TORONTO - Alberta needs to buy as many as 7,000 rail cars if it wants to meet its goal of shipping an additional 120,000 barrels of oil a day, says Premier Rachel Notley. In a speech to the Toronto Board of Trade Thursday, Notley said her province is prepared to buy roughly 80 locomotives, with each train pulling 100 to 120 cars. This extra capacity will allow the province to transport 30 per cent more crude-by-rail than current levels, and would help narrow the price gap by $4 a [Read more]
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New Brunswick to intervene in Saskatchewan court challenge of carbon tax
FREDERICTON - The New Brunswick government has filed a notice of intervention in Saskatchewan's court challenge of the federal government's carbon pricing plan. Saskatchewan's government has asked its Court of Appeal to rule on whether the federal plan is constitutional. A notice sent to the court Thursday reads: "This is to advise that the Attorney General of New Brunswick intends to intervene in the Matter of the Greenhouse Gas Pollution Pricing Act, Bill C-74, Part V, and in [Read more]
Lacey: Crisis mode – It’s time to get ‘er done
Yesterday was an interesting day in that both the NDP and the UCP came out with speaking points as it relates to the current differential crisis in Alberta. Premier Notley announced that Alberta will buy rail cars to move oil, albeit the effect won’t be until a year from now, and Jason Kenney came out and saying that the government needs to implement a temporary, mandatory production curtailment in response to the current differential environment. There has been a mixed response to the various [Read more]
Canadian oil producers trade shares for growth but investors hard to impress
Depressed Canadian oil prices are forcing energy companies to use their shares as a currency to fund acquisitions, but investors have been hard to win over to the strategy. Unusually large price discounts for Canadian crude, due to clogged pipelines, and faltering global prices have made growth hard to realize. Some producers have reduced output and lower cash flow has left consolidation using stock as the main option. Shares of Encana Corp, Baytex Energy Corp and International Petroleum [Read more]
Saskatchewan expects bigger deficit, oil revenue dips
Saskatchewan forecast on Thursday a larger fiscal deficit than it previously projected, as revenue from oil and gas production dipped because of full pipelines. Saskatchewan, in a mid-year fiscal update, projected a $348.3 million deficit for 2018-19, compared with its forecast of $306 million in August. It had predicted a $365.3 million deficit in its April budget. The province heavily depends on revenues from production of crude oil and of potash, a crop nutrient. While North American [Read more]
Bonterra Energy Corp. Announces Adjustment to Cash Dividend for November 2018 Payable December 31, 2018
CALGARY, Alberta, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) (“Bonterra” or the “Company”) today announces an adjustment to its monthly dividend to $0.01 per share commencing with the November 2018 dividend payable December 31, 2018. In response to the recent significant increase in the Canadian oil price differentials for light oil, and deteriorating West Texas Intermediate (“WTI’) prices, Bonterra is taking necessary steps to protect its [Read more]
LNG Canada gets another buyer as Vitol inks supply deal with Petronas
LNG Canada, the $30 billion liquefied natural gas (LNG) export project, has bagged another client after project shareholder Petronas signed an initial sales deal with trading house Vitol. Royal Dutch Shell decided in October to construct the export terminal. It was the first major investment decision in a new North American LNG export project for two years and was expected to launch a new wave of such projects in the region. Petronas, the Malaysian oil and gas company that bought a 25 [Read more]
Pengrowth Provides Lindbergh Heavy Oil Differential Update for October and November With More Than 90% of Production Protected From Spot Pricing
Lindbergh On Track to Exit 2019 at 19,000 Barrels Per Day with November Month-to-Date Production That Has Averaged an Estimated 18,700 Barrels Per Day CALGARY, Alberta, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Pengrowth Energy Corporation (“Pengrowth”) (TSX:PGF, OTCQX:PGHEF), today reported the realized pricing and differentials for Lindbergh diluted bitumen (“Dilbit”) for the months of October and November. For the remainder of 2018, Pengrowth’s market access strategy includes two apportionment [Read more]
Great Plains Seismogenic Study: whose fault is it?
PFS Interpretations Ltd. is offering a study investigating Upper Cretaceous faults and fractures that occur beneath the Great Plains of North America. “Many Upper Cretaceous hydrocarbon bearing reservoirs can be interpreted with simple models based upon volcanic eruptions and earthquakes. In this study we present evidence showing how these reservoirs have been affected by these faults and fractures during the Late Cretaceous,” says Dr. Andy St-Onge, who first noticed the faults about 10 years [Read more]
