CALGARY, Jan. 29, 2019 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) releases the results of the 2018 year end oil and gas reserves evaluation. In 2018, Yangarra drilled 36 wells with a continued emphasis on developing new areas through (small "E") exploration and further delineation of existing areas. Of the 36 wells drilled, 30 wells were brought on production in 2018 with the remaining 6 wells put on production in early 2019 as oil price differentials [Read more]
Headlines
Sanctions on Venezuela’s oil firm sends U.S. refiners scrambling
Venezuela's revenues from oil sales to the United States have come under severe threat as sweeping sanctions on Venezuelan state-owned oil firm has sent U.S. buyers scrambling for replacements. The United States on Monday imposed sanctions on Petróleos de Venezuela, S.A., known as PDVSA , to cripple the OPEC member's oil shipments, which account for nearly all of Venezuela's exports, in response to the reelection of socialist President Nicolas Maduro, a vote widely viewed as [Read more]
Mexico, Iraq expected to fill Venezuelan oil gap ahead of Canada, analysts say
CALGARY - A lack of export pipeline capacity means Canada will not be able to boost shipments to take advantage of U.S. sanctions against Venezuela's national oil company, analysts say. The sanctions announced Monday against PDVSA are designed to interrupt the flow of oil money to the government of President Nicolas Maduro, putting pressure on him to step aside and allow opposition leader Juan Guaido to fill in as interim president. Mexico and Iraq are instead most likely to benefit in the [Read more]
Drilling forecast cut due to lower expectations for 2019 oilpatch spending
CALGARY - The Petroleum Services Association of Canada is cutting 1,000 wells from its 2019 drilling forecast due to what it calls deteriorating investor confidence in Canada. The industry group says it now expects 5,600 wells to be drilled in Canada this year, down from its November forecast of 6,600, and 19 per cent behind the 2018 total of 6,948 wells drilled. PSAC CEO Gary Mar says a lack of market access continues to discourage investment in oil and gas exploration and production in [Read more]
TransCanada hires RBC to help sell up to 75% stake in Coastal GasLink pipeline
CALGARY - TransCanada Corp. says it has hired RBC to help it sell as much as a 75 per cent stake in the Coastal GasLink pipeline project designed to supply natural gas from northeastern B.C. to the LNG Canada facility on the West Coast at Kitimat. The Calgary-based company says it is following through with its intention announced in November to eventually reduce its interest in the 670-kilometre, 48-inch diameter natural gas pipeline project to between 25 and 49 per cent. The RBC news is [Read more]
Pipestone Energy Corp. Appoints Chief Financial Officer
CALGARY, Alberta, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Pipestone Energy Corp. (“Pipestone Energy”) (TSX-V: PIPE) announces the appointment of Craig Nieboer as Chief Financial Officer to be effective February 11, 2019. Mr. Nieboer has over 30 years of professional experience, including approximately 20 years in the Canadian and international oil and gas industries. He most recently served as Chief Financial Officer of TSX-listed CES Energy Solutions Corp. since 2008. Mr. Nieboer is a Chartered [Read more]
Athabasca Minerals Inc. Acquires Interest in Duvernay Frac Sand Project
Strengthens Position as Leading Canadian Domestic Frac Sand Producer January 29, 2019 EDMONTON, ALBERTA. Athabasca Minerals Inc. (“AMI” or the “Corporation”) (TSX Venture: ABM) has entered into an agreement (“Agreement”) to acquire ownership of a private Alberta corporation (“Privco2”) that holds the Duvernay Frac Sand Project (“Duvernay Project”) in Alberta. The Duvernay Project adds to and further strengthens the Corporation’s objective of becoming the leading ‘in-basin’ frac sand supplier [Read more]
LNG Canada Kitimat project demonstrates great depth of First Nation consultation
In his Key Note Presentation delivered to the British Columbia Natural Resource Forum last week, Andy Calitz, CEO of LNG Canada discussed the depth of consultation and relationship building that gathered support of many First Nations for the project. "When LNG Canada chose Kitimat as the location for our project, we reached out to First Nations leaders and local community officials to help us understand what we needed to do to manage and protect their communities. We spent a great deal of [Read more]
Wet’suwet’en members say pipeline company removed cultural property
HOUSTON, B.C. - Members of the Wet'suwet'en First Nation are alleging the company trying to build a natural gas pipeline through its territory "wilfully, illegally, and violently destroyed" its property this weekend. Coastal GasLink, which is working to build the pipeline from northeastern British Columbia to Kitimat on the coast, said its actions have been permitted and lawful. Jen Wickham, a member of the Gidimt'en clan within the nation, said Coastal GasLink bulldozed three [Read more]
Oilpatch financial results expected to reflect extreme Q4 oil price volatility
CALGARY - Fourth-quarter results from Canada's biggest oil and gas companies will likely feature some surprises, as well as revisions to forward plans, given extreme volatility in commodity prices in the last three months of 2018, financial analysts say. The parade of results begins Friday with Imperial Oil Ltd. and continues next Tuesday with Suncor Energy Inc. During the quarter, U.S. benchmark West Texas Intermediate oil prices fell 16 per cent from the previous period to [Read more]