CALGARY - Highwood Oil Company Ltd., ("Highwood" or the "Company") (TSXV: HOCL) is pleased to announce financial and operating results for the quarter ended March 31, 2020. The Company also announces that its unaudited financial statements and associated Management's Discussion and Analysis ("MD&A") for the quarter ended March 31, 2020, can be found at www.sedar.com and www.highwoodoil.com. Highlights Achieved record production of 1,872 bbl/d of oil in the first quarter of 2020, a [Read more]
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Briko Energy Corp. Announces First Quarter 2020 Financial and Operating Results
Calgary, Alberta - Briko Energy Corp. ("Briko" or the "Corporation") is pleased to report its financial and operating results for the three months ended March 31, 2020. Financial and operational information is set out below and should be read in conjunction with Briko's March 31, 2020 condensed unaudited interim financial statements and the related management's discussion and analysis ("MD&A"). Briko's condensed unaudited interim financial statements and MD&A are available for review at [Read more]
Cequence Energy announces that it is undertaking a strategic process and has entered a court supervised restructuring proceeding
CALGARY, Alberta - Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) announces that it has commenced a strategic process to identify and pursue potential strategic options and alternatives to maximize the value for its stakeholders, which will be carried out under the Companies’ Creditors Arrangement Act (“CCAA”). The strategic process will explore a broad range of options and alternatives that may be available to the Company to address its liquidity challenges brought on by the [Read more]
InPlay Oil Corp. announces extension of annual borrowing base redetermination
CALGARY, Alberta - InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) announces an extension of its annual borrowing base redetermination. InPlay and its banking syndicate have agreed to extend the date for completion of the annual borrowing base redetermination from May 31, 2020 to June 30, 2020. This provides the Company and the banking syndicate additional time to assess current dynamic market conditions as well as the proposed federal support programs being initiated [Read more]
U.S./Canadian oil & gas rig count falls to record low
U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low as they slash spending on new drilling after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. oil and gas rig count, an early indicator of future output, fell by 17 to an all-time low of 301 in the week to May 29, according to data from energy services firm Baker Hughes Co going back to 1940. That was 683 rigs, or 69%, below this time last year and was the [Read more]
Court ruling in Keystone XL case is another blow against big U.S. natgas pipes
The two biggest U.S. natural gas pipelines under construction are likely facing more delays after an appeals court ruling against the Army Corps of Engineers, energy analysts said. The Trump administration has pressed ahead with new pipeline construction but several projects have been stalled by successful legal challenges saying the administration is not applying careful regulatory scrutiny. Last month, a Montana judge ruled the Army Corps authorized permits to cross streams without [Read more]
Oil prices rise as U.S. fuel demand remains weak
Oil prices grew on Friday after U.S. inventory data showed lackluster fuel demand in the world's largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. U.S. West Texas Intermediate crude was at $34.90 a barrel, up $1.17, or 3.43%. Brent crude jumped 1.79$, or 5%, to $37.17 a barrel. Still, both contracts are set for a fifth weekly gain, helped by production cuts and optimism about demand recovery in other countries. "The rally needs a breather. It [Read more]
Oil analysts see prices edging up but still capped below $40/bbl
Oil prices will gradually gain this year with demand improving and supply falling, although tensions between the United States and China are hanging over the coronavirus-hit market, a Reuters poll showed on Friday. The survey of 43 analysts forecast Brent crude would average $37.58 a barrel in 2020, about 5% above April's $35.84 consensus, but still lower than the $42.37 average so far this year. U.S. West Texas Intermediate crude is seen averaging $32.78 a barrel, up from $31.47 last [Read more]
Resolving Reconciliations: how to keep it simple
Reserves reconciliation can be confusing (even for the experts). We’re here to help. Join us on June 4th, 2020 at 1:30 PM MST for the first edition of our new Power Up webinar series: Resolving Reconciliations: How to Keep it Simple. During this live 45-minute session, Jodi Anhorn, President and CEO of GLJ, will be helping businesses reporting under NI 51-101 navigate reserves reconciliation. From general questions to case studies addressing how the Canadian Oil and Gas Evaluation [Read more]
Lasting contango in oil: market spread to outlast supply-demand imbalance
While vast cuts by producer countries and renewed fuel consumption from easing coronavirus lockdowns may soon rebalance oil supply and demand, some analysts and traders see a glut in storage keeping the market in contango for much longer. A contango market structure means the current value is lower than it will be in later months and encourages traders to store oil to resell it in the future. An especially skewed spread for oil futures or "super-contango" emerged last month, prompting [Read more]