Bashaw acquisition increases area of focus, improves financial position and adds core competencies; Disposition reduces bank debt to fund the summer capital program; Company's lender confirms credit facility at $21 million; Wilson Creek Cardium horizontal well (85% working interest) achieves IP60 of 251 barrels of oil per day – ahead of type-curve expectations; Equity of $2.0 million raised through September to November, 2018; and Windfall Bluesky horizontal well (100% working [Read more]
Headlines
Hemisphere Energy Announces Q3 2018 Financial and Operating Results
TSX-V: HME - VANCOUVER, Nov. 21, 2018 /CNW/ - Hemisphere Energy Corporation (TSX-V: HME) ("Hemisphere" or the "Company") announces its financial and operating results for the three and nine months ended September 30, 2018. Q3 2018 HIGHLIGHTS Achieved record quarterly average production of 1150 boe/d (96% oil), a 69% increase over the third quarter of 2017. Increased revenue by 114% to a record $5.9 million, compared to $2.7 million for the third quarter of 2017. Generated [Read more]
Ottawa ‘on a different economic planet:’ Alberta finance minister
CALGARY - Alberta's finance minister says Ottawa's latest fiscal update shows the federal government doesn't appreciate how badly the price squeeze on western Canadian crude is hurting the Canadian economy. "It's clear the federal government's not speaking the same economic language of Albertans," Joe Ceci said Wednesday. "Ottawa is living in a different economic planet." Ceci said he was disappointed the fall economic statement included no actions to help Alberta oil producers narrow the [Read more]
NEB reports crude-by-rail exports rose to a record 269,829 bpd in September
CALGARY - The National Energy Board says crude-by-rail exports from Canada rose to a record 269,829 barrels per day in September. That's up more than 17 per cent from 229,544 in August and just over double the 134,132 barrels per day recorded in September 2017. Total crude exports reached 3.47 million bpd in September, up from 3.31 million a year earlier. Pipeline export constraints are being blamed for a glut of oil in Western Canada that caused the price discount to peak at more than [Read more]
Ikkuma Resources Corp. Announces Third Quarter 2018 Financial and Operating Results
CALGARY, Nov. 21, 2018 /CNW/ - Ikkuma Resources Corp. ("Ikkuma" or the "Corporation") (TSXV: IKM) is pleased to report its financial and operating results for the three and nine months ended September 30, 2018. Financial and operational information is set out below and should be read in conjunction with Ikkuma's September 30, 2018 unaudited interim financial statements and the related management's discussion and analysis ("MD&A"). Ikkuma's condensed unaudited interim financial statements [Read more]
Prairie Provident Announces Closing of Marquee Energy Ltd. Acquisition
CALGARY, Alberta, Nov. 21, 2018 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or “PPR” or the "Company") (TSX:PPR) and Marquee Energy Ltd. ("Marquee") (TSXV:MQX) announce that the Company's previously-disclosed acquisition of Marquee by plan of arrangement under section 193 of the Business Corporations Act (Alberta) (the "Arrangement"), which was approved by approximately 98% of the votes cast by Marquee shareholders at a special meeting held to consider the [Read more]
Canada Weekly Rig Count Up 7 to 204
Western Canada’s fleet of drilling rigs increased to a total of 204 according to data collected by Baker Hughes for the week of November 21st. From last Friday, Alberta rig counts went up 1 to 138. Saskatchewan's rig count increased from 39 to 43. Oil drilling went from 118 to 124; natural gas rigs went up by 1 to 80. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. oil drillers cut rigs for first week in three
U.S. energy firms this week cut oil rigs for the first time in the three weeks as crude prices have fallen to their lowest in over a year.Drillers cut three oil rigs in the week to Nov. 21, bringing the total count down to 885, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. After the rig additions stalled at five during the third quarter, drillers have added 22 rigs so far this quarter.Baker Hughes released the weekly report two [Read more]
Zargon Announces a Proposed Transaction to Restructure its Convertible Debentures
CALGARY, Alberta, Nov. 21, 2018 (GLOBE NEWSWIRE) -- Zargon Oil & Gas Ltd. ("Zargon" or the "Company") (TSX:ZAR; ZAR.DB.A) announces a proposed transaction to settle its $41.94 million principal amount of outstanding 8.00% convertible unsecured subordinated debentures due December 31, 2019 (the "Debentures") for equity (the "Transaction"). THE PROPOSAL The Company intends to make a proposal to the holders (the "Debentureholders") of the Debentures pursuant to which all of the Debentures [Read more]
Pulse Oil Corp. reports strong oil prices for Bigoray production
CALGARY, Nov. 21, 2018 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) reported today the Company has recently received the highest oil price per barrel for its Bigoray crude oil since the Company acquired its first oil and gas interest in October 2016. Pulse's most recent sales of crude oil the past two months, and accounting for 93% of the Company's liquid production, received CDN$79.23 per barrel and CDN$80.29 per barrel, respectively, for its light/medium 380 [Read more]