Oil prices rose on Monday on concerns over rising tensions between the United States and China over Beijing's plans to impose security laws on Hong Kong and the possibility of sanctions from Washington. Oil prices have risen sharply in recent weeks as an easing of coronavirus restrictions has led to increased demand, but the tensions between the United States and China are beginning to weigh on sentiment. U.S. oil was up by 13 cents, or 0.4%, at $33.69 a barrel. Brent was up 26 cents, [Read more]
Headlines
Cardinal Energy Ltd. announces extension of credit facility redetermination date and debenture holder meeting
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) has received approval to extend the revolving period under the Company's $325 million reserves-based credit facility (the "Credit Facility") and intends to call a meeting of the holders of its 5.50% extendible convertible unsecured subordinated debentures due December 31, 2020 (the "Debentures") to amend the Debentures with the addition of an exchange right. Credit Facility The Company's $325 million Credit [Read more]
TC Energy completes partial monetization and project financing transactions for Coastal GasLink
CALGARY - News Release — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announced today that it has completed the sale of a 65 per cent equity interest in the Coastal GasLink Pipeline Project (Coastal GasLink or the Project). In addition, the Coastal GasLink Pipeline Limited Partnership has executed a credit agreement with a syndicate of banks extending non-recourse project-level financing to fund the majority of the construction costs for the Project which, with the closing [Read more]
Hillcrest re-starts oil production early
May 25, 2020 - Vancouver, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (TSXV:HRH) (OTC:HLRTF) is pleased to announce production from the Saskatchewan based West Hazel assets re-commenced on May 19th, 2 weeks earlier than originally anticipated. The Company originally intended to re-start production in June, subject to economic oil pricing. The realized price for West Hazel oil is now at profitable levels and the Company has taken the opportunity to sell oil inventory stored on [Read more]
Vermilion Energy Inc. announces CEO departure and the appointments of executive chairman and president
CALGARY - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) announces that Anthony Marino has stepped down as President and Chief Executive Officer and as a director of the Company, effective immediately. Mr. Marino made many contributions to Vermilion during his eight-year tenure with the Company, including various improvements to the cost structure and associated capital efficiencies. These core competencies will continue to serve the Company well moving [Read more]
Canada weekly rig count down 2 to 21
Canada’s fleet of active drilling rigs shrank from 23 to 21 since last week according to data from Baker Hughes. Total drilling count was 21 at May 22. 8 rigs were drilling for oil; 13 for natural gas. The drilling activity in Alberta fell from 11 to 10 since last week. Saskatchewan’s drilling remained at 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
N. American oil & gas rig count falls to record lows
The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May 22, according to data from energy services firm Baker Hughes Co going back to 1940. That was a third consecutive week of record lows for the U.S. rig count. In Canada, the count fell to [Read more]
Delphi Energy Corp. announces approval of interim financing and extension of stay period to October 9, 2020
CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) announces that it has obtained an order from the Court of Queen’s Bench of Alberta (the “Court”) granted in Delphi’s proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”): (i) extending the stay period to October 9, 2020, (ii) approving interim financing arrangements intended to fund the Company’s operations and expenses during the CCAA proceedings, and (iii) approving a claims process with a claims bar date of [Read more]
Crew Energy Inc. announces annual meeting results for election of directors
CALGARY - Crew Energy Inc. (TSX: CR) ("Crew" or the "Company") today announces the voting results for the election of directors at its annual general and special meeting of shareholders held on May 21, 2020 (the "Meeting"). Each of the six nominees proposed by Crew and as set forth in the Information Circular – Proxy Statement provided to shareholders in connection with the Meeting were elected as directors, with common shares represented at the Meeting voting in favour of individual nominees [Read more]
Oil drops after China abandons target for 2020 GDP amid coronavirus outbreak
Oil prices slumped on Friday after China's decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world's second-largest oil user. West Texas Intermediate (WTI) crude dropped by $1.79, or 5.3%, to $32.13 a barrel, having gained more than 1% in the last session. Brent crude fell $1.56, or 4.3%, to $34.50 a barrel by 0323 GMT, after gaining nearly 1% on Thursday. China's National [Read more]