Calgary, Alberta - Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") announces that the Company, its banking syndicate (the "Lenders"), and the holders (the "Noteholders") of the Company's senior unsecured notes have been actively negotiating the reorganization of the Company's debt maturities and related interim arrangements. In connection with such matters, the Lenders continue to allow the Company access to the swing line loan facility effective as of March 20, 2020 [Read more]
Headlines
Canadian oil sands hub floods, some residents evacuate amid virus fight
Floods have forced mandatory evacuations in parts of Fort McMurray, the hub for Canada's oil sands industry, even as the province of Alberta tries to stem the spread of the coronavirus. The Regional Municipality of Wood Buffalo, which includes Fort McMurray, ordered mandatory evacuations of some residents that began on Sunday and were expanded on Monday. Ice jams caused the Athabasca River to spill its banks. Canada's Deputy Prime Minister, Chrystia Freeland, said the federal government [Read more]
WATCH: Oil in a Tesla
Secondstreet.org explores the impact of oil on a Tesla electric vehicle. https://www.youtube.com/watch?v=swQz3Kzevb0 [Read more]
Petrofrontier Corp. announces temporary extension for filing of 2019 year-end financial information
CALGARY, AB - PetroFrontier Corp. ("PetroFrontier" or the "Corporation") (TSXV:PFC) announces the following regarding the timing for the filing of the 2019 Annual Financial Statements Annual Management Discussion & Analysis and its Statement of Reserves Data and Other Oil and Gas Information, Report on Reserves Data by Independent Qualified Reserves Evaluator, and Report of Management and Directors on Oil and Gas Disclosure for the year ended December 31, 2019 (collectively the [Read more]
CAODC applauds Alberta Government’s approach to allocating federal well reclamation funds
The Canadian Association of Oilwell Drilling Contractors is pleased with both the speed and direction of the Alberta Government’s portion of federal funding for well reclamation. In a press release on Friday, April 24, the Minister of Energy announced service rig contractors are eligible to apply for and receive grants directly, and that an application process would be launched on Friday, May 1. “We couldn’t be happier with the Alberta Government’s approach,” explains CAODC President and [Read more]
Oil falls as crude in U.S. storage nears all-time high
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic. U.S. oil futures led losses after U.S. crude inventories rose to 518.6 million barrels in the week to April 17, near an all-time record of 535 million barrels set in 2017, while floating crude oil storage has hit an all-time high of 160 million barrels. U.S. West Texas [Read more]
Trans Mountain, LNG Canada say they are on track despite pandemic
VANCOUER, B.C. - Energy projects like an LNG Canada export terminal and the Trans Mountain pipeline expansion may face short-term setbacks but the pandemic and oil price crash shouldn't threaten their long-term viability, economists say. Andrew Leach, an energy economist at the University of Alberta, said the long-term forecast for both natural gas and oil remains steady, even as some companies scale back workforces to meet safety protocols. "I think the consensus amongst most people is [Read more]
Return Energy Inc. (to be renamed Spartan Delta Corp.) upsizes previously announced private placement to $64.0 million
CALGARY, Alberta - Return Energy Inc. d.b.a. Spartan Delta Corp. ("Spartan" or the "Company") (RTN: TSXV) is pleased to announce that, as a result of excess confirmed and committed institutional demand, it has increased its previously announced financing of subscription receipts ("Subscription Receipts") detailed in its press release dated April 23, 2020, to 3,200,000,000 Subscription Receipts at a price of $0.02 per Subscription Receipt to now raise gross proceeds of $64.0 million (the "Private [Read more]
When oil became waste: a week of turmoil for crude, and more pain to come
The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures , which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel. In just a few months, the coronavirus pandemic has destroyed so much fuel demand as billions of people curtail travel that it has done what financial crashes, recessions and wars had failed to ever do - leave the United States with so [Read more]
Canada weekly rig count down 4 to 26
Canada’s fleet of active drilling rigs shrank from 30 to 26 since last week according to data from Baker Hughes. Total drilling count was 26 at April 24th. 8 rigs were drilling for oil; 18 for natural gas. The drilling activity in Alberta fell from 17 to 16 since last week. Saskatchewan’s drilling remained at 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]