Cenovus Energy is pressing ahead with aggressive plans to transport more crude by rail, contrasting itself with peers who have hit the brakes, as the Canadian oil producer bets that pipeline bottlenecks are likely to return. Pipeline congestion depressed Canadian oil prices last year, prompting Cenovus and other producers to increase their reliance on rail to move crude to U.S. refineries. Alberta's provincial government imposed mandatory production cuts in January, an unusual step that [Read more]
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Well completion companies report sharp slowdown in fourth-quarter activity
CALGARY - Companies whose services are needed for hydraulic fracturing or "fracking" of oil and gas wells are reporting tough times thanks to a slowdown in drilling in Western Canada in the fourth quarter. Shares in both Trican Well Service Ltd. and Source Energy Services Ltd. trended lower Thursday after the Calgary-based companies reported lower sales in the last three months of 2018. Fracking involves injecting water, sand and chemicals under high pressure to crack tight rock formations [Read more]
Obsidian Energy Announces Gordon Ritchie to replace Jay W. Thornton as Chairman of the Board of Directors
CALGARY, Feb. 21, 2019 /CNW/ - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") announces that Gordon Ritchie will replace Jay W. Thornton as Chairman of the Board of Directors (the "Board"). Mr. Thornton has resigned his Board position effective as of the close of business on Wednesday, February 20, 2019 due to personal reasons. Mr. Ritchie commented "I would like to thank Jay for his time on the Board and acting as Chairman. As I embark [Read more]
Kelt Reports Significant Increases in Oil & Gas Reserves and Net Asset Value per Share as at December 31, 2018
CALGARY, Alberta, Feb. 21, 2019 (GLOBE NEWSWIRE) -- Kelt Exploration Ltd. (TSX:KEL) (“Kelt” or the “Company”) is pleased to report on its oil & gas reserves and production for the year ended December 31, 2018. [Kelt's audit of its 2018 annual consolidated financial statements has not been completed and accordingly all financial amounts relating to 2018 referred to in this press release are unaudited and represent management's estimates. Readers are advised that these financial estimates [Read more]
Tourmaline adds 338 mmboe of reserves in 2018, 2P reserves increased to 2.46 billion boe
CALGARY, Feb. 20, 2019 /CNW/ - Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline" or the "Company") is pleased to report very strong total reserve growth, liquids reserve growth and a continued reserve value increase in the current depressed natural gas price environment. The Company executed on the 2017-2018 plan to concentrate almost entirely on internal EP growth and has produced the best reserve metrics in the Company's 10 year history over the past two years. RESERVE HIGHLIGHTS Proved [Read more]
Shrunken protest convoy leaves Ottawa after second day, enjoying Tory support
OTTAWA - A diminished version of the United We Roll convoy left Ottawa Wednesday afternoon, words of support from one more Conservative MP trailing behind. "Listen, we stand together united as a country," Lethbridge MP Rachael Harder told the crowd. "This is about developing an energy industry that keeps us alive and gives us a place on the world stage." It was also about other things. Members of the convoy, which left Red Deer, Alta., on Feb. 14, expressed a wide variety of demands. [Read more]
Attempted theft at oilfield site ends in leak of crude oil effluent: RCMP
VERMILION, Alta. - RCMP say an attempted theft at an oilfield site in east-central Alberta resulted in a leak of crude oil effluent. Mounties say someone trying to steal copper wire at the site near Vermilion on Friday night caused extensive damage to the electrical wiring which in turn allowed the effluent to be released. They say the spill was contained on the site and is being cleaned up. Damages are estimated at between $250,000 and $300,000. Witnesses in the area report seeing [Read more]
CEOS for Royal Bank, Enbridge, call for better balance in energy policies
TORONTO - The CEOs of Canada's largest bank and its largest pipeline company say the country needs an energy strategy that will better balance environmental and Indigenous goals with the need to develop its abundant oil and gas resources. But Royal Bank CEO Dave McKay and Al Monaco, CEO of Calgary-based Enbridge Inc., had little in the way of specific advice for government during a Canadian Club event in Toronto. Over a 45-minute discussion, the two agreed the world has a growing thirst [Read more]
Alberta Opposition Leader Jason Kenney says he would shelve oil-by-rail deal
EDMONTON - Alberta Opposition Leader Jason Kenney says if he wins the spring election, his government will do everything it can to cancel a $3.7-billion deal to ship more oil by rail. Kenney is urging Canadian National Railway and Canadian Pacific Railway not to invest too much in the agreement given that it could be shelved. Premier Rachel Notley announced on Tuesday that the province plans to lease 4,400 rail cars to get more oil to foreign markets while the government works to increase [Read more]
Buffett’s Suncor bet to revive investor interest in Canadian energy
Berkshire Hathaway Inc's re-investment in Suncor Energy Inc highlights the benefits of being an integrated oil company and could revive investor interest in the languishing Canadian energy sector, fund managers said. The move is also seen by some as a wager the energy sector could benefit from a change in the guard in Canada's oil-rich Alberta province, which has an election this year. Berkshire's new 0.7 percent stake in Suncor, valued at $488 million at current prices, is already worth [Read more]