CALGARY - Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce its 2020 capital program, 2020 guidance and new five year plan. “We believe that the key to creating shareholder value is through fully utilizing the available capacity of our existing infrastructure, which is expected to increase our free funds flow, drive down our per unit costs and maximize our operational efficiencies. Our board of directors has approved a new five year plan which [Read more]
Headlines
North American oil company bankruptcies jump in 2019
The number of oil company bankruptcies rose 50% in 2019 over the previous year, as a slide in prices continued to shake producers in the United States and Canada, Dallas law firm Haynes and Boone said in a report released on Wednesday. U.S. and Canadian oil and natural gas exploration and production company bankruptcies totaled 42 in 2019, up from 28 in 2018, the law firm said. "Following a steep drop in oil prices in the fourth quarter of 2018, there was a sharp increase in the number of [Read more]
Alberta Energy Regulator laying off staff, restructures, deals with budget cuts
CALGARY - The agency responsible for approving and assessing energy development in Alberta is laying off staff as it deals with budget cuts. The Alberta Energy Regulator says it laid off "a couple of dozen" staff Tuesday with more to come by the end of February. Gordon Lambert, interim CEO, says the changes are part of a restructuring that aims to make the regulator more effective, efficient, and resilient. He says the new structure is simpler, one with less hierarchy, less duplication [Read more]
Oil declines as market surplus forecast counters Libya worries
Oil prices eased on Wednesday, extending declines as the International Energy Agency (IEA) forecast a market surplus in the first half, helping ease concerns about disruptions that have slashed Libya's crude output. Brent crude was down 24 cents, or 0.4%, at $64.35 a barrel at 0309 GMT, after dropping 0.3% on Tuesday. U.S. oil fell 29 cents, or 0.5%, to $58.09 a barrel, having declined 0.3% the day before. The head of the IEA, Fatih Birol, said on Tuesday he expects the market to be in [Read more]
Questerre closes acquisition of Quebec assets
CALGARY, Alberta, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that it has received all approvals and has closed the acquisition of assets in Quebec pursuant to the purchase and sale agreement with a senior exploration and production company (the “Agreement”) as set out in the Company’s press release dated March 7, 2019. Michael Binnion, President and Chief Executive Officer of Questerre, commented “With the [Read more]
Column: An open letter to a sociology professor demonizing the petroleum industry in the media – your aggression will not stand
To: Dr. Jason Carmichael, Associate professor of sociology, McGill University Dr. Carmichael, A friend forwarded me your recent interview on Global TV, where you discussed research on petroleum industry advertising. Normally I don’t watch such news items, but after doing so, I thought your research was worth commenting on since it reached such a wide audience, one that in general is not aware of petroleum industry issues, and may therefore form opinions based on seemingly authoritative [Read more]
XI Technologies: Open Asset Evaluation for January 2020
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Succeeding in oil and gas development comes down to how well and how quickly you can analyze potential opportunities. Once a month, XI Technologies will apply its evaluation tools to a currently available asset to give readers a sense [Read more]
New Rex Oil Opportunity on PrairieSky Lands Available for Leasing
PrairieSky Royalty has identified over 40 potential horizontal locations targeting Rex-aged Upper Mannville sands in the Westerose area of Central Alberta. Prospective lands are analogous to recent horizontal activity targeting the Rex in the Wizard Lake and Leduc-Woodbend fields. 29° API oil has been produced from the Rex in the Westerose area, as noted in tour reports and pool data for the 102/16-32-044-03W5 horizonal well. 2D Seismic data is also available for viewing over high-graded [Read more]
Producing Alberta mineral interests for sale
The Estate of Margaret Brassington (deceased) is offering for sale two quarter sections of freehold mineral interests, each of which is producing crude oil and generating royalties. These interests comprise: All mines and minerals except coal within, upon or under the Southwest Quarter of Section 5-49-1 W4M comprising 64.3 hectares (160 acres); and All mines and minerals except coal within, upon or under the Northeast Quarter of Section 19-49-1 W4M excepting thereout any of the waters [Read more]
Sproule releases 2020 report on Best Practices for Reserves Reporting of Abandonment, Decommissioning and Reclamation Costs in Canada
Sproule releases a special report on Best Practices for Reserves Reporting of Abandonment, Decommissioning and Reclamation Costs in Canada. This report outlines the recent changes to the Canadian Oil & Gas Evaluation Handbook (COGEH) with respect to the inclusion of Abandonment, Decommissioning and Reclamation Costs (ADR) in a reserves report and provides insight into how Sproule’s evaluators will follow the guidance on a go-forward basis. For more information or to download the report, [Read more]