Saudi Arabia plans to keep its crude oil exports below 7 million barrels per day in August and September despite strong demand from customers, to help drain global oil inventories and bring the market back to balance, a Saudi oil official said. State-owned Aramco's oil nominations - the requests made by refiners and customers for Saudi crude - were high in September, a sign of healthy oil demand globally, the Saudi official, who asked not to be named, said on Thursday. Despite that, the [Read more]
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Kelt Reports Financial and Operating Results for the Three and Six Months Ended June 30, 2019
CALGARY, Alberta, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Kelt Exploration Ltd. (TSX:KEL) (“Kelt” or the “Company”) has released its financial and operating results for the three and six months ended June 30, 2019. The Company’s financial results are summarized as follows: FINANCIAL HIGHLIGHTS Three months ended June 30 Six months ended June 30 (CA$ thousands, except as otherwise indicated) 2019 2018 % 2019 2018 % Petroleum [Read more]
Pipestone Energy Corp. Reports Second Quarter 2019 Results and Gives an Operations Update
CALGARY, Alberta, Aug. 08, 2019 (GLOBE NEWSWIRE) -- (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to report its Q2 2019 financial and operational results and provide a progress report on its 2019 development program. The Company has filed its unaudited financial statements and related management’s discussion and analysis (“MD&A”) for the quarter ended June 30, 2019 on SEDAR. A conference call has been scheduled for Thursday, August 8 at 9:00 a.m. [Read more]
Paramount Resources Ltd. Reports Second Quarter 2019 Results
HIGHLIGHTS Sales volumes averaged 81,793 Boe/d (37 percent liquids) in the second quarter of 2019. Paramount's second quarter netback was $82.1 million compared to $115.7 million in the first quarter of 2019, primarily as a result of weaker natural gas and NGLs prices. Second quarter 2019 operating costs of $86.8 million ($11.66 per Boe) were lower than first quarter operating costs of $90.4 million ($12.35 per Boe). The liquids-rich Karr and Wapiti Montney developments accounted for [Read more]
Pengrowth Second Quarter 2019 Adjusted Funds Flow Increased 188% Year-over-year to $29 Million
Lindbergh Proved Reserves Increased 34% While Proved and Probable Reserves Increased 25% CALGARY, Alberta, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Pengrowth Energy Corporation (“Pengrowth” or the "Company") (TSX:PGF, OTCQX:PGHEF), today reported its results for the three and six months ended June 30, 2019. The Company also announced that GLJ Petroleum Consultants Ltd. ("GLJ") has provided an updated report (Dated: August 7, 2019) of Pengrowth's bitumen reserves estimate based on the performance of [Read more]
Activist groups urge insurers to drop coverage of oil sands pipeline
A coalition of 32 environmental and indigenous groups on Thursday urged insurers to stop underwriting the Trans Mountain pipeline to pressure Canada to cancel its plan to expand the project which carries crude from Alberta's oil sands to British Columbia's Pacific coast. Self-insurance by the government for the expansion would cost taxpayers $1.1 billion, the groups said. The coalition sent a letter to 27 companies registered to insure the pipeline, including Munich RE , Talanx and Zurich [Read more]
Oil jumps on expectations producers may cut supply after 4% slump
Oil futures jumped more than $1 a barrel on Thursday, recovering half of the nearly 5% losses in the previous session, on expectations that lower prices may lead to production cuts. U.S. West Texas Intermediate (WTI) crude futures jumped $1.51, or 2.96%, to $52.60 a barrel, while Brent crude rebounded to $57.75 a barrel, up $1.52, or 2.7%, from its last close by 0401 GMT, Both contracts hit their lowest levels since January on Wednesday after a surprise build in U.S. crude inventories [Read more]
Delphi Energy Corp. Reports Second Quarter 2019 Results
CALGARY, Alberta, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce its financial and operational results for the quarter ended June 30, 2019 and to provide an operations update. SECOND QUARTER 2019 HIGHLIGHTS Successfully concluded completion and tie-in operations on the 13-34-059-24W5 four-well pad (2.6 net) which was brought on-stream throughout the second quarter; Reduced bank debt plus working capital deficiency by $7.1 [Read more]
Bellatrix Exploration Ltd. Announces Second Quarter 2019 Financial and Operating Results
CALGARY, Alberta, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Bellatrix Exploration Ltd. (“Bellatrix”, "we", "us", "our" or the “Company”) (TSX: BXE) announces its financial and operating results for the three and six months ended June 30, 2019. This press release contains forward-looking statements. Please refer to our cautionary language on forward-looking statements and the other matters set forth at the end of this press release and the beginning of the Management’s Discussion and Analysis (the [Read more]
Western Canadian crude inventories fall to smallest level in nearly two years
Western Canadian crude oil inventories fell in July to their lowest level in nearly two years, energy information provider Genscape said on Wednesday, as crude-by-rail shipments accelerated. Total stocks were 27.7 million barrels as of July 26, down sharply from the record high of 37.1 million barrels set in April. The inventories were the lowest since November 2017. The decline follows Alberta government production curtailments that were imposed on Jan. 1 to help drain a glut of crude in [Read more]