores the impact of oil on a Tesla electric vehicle. https://www.youtube.com/watch?v=swQz3Kzevb0 [Read more]