EDMONTON - Premier Rachel Notley discusses the case for imposing industry-wide oil production cuts in a letter to Albertans ahead of a scheduled news conference. The provincial government says Notley will speak to reporters Sunday evening about the next steps to ensure Albertans get the best possible value for their energy resources. The premier has also released an op-ed piece where she says the province must act now to deal with a growing glut of oil she blames on a lack of [Read more]
Headlines
Overflowing oil production continues to dampen oilpatch outlook, prices
CALGARY - Oil market analyst Kevin Birn likens Western Canada's crude supply to a bathtub with a drain that's too small to keep up with the increasing volume pouring out of the tap. As barrels of surplus oil lap the edge of the tub, desperate producers are forced to sell at rock-bottom prices to avoid a big mess. Meanwhile, no one seems to agree on how to either turn down the tap or install a bigger drain. "You can think of it as a bathtub that's full. And as long as the bathtub is [Read more]
Paramount Resources CEO backs calls for production cuts to support oil prices
CALGARY - A rift in the western Canadian oilpatch over how to best deal with a glut of oil blamed for wide discounts in local spot prices continues to widen despite the province's vow this week to buy locomotives and railcars to help drain the surplus. Alberta Premier Rachel Notley said in speeches in Ottawa and Toronto this week that the province has decided to buy as many as 80 locomotives and 7,000 rail tankers — expected to cost hundreds of millions of dollars — to move the province's [Read more]
Canada Weekly Rig Count Down 5 to 199
Western Canada’s fleet of drilling rigs decreased to a total of 199 according to data collected by Baker Hughes for the week of November 30th. From last Friday, Alberta rig counts went down 2 to 136. Saskatchewan's rig count decreased from 43 to 37. Oil drilling went from 124 to 119; natural gas rigs went remained at 80. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for fifth straight month
U.S. energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth month in a row, even though oil prices this week fell to their lowest since October 2017.Drillers added two oil rigs in the week to Nov. 30, bringing the total count to 887, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. For the month, the rig count was up 12 in November, matching last month and its fifth monthly increase [Read more]
Alberta trims deficit, warns low oil prices slowing economic growth
The Alberta government on Friday trimmed its 2018-2019 budget deficit estimate, but downgraded the 2019 economic growth forecast in the Canadian province due to faltering crude oil prices. The deficit looks to reach $7.5 billion, compared with $7.8 billion projected in August, the government said in a statement. The left-leaning New Democrat government led by Premier Rachel Notley had budgeted in April for an $8.8 billion deficit. She faces a provincial election in spring. Low Canadian [Read more]
N.B. Tories survive throne speech vote, plan to end ban on hydraulic fracturing
FREDERICTON - New Brunswick Premier Blaine Higgs says his government will change regulations to allow limited shale gas development —and could have it done before the end of the year. The throne speech of the minority Tory government passed in the legislature today, including a subamendment that urges government to allow limited natural gas development in the Sussex area. Saint John Harbour Liberal MLA Gerry Lowe voted with the Tories and the People's Alliance parties to support [Read more]
Open Letter to Premier Rachel Notley
Dear Premier Notley, I publish the BOE Report and founded this oil and gas daily in 2012. Through the years we have had a front row seat to the many failures of our governments to act on getting this province market access solutions. Major projects have been killed or put on indefinite hiatus, and government interventions to try to salvage these projects has become the norm. But none of this matters right now. We currently have no takeaway capacity and the industry is in free-fall. As you [Read more]
Point Loma Resources Announces Non-Core Gas Property Disposition for Cash Proceeds
CALGARY, AB / ACCESSWIRE / November 30, 2018 / Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or "Point Loma") is pleased to announce that it has closed a previously announced agreement to sell a minor interest in a gas property. The sale price of the non-core disposition is approximately $350,000 net to Point Loma, before customary closing adjustments, and has been paid in cash. Highlights Point Loma and Salt Bush Energy (‘Joint Venture Partner") have closed an [Read more]
Bellatrix Announces Closing of Daewoo Acquisition and Extension of Its Revolving Credit Facilities
CALGARY, Alberta, Nov. 30, 2018 (GLOBE NEWSWIRE) -- Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) announces that it has closed the previously announced acquisition of complementary assets from POSCO DAEWOO E&P Canada Corporation (“Daewoo”). The acquired assets are located in Bellatrix’s core Ferrier area of west central Alberta and include approximately 1,250 boe/d (65% natural gas, 35% liquids) of low decline (<15%) production. The acquisition was funded [Read more]