Calgary, Alberta - Chinook Energy Inc. (TSX: CKE) ("Chinook") is pleased to announce that today it received shareholder and court approval for the previously announced plan of arrangement (the "Arrangement") pursuant to which Tourmaline Oil Corp. ("Tourmaline") will acquire all the issued and outstanding common shares of Chinook. Pursuant to the Arrangement, Chinook shareholders will receive $0.0675 cash for each common share of Chinook held. The Arrangement was approved by shareholders of [Read more]
Headlines
Oil crashes, ends negative for the first time in history
U.S. crude oil futures turned negative on Monday for the first time in history, ending the day at a stunning minus $37.63 a barrel as traders sold heavily because of rapidly filling storage space at the key Cushing, Oklahoma, delivery point. Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide. The May U.S. WTI contract fell $55.9, or 306%, to settle at a discount of $37.63 a barrel after touching an [Read more]
Q&A: How does Western Canadian Select oil pricing work?
CALGARY - Western Canada's oil price woes are often illustrated by references to the Western Canadian Select benchmark crude oil price. Alberta Premier Jason Kenney over the weekend released a tweet warning WCS is "now trading at negative prices," with an illustration showing the price as minus one cent US. The reality is much more complicated, according to NE2, a physical oil brokerage and derivatives exchange with operations in Calgary and Houston. NE2 says it handled deals involving about [Read more]
PrairieSky Announces 2020 first quarter results
CALGARY, Alberta - PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX: PSK) is pleased to announce its first quarter ("Q1 2020") operating and financial results for the period ended March 31, 2020. First Quarter 2020 Highlights: • Royalty production averaged 22,160 BOE per day (52% liquids), in line with royalty production in Q4 2019 of 22,203 BOE per day (53% liquids) and Q1 2019 of 22,007 BOE per day (52% liquids). • Revenues totaled $52.7 million, [Read more]
U.S. crude futures turn negative for first time on scant storage, weak demand
U.S. crude oil futures turned negative on Monday for the first time in history as storage space was filling up, discouraging buyers as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover. Physical demand for crude has dried up, creating a global supply glut as billions of people stay home to slow the spread of the novel coronavirus. The May U.S. WTI contract fell $19.06, or 104.3%, to a discount of 79 cents a barrel at 2:09 p.m (1809 GMT) after [Read more]
Traders play ‘hot potato’ with U.S. oil contract as it crashes to $1 a barrel
Energy traders bailed out of the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract to a record of almost $1 a barrel, as few buyers are willing to take delivery of actual physical barrels of oil because there is no place to put the crude. May U.S. crude futures hit a low of $1.02 and were lately down $16.47 to $1.80 a barrel, a 90% drop. With demand down 30% worldwide due to the coronavirus pandemic, and the main U.S. storage hub in Cushing, Oklahoma [Read more]
Enbridge won’t ration Mainline deliveries as oil cuts mount
Pipeline operator Enbridge Inc said on Monday it would not ration June deliveries on North America’s biggest oil pipeline network, the Mainline, as Canada’s oil producers step up production curtailments to cope with low prices. The notice by Enbridge shows pipeline congestion that has played a role in the deep discounting of Canadian crude is easing as producers shut in production to cope with plunging demand for crude caused by the coronavirus outbreak. Enbridge's Mainline has capacity [Read more]
Oil falls as stocks fill, earnings set to shrink
Oil prices fell on Monday, depressed by concerns U.S. storage facilities will soon be full as the novel coronavirus pandemic destroys demand and as companies prepare to report their worst quarterly earnings since the 2008 financial crisis. The front-month May WTI contract fell $6.00, or 32.6%, to $12.41 a barrel. Brent was down $1.43, or 4.7%, to $26.98 a barrel. At one point, it dropped by 21% to $14.47 a barrel, the lowest since March 1999, but the U.S. sell-off was exaggerated by [Read more]
Point Loma Resources Announces Sale of Majority of Its Remaining Wizard Lake Assets and Resignation of Director
VANCOUVER, BC - Point Loma Resources Ltd. (TSXV:PLX) ("Point Loma" or the "Corporation") announces the sale of 97.5% of its remaining Wizard Lake assets to the Corporation's secured debenture holders and a secured creditor in exchange for cancellation of all of the outstanding secured debentures and all amounts owed to the secured creditor. The total consideration amounts to approximately $2.9 million. Sale of Wizard Lake Working Interests Point Loma has entered into Purchase and Sale [Read more]
Column: What about the other 99%?
As I head into week 5 of the stay at home mandate, it gives me far too much time to think about the current state of affairs and where we may be headed. With record-breaking unemployment levels reported across the country and around the world, followed by government assistance programs heaped out from above at record levels, there continues to be the chorus of “it will be fine; we just need to wait this out.” And we keep waiting. The problem I have with this assessment is that there is the [Read more]