CALGARY, AB - Highwood Oil Company Ltd., ("Highwood" or the "Company") (TSXV: HOCL) is pleased to announce financial and operating results for the quarter ended June 30, 2020. The Company also announces that its unaudited financial statements and associated Management's Discussion and Analysis ("MD&A") for the quarter ended June 30, 2020, can be found at www.sedar.com and www.highwoodoil.com. Highlights Production of 870 bbl/d of oil in the second quarter of 2020, a 54% decrease [Read more]
Headlines
Oil industry shuts platforms, rigs, refineries before storm
NEW YORK - The energy industry braced Wednesday for catastrophic storm surges and winds as Hurricane Laura cuts a dangerous path toward the coastlines of Texas and Louisiana. Oil and gas producers have evacuated platforms and rigs in the Gulf of Mexico and companies are shutting down refineries in the storm's path. Many had already done so while they were preparing for Tropical Storm Marco. Utilities are bracing for downed power lines and blackouts. “These hurricanes, they can attack the [Read more]
The need for action-Two days before Alberta’s fiscal update, Jason Kenney indicates it will show a +$10B revenue drop
Jason Kenney announced a cabinet shakeup tuesday, moving Doug Schweitzer into the newly created Ministry of Jobs, Economy, and Innovation, Tracy Allard to Municipal Affairs, and Kaycee Madu to the Ministry of Justice. But the biggest message of his address was his reference to the Summer 2020 report by the Conference Board of Canada that signaled that Alberta’s economy will be the most heavily hit economy in Canada this year with an 11% contraction and that tomorrow’s Alberta fiscal update will [Read more]
Hemisphere Energy Announces Financial and Operating Results for Q2 2020
Vancouver, British Columbia - Hemisphere Energy Corporation (TSXV: HME) ("Hemisphere" or the "Company") announces its financial and operating results for the three and six months ended June 30, 2020. Q2 2020 Highlights Achieved revenue of $2.5 million. Realized an operating netback of $2.7 million, including hedging gains of $1.4 million. Attained quarterly adjusted funds flow from operations of $1.4 million or $0.02 per share (basic). Increased quarterly production by 20% to [Read more]
Gibson Energy announces normal course issuer bid
CALGARY, Alberta - Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today the initiation of a Normal Course Issuer Bid (“NCIB”). Gibson’s Board of Directors has approved a NCIB, and the Toronto Stock Exchange (the “TSX”) has accepted Gibson’s Notice of Intention to Make a NCIB, enabling the Company to purchase and cancel up to 10%, or 11,765,180, of the public float for the issued and outstanding common shares as of August 24, 2020 over the next 12 months commencing August [Read more]
Equinor to cut jobs in U.S., Canada and UK following oil price fall
Norwegian oil and gas firm Equinor is set to cut jobs significantly in the United States, Canada and Britain to adjust to a fall in oil prices, a company spokesman said on Wednesday. The group plans to cut employee numbers in those countries by about 20% and contractor numbers by around half to ensure profitability at lower oil prices, the spokesman told Reuters, adding that the targets were communicated internally on Tuesday. Equinor will also not drill any new unconventional wells this [Read more]
Oil prices rise on U.S. output cuts, China trade deal hopes
Brent crude oil prices rose on Wednesday, lifted by U.S. producers shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura and optimism over China-U.S. trade talks. But gains were capped amid renewed concern over the coronavirus pandemic, which has squeezed fuel demand, after reports from Europe and Asia of patients being re-infected with COVID-19, raising concerns about future immunity. U.S. West Texas Intermediate crude added 14 cents, or 0.33%, to $43.52 a [Read more]
XI Technologies: Estimate shows oil and gas liabilities in the WCSB have improved by over $8 billion since 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. With the announcement of the new Liability Management Framework, the Government of Alberta reinforced its commitment to ensure that producers meet their environmental liability responsibilities. The federal government demonstrated its [Read more]
Pieridae hires experienced SVP to lead its Goldboro LNG project
CALGARY, Alberta - Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) is pleased to announce it has engaged veteran LNG industry professional Andy Mukherjee P.Eng. as Senior Vice-President LNG to lead the development of its multi-billion-dollar Goldboro LNG Project. Mr. Mukherjee has worldwide expertise in front-end engineering and design; detailed engineering, procurement, contracts, construction, and commissioning (“EPCC”); including module fabrication and construction related to [Read more]
Leucrotta Announces Q2 2020 Financial and Operating Results
Calgary, Alberta - LEUCROTTA EXPLORATION INC. (TSXV: LXE) ("Leucrotta" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2020. All dollar figures are Canadian dollars unless otherwise noted. HIGHLIGHTS Increased production to 3,797 boe/d in Q2 2020 from 3,119 boe/d in Q2 2019 (2,921 boe/d in Q1 2020). Disposed of certain non-core facility assets for cash proceeds of $2.2 million and reduced working capital [Read more]