OTTAWA - The National Energy Board says Canada's existing export pipelines are running at maximum efficiency and the only way to realistically get more oil to market on pipelines is to build more of them. The board is responding today to questions posed last fall by Natural Resources Minister Amarjeet Sohi, who wanted to know if there was any way to improve the efficiency of pipelines while Canada struggles to expand or get new ones built. Put simply, the board says, the amount [Read more]
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U.S. oil rig count falls to lowest since April 2018 -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts. Drillers cut one oil rig in the week to March 15, bringing the total count down to 833, the lowest since April 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That is the first time the rig count has declined for four [Read more]
Canada Weekly Rig Count Down 28 to 161
Western Canada’s fleet of drilling rigs decreased by 28 rig to a total of 161 according to data collected by Baker Hughes for the week of March 15th. From last Friday, Alberta rig counts went from 137 to 116. Saskatchewan's rig count from 33 to 27. Oil drilling went from 118 to 98; natural gas rigs went from 71 to 63. View a full breakdown of western Canada’s rig activity. [Read more]
Point Loma Resources Announces 2018 Year-End Reserves and Operational Update
Calgary, Alberta, March 14, 2019: Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or “Point Loma”) is pleased to report the results of its 2018 year-end reserves as evaluated by McDaniel and Associates Ltd. (“McDaniel”) and provide an update on operations. Highlights: Proved producing reserves increased 35 percent year over year. Total proved plus probable (“2P”) reserves of 5,284 mboe and proved (“1P”) reserves of 2,967 mboe for the Corporation, an increase of 19 [Read more]
Imperial ramps down Aspen oil sands project execution
CALGARY, Alberta--(BUSINESS WIRE)--Imperial said today it has slowed the pace of development of its Aspen in situ oil sands project given market uncertainty stemming from Alberta government intervention and other industry competitiveness challenges. Imperial’s view remains that free markets work and intervention sends a negative message to investors about doing business in Alberta and Canada. The company remains concerned about the unintended consequences of the government’s decision to [Read more]
What is the future for Canada’s Natural Gas Resources?
In an increasingly natural gas focused world, will Canada be able to take advantage of its resources in the global marketplace? Join leaders and experts from government, industry, the regulatory sector and academia, as they discuss the opportunities and challenges, both domestic and international. Natural Gas World, in partnership with the Canadian Gas Association and the BOE Report, presents “Canadian Gas Dialogues”. The Canadian Gas Dialogues conference will take place in Calgary on April [Read more]
IEA sees oil market flipping into deficit in second quarter
The oil market will flip into a modest deficit from the second quarter of this year, with OPEC possessing a hefty supply cushion to prevent any price rally in case of possible supply disruptions, the International Energy Agency said on Friday.The IEA, which coordinates the energy policies of industrialised nations, kept its forecast of growth in global oil demand this year unchanged at 1.4 percent, or 1.4 million barrels per day (bpd).Solid growth in non-OPEC oil output led by the United States [Read more]
CAODC Annual Luncheon (March 29, 2019 in Calgary, AB)
The Luncheon is the Association's most significant annual event and represents an opportunity to connect with your fellow CAODC members. We’re happy to announce Ellis Ross, MLA for Skeena and former Chief Councilor of the Haisla Nation, as our keynote speaker, as well as MP Shannon Stubbs, and Mark Milke as Fireside Chat guests. To register, click here. For sponsorship opportunities, click here. [Read more]
Bellatrix Announces 2018 Year End Reserves Highlighted by 13% Reserve Growth and Low Cost Reserve Additions
TSX: BXE CALGARY, March 14, 2019 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX: BXE) announces 2018 year end reserves, highlighted by 13% reserve growth and low cost reserve additions. Reserves at December 31, 2018 were independently evaluated by InSite Petroleum Consultants Ltd. ("InSite"). The evaluation encompasses 100% of Bellatrix's oil and gas properties and was prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas [Read more]
Zargon Oil & Gas Ltd. Provides 2018 Fourth Quarter and Full Year Financial Results
CALGARY, Alberta, March 14, 2019 (GLOBE NEWSWIRE) -- Zargon Oil & Gas Ltd. (“Zargon” or the “Company”) (TSX:ZAR) has released its 2018 fourth quarter and full year financial results. Highlights from the fourth quarter and year ended Dec. 31, 2018 are provided below: HIGHLIGHTS FROM THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2018 For calendar 2018, funds flow was a negative $0.54 million (a negative $0.02 per basic share) compared to funds flow from operating activities of $5.99 [Read more]