CAODC announces its 2020 Drilling Forecast: Projected 2020 wells drilled: 4,905—an increase of 9 from 2019 (4,896*) Projected 2020 operating days: 46,599—an increase of 88 from 2019 (46,511*) Rig fleet expected to decrease by 48 (545 drilling rigs to 497 drilling rigs) Total jobs expected = 22,313; flat year over year and a loss of 13,731 jobs compared to 2018. *forecast + actual Following the Canadian federal election in October, the sentiment toward Canadian oil and gas is [Read more]
Headlines
TC Energy cuts November volumes on Keystone oil pipeline by about 39% after leak -sources
TC Energy Corp told a majority of Keystone oil pipeline shippers that November volumes would be cut by nearly 39% after a leak in North Dakota spilled more than 9,000 barrels about two weeks ago, sources familiar with the matter said on Wednesday. TC Energy did not immediately respond to a request for comment. The company had earlier told shippers that the outage meant it could not carry out 30% of their normal November shipments on the 590,000 barrel-per-day line from Alberta to U.S. [Read more]
Non-Core Property Divestiture: Chinchaga area of Alberta & British Columbia
Sayer Energy Advisors has been engaged to assist a senior oil and natural gas exploration and production company (the “Company”) with the sale of its non-core natural gas property located in the Chinchaga area of Alberta and British Columbia (the “Property”). In the first half of 2019, production net to the Company from Chinchaga averaged approximately 3.8 MMcf/d of natural gas and 54 barrels of natural gas liquids per day (685 boe/d). The Company holds various working interests and [Read more]
Souris, Manitoba Drilling Prospect: Major Oil & Gas Ltd.
Major Oil & Gas Ltd. (“Major” or the “Company”) has engaged Sayer Energy Advisors to assist it with the farmout or sale of its shallow medium gravity oil prospects in the Souris area of southwestern Manitoba (the “Property”). Major is open to any and all transactions relating to the Property, including a seismic option, a farmout, a sale of the Property or the sale of the shares of the Company. At Souris, Major has various interests (mainly 100%) in approximately six sections of [Read more]
Oil rises on U.S.-China trade deal hopes
Oil prices rose on Wednesday as prospects for a trade deal between the United States and China grew, weighing on the outlook for the global economy and energy demand. U.S. President Donald Trump said on Wednesday that the two countries were close to finalising a trade deal, but he fell short of providing a date or venue for the signing ceremony, disappointing investors. U.S. West Texas Intermediate crude was at $57.03, up 27 cents or 0.48%. Brent crude futures grew by 16 cents, or [Read more]
XI Technologies: November 2019 Expiring Land Report – Are there opportunities for you?
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. Every few months, we like to take a look at expiring land because it can provide useful business development intel for service companies and E&Ps alike. For service companies, expiring lands provide insight into where drilling [Read more]
The Marten Hills Clearwater Oil Play: Robust Economics
Snappy Payouts and Returns In its short four-year life, the Clearwater cold flow heavy oil play at Marten Hills, Nipisi and Jarvie has gone from interesting land sales to producing 18,400 bopd (as of Sep 2019) (figure 1). Over 8 mmbo have been produced to September 2019. The main players are Spur and Deltastream, with Highwood, Cenovus and CNRL also active. The strong economics of each of the three main areas are key to the success of this play, though there are definite differences [Read more]
Vertex Resource Group Ltd. reports third quarter 2019 results
Sherwood Park, Alberta, November 12th, 2019 (TSXV:VTX) - Vertex Resource Group Ltd. (“Vertex” or the “Company”) reports its financial and operational results for the three and nine months ending September 30, 2019, with comparisons to the same periods in 2018. The following operational and financial highlights should be read in conjunction with the Management Discussion and Analysis (“MD&A”) and the interim consolidated financial statements and notes thereon of Vertex for the three and nine [Read more]
Petrus Resources Announces Third Quarter 2019 Financial & Operating Results
CALGARY, Alberta, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three and nine months ended September 30, 2019. Petrus is focused on generating free funds flow for debt repayment and further development of its Ferrier Cardium asset to increase light oil and total liquids weighting. The Company's Management's Discussion and Analysis ("MD&A") and interim consolidated [Read more]
Prairie Provident Resources Announces Third Quarter 2019 Financial and Operating Results
CALGARY, Alberta, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident", "PPR" or the "Company") is pleased to announce its operating and financial results for the three and nine months ended September 30, 2019. PPR’s consolidated financial statements ("Financial Statements") and related Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2019 are available on our website at www.ppr.ca and filed on SEDAR. Prairie [Read more]