CALGARY - (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to announce that it has successfully re-financed its existing credit facilities with a $225 million Reserve Based Loan (“RBL”), which provides meaningful financial flexibility going forward. Additionally, the Company achieved its previously announced 2019 exit production guidance in November 2019, with average estimated sales production of ~15,700 boe/d (~44% liquids). Credit Facility [Read more]
Headlines
Canada’s Syncrude oil facility ramps up output after disruption
Canada's Syncrude oil sands facility has ramped up production after a disruption last week due to operational problems, three market sources said on Thursday. Syncrude is a joint venture, majority owned by Suncor Energy Inc , with minority stakes held by Imperial Oil Ltd and others. It can produce up to 360,000 barrels per day, upgrading thick bitumen to light oil. The facility planned to reduce December production by a total of 1.6 million barrels due to the operational problems, three [Read more]
Canada will consider climate plan in Teck oil project decision
The government will take into account its plan to make Canada carbon neutral by 2050 when it considers whether to approve Teck Resources Ltd's plan for a giant oil sands mine, the new environment minister said on Thursday. Teck wants approval for its C$20.6 billion ($15.5 billion) Frontier project, which involves an open pit mine to eventually produce 260,000 barrels per day (bpd). The mine in northern Alberta would open in 2026 and operate until 2067. Prime Minister Justin Trudeau's [Read more]
Oil prices rise on OPEC deficit forecast
Oil prices rose on Thursday, recouping some of the previous session’s losses after OPEC forecast a supply deficit next year and the U.S. Federal Reserve said the economic outlook was favorable. Prices had fallen on Wednesday after a report showed an unexpected increase in U.S. crude inventories. The market picked up on Thursday, although the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries offered different prospects for the oil market in [Read more]
Column: Government incentives vs. government disasters – the difference between dynamic, growing industries and near-civil war
To the chagrin of more than a few, I’m generally not interested in picking up my club to go after politicians. They have enough problems; can you imagine getting up every morning to go work in those pits of manufactured animosity and gamesmanship and influence-peddling? After a full day of such debauched maneuvering, I’d feel like a plumber’s snake. Thankless job though it may be, they volunteered for it for whatever reason, and as our representatives, it is fully our right to point out [Read more]
Pieridae Updates 2020 Guidance
Projected 10 Times Increase in Net Operating Income Highlights: Net operating income (“NOI”)1 growth to $80-$110 million with recent acquisition synergies Production in 2020 of 40,000-50,000 boe/d, a 230% to 290% increase over Q3 exit production $10.50-11.50/boe operating costs2 $32 million pre-final investment decision (“FID”) capital budget, $16 million Goldboro LNG development expense budget Commodities hedging of 55-65% on a boe/d basis CALGARY, Alberta, Dec. 12, 2019 [Read more]
About 9000 barrels of product spilt after train derailed
About 9000 barrels of product are estimated to have been spilled this week after a Canadian Pacific Railway train derailed and caught fire, the Transportation Safety Board (TSB) of Canada said on Wednesday. A preliminary examination suggests about 19 of the 23 cars at the head end of the train lost their entire loads, while 10 at the tail end suffered minimal damage, it added. "A more precise determination of the tank car damage and the amount of product released will be made as product is [Read more]
Heavy discount widens as inventories swell
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, sliding to near the weakest level in a year as stockpiles hit record levels. Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, settled at $22.25 per barrel below WTI, according to NE2 Canada Inc, near the widest level since early December 2018. WCS settled at $20.40 below futures on Tuesday. Light synthetic crude from the oil sands [Read more]
Encana Files Definitive Proxy Statement/Prospectus
Schedules January 14, 2020 Special Meeting of Securityholders CALGARY, Dec. 11, 2019 /CNW/ - Encana Corporation (NYSE, TSX: ECA) today filed its definitive Proxy Statement/Prospectus with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities related to its intention to establish corporate domicile in the United States. The Special Meeting of Securityholders is planned for January 14, 2020 at 8 a.m. MT. Encana shareholders and incentive award holders as [Read more]
TORC Oil & Gas Ltd. Announces 2020 Capital Budget and Production Guidance; Confirms December Dividend and Appoints New Member to the Board Of Directors
CALGARY - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce the Company's Board of Directors has approved an initial 2020 capital budget of $190 million. TORC's strategic objectives associated with the 2020 capital budget are consistent with the Company's long term objectives of achieving disciplined per share growth in combination with maintaining financial flexibility while paying a sustainable dividend. TORC's 2020 capital budget exhibits a measured [Read more]