HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for August 2018 was 1,008, up 11 from the 997 counted in July 2018, and up 56 from the 952 counted in August 2017. The international offshore rig count for August 2018 was 212, down 5 from the 217 counted in July 2018, and up 11 from the 201 counted in August 2017. The average U.S. rig count for August 2018 was unchanged at 1,050 counted in July 2018, and [Read more]
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Iron Bridge Resources Announces Agreement with Velvet Energy to Increase Equity Cash Consideration by 13%
Amended Offer Increases Consideration Payable for Each IBR Common Share to $0.845 in Cash Amended Offer Supported by Iron Bridge Board, Officers and Major Shareholders, who Commit to Tender Approximately 35% of Total Common Shares Outstanding Amended Offer Extends Expiry Time to 5:00 p.m. (Toronto Time) on September 24, 2018 Board Recommends Shareholders Tender Their Shares to the Velvet Offer CALGARY, Alberta--(BUSINESS WIRE)--$IBR #IBR--Iron Bridge Resources Inc. (“Iron Bridge”, “IBR” or [Read more]
Velvet Energy and Iron Bridge Resources Agree to Terms of Friendly Transaction with Unanimous Approval from Iron Bridge’s Board of Directors
All Iron Bridge Directors & Officers and Certain Shareholders Commit to Tender 35% of the Total Common Shares Outstanding Velvet Energy and Iron Bridge agree to friendly transaction with unanimous Iron Bridge Board support, wherein Velvet has increased its cash consideration by 13% from $0.75 to $0.845 per Iron Bridge common share Including the assumption of net debt of $9.0 million and net proceeds from dilutive securities, total cash consideration from Velvet is approximately $142 [Read more]
Guilty until proven innocent – If we could burn the endless stream of oilsands disinformation we wouldn’t need fossil fuels
Falsehood will fly, as it were, on the wings of the wind, and carry its tales to every corner of the earth; whilst truth lags behind; her steps, though sure, are slow and solemn, and she has neither vigour nor activity enough to pursue and overtake her enemy… Thomas Francklin, 1787 This quote, while a bit poncy and dour and unfunny for these parts, is also a pretty useful one to keep in mind. It may be maudlin, but it is also in turns useful and fascinating and disheartening. And Homer [Read more]
Indigenous groups still want to buy stake in Trans Mountain after court setback
VANCOUVER - Some First Nations and Metis communities are determined to purchase an equity stake in the Trans Mountain pipeline expansion despite a court ruling that halted construction and potentially set the project back for years. The Federal Court of Appeal ruling quashed the government's approval of the project, requiring it to examine the impacts of increased tanker traffic and consult more deeply with Aboriginal groups along the pipeline route. Indigenous groups in Fort McMurray, [Read more]
A decade later, Alberta project aims to both capture CO2 and boost oil output
CALGARY - Nearly a decade after winning millions of government dollars in support, a project with the seemingly contradictory goals of trapping greenhouse gas and boosting oil output is poised to bring a new dimension to the Alberta oilpatch. In August, Enhance Energy announced it has enlisted Wolf Midstream as a partner on its long-awaited Alberta Carbon Trunk Line project to capture CO2 from two Edmonton-area industrial sites and ship it 240 kilometres south to a legacy oilfield near Clive, [Read more]
Cenovus inks deal to move more crude on Canadian National Railway
Cenovus Energy Inc, has signed a deal to move more crude with the Canadian National Railway Co, a source with direct knowledge of the matter told Reuters. The source said the Cenovus-CN deal was signed days before a Canadian court last week overturned the approval of the Trans Mountain oil pipeline expansion. The deal is one of many being quietly signed that, along with the expedited deliveries of new locomotives, will help boost Canada's crude-by-rail shipments 50 percent by year end, a [Read more]
Canada Weekly Rig Count Down 24 to 204
Western Canada’s fleet of drilling rigs decreased to to a total of 204 according to data collected by Baker Hughes for the week of September 7th. From one week ago, Alberta rig counts decreased from 160 to 144. Saskatchewan's rig count decreased from 48 to 41. Oil drilling went from 151 to 133; natural gas rigs increased from 77 to 71. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. oil drillers cut rigs for second week in three
U.S. energy companies cut oil rigs for the second week in three as the rig count has stagnated over the past three months along with crude prices. Drillers cut two oil rigs in the week to Sept. 7, bringing the total count down to 860, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, rose by one in August after gaining three rigs in July and losing one in June. But is higher than a [Read more]
NuVista Energy Ltd. Announces Closing of Pipestone Asset Acquisition and Provides Operational Update
CALGARY, Alberta, Sept. 06, 2018 (GLOBE NEWSWIRE) -- NuVista Energy Ltd. ("NuVista" or the "Company") (TSX:NVA) is pleased to announce the successful closing of the previously announced acquisition of the Cenovus Pipestone Partnership (the "Acquisition") which holds assets in the Pipestone area of Northwest Alberta ("the Acquired Assets"). The Acquisition was partially funded through an offering of 47,415,801 subscription receipts ("Subscription Receipts") at a price of $8.10 per Subscription [Read more]