U.S. crude oil production dropped 669,000 barrels per day to 12.06 million bpd in April, the government said in a monthly report on Tuesday. The decline came as production fell 234,000 bpd in Texas, the largest oil-producing state, and 195,000 bpd in North Dakota. Output fell 16,000 bpd in federal waters in the Gulf of Mexico, the report said. The U.S. Energy Information Administration revised upward its figures for March, saying that production in that month was 12.73 million bpd, down [Read more]
Headlines
Altura Energy Inc. announces the closing of an asset disposition and provides a corporate update
CALGARY, AB - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) announces a June 30, 2020 asset disposition and provides an update on its credit facility renewal and operations. ASSET DISPOSITION Altura has amended the timing of the second transaction in the December 4, 2019 definitive agreement (the "Amending Agreement") with a private company ("PrivateCo") for the sale of a 5.5% working interest in the Corporation's production, wells, lands and facilities for [Read more]
Alberta cuts business tax, boosts infrastructure spending to reboot economy
EDMONTON - Alberta is cutting business taxes and pumping $10 billion into infrastructure projects to springboard its economy out of the financial crisis caused by the COVID-19 pandemic. Premier Jason Kenney says the investments will be for roads, health care, schools and in other areas, with expected spinoff benefits to other businesses and the service sector. Kenney says there will also be incentives for high-tech companies and other sector-specific initiatives. Kenney cut the [Read more]
Column: For the next culture of innovation to take root, the culture of animosity has to go
One winter while in high school, I landed a short-term job. A neighbour was going south for a month of respite from a Saskatchewan winter and asked if I’d come over daily to feed his cows. Having done this for years at home I was up to the task and jumped at it. Before he left, he asked me to come over to “show me how to do it.” He had his own special technique of manipulating the front-end loader with a huge hay bale, and he wanted to make sure I did it his way. As I sat in his tractor, trying [Read more]
GeoVerra, the country’s newest surveying and geomatics firm launches, providing responsive, efficient and reliable service to clients in Western Canada and Ontario
Edmonton, AB – GeoVerra, one of the country’s largest geomatics firms with offices in Western Canada and Ontario, opened its doors for business on Monday as the transaction between Altus Group and WSP closed this past weekend. As part of the transaction, the country’s leading geomatics providers were carved out from the two organizations to form GeoVerra. The Company provides solutions in land surveying, mapping, forestry, and geospatial technology across diverse industries, with a mission to [Read more]
Paramount Resources Ltd. announces amended credit facility
CALGARY, AB - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to announce that it has successfully completed amendments to its senior secured revolving bank credit facility (the "Facility") with the unanimous support of its nine-bank syndicate. The amendments include a full waiver of the Senior Secured Debt to Consolidated EBITDA covenant until the third quarter of 2021 and a reduction of the Consolidated EBITDA to Consolidated Interest Expense covenant from [Read more]
TORC Oil & Gas Ltd. announces completion of annual credit facility redetermination
CALGARY, AB - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce the Company's credit facility has been confirmed at $425 million, with the borrowing base determination dates under the credit agreement to be amended to May and November annually, from April and October. TORC has received formal lender commitments from all syndicate members and expects credit documentation to be completed by July 3, 2020. TORC Oil & Gas Ltd. is a Calgary based company [Read more]
Oil prices slip on demand worries, prospect of Libyan supply return
Oil prices fell on Tuesday as optimism for a straightforward recovery in fuel demand faded and a looming increase in supply weighed on the market, with Libya's state oil company flagging progress on talks to resume exports. U.S. West Texas Intermediate (WTI) crude futures fell as much as 44 cents, but recovered slightly after stronger-than-expected Chinese factory data. By 0201 GMT they were trading down 26 cents, or 0.7%, at $39.44 a barrel, having jumped 3% on Monday. Brent crude [Read more]
Cardinal Energy Ltd. announces extension of revolving credit facility
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to July 15, 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 15, 2020. The extension of the borrowing base re-determination to July 15, 2020 [Read more]
Peyto provides operational update and amends credit and note purchase agreements
CALGARY, Alberta - Peyto Exploration & Development Corp. (“Peyto” or the “Company") (TSX: PEY) announces today an operational update, amended credit and note purchase agreements, and reaffirms its 2020 capital guidance supported by the Company’s sustainable business model. The COVID-19 pandemic has had an unprecedented impact on near term hydrocarbon demand and placed a considerable economic burden on a struggling Canadian energy industry. Lower commodity prices, decreased liquidity and [Read more]