CALGARY, Alberta - Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce that it has filed its audited annual financial statements and related management’s discussion and analysis (the “MD&A”) and its annual information form (the “AIF”) for the financial year ended December 31, 2019 (collectively, the “Annual Filings”) on the System for Electronic Document Analysis and Retrieval (“SEDAR”). The audited annual financial statements are consistent with the [Read more]
Headlines
Alberta will curtail oil output to shore up prices if needed
The energy-rich Canadian province of Alberta will curtail oil production if necessary to help an industry which is set to start laying off workers in response to a global price war, its premier said on Wednesday. Premier Jason Kenney said he was worried crude-by-rail shipments could plunge as a result of the price slump to around 100,000 barrels per day in April from the expected 500,000 barrels per day in March. This, he said, could cause inventories to balloon. "We will not allow that to [Read more]
Seven Generations and MEG Energy cutting capital spending plans for 2020
CALGARY - A pair of big names in Canada's oilpatch is cutting their capital spending plans in the wake of the sharp plunge in oil prices. Seven Generations Energy Ltd. is lowering its 2020 capital investment budget by $200 million or 18 per cent to $900 million. It says the reduction reflects a temporary deferral of planned activity that will allow it to high-grade drilling locations and improve efficiencies. Seven Generations's production for 2020 is expected to average between 185,000 [Read more]
EIA slashes global oil demand forecast for first quarter as virus spreads
Global oil demand is expected to dive by 910,000 barrels per day (bpd) in the first quarter, the U.S. Energy Information Administration (EIA) said on Wednesday, as the rapid spread of coronavirus has slammed economic activity and travel, raising the specter of a global recession. Oil prices plunged by the most in nearly three decades on Monday as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply even as demand has slid. For [Read more]
Oil falls 4% as price war escalates with Saudi plan for higher output capacity
Oil prices fell on Wednesday, giving up earlier gains, pressured by Saudi Arabia’s plans to boost oil production capacity for the first time in more than a decade and weakened demand due to the spread of the coronavirus. U.S. West Texas Intermediate (WTI) crude was off $1.33 or 3.8% at $33.39. Brent crude was down $1.62 or 4.3% to $36.20 per barrel. With the collapse of coordinated output cuts by Saudi Arabia, Russia and others, the Saudi energy ministry has directed producer [Read more]
Bonterra Energy suspends dividend due to volatility and weakness in markets
CALGARY - Bonterra Energy Corp. is suspending its dividend in the face of the volatility and weakness in global energy markets. The company says its focus remains on protecting the balance sheet, preserving the inherent value of its assets and retaining financial flexibility. Bonterra has been paying a monthly dividend of a penny per share. The decision came as Bonterra reported a profit of $21.9 million or 66 cents per share for 2019 compared with a profit of $7.2 million or 22 cents [Read more]
Mid-size Independent Oil and Gas Producer completes 4.2 million item migration of seismic data to AWS using CloudSeis
CALGARY, AB – Explor, a leader in geophysical technology, announced today that it has recently completed a successful, full migration of a mid-size independent oil and gas producer’s seismic data to AWS Cloud Storage, using their CloudSeis process and methodology. Seismic data has unique qualities that sets it apart from other data. In any migration of seismic to the cloud it is essential that certain protocols be put in place and executed beforehand to ensure the fidelity of the data [Read more]
XI Technologies: Drilling Top Tens for 2019
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here. E&Ps continuing to drill in Canada remain among the most strategic and innovative in the world, doing everything in their power to maximize ROI from their drilling programs and achieving commendable results. Canadian E&P [Read more]
Transglobe Energy Corporation announces revised 2020 budget and guidance
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta - TransGlobe Energy Corporation (“TransGlobe” or the “Company”)(AIM & TSX: “TGL” & NASDAQ: “TGA”) announces an amendment to its 2020 capital budget and guidance. 2020 Outlook The 2020 production outlook for the Company is provided as a [Read more]
Seven Generations Energy Reduces 2020 Capital Investment Plan in Response to Challenging Global Energy Prices
Revised fully funded budget proactively maintains the company’s balance sheet strength and corporate resilience at current futures pricing CALGARY, Alberta--(BUSINESS WIRE)--In response to the significant decline in global energy prices, Seven Generations has reduced its previously announced 2020 capital investment budget by 18%, or $200 million, to $900 million. Effective immediately, the company will meaningfully reduce its activity levels to align investments to expected cash [Read more]