The Canadian Association of Oilwell Drilling Contractors is pleased with both the speed and direction of the Alberta Government’s portion of federal funding for well reclamation. In a press release on Friday, April 24, the Minister of Energy announced service rig contractors are eligible to apply for and receive grants directly, and that an application process would be launched on Friday, May 1. “We couldn’t be happier with the Alberta Government’s approach,” explains CAODC President and [Read more]
Headlines
Oil falls as crude in U.S. storage nears all-time high
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic. U.S. oil futures led losses after U.S. crude inventories rose to 518.6 million barrels in the week to April 17, near an all-time record of 535 million barrels set in 2017, while floating crude oil storage has hit an all-time high of 160 million barrels. U.S. West Texas [Read more]
Trans Mountain, LNG Canada say they are on track despite pandemic
VANCOUER, B.C. - Energy projects like an LNG Canada export terminal and the Trans Mountain pipeline expansion may face short-term setbacks but the pandemic and oil price crash shouldn't threaten their long-term viability, economists say. Andrew Leach, an energy economist at the University of Alberta, said the long-term forecast for both natural gas and oil remains steady, even as some companies scale back workforces to meet safety protocols. "I think the consensus amongst most people is [Read more]
Return Energy Inc. (to be renamed Spartan Delta Corp.) upsizes previously announced private placement to $64.0 million
CALGARY, Alberta - Return Energy Inc. d.b.a. Spartan Delta Corp. ("Spartan" or the "Company") (RTN: TSXV) is pleased to announce that, as a result of excess confirmed and committed institutional demand, it has increased its previously announced financing of subscription receipts ("Subscription Receipts") detailed in its press release dated April 23, 2020, to 3,200,000,000 Subscription Receipts at a price of $0.02 per Subscription Receipt to now raise gross proceeds of $64.0 million (the "Private [Read more]
When oil became waste: a week of turmoil for crude, and more pain to come
The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures , which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel. In just a few months, the coronavirus pandemic has destroyed so much fuel demand as billions of people curtail travel that it has done what financial crashes, recessions and wars had failed to ever do - leave the United States with so [Read more]
Canada weekly rig count down 4 to 26
Canada’s fleet of active drilling rigs shrank from 30 to 26 since last week according to data from Baker Hughes. Total drilling count was 26 at April 24th. 8 rigs were drilling for oil; 18 for natural gas. The drilling activity in Alberta fell from 17 to 16 since last week. Saskatchewan’s drilling remained at 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Delphi Energy Corp. Granted extension of stay period to May 8, 2020 and provides update on continuous disclosure filings
CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) announces that Delphi has obtained an order from the Court of Queen’s Bench of Alberta (the “Court”) today in support of its restructuring efforts under the Companies’ Creditors Arrangement Act (the “CCAA”). This order amended and restated the initial order of the Court to, among other things, extend the stay period provided by the initial order to May 8, 2020. Update on Continuous Disclosure Filings and Annual General [Read more]
Bellatrix announces filing of year end 2019 financial and operating results and timing of release of annual reserves disclosure
CALGARY, Alberta - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") announces that it has filed its annual audited financial statements and related management’s discussion and analysis for the year ended December 31, 2019 with the Canadian securities regulatory authorities on SEDAR. In addition, Bellatrix announces the results of its year end independent evaluation of its reserves. InSite Petroleum Consultants Ltd. ("InSite") independently evaluated the reserves associated with 100% of [Read more]
Alberta unveils process for paying out $1 billion in oilfield cleanup grants
CALGARY - Oilfield services companies in Alberta will be able to apply through an online portal starting May 1 for $1 billion in grants under the oilfield rehabilitation program announced by the federal government last week. Alberta Energy Minister Sonya Savage says the grant money will be doled out by her department in $100-million increments with an initial focus on service companies that have been most impacted by the current economic downturn. She says the grants will cover between 25 [Read more]
U.S. drillers cut most oil rigs in a month since 2015
U.S. energy firms cut the most oil rigs in a month in April since 2015 with oil prices down over 70% since the start of the year as steps to curb the coronavirus pandemic cut global crude demand faster than producers can shut wells, causing storage tanks to fill rapidly. Drillers cut 60 oil rigs in the week to April 24, bringing the total count down to 378, the lowest since July 2016, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil rig count, an [Read more]