ARO is a key aspect of risk management and a disciplined retirement strategy is essential for corporate financial planning. While important, LLR ratios and government calculated liabilities only tell half the story when addressing Abandonment and Reclamation costs. Estimating the retirement obligation liability for an asset package or an entire company is a crucial requirement for A&D deals, but has traditionally been tackled late in the process. XI’s ARO Cost Model makes this an easy [Read more]
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Canada Weekly Rig Count Up 16 to 191
Western Canada’s fleet of drilling rigs increased this week to 191 actively drilling rigs according to data collected by Baker Hughes for the week of July 14. Drilling activity is still active in comparison to last year’s count. From one week ago, Alberta rig counts increased to 121 rigs from 105, the Saskatchewan rig count went down – current count at 39 from 43. Oil drilling increased to 106 rigs from 105; gas rigs increased to 85 from 70. View a full breakdown of western Canada’s [Read more]
In search for new CEO, Cenovus seeks fresh blood for old path
Cenovus Energy Inc's search for a new chief is focusing on external candidates with strong technical skills to help stabilize a company whose shares have nearly halved after an unpopular acquisition. The Canadian crude producer is working with executive recruitment firm Korn/Ferry International to find a replacement for outgoing Chief Executive Brian Ferguson, who was an accountant by profession, sources familiar with the matter told Reuters. Cenovus made a transformational [Read more]
U.S. drillers add oil rigs for 2nd week in a row -Baker Hughes
U.S. energy firms added oil rigs for a second week in a row as the drilling recovery continues into a 14th month, but the pace of additions has slowed to its lowest this year amid weak crude prices despite OPEC-led efforts to end a global supply glut. Drillers added two oil rigs in the week to July 14, bringing the total count up to 765, the most since April 2015, Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 357 active oil rigs during [Read more]
Study: US Will Be ‘Global Leader In Energy Exports’ By 2022
The U.S. is expected to be major natural gas exporter by 2022, according to a new projection by the International Energy Agency (IEA). The U.S. could account for roughly 40 percent of the world’s extra gas production by 2022, largely due to hydraulic fracturing, or fracking, according to the report. Production is growing faster than than domestic demand, so excess U.S. gas will likely be liquefied and exported abroad. “The US shale revolution shows no sign of running out of steam and its effects [Read more]
Cenovus releases 2016 corporate responsibility report
CALGARY, Alberta, July 13, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) has published its 2016 corporate responsibility report detailing the company's efforts to accelerate its environmental performance, protect the health and safety of its staff, invest in and engage with the communities where it operates and maintain the highest standards of corporate governance. In 2016, Cenovus: Set a target to achieve a 33 percent reduction in upstream greenhouse gas (GHG) emissions [Read more]
Blackbird Denies Unauthorized Payment to Investment Advisor
CALGARY, ALBERTA--(Marketwired - July 13, 2017) - Blackbird Energy Inc. (TSX VENTURE:BBI)("Blackbird" or the "Company") would like to clarify certain statements that appear in an article that was published on July 13, 2017, that alleged, among other things, that in connection with the public offering of common shares by the Company that closed on March 14, 2017 (the "Offering"), an unauthorized payment was made by the Company to an investment advisor. Blackbird denies any improper payment being [Read more]
Veresen Announces Resignation of Director and Common Share Dividend for July 2017
CALGARY, ALBERTA--(Marketwired - July 13, 2017) - Veresen Inc. ("Veresen" or the "Company") (TSX:VSN) announced today that Thierry Vandal has resigned as a director of the Company effective July 12, 2017. The Company would like to thank Mr. Vandal for his significant contributions to Veresen and wish him every success in the future. Common Share Dividend for July 2017 The Board of Directors has declared a cash dividend for July 2017 of $0.0833 per common share. The dividend will be paid on [Read more]
Saturn Oil + Gas Inc. Acquires Additional Land at Flaxcombe and Receives TSX Venture Exchange Approval and Closes Financing
SASKATOON, SASKATCHEWAN--(Marketwired - July 13, 2017) - Saturn Oil + Gas Inc. ("Saturn" or the "Company") (TSX VENTURE:SMI)(FRANKFURT:SMK) is pleased to announce that it has acquired a section of land near Flaxcombe, Saskatchewan from a Freehold land owner. This acquisition brings Saturn's total land package in the Flaxcombe area to five sections with working interest. Additionally, the Company is pleased to announce that further to the Company's news release dated June 30, 2017, the TSX [Read more]
E3 Metals Corp Acquires 390,000 hectares of additional Metallic and Industrial Minerals Permits Strategically Positioned over the Prolific Leduc Reservoir in Alberta
Vancouver, British Columbia - (July 13, 2017) – E3 METALS CORP. (TSX.V: ETMC) (the “Company” or “E3 Metals”) is pleased to announce that it has been granted 389,934 hectares (ha) of strategically positioned Metallic and Industrial Minerals (“MIM”) permits in E3 Metals’ core area in southern Alberta. This brings E3 Metals’ total MIM permit area to 477,898 ha in Alberta, located over some of the most prospective areas for lithium rich Leduc formation water (Petro-Brine) according to historical [Read more]