** Shares of Canada-based oil and gas producer rise 11.9% to C$11.99; company top percentage gainer on the Toronto Stock Exchange's S&P/TSX composite index ** TOU forms a private royalty and infrastructure company, Topaz Energy Corp ** It will sell its royalty and infrastructure assets for C$775 mln to Topaz** Topaz will be capitalized with a C$150-C$200 mln 3rd-party private equity placement and with TOU owning 75%-81% of the company** We view this as a positive and creative [Read more]
Headlines
Oil rises on hopes for deeper OPEC output cuts, U.S.-China trade talks
Oil prices climbed early on Friday, building on gains in the previous session, after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war. U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, also up 0.41%, from their last close to $54.10 per barrel. International benchmark Brent crude futures were at $59.80 a barrel, up 15 cents, or 0.3%, from their previous settlement. Brent [Read more]
Pieridae Energy Closes Tranche One of Subscription Receipts Private Placement
Pieridae Energy Limited (“Pieridae” or the “Company”) (TSXV: PEA) is pleased to announce that it has closed the first tranche of its previously announced brokered private placement of Company subscription receipts (the “Offering”). Pieridae has issued 14,970,070 subscription receipts of the Company at a price of $0.86 per subscription receipt for gross proceeds of $12,874,260.20. Pieridae has also closed on the issuance of 711,967 subscription receipts, at a price of $0.86, on a non-brokered [Read more]
Heavy and synthetic barrels weaken
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Thursday:* Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $16.00 per barrel below WTI, according to Net Energy Exchange. On Wednesday November WCS settled at $15.30 a barrel below WTI.* Light synthetic crude from the oil sands weakened to trade at $1.00 per barrel over WTI, having settled at $1.50 per barrel over the benchmark the previous [Read more]
Tourmaline Announces Formation of Topaz Energy, Unlocking Value in Tourmaline’s Significant Asset Base
Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline") is pleased to announce the formation of Topaz Energy Corp. ("Topaz"), a new private royalty and infrastructure energy company. Tourmaline will sell to Topaz: a royalty interest on Tourmaline lands, a non-operated interest in two of Tourmaline's existing 19 natural gas processing plants, and a contracted interest in a portion of Tourmaline's current third-party revenue for total cash and share consideration of $775 million. Topaz will be a [Read more]
Saudi Arabia says its oil output fell 660,000 bpd in Sept after attacks
Saudi Arabia, the world's largest oil exporter, told OPEC that the kingdom's oil production in September fell by 660,000 barrels per day (bpd) compared with August to 9.13 million bpd in the wake of attacks on its energy installations. Secondary sources said Saudi Arabia's oil production was even lower, falling month-on-month in September by 1.28 million bpd to 8.56 million bpd, OPEC's monthly report showed. The Sept. 14 attacks targeted two of state oil giant Saudi Aramco's plants, [Read more]
PetroFrontier Corp. Announces Proposed Financing
PetroFrontier Corp. ("PetroFrontier") (TSXV:PFC) is pleased to announce that it has entered into a letter of intent and related term sheet with an arm's-length third party funder whereby the third party funder and its affiliates (collectively, the "Funder") will provide funding to allow PetroFrontier to further develop its interests in the Cold Lake and Wabasca areas of Alberta (the "Proposed Funding Transaction"). Pursuant to the term sheet, the Proposed Funding Transaction will proceed as [Read more]
Register Now: Discover Conference
Explore Canada’s Role and Opportunities in the New Energy Future – Discover Conference 2019 on October 29, 2019 Join us for an afternoon of thoughtful dialogue on the opportunities and challenges facing the Canadian energy industry. The Discover Conference 2019 brings insights from Sproule experts together with our industry partners to explore Canada’s role and opportunities in the new energy future. Registration is complimentary, to request your invite, [Read more]
Don’t miss your chance to witness the future of pipeline data management!
On October 24, GDM Pipelines will be hosting a showcase of innovative technologies that are transforming pipeline data management. Space is running out…don’t miss your chance to join us! Here's what you can expect... As we enter 2020, oil and gas companies are continuing to look for ways to streamline operations. More and more, this includes strategies to leverage data to its full potential, ultimately creating efficiencies across the entire organization. From in-field data collection, to [Read more]
Auction of Major Oilfield Services Contractor Assets – Oct. 23
Late Model Oilfield Services Fleet Featuring: Freightliner, Peterbilt & Kenworth Semi/Vac Units, Peterbilt, Kenworth, Freightliner & Western Star Pressure Trucks, Peterbilt, Western Star, International & Kenworth Flush-By Trucks & Scona, Marcep Trailer, Deloupe, Advance, Covax, Magnum & Westech Vacuum Trailers & More. For Information, click here. [Read more]