CALGARY - The Alberta Energy Regulator has conditionally approved a tailings pond management plan for the five-year-old Kearl oilsands mine in northern Alberta. The plan is the sixth since last fall to win interim approval despite the regulator's reservations about the applicants' ability to remediate the lakes of contaminated water created in the oilsands mining process. The AER says in its Kearl decision that it has concerns with whether operator Imperial Oil Ltd.'s assumptions about its [Read more]
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Kaybob Energy Corp.: Royalty Property Divestiture
Sayer Energy Advisors has been engaged to assist Kaybob Energy Corp. (“KEC” or the “Company”) with the sale of its oil and natural gas royalty interests located in southern Alberta (the “Properties”). The Properties consist primarily of royalty interests on long-life, low-decline oil and natural gas production in the Armada, Bantry, Eyremore, Little Bow and Majorvilleareas of Alberta, including the Tilley Milk River Gas Unit and the Alderson Upper Mannville “D” Unit. Royalty income net to the [Read more]
Saturn Oil & Gas Inc. Commences Viking and Success Horizontal Drill Program
SASKATOON, Saskatchewan, July 16, 2018 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V:SMI) (FSE:SMK) is pleased to announce that it has commenced drilling operations for its Q3/2018 horizontal drill program. Saturn’s Q3/2018 five (5) well program will consist of one (1) Success horizontal well in the Milton field, one (1) Viking extended reach horizontal well in the Kerrobert field, one (1) Viking extended reach horizontal well in the Prairiedale field, one (1) [Read more]
Registration is Now Open for International Pipeline Expo 2018!
Indigenous activist arrested after Trans Mountain protest in B.C.
CLEARWATER, B.C. - An Indigenous political activist was briefly detained Saturday following a Trans Mountain pipeline protest in British Columbia's North Thompson Provincial Park. Kanahus Manuel, a spokesperson for the activist group Tiny House Warriors, was arrested by the RCMP after allegedly defying an eviction order from the BC Parks service that was delivered on Thursday. The group's members belong to the Secwepemc First Nation, which released a statement Saturday afternoon [Read more]
U.S. oil boom delivers surprise for traders – and it’s costly
LONDON/NEW YORK (Reuters) - The world’s biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent in just a month, as surging U.S production upends the market. Trading desks of oil major BP and merchants Vitol, Gunvor and Trafigura have recorded losses in the tens of millions of dollars each as a result of the “whipsaw” move when the spread reached more than $11.50 a barrel in June, insiders familiar with their [Read more]
Saturn Oil & Gas Inc. Closes Second Tranche of Financing
SASKATOON, Saskatchewan, July 13, 2018 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V:SMI) (FSE:SMK) is pleased to announce that, subject to the approval of the TSX Venture Exchange, it has closed the second tranche of a non-brokered financing which, with the consent of Canaccord Genuity Corp., will form part of the $3,500,000 brokered offering (“the Offering”) announced on May 14, 2018 as amended by its subsequent announcement on June 13, 2018. The Company [Read more]
Syncrude Canada to cut Aug crude deliveries by 35 pct after outage
Syncrude Canada on Friday told buyers it would cut crude deliveries in August by about 35 percent after an outage last month at its oil sands site in northern Alberta, two market sources familiar with the matter said. Suncor Energy Inc, the biggest stakeholder in the northern Alberta project, said earlier this week the site will resume some operations in July and reach full production in September. A Suncor spokeswoman did not immediately respond to a request for comment. The cut in [Read more]
Pine Cliff Energy Ltd. Announces Borrowing Base Redetermination, Closing of a Private Placement and Increase and Extension of Insider Subordinated Debt
CALGARY, Alberta, July 13, 2018 (GLOBE NEWSWIRE) -- Pine Cliff Energy Ltd. (“Pine Cliff” or the “Company”) (TSX:PNE) is pleased to announce that a banking syndicate of Canadian Financial Institutions (the “Syndicate”) has completed the semi-annual borrowing base redetermination and has renewed the credit facility for a period of one year. In addition, Pine Cliff has closed a private placement of units ("Units") for gross proceeds of $19.0 million (the "Private Placement") and increased and [Read more]
Canada Weekly Rig Count Up 15 to 197
Western Canada’s fleet of drilling rigs went up from 182 to 197 according to data collected by Baker Hughes for the week of July 13th. From one week ago, Alberta rig counts increased from 120 to 130. Saskatchewan's rig count increased from 42 to 47. Oil drilling went from 126 to 139; gas rigs went from 56 to 58. View a full breakdown of western Canada’s rig activity. [Read more]