The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Monday from a 13-month high reached last week, but remained elevated on tight takeaway capacity and bloated storage levels. Anticipation of upcoming turnarounds at U.S. refineries also weighed on Canadian prices, a Calgary-based industry source said. Western Canada Select (WCS) heavy blend crude for February delivery in Hardisty, Alberta, was trading at $23.25 per barrel below WTI, [Read more]
Headlines
U.S. natgas futures down on forecasts for less cold and heating demand
U.S. natural gas futures slipped on Monday from a two-week high in the previous session on forecasts for less cold weather and heating demand over the next two weeks than previously expected. Meteorologists projected the weather in the U.S. Lower 48 states will turn from warmer than normal now to colder than normal from Jan. 19-28. That is warmer than Friday's outlook, which called for colder than normal weather after Jan. 16. Front-month gas futures for February delivery on the New York [Read more]
Canadian drillers add most rigs in a week in five years
Energy firms in Canada boosted the number of rigs drilling for oil and natural gas last week by the most since January 2015 as producers returned en masse from Christmas breaks to take advantage of rising crude prices. Drillers added 118 rigs during the week ended Jan. 10, bringing the total count up to 203, the highest since March 2019, data from Baker Hughes Co showed on Friday. That was the biggest weekly increase since drillers added 158 rigs during the week of Jan. 9, 2015. Most of [Read more]
Bankruptcy Sale: OAN Resources Ltd.
On October 13, 2019, Hardie & Kelly Inc. (the “Trustee”) was appointed as the Trustee of the bankrupt estate of OAN Resources Ltd. (“OAN” or the “Company”). The Trustee has engaged Sayer Energy Advisors to assist it with a sale for cash of all of OAN’s oil and natural gas property. The Company’s only asset is its Keg River oil play in the Panny area of northern Alberta (the “Property”). Recent production net to OAN from Panny is approximately 38 barrels of light oil per day from [Read more]
Oil slides as fears over U.S.-Iran conflict ease, focus turns to trade deal
Oil prices held slipped on Monday as fears of conflict between the United States and Iran eased, with investors shifting their focus to this week's scheduled signing of an initial U.S.-China trade deal, which could boost economic growth and demand. West Texas Intermediate (WTI) crude was down 68 cents at $58.49 a barrel from the previous session. Brent crude was down 48 cents at $64.54 per barrel. Oil prices surged to their highest in almost four months after a U.S. drone strike [Read more]
Corridor Resources Inc. Announces Proposed Appointment of Former Raging River Management Team, Financing and Changing of Name to Headwater Exploration Inc.
CALGARY, Jan. 13, 2020 /CNW/ - Corridor Resources Inc. ("Corridor" or the "Company") (CDH: TSX) is pleased to announce it has entered into a definitive investment agreement (the "Investment Agreement") with Neil Roszell, Jason Jaskela, Ali Horvath, Jonathan Grimwood and Terry Danku (the "Initial Investors") which provides for: (i) a non-brokered private placement of units of Corridor (the "Units") for gross proceeds of $20.0 million (the "Non-Brokered Private Placement"); (ii) a brokered private [Read more]
Katalyst Data Management Partners with IHS Markit to Add AccuMap Data to SeismicZone.com
Agreement adds over 4 million kilometers of AccuMap seismic to SeismicZone e-brokerage CALGARY – Katalyst Data Management announced today that they have entered into a commercial agreement with IHS Markit to display seismic data from AccuMap on Katalyst’s SeismicZone.com website. The partnership will bring over 60 years’ worth of seismic data available for license to the public website. SeismicZone.com visitors now have access to over 4.7 million linear kilometers of 2D and 440,000 square [Read more]
Innovative Casing Flotation Device Adds Recoverable Gas Value in Appalachian Basin Well
Casing Flotation Device Adds $120,000 in Gas Recovery For oil and gas operators today, remaining competitive means drilling longer laterals with less downtime, while creating the best possible balance of cost efficiencies. Casing flotation devices can help operators achieve these goals as they are engineered to reduce costs and increase efficiencies by ensuring casing reaches the bottom. In the Appalachian Basin, Northeast Natural Energy (NNE) was challenged to land 17,000 feet of casing [Read more]
Canada weekly rig count jumps up 118 to 203
Canada’s fleet of active drilling rigs grew from 85 to 203 since last week according to data from Baker Hughes. Total drilling count was 203 at January 10. 120 rigs were drilling for oil; 83 for natural gas. The drilling activity in Alberta rose to 133 from 64 last week. Saskatchewan’s drilling jumped from 8 to 50 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. drillers cut oil rigs for third week in a row
U.S. energy firms reduced the number of oil rigs operating for a third week in a row as producers follow through on plans to slash spending on new drilling for a second year in a row in 2020. Drillers cut 11 oil rigs in the week to Jan. 10 in the biggest decline since October, bringing the total count down to 659, the lowest since March 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 873 active rigs. In [Read more]