U.S. energy firms this week increased the number of oil rigs operating for a second week in a row with oil futures up about 12% over the past couple of weeks despite plans by most producers to cut spending on new drilling this year. The rig count, however, was still down 92, or 10%, since the start of the year. Companies added four oil rigs in the week to June 28, bringing the total count to 793, General Electric Co's Baker Hughes energy services firm said in its closely followed report on [Read more]
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Ontario Court of Appeal rules carbon tax is constitutional
Ontario's Court of Appeal ruled on Friday that Canada's federal carbon tax is constitutional after a challenge from the province's Conservative government in a blow to efforts to strike down Justin Trudeau's environmental policies.In April, Canada's federal government imposed a carbon tax on provinces without a carbon pricing system, which was opposed by several provinces including Ontario, Manitoba, Saskatchewan and New Brunswick. Ontario said in August 2018 it would [Read more]
Canada Weekly Rig Count Up 5 to 124
Western Canada’s fleet of drilling rigs went up by 5 to 124 according to data collected by Baker Hughes for the week of June 28th. Oil drilling went from 80 to 84; natural gas rigs went from 39 to 40. View a full breakdown of western Canada’s rig activity. [Read more]
Michigan sues Enbridge in U.S., seeks to shut oil pipeline through Great Lakes
CALGARY, Alberta (Reuters) - The U.S. state of Michigan has filed a lawsuit asking for an Enbridge Inc oil pipeline that runs under the Straits of Mackinac in the Great Lakes to be decommissioned, Michigan’s attorney general said on Thursday. The Line 5 oil pipeline ships 540,000 barrels per day of light crude oil and propane and is a critical part of Enbridge’s Mainline network, which delivers the bulk of Canadian crude exports to the United States. Potential disruption to Line 5 adds to [Read more]
Oil prices little changed ahead of G-20 talks, OPEC meet
Oil prices were little changed on Friday as traders awaited any update on the Sino-U.S. trade war from a scheduled weekend meeting of the two countries’ presidents at the G20, and eyed next week’s OPEC gathering. U.S. West Texas Intermediate (WTI) crude futures were up 14 cents, or 0.3%, at $59.60 a barrel. The leaders of the G20 countries meet on Friday and Saturday in Osaka, Japan, but the most anticipated meeting is between U.S. President Donald Trump and Chinese President Xi Jinping on [Read more]
Paramount Resources Ltd. Announces the Sale of its Karr 6-18 Natural Gas Facility for Cash and Other Considerations of $470 million
CALGARY, June 28, 2019 /CNW/ - Paramount Resources Ltd. (ʺParamountʺ or the ʺCompanyʺ) is pleased to announce that it has entered into an agreement with an affiliate of CSV Midstream Solutions Corp. (ʺCSV Midstreamʺ) for the sale of its Karr 6-18 natural gas facility and related midstream assets (the ʺ6-18 Facilityʺ) for total cash consideration of approximately $330 million plus a $140 million capital commitment to fund and complete the associated expansion of the facility (ʺD2ʺ), bringing the [Read more]
B.C. to argue for injunction on Alberta’s turn-off-the-taps law in Calgary court
CALGARY - British Columbia's request for an injunction against Alberta's so-called turn-off-the-taps law is to be heard in a Calgary courtroom today. The legislation allows Alberta to crimp energy shipments to B.C. if it stands in the way of a major pipeline expansion to the west coast. B.C. filed a statement of claim in Alberta Court of Queen's Bench last month calling the law unconstitutional. The legislation was passed — but never used — by Alberta's former NDP government as a way to [Read more]
No pipeline fireworks as Western premiers emerge from annual meeting in Edmonton
EDMONTON - Canada's western and northern leaders pushed Thursday for reducing trade barriers and building trade corridors while avoiding a bunfight on the contentious Trans Mountain pipeline. Alberta Premier Jason Kenney and his B.C. counterpart John Horgan amicably agreed to continue to disagree on the pipeline expansion project that would carry Alberta oil to the West Coast. Horgan even made a joke about being the lone New Democrat at the table with Kenney, Saskatchewan's Scott Moe and [Read more]
Private Investor Acquires 19.96% of the Shares of Cequence Energy Ltd.
CALGARY, Alberta, June 27, 2019 (GLOBE NEWSWIRE) -- Mr. G.A. Cumming announces the acquisition of 7,737,108 common shares (“Common Shares”) of Cequence Energy Ltd. (“Cequence”) as part of a larger private placement of flow-through common shares of Cequence (the “Private Placement”) completed today. Under the Private Placement, Cequence issued a total of 17,230,769 common shares, all on a flow-through basis in accordance with to the Income Tax Act (Canada), at a subscription price of $0.65 per [Read more]
Cequence Energy Ltd. Announces the Completion of Its Private Placement, Debt Transaction and Results of Its Annual General and Special Meeting of Shareholders
CALGARY, Alberta, June 27, 2019 (GLOBE NEWSWIRE) -- Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) is pleased to announce the successful completion today of its previously announced private placement of common shares (the “Private Placement”), $10 million principal repayment on its $60 million term loan, as well as the results of its Annual General and Special meeting of shareholders. Private Placement Under the Private Placement, Cequence issued a total of 17,230,769 [Read more]