U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as weaker oil prices encourage drillers to follow through on plans to cut spending. Drillers cut five oil rigs in the week to May 24, bringing the total count down to 797, the lowest since March 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 859 rigs operating during the same week a year ago. The rig count, an [Read more]
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Canada Weekly Rig Count Up 15 to 78
Western Canada’s fleet of drilling rigs went up by 15 to 78 according to data collected by Baker Hughes for the week of May 24th. From last Friday, Alberta rig counts went from 43 to 53. Saskatchewan's rig count increased from 1 to 11. Oil drilling went from 22 to 38; natural gas rigs declined by 1 to 40. View a full breakdown of western Canada’s rig activity. [Read more]
Court says B.C. can’t restrict oil shipments
VANCOUVER -- A court has ruled that British Columbia cannot restrict oil shipments through its borders in a decision that marks a win for the Trans Mountain pipeline expansion and Alberta's efforts to get its resources to overseas markets. The province filed a constitutional reference question to the B.C. Court of Appeal that asked whether it had the authority to create a permitting regime for companies that wished to increase their flow of diluted bitumen. A five-judge panel agreed [Read more]
Hardie & Kelly Inc. Announces R.I.I. North America Inc. Receivership Sale
CALGARY, Alberta, May 24, 2019 /CNW/ -- Hardie & Kelly Inc., in its capacity as court-appointed receiver (the "Receiver") of R.I.I. North America Inc. ("RIINA"), is accepting offers for RIINA's right, title and interest in the registered patents and patent applications in the jurisdictions of Canada, United States and Mexico (the "IP") associated with an enhanced oil recovery technology, called the solvent thermal resource innovations process ("STRIP), intended to cost-effectively introduce [Read more]
Cross-Canada corridor concept getting dusted off ahead of election
OTTAWA - The notion of a pan-Canadian corridor dedicated to rail, power lines and pipelines has been around for at least half a century but it looks like it's about to get a big publicity boost. Last week, Conservative Leader Andrew Scheer used a major pre-election policy speech to dust off a similar idea. Scheer promised, if he wins October's election, that he would to work towards establishing a cross-country "energy corridor." He said planning for the route would be done up [Read more]
Cequence Energy Announces Proposed Debt Transaction Private Placement and Credit Facility Renewal Update
CALGARY, Alberta, May 23, 2019 (GLOBE NEWSWIRE) -- Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) is pleased to announce a proposed debt restructuring transaction, private placement and credit facility renewal update. Under the terms of a first amending agreement to the Company’s $60.0 million Term Loan entered into between the Company and the Term Loan debtholders, the Company has agreed to pre-pay $10.0 million of the Company’s $60.0 million Term Loan plus accrued and unpaid [Read more]
Southern Energy Corp. Terminates Bought Deal Equity Financing and Announces $8.0 Million Convertible Debenture Financing in Connection With Previously Announced Strategic Asset Acquisition in the Southern United States
CALGARY, May 23, 2019 /CNW/ - Southern Energy Corp. ("Southern" or the "Company") (SOU: TSXV) announces that it has elected not to proceed with its underwritten public offering of subscription receipts, which was previously disclosed in the Company's press release dated April 25, 2019 (the "Public Offering"). The Company has withdrawn its short form prospectus filed in connection with the Public Offering on May 2, 2019 with the securities regulatory authorities in all provinces of Canada [Read more]
Toronto stock market has worst day of the year on trade angst and oil price drop
TORONTO - Canada's main stock index suffered its worst day of the year on Thursday as trade uncertainty and a big drop in oil prices weighed heavily on the energy sector. The S&P/TSX composite index closed down 162.74 points to 16,164.61, its lowest level in nearly two months. In New York, the Dow Jones industrial average was down 286.14 points at 25,490.47. The S&P 500 index was down 34.03 points at 2,822.24, while the Nasdaq composite was down 122.56 points at 7,628.28. North [Read more]
Pipestone Energy Corp. Implements Long Term Incentive Plan
CALGARY, Alberta, May 23, 2019 (GLOBE NEWSWIRE) -- (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to report that the board of directors (the “Board”) of Pipestone Energy have approved a long term incentive plan for the Company (the “LTIP”) allowing for the issuance of stock options (“Options”) exercisable for up to 5,688,690 common shares of the Corporation (“Common Shares”), restricted share units (“RSUs”) exercisable for up to 5,688,690 Common Shares and [Read more]
Shell Quest carbon capture and storage project reaches milestone of 4M tonnes
CALGARY - Shell Canada says the Quest carbon capture and storage project north of Edmonton has reached the milestone of four million tonnes of stored carbon dioxide, equivalent to the annual emissions of about one million cars. It says the accomplishment is ahead of schedule and has been attained at a lower cost than expected. Quest opened in 2015 and cost about $1.35 billion, backed with $745 million from the Alberta government and $120 million from Ottawa. The project was sold to [Read more]