THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS CALGARY - Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on the results of its December 31, 2019 Reserves Assessment and Evaluation of its oil and natural gas properties (the “Report”), as evaluated by McDaniel & Associates Consultants Ltd.(“McDaniel”) with an effective date of December 31, 2019, [Read more]
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Obsidian Energy Announces New Senior Note Maturity Dates, Amendments to our Financial Covenants and Agreement with Landlord on Renewed Lease Terms
CALGARY - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") announces further to our press release on March 4, 2020 that we have reached an agreement with our noteholders to amend the senior note agreements to align all note maturity dates to November 30, 2021. In addition, the Company has reached an agreement with its building landlord on renewed lease terms for its Calgary office space. Specifically, the senior note maturities have [Read more]
U.S. to fill strategic oil reserve ‘to the top,’ Trump says
President Donald Trump said on Friday that the United States would take advantage of low oil prices and buy a large quantity of crude to fill the nation's emergency crude oil reserve, in a move aimed to help energy producers struggling from the price plunge. "Based on the prices of oil, I've ... instructed the secretary of energy to purchase, at a very good price, large quantities of crude oil for storage in the U.S. strategic reserve," Trump told reporters at the White House. "We're going to [Read more]
Zargon Oil & Gas Ltd. provides 2019 fourth quarter and full year financial results
CALGARY, Alberta, March 13, 2020 (GLOBE NEWSWIRE) -- Zargon Oil & Gas Ltd. (“Zargon” or the “Company”) (TSX:ZAR) has released its 2019 fourth quarter and full year financial results. Highlights from the fourth quarter and year ended Dec. 31, 2019 are provided below: HIGHLIGHTS FROM THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2019 For calendar 2019, funds flow was $6.15 million ($0.28 per basic share) compared to funds flow from operating activities of a negative $0.54 million (a [Read more]
Toscana Energy Announces 2019 Reserves
CALGARY, Alberta - Toscana Energy Income Corporation ("TEI" or the "Corporation") (TSX: TEI) announces the Corporation’s 2019 year-end reserves. 2019 Reserves Highlights Proved Developed Producing reserves represent 60% of Proved Reserves. Proved reserves represent 75% of Proved plus Probable Reserves. Corporate Reserves: The reserves data set forth below is based upon independent reserve assessments and evaluations prepared by Sproule Associates Limited (“Sproule”) dated February [Read more]
Heavy discount widens as global prices rebound
Canadian heavy crude's discount widened versus U.S. benchmark West Texas Intermediate (WTI) oil on Friday, as global prices rebounded. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, traded at $13 per barrel below WTI, according to NE2 Canada Inc, wider than Thursday's settle of $12 under. The differential had been narrower this week as global prices plunged, and net Canadian prices approached break-even levels for some producers, a trader said. A [Read more]
Canada weekly rig count down 28 to 175
Canada’s fleet of active drilling rigs shrank from 203 to 175 since last week according to data from Baker Hughes. Total drilling count was 175 at March 13th. 115 rigs were drilling for oil; 60 for natural gas. The drilling activity in Alberta fell from 139 to 127 since last week. Saskatchewan’s drilling dropped from 43 to 29 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. oil rig count rises for second week in a row
The U.S. oil drilling rig count rose for a second week in a row despite a massive drop in both oil and natural gas prices this week and projections by many analysts that the number of rigs will fall as producers deepen their spending cuts on new drilling. Companies added one oil rig in the week to March 13, bringing the total count to 683, their highest since December, energy services firm Baker Hughes Co said in its closely followed report on Friday. That is down 18% from the same week a [Read more]
Canada mulling multi-billion dollar aid package for virus-hit industries
Canada is weighing a multi-billion dollar aid package for industries hit hardest by the coronavirus outbreak, such as the tourism, energy and hospitality sectors, a source directly familiar with the matter said on Friday. Such an aid package would help Canada's 10 provinces take their own action to provide relief for families, workers and employers, said the source, who requested anonymity given the sensitivity of the situation. Prime Minister Justin Trudeau on Wednesday said his Liberal [Read more]
Journey Energy Inc. to pay $125 000 fine for 2017 pipeline failure
Journey Energy Inc. has been ordered to pay a $125 000 fine for a pipeline failure that happened in June 2017. The company pled guilty to one charge under the Environmental Protection and Enhancement Act in provincial court. Journey’s plea comes after a mixture of crude oil and produced water was released from two breakpoints on a pipeline approximately one kilometre southeast of Winfield, Alberta. In total, at least nine cubic metres of emulsion was released from the second breakpoint, [Read more]