CALGARY ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to provide an update on our Cardium development program which continues to demonstrate encouraging results as we initiate our 2020 drilling campaign. Additionally, the Company provides the details of recently added hedges to our 2020 program. Cardium Development Program Update All 13 wells from the second half of 2019 were successfully brought online prior to the end of December. Results from the program continue [Read more]
Headlines
Canada top court rejects bid by British Columbia to regulate oil pipeline
The Supreme Court of Canada on Thursday quickly dismissed an attempt by the western province of British Columbia to regulate what can be transported in a major crude oil pipeline crossing its territory. British Columbia wanted the right to require permits for companies shipping oil and other hazardous substances through the Trans Mountain pipeline, which transports oil from neighboring Alberta. Unusually, the top court delivered its decision immediately after hearing arguments. The [Read more]
Indigenous group vows peaceful pipeline opposition as Canadian police clamp down
An indigenous group that opposes construction of the Coastal GasLink pipeline in British Columbia will refuse workers access to their land, but in peaceful fashion, according to one of its chiefs. The statement comes after Royal Canadian Mounted Police (RCMP) established a checkpoint on Monday for access to a remote, forested area along Coastal GasLink's route, aiming to avoid a repeat of protests a year ago that resulted in arrests. Police last week launched a criminal investigation after [Read more]
Heavy discount touches new 13-month high on big inventories, cold weather
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude widened to a fresh 13-month high on Thursday, amid a cold snap in Alberta and large oil inventories in the province. In cold weather, shippers dilute bitumen volumes with additional ultralight oil, taking up more pipeline capacity. Inventories in Alberta have not yet drained to normal levels after building up late last year due to a temporary outage on the Keystone pipeline and a Canadian National [Read more]
Oil gains after U.S.-China trade deal, fall in inventories
Oil prices rose on Thursday buoyed by the long-anticipated signing of an initial Sino-U.S. trade deal that sets the stage for a jump in Chinese purchases of American energy products, while U.S. crude inventories fell more than expected. U.S. crude was up by 30 cents, or 0.5%, at $58.11 a barrel. Brent was 30 cents, or 0.5%, higher at $64.30 a barrel . Under the so-called Phase 1 deal to call a truce in a trade war between the world's two biggest economies, China committed to buying [Read more]
MEG Energy Announces Preliminary 2019 Fourth Quarter and Full-Year Financial and Operating Data
All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales unless otherwise noted CALGARY - MEG Energy Corp. ("MEG" or the "Company") (TSX: MEG) announced today its preliminary estimates of expected ranges of certain financial and operating data for the three months and year ended December 31, 2019. The table below presents management's preliminary estimates, based on the information and data currently available, of [Read more]
Pipestone Energy Corp. Provides Its 2020 Capital Budget and Guidance, an Operations Update and Announces the Exercise of an Option to Expand the 8-15 Compression Station
CALGARY - (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to provide an update to our operations as well as the release of our 2020 guidance and development plan. “I am very pleased to announce that Pipestone Energy produced approximately 17,700 boe/d during December 2019, well in excess of the top-end of our 2019 exit guidance. Well performance has been strong and in-line with our type curve expectations. Our 2020 capital program is 85% weighted to [Read more]
Enerplus Announces Executive Leadership Retirement and New Chief Operating Officer
CALGARY - Enerplus Corporation ("Enerplus") (TSX & NYSE: ERF) today announced the retirement of Ray Daniels as Senior Vice President, Operations, People & Culture after more than 35 years in the energy industry, including 12 years with Enerplus. Mr. Daniels will remain in his current position until he formally retires in April 2020. In conjunction with Mr. Daniels' retirement, the Company also announced that it has hired Wade Hutchings as Senior Vice President & Chief Operating [Read more]
Column: An open letter to Chancellor Gordon and President Ono
Dear Chancellor Gordon and President Ono, I am writing to you today regarding your decision to divest from all investments in fossil fuel related companies within the endowment fund at The University of British Columbia. Though I take exception to this decision as you are effectively offshoring carbon-based fuel production to countries with lower environmental, ethical and regulatory standards than places such as Canada, I wish to discuss how you recently arrived at this decision. On the [Read more]
Miscommunication led to three people turned away at pipeline checkpoint: RCMP
VANCOUVER - The RCMP says miscommunication led to three people being turned away at a checkpoint along a logging road leading to a work site for a natural gas pipeline in northern British Columbia. Supporters of Wet'suwet'en hereditary chiefs who oppose the Coastal GasLink project have set up three camps between the checkpoint and the work site. The Mounties say in a news release that there was some miscommunication as frontline police were implementing new access procedures after the [Read more]