Oil prices eased on Thursday after OPEC and allies such as Russia agreed to taper record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a big drawdown from the country's crude stocks. U.S. West Texas Intermediate (WTI) crude dropped 32 cents, or 0.8%, to $40.88 a barrel. Brent crude fell 27 cents, or 0.6%, to $43.52 a barrel by 0439 GMT. They rose 2% the previous day, helped by the U.S. crude inventories drop. The Organization of [Read more]
Headlines
ARMOUREE, a Fuelled company, announces new inventory management and equipment sales agreement with the orphan well association
ARMOUREE Inc. (ARMOUREE) a web-based inventory management platform tailored to energy equipment, enters into agreement with Orphan Well Association (OWA). AMROUREE is pleased to announce that the OWA has chosen the ARMOUREE platform for its current inventory management, cataloguing and sales needs (www.armouree.com). “We have been working closely with our largest clients to further expand the service offerings at ARMOUREE while maintaining its robust and simple to use functionality” commented [Read more]
Insurance company’s surrender is “ill-conceived,” says Canada Action. “TMX is doing everything right.”
CALGARY, AB - Zurich Insurance Groups' surrender to Stand.earth and Zurich's resulting refusal to do business with the Trans Mountain pipeline expansion project is counter-productive, ill-conceived, and will have a negative effect on the environment and climate, Canada Action said today. "If insurers truly care about the global environment -- including the global climate, then they'd want Canada to be an energy supplier of choice," explained Canada Action founder and spokesperson Cody [Read more]
Cardinal Energy Ltd. announces extension of revolving credit facility
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal") (TSX: CJ) has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to July 29, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to July 29, 2020. The extension of the borrowing base re-determination to July 29, 2020 provides all parties [Read more]
Tourmaline renews normal course issuer bid
CALGARY, AB - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce that the Toronto Stock Exchange (the "TSX") has approved the renewal of Tourmaline's normal course issuer bid (the "NCIB"). The NCIB allows Tourmaline to purchase up to 13,538,778 common shares (representing 5% of its 270,775,559 outstanding common shares as of June 30, 2020) over a period of twelve months commencing on July 20, 2020. The NCIB will expire no later than July 19, 2021. Under [Read more]
Heavy discount steady as Aug trade window nears end
Canadian heavy crude's discount steadied versus West Texas Intermediate (WTI) on Wednesday as the August trading cycle winds down, traders said. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $7.10 per barrel below WTI after settling at $7.10 below WTI on Tuesday, according to NE2 Canada Inc. The last trading day for the August cycle is Thursday, dealers said. Prices have been supported this week on limited production gains and [Read more]
Premier’s former campaign manager gets senior post with Alberta Energy Regulator
EDMONTON - Premier Jason Kenney is dismissing accusations that the appointment of his former campaign manager to a senior post with the Alberta Energy Regulator is a patronage plum. Kenney says he wasn't aware that John Weissenberger had even applied for the job, and notes that the regulator operates at arm's length from the United Conservative government. He also says Weissenberger has a doctorate in geology and experience in the energy business. Weissenberger announced on social media [Read more]
OPEC+ set to ease record oil cuts from Aug
OPEC and allies such as Russia will ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic, Saudi energy minister Prince Abdulaziz bin Salman said on Wednesday. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply, after the virus destroyed a third of global demand. After July, the record cuts are due to taper to [Read more]
Sunset Engineering Management joins forces with Veracity Energy Services
CALGARY, Alberta-- Veracity Energy Services Ltd (Veracity) is pleased to announce the addition of the former Sunset Engineering (Sunset) management and completion team to Veracity’s group effective July 1, 2020. “We are thrilled to add Darren and his consultants to our team as we continue on our growth path,” added Veracity President Mark Wilneff. “This addition prepares us to expand our existing and future clientele and maintain the level of expertise and service quality they have come to [Read more]
Column: Oh, the things we learn…
“When I was a boy of 14, my father was so ignorant I could hardly stand to have the old man around. But when I got to be 21, I was astonished at how much the old man had learned in seven years.” Mark Twain That masterful Twain quote, one of a million or so he has, is a generational thing. Certain cycles are, in broad strokes, predictable. It’s a part of growing up I suppose; at a certain age, everything seems simple and obvious – parents are stupid, for starters. As one moves through [Read more]