Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here. With the increased focus on assets involved in the Orphan Well Association (OWA) due to Bill 12 and the $100 million Alberta Government loan, as well as a legitimate concern that more producers will become insolvent in the months to [Read more]
Headlines
Vermilion Energy Inc. Announces Suspension of Monthly Dividend
CALGARY - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) announces that its Board of Directors has suspended our monthly dividend until further notice. Following the release of our revised 2020 capital budget and announced dividend reduction, we have witnessed further deterioration in near-term commodity prices as a result of the COVID-19 pandemic and resulting oil demand destruction. In particular, growing oil inventory has decreased prompt prices [Read more]
New Oil and Gas Jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Apr. 14 Maintenance Planner / Scheduler AltaGas Sundre Apr. 14 Air Emissions Analyst Process Ecology Inc. Calgary Apr. 12 Human Resources Compensation [Read more]
Surge Energy Inc. Announces COVID-19 Pandemic Response; Corporate Update; Annual General Meeting; Dividend Suspension
CALGARY - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) provides an operational update. COVID-19: PROTECTING STAFF, FAMILIES, SERVICE PROVIDERS, STAKEHOLDERS AND THE PUBLIC In response to the rapidly evolving COVID-19 pandemic, Surge has taken all possible steps to protect its staff, their families, service providers, stakeholders and the general public. Health and safety is our number one priority and we have a dedicated team working on proactive measures to limit COVID-19 [Read more]
Heavy discount narrows as output cuts look to ease glut
Canadian heavy crude's discount versus the U.S. benchmark West Texas Intermediate (WTI) oil narrowed on Tuesday, as traders factored in OPEC+ supply cuts that look to ease a global glut, and space on Canadian pipelines. Cuts totaling 9.7 million barrels per day take effect in May, although they fall well short of estimates for lost demand due to the COVID-19 pandemic. A Calgary-based industry source said the market was "extremely confused" trying to account for curtailments, plunging [Read more]
Delphi Energy Corp. Announces Continuation of Its Strategic Process Under a Court-Supervised Restructuring Proceeding
CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) announces that it intends to continue to carry out its strategic alternatives process, which may involve the sale of all or a portion of the business and assets or shares of the Company, or a refinancing, recapitalization or other restructuring transaction (the “Strategic Process”). However, it will now do so through a court-supervised restructuring proceeding. Delphi was facing a breach of its Total Debt to EBITDA ratio under [Read more]
It will be weeks before Canada can start reopening economy – PM Trudeau
It will be weeks still before Canada can start reopening the economy and any such effort will be done in stages and in coordination with the 10 provinces, Prime Minister Justin Trudeau said on Tuesday. Trudeau also told a daily briefing that he would shortly have more to say about a promised aid package for the oil and gas industry, which has been hard hit by the coronavirus outbreak. He did not give details. Authorities across Canada have ordered a shutdown of non-essential businesses, [Read more]
Oil drops as demand worries offset gains from output cut deal
Oil prices were dropped on Tuesday, as the historic production-cut deal inked by major global oil producers was not enough to assuage existing worries about the demand destruction brought on by the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude slipped 58 cents, or 2.7%, to settle at $21.75. Brent futures fell 86 cents, or 2.6%, to settle at $30.99 a barrel. The Organization of the Petroleum Exporting Countries, along with Russia and other countries - known as OPEC+ - [Read more]
Zargon Oil & Gas Ltd. Announces Resignation of Director
CALGARY, Alberta, April 14, 2020 (GLOBE NEWSWIRE) -- Zargon Oil & Gas Ltd. (“Zargon” or the “Company”) announces that Glenn Koach has resigned from its Board of Directors, effective immediately. For further information please contact: C.H. Hansen President and Chief Executive Officer Zargon Oil & Gas Ltd. Telephone: 403-264-9992 E-mail: zargon@zargon.ca Website: www.zargon.ca [Read more]
Heavy discount narrows after OPEC+ supply-cut deal
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) oil on Monday, as a global deal on output cuts failed to substantially lift oil prices in the face of a worldwide plunge in demand due to the coronavirus pandemic. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, traded at $17.20 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday's settle of $19.25 under. The Organization of the [Read more]