When we feel a global impact like the one from novel coronavirus (COVID-19), we need to be prepared to adapt and keep every aspect of your business safe—from pivoting immediately to formulating long-term strategies for success. Above all, the people driving your businesses are priority. BDO teams across the country are proactively engaged and rapidly monitoring new developments, providing guidance and support to clients wherever they need it, and responding accordingly. We're here to offer [Read more]
Headlines
Point Loma Resources Announces Termination of Further Closings of the Wizard Lake Property Disposition
CALGARY - Point Loma Resources Ltd. (TSX-V:PLX) ("Point Loma" or the "Corporation") announces the termination of further closing steps in the previously announced disposition of the Wizard Lake Property. Termination of Purchase and Sale Agreement ("PSA") Further to the Corporation's press release on December 17, 2019, the Corporation has been advised in writing by Whitebark Energy Ltd. that they will not be completing the pending Step 2 and Step 3 closings as contemplated in the previously [Read more]
Evolution of the Dissolvable Frac Plug
Dissolvable technology has been an evolving success story — innovation answering necessity in an industry never short of challenges. Today, dissolving plugs are a frequent if not typical component of most well completions, in all wellbore or downhole environments. Dissolvable plugs have proven to be particularly effective in long laterals with higher stage density. In fact, a report by Stratview Research predicts that the global dissolvable frac plugs market is likely to reach $1,178.8 million [Read more]
Canada’s Come By Chance refinery to shut due to virus
North Atlantic Refining Limited's 130,000 barrels per day Come by Chance refinery in Newfoundland and Labrador, Canada will be shut down this week due to the coronavirus, a local media report said citing the president of the United Steelworkers Union. Though the period of the shutdown is uncertain, it could be anywhere from 2 to 5 months, the report dated March 29 said. The company was not immediately available for comment. [Read more]
Toscana Energy Enters Into an Option Agreement With I3 Energy Plc and Announces the Assignment of Its Senior Bank Debt and Subordinated Note and the Release of Its Fourth Quarter and Year End 2019 Results
CALGARY, Alberta - Toscana Energy Income Corporation ("Toscana" or the "Company") (TSX:TEI) is pleased to announce that the Company has entered into an option agreement (the "Option Agreement") with i3 Energy plc ("i3 Energy"), an AIM-listed oil and gas company with assets and operations in the United Kingdom, which, if exercised by i3 Energy in accordance with the terms of the Option Agreement, obligates Toscana to enter into an arrangement agreement (the "Arrangement Agreement") substantially [Read more]
Obsidian Energy Announces Completion of Agreements with our Banking Syndicate, Noteholders and Landlord
CALGARY - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce completion of agreements with our lenders and building landlord. All figures are in Canadian dollars unless otherwise stated. Further to our recent announcements, the Company has executed final agreements resulting in the renewal of our syndicated credit facility, amendments to our senior notes and renewed terms on our Calgary office lease. All terms are [Read more]
Global oil refiners shut down as coronavirus destroys demand
The first oil refinery shutdowns in India and Europe were announced on Friday while global refinery runs drop like a stone in response to plunging demand as countries worldwide implement lockdowns. Italy’s API said it would close operations temporarily at its Ancona refinery, which has capacity of 85,000 barrels per day (bpd). In India, top refiners Indian Oil Corp (IOC.NS) and Mangalore Refinery and Petrochemicals (MRPL.NS) declared force majeure, with MRPL in the process of shutting down [Read more]
Big Oil’s interest in renewable energy investments expected to waver: report
CALGARY - Budget cutting in response to the twin challenges of COVID-19 demand destruction and low oil prices mean the world's oil and gas industry will likely spend less on renewable energy going forward. But a report from consultancy Wood Mackenzie says that won't likely slow the overall investment in renewables — fossil fuel players really weren't putting much money into it anyway. "In a US$60 per barrel oil price environment, most companies were generating strong cash flow and could [Read more]
Altima Announces Amendment to Agreement to Acquire Crimson Oil and Gas Ltd., and Provides Project Update
Vancouver, British Columbia--(Newsfile Corp. - March 28, 2019) - Altima Resources Ltd. (TSXV: ARH) (the "Company" or "Altima") announces an amendment has been made to its proposed acquisition from Crimson Energy Ltd. ("Crimson") of all of the issued and outstanding shares in the capital stock of Crimson Oil and Gas Ltd. ("COGL"), a private Alberta corporation wholly owned by Crimson (the "Acquisition"). Refer to News Releases dated September 18, 2018 and February 13, 2019. In consideration [Read more]
Alberta sees ‘no point’ in bigger oil curtailment orders -Premier
Alberta sees "no point" in further increases to its restrictions on oil production amid a global glut, because low prices are prompting voluntary reductions, Premier Jason Kenney said on Friday. A Saudi-Russia price war and reduced oil demand due to coronavirus spread have put the world's crude producers, including in Canada, under extreme stress. "I don't think government-mandated curtailment is relevant at this point," Kenney said. Western Canadian Select (WCS) traded below $5 US a [Read more]