CALGARY - Alberta's Orphan Well Association is warning that the receivership of junior producer Houston Oil & Gas Ltd. could add more than 1,400 wells to its inventory of orphaned petroleum assets. The organization that steps in when operators of oil and gas facilities can't or won't meet their obligations says the total estimated abandonment and reclamation bill from Houston's assets is $81.5 million. In an affidavit, OWA executive director Lars De Pauw says the association is likely [Read more]
Headlines
Canada's TC Energy declares force majeure after Keystone pipeline spill -sources
Canadian pipeline operator TC Energy Corp has declared force majeure after a spill forced its Keystone oil pipeline to shut down last week, the second consecutive month it has made the declaration, sources said. TC told shippers that the shutdown means that it cannot carry out 30% of their normal November shipments on the 590,000 barrel-per-day line from Alberta to U.S. Midwest refineries. That implies that the company is estimating the line would be shut for about 10 days, one of the [Read more]
Keystone pipeline spill hardens landowner opposition to proposed expansion
A big oil spill from the Keystone Pipeline in North Dakota last week has hardened opposition to the controversial Keystone XL expansion among landowners along its route, who say they hope to use the incident to help block or stall the project in court. Operator TC Energy Corp is in the process of securing land easements for Keystone XL from scores of reluctant landowners in Nebraska, one of the final obstacles to a project linking Canada’s oil fields to U.S. refineries that has been delayed [Read more]
Pieridae Announces Third Quarter Results
Key Development: Transformational Change Following Close of Shell Alberta Foothills Assets Acquisition Highlights: Completed the transformational Shell asset acquisition which is immediately accretive to the Company Shell assets give Pieridae majority of the gas resource to supply Train 1 (or facility) at Goldboro LNG facility Third quarter production averaged 14,657 barrels of oil equivalent per day (“Boe/d”), resulting in $12.7 million in revenues, three per cent higher than Q2 [Read more]
Corridor Resources launches a strategic review to unlock shareholder value
HALIFAX, Nova Scotia, October 31, 2019 (TSX - CDH): Corridor Resources Inc. (“Corridor or the Company”) today announced that the Board of Directors (“Board”) has commenced a formal process to explore and develop strategic alternatives (the “Strategic Review”) with a view to enhancing shareholder value. Corridor has retained RBC Capital Markets as financial advisor to assist in undertaking the Strategic Review. Corridor is uniquely positioned due to the significant cash on its balance sheet, [Read more]
Column: The auto-tuned wailing of child climate puppets drowns out a valid oil patch question: have we forgotten that necessity is the mother of invention?
What do OPEC, potash companies, and modern prairie farmers have in common? By process of elimination, it’s not the attire: flowing white form-fitting mumus vs. business suits vs. John Deere hats/worn plaid/missing fingers. It’s not beverages; sliced-fruit-flavoured water vs. red wine vs. Pilsner beer consumed in five-gallon quantities or five gallon pails, depending on the formality of the event (the former appropriate for weddings, the latter for everyday socializing). No, what these [Read more]
XI Technologies: It’s 2019, do you know where your assets are?
Each week, XI Technologies scans their 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. Typically, when a company sells off an asset, the license will change ownership or title to the new company that’s purchased it. But there are certain circumstances when this doesn’t happen, and the license stays connected to the [Read more]
Pine Cliff Energy Ltd. Announces Third Quarter 2019 Results
Calgary, Alberta--(Newsfile Corp. - November 5, 2019) - Pine Cliff Energy Ltd. (TSX: PNE) ("Pine Cliff" or the "Company") is pleased to announce the filing of its third quarter financial and operating results. Included in the filings were Pine Cliff's unaudited interim condensed consolidated financial statements and related management's discussion and analysis for the three and nine months ended September 30, 2019 (the "Q3-Report"). Selected highlights are shown below and should be read in [Read more]
Athabasca Oil Corporation Announces 2019 Third Quarter Results
CALGARY, Alberta, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its third quarter operational and financial results. Third Quarter and Operational Highlights: Adjusted Funds Flow: $43.9 million ($0.08/share) and $133.3 million ($0.26/share) for the third quarter and first nine months of 2019 respectively. Free Cash Flow: $8.6 million and $39.3 million for the third quarter and first nine months of 2019. [Read more]
Bonavista Energy Corporation Announces 2019 Third Quarter Results
Calgary, Alberta--(Newsfile Corp. - November 5, 2019) - Bonavista Energy Corporation (TSX: BNP) ("Bonavista") is pleased to report to shareholders its financial and operating results for the three and nine months ended September 30, 2019. In the third quarter of 2019, we generated adjusted funds flow of $34.6 million and successfully drilled our first Duvernay horizontal well. The financial statements and notes, as well as management's discussion and analysis, are available on the System for [Read more]