Saudi Aramco is looking to sell up to 0.5% of the state oil giant to retail investors in its planned initial public offering (IPO), three sources familiar with the matter told Reuters.The Saudi oil group has not yet revealed the size of its planned IPO or what proportion of the company it will float, although sources have previously said this could be 1-2%.Aramco declined to comment. It is expected to release more details about the company in an IPO prospectus document later on Saturday.Assuming [Read more]
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Perpetual Energy cuts 25% of workforce to deal with lower commodity prices
Calgary-based oil and gas producer Perpetual Energy Inc. says it has cut 25 per cent of its workforce in an effort to rein in costs in response to lower commodity prices. The gas-weighted Calgary company says it is also cutting compensation for its remaining employees and has lowered its 2019 cash flow expectations. It didn't say how many jobs were lost. The job cuts come three weeks after much larger Calgary rival Husky Energy Inc. announced it had laid off an undisclosed number of staff [Read more]
Toscana Energy Announces Third Quarter 2019 Results
CALGARY, Alberta, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) announces financial and operating results for the third quarter ended September 30, 2019. Financial and operating results: This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three and nine months ended September 30, 2019. This news [Read more]
Painted Pony Announces Closing of Asset Sale
CALGARY, Alberta, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) is pleased to announce the closing of the previously announced asset sale (the “Asset Sale”) of a 75% working interest in 11,280 gross acres (8,460 net acres) in the northeast British Columbia Montney for cash consideration of $45 million. The Asset Sale acreage totals approximately 4% of Painted Pony’s total Montney acreage prior to closing. As at closing and net of [Read more]
Canada weekly rig count drops 2 to 140
Canada’s fleet of active drilling rigs decreased from 142 to 140 since last week according to data from Baker Hughes. Total drilling count was 140 at November 8. 97 rigs were drilling for oil; 43 for natural gas. The drilling activity in Alberta decreased, lowering from 99 to 96. Saskatchewan’s drilling activity increased, rising from 28 to 31. View a full breakdown of Western Canada’s rig activity. [Read more]
Heavy discount narrows, market awaits Keystone re-start
The discount on Canadian heavy crude narrowed versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday, as the market awaited a possible re-start of the 590,000-barrel-per-day Keystone pipeline, an important artery for Canadian heavy crude, imported by U.S. refiners, particularly in the Midwest. Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading at $21.40 per barrel below WTI, according to Net Energy Exchange, narrower than [Read more]
U.S. oil drillers cut rigs for third week in a row
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as producers cut spending on new drilling, even though most are still increasing output as they benefit from efficiency gains. Drillers cut seven oil rigs in the week to Nov. 8, bringing the total count down to 684, the lowest since April 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. In the same week a year ago, there were 886 active [Read more]
Alberta lifts curtailment on new oil wells to stimulate investment
The province of Alberta said on Friday that new conventional oil wells could be drilled without being subject to government production limits, in a bid to increase investment. The change takes effect immediately, the provincial government said in a statement. The broader curtailment policy remains in effect to hold oil production to levels that can be moved through congested export pipelines. Alberta introduced mandatory production curbs from Jan. 1 this year to reduce a glut of oil in [Read more]
Rare permit for Keystone oil pipeline in spotlight after spills
The massive Keystone pipeline has been transporting oil from Canada to the United States at a higher-than-standard level of pressure since it started operating in 2010, thanks to a special permit granted by U.S. regulators on the condition operator TC Energy Corp would monitor the line closely. However, after four significant leaks, including one of the largest of the decade in North Dakota last week, this exemption is in the spotlight and users of the line are concerned it may be at [Read more]
Kelt Reports Financial and Operating Results for the Three and Nine Months Ended September 30, 2019
Kelt Exploration Ltd. (TSX:KEL) (“Kelt” or the “Company”) has released its financial and operating results for the three and nine months ended September 30, 2019. The Company’s financial results are summarized as follows: FINANCIAL HIGHLIGHTS Three months ended September 30 Nine months ended September 30 (CA$ thousands, except as otherwise indicated) 2019 2018 % 2019 2018 % Petroleum and natural gas revenue, before royalties 93,274 [Read more]