CALGARY, AB - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") announces an extension to the forbearance agreement with its banking syndicate. Journey reports that it has reached an agreement with its syndicate of lenders to extend the current forbearance agreement until August 19, 2020. Journey and its lending syndicate continue to discuss the best path forward to deal with the repayment of its bank borrowings. This extension of the forbearance period will allow [Read more]
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Canada weekly rig count up 3 to 48
Canada’s fleet of active drilling rigs grew from 45 to 48 since last week according to data from the Canadian Association of Oilwell Drilling Contractors. Total drilling count was 48 at August 6. 17 rigs were drilling for oil; 30 for natural gas. The drilling activity in Alberta grew from 29 to 32 since last week. Saskatchewan’s drilling shrank from 5 to 4 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Heavy discount narrows slightly, widening seen resuming on higher output
Canadian heavy crude's discount narrowed slightly versus West Texas Intermediate (WTI) on Friday, but was expected to resume its widening trend as more production returns after shut-ins. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $11.70 per barrel below WTI, according to NE2 Canada Inc. It settled the previous day at $11.90 under. The heavy differential widened earlier this week because of returning supplies after first-half [Read more]
U.S. oil & gas rig count falls to record low for 14th week
U.S. energy firms cut the number of oil and natural gas rigs this week to a record low for a 14th week even as higher oil prices prompt some producers to start drilling again. The U.S. rig count, an early indicator of future output, fell by four to an all-time low of 247 in the week to Aug. 7, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. That was 687 rigs, or 74%, below this time last year. The weekly rig count has dropped or held steady since [Read more]
Alberta to join other provinces in exploring small nuclear technology
EDMONTON - The Alberta government says it plans to join three other provinces in exploring small-scale nuclear technology. New Brunswick, Saskatchewan and Ontario signed a memorandum of understanding in December regarding development of small modular reactors. Alberta says in a news release that it will also enter into the agreement to help diversify its energy sector. All four provinces oppose the federally mandated carbon tax on pollution. Alberta says small modular reactors, or [Read more]
i3 Energy plc conditional sale of Saskatchewan assets and proposed £30 million fundraise
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce the following update. Highlights i3's purchase of the petroleum and infrastructure assets of Gain Energy Ltd. ("Gain") (the "Gain Acquisition") is ongoing During the process, i3 has agreed to sell Gain's Saskatchewan portfolio to Harvard Resources Inc. ("Harvard") for CAD$45 million (c.US$33 million), immediately following completion of its acquisition of Gain's petroleum and [Read more]
BP poised to sell ‘stranded assets’ even if oil prices rally
BP is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in renewable energy, three sources familiar with BP's thinking said. The strategy was discussed at a BP executives meeting in July, the sources said, soon after the oil major lowered its long-term oil price forecast to $55 a barrel, meaning that $17.5 billion worth of its assets are no longer economically viable. But even if crude prices [Read more]
Enerplus announces second quarter 2020 results, reinstating 2020 guidance
All financial information contained within this news release has been prepared in accordance with U.S. GAAP, except as noted under "Non-GAAP Measures". This news release includes forward-looking statements and information within the meaning of applicable securities laws. Readers are advised to review the "Forward-Looking Information and Statements" at the conclusion of this news release. A full copy of Enerplus' Second Quarter 2020 Financial Statements and MD&A are available on the Company's [Read more]
Canada’s federal energy regulator names Indigenous advisory committee
OTTAWA - Canada's energy regulator has named a new advisory committee that aims to change how it interacts with Indigenous Peoples in Canada. The Indigenous advisory committee, which includes eight First Nations and Metis individuals from across Canada, is part of legislation the Liberals brought in last year to impose new rules for environmental assessments. Cassie Doyle, chair of the Canada Energy Regulator's board of directors, says the committee will not deal with specific projects or [Read more]
Oil prices slip on uncertainty over fuel demand, U.S. stimulus
Oil prices dipped on Friday, adding to losses from the previous session, on worries that fuel demand recovery will slow amid a resurgence of coronavirus cases and as talks have stalled in the United States on a new stimulus deal. U.S. West Texas Intermediate (WTI) crude futures slipped 64 cents, or 1.48%, to $41.33 a barrel. Brent crude fell 62 cents, or 1.29%, to $44.52. Both contracts had traded higher earlier in the day. However, the two contracts are set for weekly gains of around [Read more]