EDMONTON - Alberta's energy regulator has named a new president and CEO. Laurie Pushor, Saskatchewan's deputy minister of energy and resources, is to take over the agency's top job April 15. The energy regulator is tasked with overseeing the development of the province's oil, gas and coal resources in an environmentally responsible way. Pushor takes over an agency in transition and an industry that is being crushed economically by the novel coronavirus and an oil price war between Saudi [Read more]
Headlines
In oil markets, it’s back to 1998 crisis pricing
Brent oil futures may be trading at $27 per barrel but oil producers are selling their crude in the physical market at lower prices not seen since the aftermath of the Asian financial crisis of the late 1990s. Most are offloading their oil for below $20 a barrel as the coronavirus pandemic savages demand and global supply rises amid a battle between Saudi Arabia and Russia for market share, according to traders, state oil firms, major refiners and prices quoted in physical markets. While [Read more]
U.S. Department of Energy ditches plans to buy oil for strategic reserve
The U.S. Department of Energy said on Thursday it has ditched plans to purchase crude for the nation's emergency reserve due to a lack of funding from Congress, dealing a blow to President Donald Trump's plan to give relief to energy companies amid the global oil market collapse. Energy Secretary Dan Brouillette had asked lawmakers for $3 billion to purchase up to 77 million barrels to fill the reserve, but the stimulus package passed by the Senate on Wednesday did not include the funding. [Read more]
Oil prices fall as demand shrinks but limited by stimulus
Oil prices fell on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns offsetting hopes a U.S. $2 trillion emergency stimulus will shore up economic activity. West Texas Intermediate (WTI) crude futures fell $1.39, or 5.75%, to $22.85 a barrel. Brent crude futures fell $1.01, or 3.67%, to $26.52 a barrel. Both contracts are down about 60% this year. "Oil markets received a lift from the U.S. stimulus chatter, [Read more]
Hemisphere Energy Grows PDP Reserve Value by 69% to $116 Million (Discounted at 10%), and Increases 2P Reserve Value by 18% to $235 Million (Discounted at 10%)
Vancouver, British Columbia - Hemisphere Energy Corporation (TSXV: HME) ("Hemisphere" or the "Company") is pleased to announce highlights from its independent reserves evaluation effective as at December 31, 2019 prepared by McDaniel & Associates Consultants Ltd. ("McDaniel"). Following the discussion on reserves, Hemisphere has included an update to its corporate outlook and 2020 capital plans. During 2019 Hemisphere incurred capital expenditures of approximately $11 million, which [Read more]
Column: A farmer’s guide to wrestling COVID-19
Since we’re stuck working from home and/or trying not to watch the death counts, or heaven forbid are unemployed and wish we were working from home, here’s a little diversion, and nothing makes for a quality diversion like a bunch of old farming stories. And while tales of chickens and dirt and combines are inherently rewarding in and of themselves, they also bring a pertinent lesson about today’s dire situation. There is a fascinating aspect to rural life; it is oppressively quiet and [Read more]
Headwater Exploration Inc. Announces 2019 Reserves, Fourth Quarter and Year End 2019 Operating and Financial Results, Operations Update and Adoption of New By-Laws
CALGARY - Headwater Exploration Inc. (the "Company" or "Headwater") (TSX:HWX) announces its operating and financial results for the three months and year ended December 31, 2019. Selected financial and operational information is outlined below and should be read in conjunction with the audited financial statements and the related management's discussion and analysis ("MD&A"). These filings will be available at www.sedar.com and the Company's website at www.headwaterexp.com. In addition, [Read more]
Canadian oil companies ask government for cash, credit to survive
Canadian oil and gas companies are urging Ottawa to free up credit and cash to help them survive the twin shocks of COVID-19 spread and a crude price war, pitching ideas ranging from tax deferrals to backstopping bank loans. The country's oil patch is on "life support" after the Saudi-Russian oil price war coincides with the spread of COVID-19 through the major oil-consuming regions of Asia, Europe and North America. Ottawa is considering ways to backstop banks to ensure they allow oil [Read more]
Baytex Receives NYSE Listing Notification
CALGARY, Alberta - Baytex Energy Corp. (“Baytex”) (TSX, NYSE: BTE) announced that it received notification on March 24, 2020 from the New York Stock Exchange (“NYSE”) that Baytex is no longer in compliance with one of the NYSE’s continued listing standards because the average closing price of Baytex’s common shares was less than US$1.00 per share over a consecutive 30 trading period. The issuance of the notification is not discretionary and is sent automatically when a listed company’s share [Read more]
Sproule Webinar: Weathering the Perfect Storm—Strategies for Managing your E&P Company in a Pandemic and Untimely Price War
Monday, March 30th | 11:00 am MST | 45-Minutes Already grappling with infrastructure challenges, the Canadian petroleum industry now faces COVID-19 and a near-complete crude price collapse. Survival in these unprecedented times will require companies to make difficult decisions that will impact the near and long-term viability of your business. This webinar explores the many hard decisions required at this time using real-world examples to illustrate their potential impact. Featured [Read more]