CALGARY, July 11, 2019 /CNW/ - Highwood Oil Company Ltd., ("HOCL", "Highwood" or the "Company") (TSXV: HOCL) is pleased to announce that the partner in the Peace River Oil Partnership ("PROP") has waived its right, per the Peace River Oil Partnership Agreement, to exercise both the right of first refusal and the tag along provision regarding the previously announced transaction on May 16, 2019. The anticipated closing of the 55% operated working interest in PROP is expected to be in mid August [Read more]
Headlines
Pieridae Negotiates Extensions of Key Deadlines in Its Long-Term LNG Agreement With Uniper
CALGARY, Alberta, July 11, 2019 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (Pieridae or the Company) (TSXV: PEA) today announced it has negotiated extensions of the key deadlines under its 20-year agreement with German utility Uniper. These include expected commercial deliveries of gas to Uniper to start between November 30th, 2024 and May 31st, 2025; and the extension to September 30, 2020 of the deadline to make a positive financial investment decision (FID) for the Company’s proposed [Read more]
Delphi Energy Corp. Announces Extension of Credit Facility
CALGARY, Alberta, July 11, 2019 (GLOBE NEWSWIRE) -- Delphi Energy Corp. (“Delphi” or the “Company”) announces that the annual borrowing base redetermination of its senior credit facility has been finalized. The amended credit facility has a borrowing base of $100.0 million reducing to $90.0 million upon the earlier of September 30, 2019 and the completion of the sale of excess Alliance pipeline transportation service for $11.9 million which was previously announced on June 17, 2019. The [Read more]
U.S. natgas futures fall on cooler midday forecast, big storage build
U.S. natural gas futures fell on Thursday, a day after hitting a five-week high, as midday forecasts called for less hot weather over the next two weeks than previously expected.The forecast, combined with a bigger-than-expected storage build and reduced gas flow to liquefied natural gas (LNG) export terminals, offset a big output decline caused by energy firms temporarily halting production in the Gulf of Mexico ahead of Tropical Storm Barry.The U.S. Energy Information Administration (EIA) said [Read more]
Intensifying storm shuts U.S. coastal refinery, adding to energy production losses
Threatened flooding from a tropical storm in the U.S. Gulf of Mexico that cut nearly a third of the region's oil production has forced the shutdown of a coastal refinery, pushing oil and gasoline prices higher on Thursday.Phillips 66 said it expected to complete the closing of its 253,600-barrel-per-day (bpd) Alliance, Louisiana, refinery on Thursday after local authorities ordered a mandatory evacuation of the area.Pipeline operator Enbridge evacuated staff from three offshore [Read more]
Oil at six-week high on Gulf of Mexico storm, Iran tensions
Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in the region. U.S. West Texas Intermediate crude futures were up 25 cents at $60.68 a barrel, having touched their highest since May 23 at $60.94. They gained 4.5% in the previous session. Brent crude futures were up 32 cents at $67.33 a barrel by 1153 GMT. Earlier in the session they hit their [Read more]
Cenovus achieves landmark business milestone
One billion barrels of cumulative oil sands production CALGARY, Alberta, July 11, 2019 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today that on July 10, 2019 the company reached one billion barrels of cumulative production from its Foster Creek and Christina Lake oil sands facilities in northern Alberta. Cenovus is the first company to produce one billion barrels of oil using steam-assisted gravity drainage (SAGD) technology. Foster Creek began producing oil as a [Read more]
Quebec premier affirms support for carbon price and Saskatchewan court challenge
SASKATOON - Quebec's premier is clarifying his province's carbon price isn't going anywhere, despite its entry into Saskatchewan's legal challenge of Ottawa's carbon tax. Francois Legault and Saskatchewan Premier Scott Moe spoke at a joint news conference in Saskatoon, as Canada's premiers gathered at The Council of the Federation's annual meeting. Quebec recently joined as an intervener in Saskatchewan's appeal to the Supreme Court of Canada after Saskatchewan lost a [Read more]
Heavy crude differential narrows slightly
The discount on Canadian heavy crude narrowed slightly on Wednesday:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $11.50 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Tuesday, WCS for August delivery settled at $11.70 a barrel below WTI crude futures.* Some minor draws on storage have supported prices and narrowed the differential, a Calgary trader said.* Many industry players are attending [Read more]
Enbridge eases oil volume terms for Mainline pipeline in response to small producers’ fears
Enbridge Inc has lowered oil-shipping requirements on its Mainline pipeline by nearly two-thirds, the company confirmed on Wednesday, a move likely to satisfy smaller producers that feared they would be elbowed out by the company's initial requirements.Enbridge now requires minimum volume commitments of 2,200 barrels per day (bpd), down from the 6,000 bpd commitment it previously sought, Enbridge spokesman Jesse Semko told Reuters. The company confirmed the change after sources said [Read more]