CALGARY, Jan. 7, 2019 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) provides an operations update and outlines 2019 guidance. Operations Update Production for 2018 averaged approximately 9,400 boe/d which is a 64% increase on a production per share basis when compared to 2017, with fourth quarter 2018 production estimated at 12,200 boe/d. The Company drilled 36 horizontal (HZ) Cardium wells during 2018. Due to wide Edmonton par differentials in the fourth [Read more]
Headlines
Heavy crude discount smallest since 2017 as cuts cause confusion
The Canadian heavy oil differential moved against the West Texas Intermediate (WTI) benchmark on Monday to its narrowest level in more than a year, as traders tried to sort out the impact of the Alberta government's mandated production cuts: Western Canada Select (WCS) heavy blend crude for February delivery in Hardisty, Alberta, traded on Monday afternoon for a differential as little as $9.75 a barrel below WTI crude futures, compared with Friday's settle at $11.25 below WTI, according to [Read more]
Corporate Divestiture: Corse Energy Corp.
Sayer Energy Advisors has been engaged to assist Corse Energy Corp. (“Corse” or the “Company”) with a corporate sales process. The Company provides an attractive acquisition opportunity with a focused asset base of existing low-decline, shallow natural gas and CBM production. Corse currently has a high LLR rating, no debt and over $800,000 in cash. The Company’s operations are focused in the Huxley area of Alberta (the “Property”). The Property consists mainly of operated production and [Read more]
Husky Reminds MEG Energy Shareholders to Tender Well in Advance of January 16 Deadline
CALGARY, Alberta, Jan. 07, 2019 (GLOBE NEWSWIRE) -- Husky Energy (TSX:HSE) reminds MEG Energy shareholders to tender their shares immediately in support of Husky’s full and fair offer announced on September 30, 2018. Under the terms of Husky’s offer, each MEG shareholder has the option to choose to receive consideration per MEG share of $11 in cash or 0.485 of a Husky share, subject to maximum aggregate cash consideration of $1 billion and a maximum aggregate number of Husky shares issued of [Read more]
Suncor Energy provides fourth quarter 2018 operations update
CALGARY, Alberta, Jan. 07, 2019 (GLOBE NEWSWIRE) -- Suncor today provided an operations update for the fourth quarter of 2018, highlighting total upstream production of 831,000 barrels of oil equivalent per day (boe/d), which is a quarterly production record and represents an increase of 12% from the third quarter of 2018. This record-breaking quarter reflects the results of the significant investment developing Fort Hills, and Suncor’s ongoing operational excellence focus across its assets, [Read more]
Petrus Resources Announces Operations Update and 2019 Outlook
CALGARY, Alberta, Jan. 07, 2019 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to provide an operations update and its 2019 outlook. With the recent volatility in the price of both Canadian light oil and natural gas, the Company believes that it is prudent to develop a disciplined capital budget that is flexible from an operational and financial perspective. Petrus’ Board of Directors has approved a first quarter 2019 capital budget of $8 to $10 [Read more]
Canada’s two major railways well-poised for trade headwinds in 2019: analysts
MONTREAL - Canada's two major railways are well-positioned to weather potential economic headwinds and the U.S.-China trade war, analysts say, as ongoing investments in new cars and track bolster crude-by-rail and commodities shipments. Canadian National Railway Co. and Canadian Pacific Railway Ltd. shipped 23 per cent more oil and petroleum in 2018 to drive a four per cent increase in total freight traffic, according to the Association of American Railways. Crude-by-rail exports have [Read more]
Plunging Calgary office values linked to high oil and gas unemployment rate
CALGARY - A 32 per cent decline in Calgary's downtown office building property assessment this year will likely translate into lower costs for some tenants, but don't expect much improvement in the vacancy rate, according to a commercial realtor. Lower property taxes will bring rents down and could attract more tenants to the downtown area, said Greg Kwong, Alberta managing director for realtor CBRE. But he added companies will have to start replacing the thousands of oil and gas industry [Read more]
Blackbird Energy Inc. and Pipestone Oil Corp. Announce the Closing of a Strategic Merger and $310 Million in Equity and Debt Financings to Form a Premier High Growth Pure-Play Condensate Rich Montney Company
CALGARY, Alberta, Jan. 04, 2019 (GLOBE NEWSWIRE) -- Blackbird Energy Inc. (“Blackbird”) (TSX-V: BBI) and Pipestone Oil Corp. (“Pipestone Oil”) are pleased to announce that they have closed their previously announced business combination (the “Transaction”), which was completed by way of a plan of arrangement (the “Arrangement”). Concurrent with the Transaction, Blackbird and Pipestone Oil have closed equity financings totaling $111.0 million with certain existing shareholders and Pipestone Oil [Read more]
B.C. fuel up 4 cents, more hikes due as ‘bumpy’ year looms at pumps: expert
VANCOUVER - Extreme volatility in oil markets has resulted in a price jump for gasoline of four cents a litre in Metro Vancouver and an analyst predicts a further hike could arrive within days. Dan McTeague, a senior petroleum analyst at GasBuddy.com, says Vancouver residents will be the "poster children" for what he expects will be a wild year for gas prices Canada-wide. He says the four-cent increase is the culmination of a series of events, including the explosion of the Enbridge [Read more]