CALGARY - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce that it has entered into an agreement for the sale of its oil and natural gas interests in the Foothills area of Alberta to an arm's length private company for total consideration of $1.8 million, subject to customary closing conditions and adjustments (the “Disposition”). The Disposition has an effective date of November 1, 2019 and is expected to close in the first quarter of 2020. NON-CORE ASSET [Read more]
Headlines
Saudi energy minister talks OPEC+ unity, backs Aramco to soar
OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters. Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020. In his first interview with Reuters since he became energy minister in September, Prince Abdulaziz bin Salman said he expected OPEC+ producers to [Read more]
Kenney and cabinet ministers in Ottawa to meet federal counterparts
OTTAWA - Alberta Premier Jason Kenney and eight of his cabinet ministers will be in Ottawa today as part of a trip to meet their federal counterparts. Kenney will speak at the Canadian Club this afternoon and later host a reception. He is also scheduled to meet Prime Minister Justin Trudeau on Tuesday to discuss issues ranging from pipelines to equalization. Kenney has said he will bring up with Trudeau a resolution passed unanimously at the recent meeting of provincial leaders to [Read more]
International Petroleum Corporation Announces Results of Share Repurchase Program
TORONTO - International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 886,100 IPC common shares (ISIN: CA46016U1084) during the week of December 2 to 6, 2019 under the previously announced share repurchase program. The share repurchase program, announced by IPC on November 7, 2019, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation [Read more]
Heavy discount unchanged at wide level
The discount on Canadian heavy crude was unchanged versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday, trading at a wider than usual level. Prices were supported by the Keystone pipeline returning to near 90% utilization following a spill in North Dakota Oct. 29, said John Coleman, principal analyst for North American crude oil markets at consultancy Wood Mackenzie. Coleman said the Western Canada Select spread remained wide, however, as new standards for sulfur in marine [Read more]
Jupiter Receives Further Extension to Credit Facility
CALGARY, Dec. 6, 2019 /CNW/ - Jupiter Resources Ltd. and its affiliates (collectively, "Jupiter" or the "Company") have received a further extension to the maturity date, associated with the Company's existing senior secured reserve-based revolving credit facility (the "RBL Facility"), until December 18, 2019. The commitments under the RBL Facility will be limited to a maximum of $265 million for the extension period, during which the Company will continue to negotiate a longer-term credit [Read more]
Canada weekly rig count up 12 to 138
Canada’s fleet of active drilling rigs grew from 126 to 138 since last week according to data from Baker Hughes. Total drilling count was 138 at December 6. 87 rigs were drilling for oil; 51 for natural gas. The drilling activity in both Alberta and Saskatchewan increased, with Alberta growing from 86 to 91 and Saskatchewan gaining 8 wells, from 25 to 33. View a full breakdown of Western Canada’s rig activity. [Read more]
Kenney to meet Trudeau next week, discuss pipelines and equalization
EDMONTON - Alberta Premier Jason Kenney will meet Tuesday with Prime Minister Justin Trudeau in Ottawa to discuss issues ranging from pipelines to equalization. Kenney says he and eight of his cabinet ministers will be in the nation's capital early next week to meet with their counterparts and push for federal co-operation to help grow the economy. Kenney says he will bring up with Trudeau a resolution passed unanimously at the recent meeting of provincial leaders to consider changes to [Read more]
U.S. oil drillers cut rigs for seventh consecutive week – Baker Hughes
U.S. energy firms reduced the number of oil rigs operating for a seventh week in a row as year-long declines in the rig count have only curbed growth of record U.S. production, prompting OPEC to deepen cuts in an effort to bolster prices amid a global glut. Drillers cut five oil rigs in the week to Dec. 6, bringing the total count down to 663, the lowest since April 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there [Read more]
Alberta’s new approach to pricing pollution for heavy industry meets federal benchmark
GATINEAU - Canadians see the costs of a changing climate all around them. Climate change is driving stronger storms, wildfires, and record-breaking heatwaves. Canadians also know that taking climate action is an enormous opportunity to create jobs and advance economic growth. A price on pollution is one of the best tools we have to fight climate change while keeping life affordable for Canadian families. The Minister of Environment and Climate Change, the Honourable Jonathan Wilkinson, [Read more]