CALGARY, July 2, 2019 /CNW/ - Canada's largest energy-focused private equity manager, ARC Financial Corp. ("ARC"), announced that it has closed its ninth private equity fund, ARC Energy Fund 9 with $780 million of capital from institutional investors across Canada, the United States and Europe. Consistent with ARC's prior funds, ARC Energy Fund 9's investment strategy will focus on private Canadian entrepreneurial exploration & production and oilfield service companies. ARC has [Read more]
Headlines
Oil dives 3% on demand worries even as OPEC, allies extend cuts
Oil prices fell more than 3% on Tuesday, even after OPEC and allies including Russia agreed to extend supply cuts until next March, as weak manufacturing data had investors worried that a slowing global economy could dent oil demand. U.S. West Texas Intermediate (WTI) crude futures fell $2.20, or 3.7%, to $56.89 a barrel, after touching their highest in more than five weeks on Monday. The Organization of the Petroleum Exporting Countries and other producers such as Russia, a group [Read more]
Pieridae Energy Limited Announces Closing of Non-Brokered Private Placement of Common Shares and Convertible Debentures for a Total of $12.2 Million
CALGARY, Alberta, July 02, 2019 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (Pieridae or the Company) (TSXV: PEA) is pleased to announce that it has closed its previously announced (i) non-brokered private placement of common shares of the Company at a price of $0.86 per share for gross proceeds of $2.2 million (the “Common Share Offering”) and (ii) a non-brokered private placement of a secured convertible debenture of the Company (the “Convertible Debenture”) for aggregate gross proceeds of $10 [Read more]
OPEC and allies extend oil supply cut in bid to boost prices
OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars. The alliance, known as OPEC+, has been reducing oil supply since 2017 to prevent prices from sliding amid increasing competition from the United States, which has overtaken Russia and Saudi Arabia to become the world’s top producer. Asked by reporters whether agreement had been reached, Saudi Energy [Read more]
Obsidian Energy Announces Extension of Syndicated Credit Facility Redetermination Date
CALGARY, July 1, 2019 /CNW/ - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") announces the Company's banking syndicate has extended the syndicated credit facility redetermination date until August 30, 2019 as we progress through the necessary provisions in regard to the Peace River Oil Partnership ("PROP") disposition and continue to evaluate the potential of an unsecured bond offering, which remains subject to market conditions and [Read more]
U.S. Henry Hub natgas prices for June fall to lowest in 20 years
U.S. spot natural gas prices in June at the Henry Hub benchmark in Louisiana dropped to their lowest for the month since 1999 as record production so far this year allowed utilities to inject huge amounts of gas into storage. Next-day prices averaged $2.40 per million British thermal units (mmBtu) in June. That compares with an average of $2.97 in June 2018 and a five-year (2014-2018) average of $3.16. In June 1999, prices averaged $2.29. So far in 2019, next-day gas prices have [Read more]
Pacific Oil & Gas Limited Closes Acquisition of Canbriam Energy Inc.
CALGARY, June 28, 2019 /CNW/ - Pacific Oil and Gas Ltd. ("PO&G") and Canbriam Energy Inc. ("Canbriam") are pleased to announce that PO&G has completed the acquisition of all the issued and outstanding shares of Canbriam. "We welcome the Canbriam team to Pacific Oil and Gas Ltd," said Ratnesh Bedi, President of PO&G. "Our intention is to continue to produce the cleanest natural gas from the Montney region, and to help reduce global GHG emissions by sharing that resource through [Read more]
Higher oil prices, more tax income: Alberta ends 2018-19 with smaller deficit
EDMONTON - Newly released figures show the Alberta government ended the last fiscal year with a deficit more than $2 billion smaller than originally predicted in the budget. Higher oil prices and more than $800 million in additional tax revenue are being credited for shrinking the red number. The figures show resource revenue was up $1.6 billion from what was expected in the 2018-19 budget — the last brought in by Rachel Notley's NDP before a provincial election loss earlier this year to [Read more]
U.S. drillers add rigs for second week in a row
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row with oil futures up about 12% over the past couple of weeks despite plans by most producers to cut spending on new drilling this year. The rig count, however, was still down 92, or 10%, since the start of the year. Companies added four oil rigs in the week to June 28, bringing the total count to 793, General Electric Co's Baker Hughes energy services firm said in its closely followed report on [Read more]
Ontario Court of Appeal rules carbon tax is constitutional
Ontario's Court of Appeal ruled on Friday that Canada's federal carbon tax is constitutional after a challenge from the province's Conservative government in a blow to efforts to strike down Justin Trudeau's environmental policies.In April, Canada's federal government imposed a carbon tax on provinces without a carbon pricing system, which was opposed by several provinces including Ontario, Manitoba, Saskatchewan and New Brunswick. Ontario said in August 2018 it would [Read more]