CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce its financial and operational results and reserves for the year ended December 31, 2019. 2019 HIGHLIGHTS During 2019, the Company incurred $26.8 million in capital expenditures while generating $52.6 million of adjusted funds flow; Reduced bank debt plus adjusted working capital deficit by $41.1 million, or 44 percent, from the first quarter of 2019. Net bank debt as at December 31, 2019 was [Read more]
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Transglobe Energy Corporation announces year end 2019 financial and operating results
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta - TransGlobe Energy Corporation (“TransGlobe” or the “Company”) (AIM & TSX: “TGL” & NASDAQ: “TGA”) is pleased to announce its financial and operating results for the three months and year ended December 31, 2019. All dollar values are [Read more]
Gear Energy Ltd. Provides Revised 2020 Guidance and Operational Update
CALGARY - Gear Energy Ltd. ("Gear") (TSX: GXE) announces revisions to the 2020 budget guidance and an update on operations to date in 2020. 2020 GUIDANCE Given the current weakness and uncertainty in the future price of oil, Gear has chosen to immediately implement a material reduction to its planned capital program for the remainder of 2020. All future 2020 non-discretionary capital spending will be placed on hold until prices recover to more sustainable levels. Protection of the [Read more]
Pine Cliff Energy Ltd. Announces Annual 2019 Results and Filing of 2019 Disclosure Documents
Calgary, Alberta - Pine Cliff Energy Ltd. (TSX: PNE) ("Pine Cliff" or the "Company") is pleased to announce its year-end financial and operating results and the filing of its 2019 disclosure documents. Included in the filings were Pine Cliff's annual information form ("AIF"), which includes disclosure and reports related to reserves data and other oil and gas information pursuant to National Instrument 51‐101 Standards of Disclosure for Oil and Gas Activities and its consolidated financial [Read more]
Painted Pony Announces Fourth Quarter and Full Year 2019 Financial and Operating Results, 2019 Year-End Reserves, and Improved Cost Structures
CALGARY, Alberta - Painted Pony Energy Ltd. (“Painted Pony” or the “Corporation”) (TSX: PONY) is pleased to announce fourth quarter and full-year 2019 financial and operating results, year-end 2019 reserves, 2020 first-half capital spending, and anticipated future reductions to transportation, processing, and general and administrative expenses ("G&A"). HIGHLIGHTS Reduced bank debt at 2019 year end by 26% or $43 million to $120 million when compared to 2018 year-end bank debt of [Read more]
Heavy discount narrows as global prices weaken further
Canadian heavy crude's discount narrowed versus U.S. benchmark West Texas Intermediate (WTI) oil on Wednesday, held in check by weak global prices and declining inventories. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $12.75 per barrel below WTI, according to NE2 Canada Inc, tighter than Tuesday's settle of $13.15 under. The lack of major movement in the differential reflects uncertainty among traders about the market's direction, a [Read more]
Birchcliff Energy Ltd. Announces Filing Its 2019 Year-End Audited Financial Statements and Disclosure Documents and Reduced Capital Spending
CALGARY, Alberta - Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce that it has filed its audited annual financial statements and related management’s discussion and analysis (the “MD&A”) and its annual information form (the “AIF”) for the financial year ended December 31, 2019 (collectively, the “Annual Filings”) on the System for Electronic Document Analysis and Retrieval (“SEDAR”). The audited annual financial statements are consistent with the [Read more]
Alberta will curtail oil output to shore up prices if needed
The energy-rich Canadian province of Alberta will curtail oil production if necessary to help an industry which is set to start laying off workers in response to a global price war, its premier said on Wednesday. Premier Jason Kenney said he was worried crude-by-rail shipments could plunge as a result of the price slump to around 100,000 barrels per day in April from the expected 500,000 barrels per day in March. This, he said, could cause inventories to balloon. "We will not allow that to [Read more]
Seven Generations and MEG Energy cutting capital spending plans for 2020
CALGARY - A pair of big names in Canada's oilpatch is cutting their capital spending plans in the wake of the sharp plunge in oil prices. Seven Generations Energy Ltd. is lowering its 2020 capital investment budget by $200 million or 18 per cent to $900 million. It says the reduction reflects a temporary deferral of planned activity that will allow it to high-grade drilling locations and improve efficiencies. Seven Generations's production for 2020 is expected to average between 185,000 [Read more]
EIA slashes global oil demand forecast for first quarter as virus spreads
Global oil demand is expected to dive by 910,000 barrels per day (bpd) in the first quarter, the U.S. Energy Information Administration (EIA) said on Wednesday, as the rapid spread of coronavirus has slammed economic activity and travel, raising the specter of a global recession. Oil prices plunged by the most in nearly three decades on Monday as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply even as demand has slid. For [Read more]