CALGARY - Cleanup crews are on site in northeastern Alberta after an estimated 630 barrels of salty produced water leaked from a pipeline operated by Baytex Energy Corp. The Alberta Energy Regulator says the leak was reported last Wednesday. It says the pipeline on the site about 45 kilometres southeast of Peace River has been shut down to stop the flow. The regulator says there has been no affect on waterbodies or wildlife. It says AER staff have responded to the [Read more]
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PrairieSky Announces 2019 Second Quarter Results
CALGARY, Alberta, July 22, 2019 (GLOBE NEWSWIRE) -- PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX: PSK) is pleased to announce its second quarter ("Q2 2019") operating and financial results for the period ended June 30, 2019. PRESIDENT’S MESSAGE Second Quarter 2019 Highlights: Funds from Operations totaled $58.0 million ($0.25 per common share basic and $0.24 per common share diluted), consistent with Q1 2019 funds from operations of $57.8 million ($0.25 per common share [Read more]
U.S. natgas futures rise near 3% on forecasts for more heat next week
U.S. natural gas futures gained almost 3% on Monday as forecasts for hotter weather and higher cooling demand next week lifted prices from two-week lows hit last week. Front-month gas futures for August delivery on the New York Mercantile Exchange rose 6.1 cents, or 2.7%, to settle at $2.312 per million British thermal units. On Friday, the contract fell to its lowest since July 2. Gas speculators trimmed their net short positions on the NYMEX and Intercontinental Exchange last week to [Read more]
Oil outlook sours as sanctions, global tensions fail to bring out bulls
Sentiment in the oil market has shifted dramatically in recent days, with hedge funds, producers and traders all taking a more bearish tack in response to what they see as weakness in worldwide demand. The oil market has struggled to sustain a rally despite supply restrictions that generally would be considered bullish. U.S. sanctions on Venezuela and Iran have removed more than 1.5 million barrels of daily supply from the market, OPEC extended a supply-cut deal into 2020 and tensions between [Read more]
Clearview Resources: Bantry Disposition Package
Bantry Current Production (Net): 73 boe/d (63 bbl/d oil, 59 mcf/d natural gas) BTNPV10: PDP - $3.071M (McDaniels, Dec. 31, 2018) 05-2018 to 04-2019 TY NOI: $340M (shut-in during wide differentials Non-operated 40% WI in 4,013 acres 41 gross wells Cardinal operates the property Low declines: 9% Reserve Life Index: PDP – 9.5yrs Contact Information: Renee Miles, Land Manager Clearview Resources Ltd. 2400, 635 – 8th Ave. S.W. Dir: 587-393-8509 Cell: [Read more]
AltaGas Reaches an Agreement to Sell Distributed Generation Assets for $940 Million
Continued successful execution of asset sale program further strengthens financial position and sharpens focus on core businesses CALGARY, July 22, 2019 /CNW/ - AltaGas Ltd. (AltaGas) (TSX: ALA) announced today that it has entered into a definitive agreement for the sale of its portfolio of U.S. distributed generation assets held by its subsidiaries WGL Energy Systems, Inc. and WGSW, Inc., to TerraForm Power, Inc., an affiliate of Brookfield Asset Management, for total gross proceeds of [Read more]
Market braces for Mexico’s annual oil hedge, trading surges -sources
Trading in crude oil options and futures surged last week as market participants prepared for Mexico's annual oil hedging program, in which the country buys as much as $1 billion in contracts to protect its oil revenues. The global oil derivatives market braces itself every year in late spring and summer for the hedge, the market's largest and most secretive financial oil deal. This year, Mexico has faced several challenges in executing the hedge and timing has become a crucial [Read more]
Strait of Hormuz: the world’s most important oil artery
Iran’s Revolutionary Guards said they had captured a British-flagged oil tanker in the Persian Gulf after Britain seized an Iranian vessel earlier this month, further raising tensions along a vital international oil shipping route. Iran's ambassador to Britain warned against escalating tensions on Sunday, a day ahead of an expected response from the UK which could include fresh sanctions on Tehran or other steps. Britain has called the capture of their ship in the Strait of Hormuz on Friday a [Read more]
Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill
CALGARY - A Calgary judge has denied British Columbia's attempt to block Alberta legislation that would allow that province to stop oil shipments to the coast. In a decision released Friday on the so-called Turn Off the Taps bill, Queen's Bench Justice Robert Hall said that B.C. doesn't have the right to take Alberta to court in Alberta over legislation passed by the Alberta legislature. "The only parties with standing to bring this action in this court are the (Attorney General of Canada) [Read more]
Canada rig count remains steady as drilling season continues
Canada’s fleet of active drilling rigs held steady at 118 this week according to data collected by Baker Hughes. This is still fairly weak compared to last year around this time, when there were 211 rigs active. Of the active rigs, 83 are drilling for oil; 35 for gas. 53% of the active rigs are in Alberta; 33% in Saskatchewan. View a full breakdown of western Canada’s rig activity. [Read more]