CALGARY, Alberta, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Altura Energy Inc. ("Altura", or the "Corporation") (TSXV: ATU) is pleased to announce a corporate update including: fourth quarter 2018 production estimates; an increase to its credit facility; and the closing of a previously announced asset acquisition for cash consideration of $1.0 million. PRODUCTION UPDATE October 2018 production averaged 2,053 Boe per day, exceeding 2018 exit production guidance two months early. November and December [Read more]
Headlines
Canada Weekly Rig Count Down 25% to 131
Western Canada’s fleet of drilling rigs decreased by 43 rigs, or 25% to a total of 131 according to data collected by Baker Hughes for the week of December 21st. From last Friday, Alberta rig counts went down 20 to 104. Saskatchewan's rig count decreased from 29 to 11. Oil drilling went from 95 to 58; natural gas rigs decreased from 79 to 73. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for first week in three
U.S. energy firms added oil rigs for the first time in the past three weeks despite sharp declines in crude futures prices to their lowest since the summer of 2017. Drillers added 10 oil rigs in the week to Dec. 21, bringing the total count to 883, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. . This was the biggest weekly gain in rig numbers since early November. More than half the total U.S. oil rigs are in the Permian Basin, the [Read more]
Transport minister orders new fatigue rules amidst oil-by-rail ramp-up
Transport Minister Marc Garneau has ordered rail companies to update rules to address employee fatigue. Requirements on work-rest periods for rail workers, introduced in 2002 with only minor revisions since then, should reflect the latest science and fatigue management practices, Garneau said. "We now have a better understanding of the extent to which fatigue can affect human performance and ultimately compromise railway safety. We need to make changes now," Garneau said in a [Read more]
Canadian federation is fractured, New Brunswick’s rookie premier says
FREDERICTON - The rookie Tory premier of New Brunswick has declared the Canadian federation fractured — with Ottawa and other provinces seemingly unconcerned about Alberta's slump, and Quebec actively blocking economic development. Blaine Higgs says he was shocked at the recent First Ministers meeting in Montreal to find there is no national urgency or strategy to deal with the 70-per-cent devaluation of oil in Alberta. "Here's a province that has fed many of our kids for years and we've [Read more]
Crude-by-rail exports rise to record level of more than 300,000 barrels per day
CALGARY - The National Energy Board says crude-by-rail exports from Canada rose to a record 327,229 barrels per day in October. That's up more than 21 per cent from 269,829 in September and represents the first time exports by rail have exceeded 300,000 barrels per day — in October 2017, only 137,000 bpd left the country in railcars. Full export pipelines were blamed for a glut of oil in Western Canada that pressed down a the price for a key benchmark oilsands blend. Western Canadian [Read more]
MEG Energy Announces Intention to Waive Application of its Shareholder Rights Plan and Reiterates the Unanimous Recommendation of its Board of Directors to REJECT the Husky Energy Offer
CALGARY, Dec. 21, 2018 /CNW/ - MEG Energy Corp. (TSX:MEG, "MEG" or the "Company") today acknowledges that on December 14, 2018, the Alberta Securities Commission issued a decision Re Husky Energy Inc., 2018 ABASC 184 (the "Decision"), exempting Husky from subsection 2.23(1) of National Instrument 62-104 Take-Over Bids and Issuer Bids which requires Husky to offer identical consideration to all of the holders of the same class of securities that are subject to a take-over bid in connection with [Read more]
Terrazzano: Don’t leave taxpayers on the hook for another government refinery
Albertans, not only are you shareholders of a pipeline and soon-to-be buyers of new railcars, get ready to add another government-supported refinery to the list. Before you get too excited, history has shown that this is a bad deal for taxpayers. The North West Upgrader has become the prime example of a government development project becoming a taxpayer boondoggle. This project involves the Alberta government financing an outside company to build facilities and refine its bitumen. Under [Read more]
Marksmen Announces Proposed Private Placement of Debenture and Granting of Stock Option
CALGARY, Alberta, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSX: MAH) (OTCB: MKSEF) announces that it has reached an agreement in principal to complete a non-brokered private placement of a non-convertible secured debenture ("Debenture") for gross proceeds of $1,250,000 (the "Offering") and issue 1,800,000 share purchase warrants of the Company (the "Warrants"). Each whole Warrant entitles the holder thereof to purchase one common share of the Company [Read more]
Political stumbles, savvy activists knock Canada’s oil sector to its knees
A decade ago, Canada's oil sector was growing so fast it was predicted to become a global energy superpower, but a series of political missteps and formidable environmental activism has created a dysfunctional system requiring OPEC-style government intervention to move its oil to market. Canada produces 4.9 million barrels per day (bpd), more than any country other than the United States, Saudi Arabia and Russia, but the world's fourth largest producer has had to nationalize a pipeline and [Read more]