CALGARY - Gear Energy Ltd. ("Gear") (TSX: GXE) announces revisions to the outlook for the second quarter of 2020. Oil prices continue to be depressed as a result of demand destruction due to the impacts of COVID-19 on the global economy. With this weakness and uncertainty in the price of oil looking to extend through the second quarter of 2020, Gear has chosen to immediately pursue reductions to the variable costs of the business in an effort to maximize funds from operations. Protection of [Read more]
Headlines
Pieridae Delivers Strong Q4 and 2019 Results
Revenue, Net Operating Income & Production All Up Substantially Key Highlights: Total revenue of $114.4 million in 2019. Petroleum and natural gas revenue increased $102.5 million year over year, or 4347%, to $104.9 million in 2019 Net Operating Income1 (“NOI”) increased year over year from a loss of $0.5 million in 2018 to income of $24.9 million in 2019, $24.4 million of which was earned in Q4 2019 Adjusted Funds Flow From Operations1 (“AFFO”) increased from a loss of $4.0 [Read more]
Canadian banks ease credit rules for energy companies to stave off defaults, bankruptcies
Canadian banks are beginning to relax lending standards for energy firms struggling to operate with oil prices at half the level needed to cover costs, seeking to keep them afloat until the industry recovers from its deepest slump ever. Banks are extending credit and waiving covenants for some energy companies to avoid forcing defaults and bankruptcies that leave the lenders holding assets, in contrast to some U.S. counterparts preparing to seize oil and gas fields. A 2019 Canadian Supreme [Read more]
Saturn Oil & Gas Inc. Announces 2019 Year-End Reserves Highlighted by 65% Increase in Total Proved Reserves
Saturn achieved strong corporate reserves growth in 2019 marked by a 57% increase in proved developed producing, 65% in total proved and 63% in proved plus probable reserves CALGARY, Alberta, April 16, 2020 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) is pleased to announce the results of our independent 2019 year-end reserves evaluation by Ryder Scott Company, LP (“Ryder Scott”) with an effective date of December 31, 2019 (the “Ryder Scott [Read more]
Tamarack Valley Energy Ltd. Announces Appointment of New Board Member and Provides Information Regarding Annual Meeting of Shareholders
Calgary, Alberta - Tamarack Valley Energy Ltd. (TSX: TVE) ("Tamarack" or the "Company") is pleased to announce the appointment of Ms. Marnie Smith to the Company's Board of Directors (the "Board") effective April 3, 2020. In addition, the Company provides information regarding its upcoming annual general and special meeting of shareholders (the "Meeting") in response to public health and safety advisories regarding COVID-19. Board of Directors Appointment Tamarack is pleased to announce [Read more]
Peyto Announces Reduced Capital Program, Reduced Dividend and COVID-19 Preparedness
CALGARY, Alberta - Peyto Exploration & Development Corp. ("Peyto” or the “Company") (TSX: PEY) announces today its board of directors (the “Board”) has approved a reduction to the Company’s capital program and dividend in response to the extreme impacts of the COVID-19 pandemic on near term hydrocarbon demand and commodity prices. The 2020 capital program, which was expected to range between $250-$300 million, has been reduced to between $200-$250 million. Peyto will ensure it stays nimble [Read more]
Heavy discount narrows on oil shut-ins
Canadian heavy crude's discount versus the U.S. benchmark West Texas Intermediate (WTI) oil narrowed on Wednesday, helped by curtailed production. Shut-ins, estimated so far at 325,000 barrels per day by consultancy Rystad Energy, are accelerating, leaving the Enbridge Mainline short of capacity and supporting prices, a Calgary trading source said. Canadian crude storage levels saw a small draw this week, the source said, which also underpins prices. Net prices remain among the lowest on [Read more]
Strategic Alternatives Process – Drakkar Energy Ltd./Blacksteel Energy Inc
Drakkar Energy Ltd. (“Drakkar”) and Blacksteel Energy Inc. (“Blacksteel”) (TSX-V: BEY) (collectively the “Companies”) have a combined 100% working interest (70% Drakkar, 30% Blacksteel) in an oil and natural gas asset in the Girouxville area of northwestern Alberta (the “Property”). The Property is operated by Drakkar and is the sole asset of both Companies. The Companies have engaged Sayer Energy Advisors to assist with a joint sales process whereby Drakkar and Blacksteel intend to both [Read more]
Oil market falls too big to offset with output cuts, IEA warns
The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and warned no output cut by producers could fully offset the near-term falls facing the market. The IEA forecast a 9.3 million bpd drop in demand for 2020 despite what it called a "solid start" by producers following a record deal to curb supply in response to the coronavirus pandemic. "By lowering the peak of the supply overhang and [Read more]
Column: A proper national energy policy should be a post-coronavirus priority
When this is all over, the lockdown, what is the world going to look like? Some aspects of the reversion to the mean will be predictable – as soon as social distancing is no longer a health imperative, bars and restaurants across the country will explode like Stampede at its finest. Well, maybe not that extreme, there's only so much liquor available, but it will be some party. Travel will tentatively resume, and even those who “hate the mall” or “hate shopping” will no doubt feel pretty good [Read more]