CALGARY, AB, March 30, 2020 – The Petroleum Services Association of Canada (PSAC) announces today that Gary Mar has resigned as President and CEO of the Association, effective April 15, 2020 to accept a position in another organization. “In the interim, Senior Vice President Elizabeth Aquin will assume the role of President and CEO with the full confidence of the Association’s Board of Directors. As we navigate these challenging times, Elizabeth is dedicated to continue bringing our members [Read more]
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Obsidian Energy Announces Year-End 2019 Financial and Operational Results and 2020 Development Program Update
Met or Exceeded all 2019 Guidance Metrics Achieved Significant Reduction in Undiscounted Asset Retirement Obligations During 2019 Strong Continued Operational and Development Results Year to Date CALGARY - (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce our year-end 2019 financial and operational results, development program updates, and an update on our US listing. All figures are in Canadian dollars unless otherwise stated. [Read more]
U.S. natgas edges up with big drop in rig count, forecasts for less output
U.S. natural gas futures edged up on Monday on expectations production will decline in coming weeks and months after the rig count dropped last week. The small increase came despite a near 9% drop in oil prices and forecasts for milder weather and lower heating demand over the next two weeks than earlier expected. On its first day as the front-month, gas futures for May delivery on the New York Mercantile Exchange rose 1.9 cents, or 1.1%, to settle at $1.690 per million British thermal [Read more]
Global oil demand could fall around a third next month
Global commodities trader Trafigura's chief economist said oil demand could fall by more than 30 million barrels per day (bpd) in April, as the global economy grinds to a near halt due to the coronavirus. The forecast, the highest yet from a senior industry forecaster, equates to around a third of the world's daily oil consumption. Saad Rahim, chief economist at the Geneva-based trader, said a battle for market share between Saudi Arabia and Russia had become increasingly irrelevant now [Read more]
i3 Energy plc strategic production acquisition & TSX listing
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce the following update. Highlights i3 has entered into an Option agreement to acquire all issued and outstanding common shares of Toscana Energy Income Corporation ("Toscana" or "TEIC"), a TSX listed company TEIC had 2019 year-end 2P Reserves of 4.65 MMboe (53% oil, 47% gas) with a reserve life index of 14.7 years Toscana's 2019 production averaged 1,065 boepd and generated C$5.5 [Read more]
U.S. crude dips as lockdowns hit demand
Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest level in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could decline further. U.S. West Texas Intermediate (WTI) crude fell $1.69, or 7.8%, to $20.08. Earlier in the session, WTI fell as low as $19.92. Brent crude, the international benchmark for oil prices, was down $2.09, or 8.4%, at $22.84, after earlier dropping to $22.58, [Read more]
Inter Pipeline Announces Reduction to Monthly Cash Dividend, Suspension of Dividend Reinvestment Plan and Business Update
CALGARY - Inter Pipeline Ltd. ("Inter Pipeline") (TSX:IPL) announced today measures to provide greater financial strength and flexibility for its capital program in response to the significant decrease in global energy prices and the COVID-19 pandemic. In summary, these measures include: Dividend reduction of 72% Suspension of the Premium DividendTM and Dividend Reinvestment Plan Suspension of the European Bulk Liquid Storage sales process Expense reductions including [Read more]
Managing Covid-19: Important Resources for Energy Companies
When we feel a global impact like the one from novel coronavirus (COVID-19), we need to be prepared to adapt and keep every aspect of your business safe—from pivoting immediately to formulating long-term strategies for success. Above all, the people driving your businesses are priority. BDO teams across the country are proactively engaged and rapidly monitoring new developments, providing guidance and support to clients wherever they need it, and responding accordingly. We're here to offer [Read more]
Point Loma Resources Announces Termination of Further Closings of the Wizard Lake Property Disposition
CALGARY - Point Loma Resources Ltd. (TSX-V:PLX) ("Point Loma" or the "Corporation") announces the termination of further closing steps in the previously announced disposition of the Wizard Lake Property. Termination of Purchase and Sale Agreement ("PSA") Further to the Corporation's press release on December 17, 2019, the Corporation has been advised in writing by Whitebark Energy Ltd. that they will not be completing the pending Step 2 and Step 3 closings as contemplated in the previously [Read more]
Evolution of the Dissolvable Frac Plug
Dissolvable technology has been an evolving success story — innovation answering necessity in an industry never short of challenges. Today, dissolving plugs are a frequent if not typical component of most well completions, in all wellbore or downhole environments. Dissolvable plugs have proven to be particularly effective in long laterals with higher stage density. In fact, a report by Stratview Research predicts that the global dissolvable frac plugs market is likely to reach $1,178.8 million [Read more]