CALGARY - A key indicator of future oil and gas drilling activity in Alberta has fallen to a record low as pipeline capacity constraints continue to restrain oilpatch spending. This week's auction of Crown drilling rights — which allow energy exploration on land where mineral rights are held by the province — raised just $3.9 million for the Alberta treasury, bringing the 12-month total to $119 million. That's less than the previous low mark of $137 million set in 2016 amid depressed [Read more]
Headlines
Oil prices surf U.S.-China trade thaw to 3-month highs
Oil prices remained atop three-month peaks on Thursday, extending a robust streak that began a week ago, as thawing trade relations between the United States and China supported global markets. U.S. West Texas Intermediate (WTI) crude gained 4 cents to $60.97 Brent crude futures edged up 8 cents to $66.25 a barrel. While trading volume was thin, with not even news of President Donald Trump's impeachment by the U.S. House of Representatives stirring the oil market. "We're near the [Read more]
Column: A Resolution: replace defensiveness with purposefulness – an important January Vancouver conference is a great place to start
I’m not normally one for New Year’s resolutions; there is no thrill in backpedaling furiously on a self-promise before January is half over. But, as with the potential rebirth of the energy scene through things like the ultra-massive hydrogen potential, perhaps it’s time I tried something different. So here’s a New Year’s resolution. It’s a bit early but I’m going to take a run at it and hit 2020 in a higher gear (if I don’t gain too much weight). Before committing to any sort of resolution [Read more]
Return Energy Inc. Announces Closing of Recapitalization and Appointment of New Management Team Marking the Return of the Spartan Franchise as “Spartan Delta Corp”
CALGARY - Return Energy Inc. (“Return” or the “Company”) (RTN: TSXV) is pleased to announce that it has completed its previously announced non-brokered private placement for aggregate gross proceeds of $25.0 million (the “Private Placement”) and appointed a new management team (the “New Management Team”) and new board of directors (the “New Board”) of the Company (collectively, the “Transaction”). Following the Transaction, the Company’s name will be changed to “Spartan Delta Corp.” (the “Name [Read more]
TransGlobe Energy Corporation Announces an Operations Update
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY - AIM & TSX: “TGL” & NASDAQ: “TGA” TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces a Q4 operations update. All dollar values are expressed in US dollars unless otherwise stated. UPDATES Production averaged ~15.3 [Read more]
Shareholders and Secured Debt Holders Approve Cona’s Acquisition of Pengrowth; Decision Received for Litigation Matter
CALGARY - Pengrowth Energy Corporation (“Pengrowth” or the “Company”) (TSX:PGF, OTCX:PGHEF) today announced the approval of its previously announced acquisition by Cona Resources Ltd. (the “Purchaser”), a portfolio company of Waterous Energy Fund, by way of a plan of arrangement (the “Arrangement”) under the Business Corporations Act (Alberta), at its special meetings of shareholders and secured debt holders held earlier today. At the special meeting of the Company's shareholders, a total of [Read more]
Alberta Appeal Court reserves ruling in federal carbon tax challenge
EDMONTON - The Alberta Court of Appeal has reserved its decision in the provincial government's challenge of the federal carbon tax. After three days of submissions, the court said it would issue a ruling as soon as it's able but not this week. Lawyers representing the federal government argued the climate crisis is the "greatest existential threat of our time." They said the Constitution gives Ottawa the authority to establish standards on greenhouse gas emissions because climate is a [Read more]
Jupiter Receives Additional Extension to Credit Facility
CALGARY - Jupiter Resources Ltd. and its affiliates (collectively, "Jupiter" or the "Company") have received an additional extension to the maturity date, associated with the Company's existing senior secured reserve-based revolving credit facility (the "RBL Facility"), until January 15, 2020. The commitments under the RBL Facility will be limited to a maximum of $265 million for the additional extension period, during which the Company will continue to negotiate a longer-term credit [Read more]
Gibson Energy Announces One Million Barrel Expansion at Hardisty Terminal
All financial figures are in Canadian dollars unless noted otherwise CALGARY - Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today it has sanctioned the construction of one million barrels of new tankage at its Hardisty Terminal. “The sanction of two new tanks at the Top of the Hill will further increase our high-quality, long-term infrastructure revenues and drive continued distributable cash flow per share growth,” said Steve Spaulding, President and Chief Executive [Read more]
Oil pipeline operator urges Canada court to dismiss indigenous court action
Trans Mountain Corp, the operator of Canada's state-owned oil pipeline, asked a court on Wednesday to dismiss a legal application by four indigenous groups to overturn government approval for expansion. A three-day Federal Court of Appeal hearing began in Vancouver on Monday to hear the groups' concerns that the government did not adequately consult them, the latest obstacle to tripling capacity on the Alberta-to-British Columbia pipeline, which the Canadian oil industry says is badly [Read more]