Six years ago, Canadian oilfield services firm Calfrac Well Services commanded a C$2.1 billion ($1.55 billion)market value and was poised for U.S. expansion. But by last month, Calfrac's market value had collapsed to just C$23 million and it deferred an interest payment on debt that does not mature for six years. The Texas billionaire Wilks brothers, already its top shareholder, scooped up more of the company's debts in June, a regulatory filing showed, preparing to salvage what they can from [Read more]
Headlines
Line 5 shutdown and what that means for Canadians
A court decision in Michigan could have major implications for the energy security of Ontario and Quebec. Last week, a Michigan judge ordered the temporary shutdown of Enbridge’s Line 5 oil pipeline that runs from Superior, Wisconsin to refineries in Sarnia, Ontario. Shutting down Line 5 has serious implications, for residents of Ontario and Quebec, as well as Michigan itself. Line 5 transports 540,000 barrels per day of oil and natural gas liquids into the Sarnia area (about half of the [Read more]
Dandelion Group Management Corp. is looking for oil and gas assets
Dandelion Group Management Corp. (“DGM”) – Canadian based company has an immediate need for the oil and gas assets with average oil production between 30 barrels to 500 barrels per day, with natural gas production between 500Mcf to 2000Mcf per day. DGM is also looking for the consultant who can provide the due diligence service during acquisition. For more information, please contact Jimmy at jimmy.jin@dandelionmanage.com [Read more]
Spartan Delta Corp. provides operational and corporate update highlighted by asset outperformance
CALGARY, AB - Spartan Delta Corp. ("Spartan" or the "Company") (TSXV: SDE) is pleased to provide an update on the Company's operational and corporate activities since the closing of its transformational transaction on June 1, 2020, which included the acquisition of high-quality, multi-zone, oil and gas operated production in Alberta, a large land base and a strategic infrastructure footprint (the "Transaction"). The Transaction positions Spartan as an intermediate exploration and development [Read more]
Razor Energy Corp. announces deferral of interest payment
CALGARY, Alberta - Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) is announcing that it will be deferring the scheduled June 30, 2020 interest payment to the Alberta Investment Management Corporation (“AIMCo”) under the existing $45.0 million Term Loan Facility (the “Amended Term Loan Facility”). The interest will be capitalized, adding to the principal of the existing Amended Term Loan Facility. The Amended Term Loan Facility matures on January 31, 2021 and bears an interest rate [Read more]
Presidential hopeful Biden could be swayed to supporting Keystone XL: Kenney
OYEN, Alta. - Premier Jason Kenney says he believes United States presidential hopeful Joe Biden can be swayed to supporting the Keystone XL pipeline. The presumptive Democratic nominee has vowed to rip up President Donald Trump's approval of the Alberta-to-Texas crude oil conduit if his party wins back the White House this fall. Kenney says his government would be reaching out to Democrats who support the project, as well as unions with members who would be put to work building it. The [Read more]
Heavy discount narrows slightly in thin U.S. holiday trade
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Friday, in slow trade during the U.S. Independence Day holiday. Canadian differentials have compressed due to deep oil curtailments in spring, although improving prices have encouraged producers to restore some volumes. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $8.50 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday's settle of [Read more]
Canada’s Supreme Court dismisses appeal of long-delayed Trans Mountain oil pipeline
Canada's Supreme Court dismissed an appeal on Thursday of a lower court decision that had backed Ottawa's approval of expanding the Trans Mountain oil pipeline, removing a potential major obstacle to completion. The top court posted the decision on its website without further detail. The pipeline has put Prime Minister Justin Trudeau's Liberal government, which bought it in 2018 to ensure the expansion overcame legal and regulatory obstacles, in a political quandary. He has promised to [Read more]
NevadaNano modernizes combustible gas sensor technology, powers Blackline Safety’s G7 wearables
June 24, 2020 (Reno, Nev.) -- NevadaNano today announced its partnership with Blackline Safety Corp. (TSX.V: BLN) to modernize combustible gas detection systems in a range of industries, ensuring the safety of workers. NevadaNano’s signature line of microelectromechanical systems (MEMS)-based gas sensors, the Molecular Property Spectrometer (or MPS™) Flammable Gas Sensors, are integrated into Blackline’s portfolio of cloud-connected G7 connected safety wearables. NevadaNano MPS sensors [Read more]
Longshore Resources Ltd. closes previously announced transformational transaction
Calgary, July 3, 2020 - Longshore Resources Ltd. (“Longshore”) is pleased to announce that it has closed the consolidation transaction (the “Transaction”) previously announced on June 8, 2020. Longshore has acquired all of the outstanding shares of Rifle Shot Oil Corp. (“Rifle Shot”), Steelhead Petroleum Ltd. (“Steelhead”), and Primavera Resources Corp. (“Primavera”) (Longshore, Rifle Shot, Steelhead and Primavera collectively referred to as the “Companies”). The Transaction will further enhance [Read more]