Oil prices will remain subdued in 2020 as growth concerns weigh on demand and fuel a glut of crude, a Reuters poll showed on Friday ahead of production-policy talks among OPEC and its allies next week. The poll of 42 economists and analysts forecast Brent to average $62.50 a barrel next year, little changed from last month's $62.38 outlook, which was the lowest prediction for 2020 in about two years. The benchmark has averaged about $64 per barrel so far this year. "There is simply too [Read more]
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Razor Energy Corp. Announces Third Quarter 2019 Results
CALGARY, Alberta, Nov. 28, 2019 (GLOBE NEWSWIRE) -- Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) is pleased to announce its third quarter 2019 financial and operating results. Selected financial and operational information is outlined below and should be read in conjunction with Razor’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis for the quarter ended September 30, 2019 which are available on SEDAR at www.sedar.com and the [Read more]
Oil drops after U.S. inventory build, new output record
Oil prices fell on Thursday, extending losses from the previous session after official data showed U.S. crude and gasoline stocks rose against expectations as production hit a record. U.S. West Texas Intermediate crude fell 24 cents, or 0.4%, to $57.87, after falling 0.5% in the previous session. Brent crude futures were down 18 cents, or 0.3%, at $63.88 a barrel, having dropped 0.3% on Wednesday. Crude stockpiles in the United States swelled 1.6 million barrels last week as [Read more]
Column: Let’s get back to the business of innovation, adaptation and entrepreneurialism – the best antidote to destructive naysayers is success
My career in the petroleum sector began in a way that past generations of plains indigenous people might relate to, or at the very least their food source would. I was part of a great migratory herd, not unlike buffalo, moving across the grasslands in search of food (so to speak). Most members of my U of Sask graduating class migrated westward in the 1990s in search of a better future, as it was pretty bleak back home. We tried not to act like buffalo, we really did, and the gracious locals [Read more]
December webinars to offer insights into ARO cost models and working interest.
XI Technologies is hosting two free webinars in December to address common questions when it comes to asset retirement obligations. These webinars will be 30 minutes each and will demonstrate how ARO Manager helps users with a built-in, industry-recognized cost model and helps them discover working interest partners. Webinar: How to Find Working Interest Partners in ARO Time: 10:30am – 11:00pm MST Date: Wednesday, December 4th, 2019 Click here to register. Do you know all your [Read more]
Highwood Oil Company Ltd. Announces Third Quarter 2019 Results and Continued Drilling Success in the Clearwater Play
CALGARY - Highwood Oil Company Ltd. ("Highwood" or the "Company") (TSXV: HOCL) is pleased to announce financial and operating results for the quarter ended September 30, 2019. The Company also announces that its unaudited financial statements and associated Management's Discussion and Analysis ("MD&A") for the quarter ended September 30, 2019, can be found at www.sedar.com and www.highwoodoil.com. Highlights Drilled three wells (1.5 net) in the Clearwater play at Nipisi during the [Read more]
Rail strike, pipeline spill lead Alberta to extend oil curtailment levels
CALGARY - The Alberta government says it will leave its oil production quotas unchanged in January to deal with the lingering consequences after oil shipping was delayed by the Canadian National Railway Co. strike and the temporary shutdown of the Keystone pipeline following a leak in North Dakota. A spokesman for Energy Minister Sonya Savage says producers were informed Tuesday that the production limit for January will remain at 3.81 million barrels per day, the same as December, after [Read more]
Arriving ‘too late’ rated biggest risk for growth in Canadian LNG industry
CALGARY - The former executive director of the International Energy Agency says the biggest risk to Canada's nascent LNG industry is that it will be "too late" to join in a massive LNG expansion surge sweeping the globe. Maria van der Hoeven, a retired Dutch politician and leader of the IEA from 2011 to 2015, says there's time for Canada to compete in a field led by players from the Middle East, Australia, Russia and, increasingly, the United States. She says the question is whether Canada [Read more]
Gear Energy Ltd. Announces Completion of its Borrowing Base Review
CALGARY - Gear Energy Ltd. ("Gear") (TSX: GXE) today is pleased to announce that it has completed its semi-annual borrowing base review and no changes have been made to its $90 million credit facilities. ABOUT GEAR ENERGY LTD. Gear Energy Ltd. is a Canadian exploration and production company with heavy and light oil production in Central Alberta, West Central Saskatchewan, and Southeast Saskatchewan. Gear trades on the Toronto Stock Exchange under the symbol GXE. [Read more]
Oil eases on growing U.S. stockpiles; U.S.-China trade deal hopes check losses
Oil slipped on Wednesday after an industry report showed a surprise build-up in U.S. crude inventories, but optimism surrounding the signing of the first phase of a U.S.-China trade deal prevented a bigger slide in prices. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.21%, to $58.29 per barrel. Brent crude futures dropped 9 cents, or 0.14%, to $64.18 a barrel. Wednesday's decline reversed two days of gains, with WTI climbing 1.1% through Tuesday and Brent gaining [Read more]