DUBAI, United Arab Emirates - Saudi Arabia has announced nearly 40 agreements worth $53 billion, billed as the latest effort by Crown Prince Mohammed bin Salman to attract investment, create jobs and diversify revenue away from oil. A further 29 deals worth $960 million in sectors such as mining, logistics and energy were announced Monday at the launch of the government's National Industrial Development and Logistics Program. The crown prince looked on from the front row as [Read more]
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Oil and gas producers are releasing their budgets and for service companies, now might be the best time to advertise in the BOE Report
A flurry of 2019 budgets are being released by Canadian oil and gas producers. This comes just a month off a rebound from the lowest oil prices in recent Alberta history. With companies preparing their spending plans this year, service companies will be looking to stay visible to oil and gas producers as they contemplate the services they may be using in the near-term. The BOE Report is the predominant source for oil and gas news, activity and information for oil and gas producers. Over [Read more]
Canada Weekly Rig Count Up 23 to 232
Western Canada’s fleet of drilling rigs increased by 23 rigs to a total of 232 according to data collected by Baker Hughes for the week of January 25th. From last Friday, Alberta rig counts went from 138 to 161. Saskatchewan's rig count went from 50 to 49. Oil drilling went from 128 to 146; natural gas rigs went from 81 to 86. View a full breakdown of western Canada’s rig activity. [Read more]
Peyto Announces TSX Approval for Renewed Normal Course Issuer Bid
CALGARY, Alberta, Jan. 25, 2019 (GLOBE NEWSWIRE) -- Peyto Exploration & Development Corp. (TSX: PEY) ("Peyto" or the "Company") is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted the Company's notice of intention to commence a normal course issuer bid (the "NCIB"). Pursuant to the NCIB, Peyto may purchase up to 12,400,000 of the outstanding common shares of the Company ("Common Shares"), which represents approximately 10% of the "public float" (as such term is [Read more]
No sales tax, but Alberta premier says wait and see for detailed plan
EDMONTON - Alberta Premier Rachel Notley says she won't bring in a sales tax, a health premium or a payroll tax and will wait until closer to the provincial election to outline further details. "Stay tuned for the rest of it," Notley said Friday. She wouldn't say whether she will propose changes to the progressive income tax her NDP brought in to replace the former government's flat tax. "What I will say now is that we are committed to maintaining the tax advantage that [Read more]
U.S. drillers add rigs this week, but cut most in a month since 2016
U.S. energy firms this week increased the number of oil rigs operating for the first time this year but the rig count in January fell the most in a month since April 2016, as the boom in the Permian, the nation's biggest shale oil formation, cools. Drillers added 10 oil rigs in the week to Jan. 25, bringing the total count to 862, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. More than half the total U.S. oil rigs are in the Permian [Read more]
Connacher Oil and Gas Limited Announces Extension of CCAA Stay
CALGARY, Jan. 25, 2019 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") announced that it has obtained an order from the Alberta Court of Queen's Bench extending the period of the Court-ordered stay of proceedings against Connacher under the Companies' Creditors Arrangement Act ("CCAA") until the earlier of (i) the filing of the Monitor's certificate under Connacher's Amended and Restated Plan of Compromise and Arrangement dated August 13, 2018 and (ii) March 15, 2019. The [Read more]
Enerplus focuses $600-million budget on growing North Dakota oil production
CALGARY - Enerplus Corp. says it will increase spending and production this year while continuing to focus on its North Dakota Bakken light oil play. The mid-sized producer says it plans to spend between $565 million and $635 million this year, with the mid-point of $600 million set slightly higher than actual spending of $594 million in 2018. Only 7.5 per cent of the funds are to be spent in Canada in 2019. Eighty per cent is allocated to fund a net 42-well drilling program in [Read more]
Enerplus Announces Fourth Quarter Update, 2019 Budget and Three-Year Outlook
CALGARY, Jan. 25, 2019 /CNW/ - Enerplus Corporation ("Enerplus" or the "Company") (TSX & NYSE: ERF) today announced fourth quarter 2018 production at the high-end of its guidance range, its 2019 exploration and development capital budget of $565 to $635 million and a three-year outlook through 2021. "We're focused on maximizing returns, driving profitable growth and positioning our business for strong free cash flow generation," stated Ian C. Dundas, President and Chief Executive Officer. [Read more]
Indian Act to blame for pipeline gridlock in northern B.C.: federal minister
VANCOUVER - Canada's minister of Crown-Indigenous relations is pointing her finger at the Indian Act for creating a gridlock in northern British Columbia where some hereditary clan chiefs say a liquefied natural gas pipeline doesn't have their consent. Carolyn Bennett would not say whether she believes the hereditary chiefs of the Wet'suwet'en First Nation have jurisdiction over the 22,000 square kilometres they claim as their traditional territory, saying that it is up to each community to [Read more]