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]
Headlines
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]
Advantage Announces Agreement to Sell 12.5% Interest in Glacier Gas Plant for $100 Million
CALGARY, April 13, 2020 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce it has reached a definitive agreement to sell a 12.5% interest in the Glacier Gas Plant to a strategic partner for $100 million cash proceeds. This transaction will fortify Advantage's robust balance sheet during a time of unprecedented volatility and augment the Corporation's ability to pursue strategic opportunities and execute value-generating capital projects. National Bank [Read more]
News that deal to cut global oil production has been finalized is welcomed in Canada
News that a deal was finalized by OPEC and other oil producing nations to cut production by nearly 10 million barrels per day is being welcomed in Canada, where provinces have suffered drastic revenue losses due to rock-bottom crude prices. "This is good. We welcome any news that brings stability to global oil markets," Natural Resources Minister Seamus O'Regan said in an emailed statement Sunday. The agreement between the cartel, Russia and other countries came late last week and followed [Read more]
Canada weekly rig count down 6 to 35
Canada’s fleet of active drilling rigs shrank from 41 to 35 since last week according to data from Baker Hughes. Total drilling count was 35 at April 9th. 6 rigs were drilling for oil; 29 for natural gas. The drilling activity in Alberta fell from 29 to 22 since last week. Saskatchewan’s drilling remained at 1 rig. View a full breakdown of Western Canada’s rig activity. [Read more]