A last-minute push by the Atlantic provinces to have Ottawa delay and further study its proposed new Clean Fuel Standard was not reflected in draft regulations published Friday. In a joint letter sent Nov. 30, the energy ministers from the four Atlantic provinces had asked federal Environment Minister Jonathan Wilkinson to conduct more detailed analysis before presenting the national fuel standard. The standard is intended to reduce greenhouse gas emissions by reducing the carbon in fuels [Read more]
Headlines
Oil prices fall amid worries over new coronavirus strain
Oil prices slid in early trade as a fast-spreading new coronavirus strain in the United Kingdom raised concerns that tighter restrictions there and in other European countries could stall a recovery in the global economy and its need for fuel. U.S. West Texas Intermediate (WTI) crude was down 83 cents, or 1.7%, to $48.27 a barrel after also climbing 1.5% on Friday to its highest level since February. Brent crude dropped 97 cents, or 1.9%, to $51.29 a barrel by 0103 GMT after rising 1.5% [Read more]
Prairie Provident announces election of directors
CALGARY, Alberta - Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") announces that, at its annual meeting of shareholders held today, the six nominees set out in the Company's information circular dated November 6, 2020 were elected as directors. Detailed voting results on the election of each nominee are set out below. Director Nominee Votes For Percent Votes Withheld Percent Patrick McDonald (Chair) 62,708,704 99 643,090 1 Derek [Read more]
Tourmaline completes strategic acquisition of Jupiter
CALGARY, AB - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce the completion of its previously announced acquisition of Jupiter Resources Inc. ("Jupiter") whereby it acquired all of the issued and outstanding shares of Jupiter for total consideration of approximately $630 million, comprised of 24.2 million Tourmaline common shares, and the assumption of net debt of approximately $200.0 million, inclusive of all transaction costs. The Jupiter acquisition, [Read more]
Canada’s weekly rig count up 9 to 121
Canada averaged 121 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 62 are drilling for oil, 53 are drilling for natural gas, 1 for potash, and 5 for other. Drilling activity by province is 83 in Alberta, 19 in British Columbia, 18 in Saskatchewan, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 33 per cent, Ensign Drilling with 19 per cent, Savanna Drilling with 11 per [Read more]
U.S. drillers add oil and gas rigs for 4th week in a row
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading over $45 a barrel since late November. The oil and gas rig count, an early indicator of future output, rose 8 to 346 in the week to Dec. 18, the highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. That was still 467 rigs, or 57%, below this time last year. The number of operating rigs [Read more]
Work stops on Trans Mountain pipeline over safety concerns
Work on expanding Canada's Trans Mountain oil pipeline has halted for more than two weeks due to safety concerns, the government-owned corporation said. Trans Mountain Chief Executive Ian Anderson cited multiple worker safety incidents during the past two months and said the shutdown was voluntary. Construction was scheduled to halt on Friday and resume Jan. 4. The Canada Energy Regulator said a worker was seriously hurt at a Trans Mountain site in Burnaby, British Columbia on Tuesday. In [Read more]
Prairie Provident announces renewal of its credit facilities, additional liquidity and warrant arrangements
CALGARY, Alberta - Prairie Provident Resources Inc. (“Prairie Provident”, “PPR” or the “Company”) announces that the Company has reached agreements with its lenders providing for the renewal of its current credit facilities, an issue of US$11.4 million principal amount of 6-year senior subordinated notes with proceeds applied against its revolving facility, amendments to its existing credit agreements to, among other things, reduce cash interest costs and reset financial covenants, and an issue [Read more]
Fuelling the Clean Fuel Standard debate
As the Clean Fuel Standard is set to be rolled out by year’s end, it has folks across myriad industries concerned the sweeping changes proposed by the Federal Government for 20222 may not be enough time to implemented for companies and industries. The objective of the Clean Fuel Standard (CFS) is to achieve up to 30 million tonnes of annual reductions in greenhouse gases (GHG) by 2030, meaning a significant contribution towards Canada’s ambitious target of reducing its national GHG emissions [Read more]
Gear Energy Ltd. provides 2021 budget guidance, update to credit facilities and conclusion of strategic alternatives process
CALGARY, AB - Gear Energy Ltd. ("Gear") (TSX: GXE) is pleased to announce that its Board of Directors have approved a $20 million capital budget for 2021 targeting stabilized production and continued improvement of the strong balance sheet. Gear is also pleased to announce that the lenders under Gear's syndicated credit facilities have completed the most recent borrowing base redetermination with the combined total capacity essentially unchanged at $70 million. The maturity date of the [Read more]