Canada’s fleet of active drilling rigs shrank from 30 to 26 since last week according to data from Baker Hughes. Total drilling count was 26 at April 24th. 8 rigs were drilling for oil; 18 for natural gas. The drilling activity in Alberta fell from 17 to 16 since last week. Saskatchewan’s drilling remained at 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Headlines
Delphi Energy Corp. Granted extension of stay period to May 8, 2020 and provides update on continuous disclosure filings
CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) announces that Delphi has obtained an order from the Court of Queen’s Bench of Alberta (the “Court”) today in support of its restructuring efforts under the Companies’ Creditors Arrangement Act (the “CCAA”). This order amended and restated the initial order of the Court to, among other things, extend the stay period provided by the initial order to May 8, 2020. Update on Continuous Disclosure Filings and Annual General [Read more]
Bellatrix announces filing of year end 2019 financial and operating results and timing of release of annual reserves disclosure
CALGARY, Alberta - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") announces that it has filed its annual audited financial statements and related management’s discussion and analysis for the year ended December 31, 2019 with the Canadian securities regulatory authorities on SEDAR. In addition, Bellatrix announces the results of its year end independent evaluation of its reserves. InSite Petroleum Consultants Ltd. ("InSite") independently evaluated the reserves associated with 100% of [Read more]
Alberta unveils process for paying out $1 billion in oilfield cleanup grants
CALGARY - Oilfield services companies in Alberta will be able to apply through an online portal starting May 1 for $1 billion in grants under the oilfield rehabilitation program announced by the federal government last week. Alberta Energy Minister Sonya Savage says the grant money will be doled out by her department in $100-million increments with an initial focus on service companies that have been most impacted by the current economic downturn. She says the grants will cover between 25 [Read more]
U.S. drillers cut most oil rigs in a month since 2015
U.S. energy firms cut the most oil rigs in a month in April since 2015 with oil prices down over 70% since the start of the year as steps to curb the coronavirus pandemic cut global crude demand faster than producers can shut wells, causing storage tanks to fill rapidly. Drillers cut 60 oil rigs in the week to April 24, bringing the total count down to 378, the lowest since July 2016, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil rig count, an [Read more]
Top court overturns oilsands mine approval over Aboriginal concerns for land
EDMONTON - Alberta's highest court has overturned regulatory approvals for a $440-million oilsands mine that would have encroached on land a local First Nation considers sacred. The Court of Appeal says the Alberta Energy Regulator's refusal to consider concerns from the Fort McKay First Nation violated the honour of the Crown. The band is surrounded on three sides by oilsands development and says the Moose Lake area in northern Alberta is the last place members can go to practice their [Read more]
Inter Pipeline announces new measures to enhance financial flexibility
CALGARY - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today that it has entered into a new $1 billion unsecured revolving credit facility (the "Facility") with a syndicate of key lenders. The Facility is available for general corporate purposes and provides Inter Pipeline with increased financial flexibility and access to additional financial resources should it be required. The Facility has an initial term of 16-months and other terms and conditions, including financial [Read more]
Oil prices rise more than $1 after week of turmoil amid viral outbreak
Oil prices jumped again on Friday, gaining more ground as producers like Kuwait said they would move to cut output and as the United States approved another package to cope with the economic disruption caused by the coronavirus outbreak. U.S. oil gained 63 cents, or 3.5%, at $17.69 a barrel, having surged 20% in the previous session. Brent crude was up 28 cents, or 1.4%, at $21.88, after having climbed 5% on Thursday. But barring a sharp jump later in the session, prices are heading [Read more]
Column: Maybe COVID-19 will help break some moronic but persistent infinite loops
In the annals of didactic cinematography, where the antics of wise and/or screwball characters amuse while tricking us into learning some sort of life lesson, all the highbrow Shakespearean puffery and Hollywood writing/casting skills take a back seat to the resonating human-condition life-lesson provided by Ralph Wolf and Sam Sheepdog. For those of you unfortunate enough to have lived through the show (on tiny fuzzy TV screens that a three-year-old would lose it if forced to watch), Ralph [Read more]
TC Energy reaches five-year revenue requirement settlement with NGTL System customers
CALGARY, Alberta – News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) announced today that its wholly-owned subsidiary, NOVA Gas Transmission Ltd. (NGTL), has reached a five-year negotiated revenue requirement settlement with its customers and other interested parties that extends from 2020 to 2024. “This settlement is the result of a collaborative engagement with our customers and is responsive to the needs of both the industry and our business,” said Russ Girling, TC Energy [Read more]