Western Canadian crude oil storage inventories hit a record high of 37.1 million barrels in April, according to data from energy information provider Genscape, as Alberta government production cuts failed to reduce a glut of oil in the province.Genscape said the build in inventories was due to lower pipeline flows out of Canada's main crude-producing province, while crude-by-rail shipments remain below the high levels they hit late last year.Alberta imposed temporary oil production [Read more]
Headlines
Oregon denies water permit for Pembina’s Jordan Cove LNG export terminal
Oregon environmental regulators denied water quality certification for Canadian energy company Pembina Pipeline Corp's proposed $10 billion Jordan Cove liquefied natural gas (LNG) export terminal The Oregon Department of Environmental Quality (DEQ) said on Monday its decision was made "without prejudice," meaning Pembina may reapply for certification and submit additional information that could result in a different decision. Pembina said on Tuesday its management team was "working to [Read more]
Baker Hughes Announces April 2019 Rig Counts
HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for April 2019 was 1,062, up 23 from the 1,039 counted in March 2019, and up 84 from the 978 counted in April 2018. The international offshore rig count for April 2019 was 251, up 4 from the 247 counted in March 2019, and up 57 from the 194 counted in April 2018. The average U.S. rig count for April 2019 was 1,012, down 11 from the 1,023 counted in March [Read more]
U.S. sinks Arctic accord due to climate change differences
The United States has refused to sign an agreement on challenges in the Arctic due to discrepancies over climate change wording, diplomats said on Tuesday, jeopardising cooperation in the polar region at the sharp edge of global warming. Temperatures in the Arctic are rising at twice the rate of the rest of the globe, and melting ice has opened vast untapped oil and gas reserves to potential commercial exploitation.A meeting of nations bordering the Arctic in Rovaniemi in northern Finland on [Read more]
Energy Optimization Services For Junior Alberta Oil & Gas Companies
Engage 35 years of oil and gas experience to add value to your company! Specializing in operating expense reductions, increase your netbacks/reserve value! Field superintendent/operations manager coverage, full time management for part time cost! (Example five-day coverage for two-day cost, based on asset size!) Low monthly cost! Gas production optimization, scada decline curve analysis, plunger lift operations review! Project management, from planning to on production! Lease [Read more]
Petrus Resources Announces First Quarter 2019 Financial & Operating Results
CALGARY, Alberta, May 06, 2019 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results for the first quarter of 2019. Petrus is focused on organic growth and infrastructure control in its core area, Ferrier, Alberta. The Company is targeting light oil and liquids rich natural gas in the Cardium formation as well as investing in infrastructure in Ferrier to control operations in order to maximize the Company's return on [Read more]
Bonterra Energy Corp. Announces First Quarter 2019 Financial and Operational Results
CALGARY, May 6, 2019 /CNW/ - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") is pleased to announce its operating and financial results as at and for the three months ended March 31, 2019. The related unaudited condensed financial statements and notes, as well as management's discussion and analysis ("MD&A"), are available on SEDAR at www.sedar.com and on Bonterra's website at www.bonterraenergy.com. HIGHLIGHTS As at and for the three [Read more]
Surge Energy Inc. Announces 2019 First Quarter Results; Record Production
CALGARY, May 6, 2019 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its operating and financial results for the quarter ended March 31, 2019. MESSAGE TO THE SHAREHOLDERS Q1/19 was a solid "recovery" quarter for Surge, as the extremely weak Q4/18 Canadian crude oil pricing fundamentals quickly turned positive during the period. With crude oil prices averaging US $54.90 per bbl, Surge's cash flow from operating activities increased eight percent as [Read more]
Connacher Oil and Gas Limited Announces Amended and Restated Support Agreement with Consenting First Lien Lenders and CCAA Plan of Compromise and Arrangement
CALGARY, May 6, 2019 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") is pleased to announce that it has entered into an Amended and Restated Support Agreement (the "Amended and Restated Support Agreement") with certain first lien lenders (the "Consenting First Lien Lenders") holding in excess of 75% of the principal amount of debt outstanding under the First Lien Credit Agreement dated as of May 23, 2014 (as amended) (the "First Lien Credit Agreement") and Wilmington Trust, [Read more]
MEG Energy reports strong adjusted funds flow in first quarter 2019
All financial figures in Canadian dollars ($ or C$) unless otherwise noted CALGARY, May 6, 2019 /CNW/ - MEG Energy Corp. ("MEG") reported its first quarter 2019 operational and financial results. Highlights include: Bitumen production volumes of 87,113 barrels per day (bbls/d) at a steam-oil-ratio (SOR) of 2.2, reflecting continued Alberta-wide mandated curtailments on MEG's production capacity of 100,000 bbls/d; Delivery of 31% of sales volumes to the U.S. Gulf Coast ("USGC") market [Read more]