Western Canada’s fleet of drilling rigs increased by 23 rigs to a total of 232 according to data collected by Baker Hughes for the week of January 25th. From last Friday, Alberta rig counts went from 138 to 161. Saskatchewan's rig count went from 50 to 49. Oil drilling went from 128 to 146; natural gas rigs went from 81 to 86. View a full breakdown of western Canada’s rig activity. [Read more]
Headlines
Peyto Announces TSX Approval for Renewed Normal Course Issuer Bid
CALGARY, Alberta, Jan. 25, 2019 (GLOBE NEWSWIRE) -- Peyto Exploration & Development Corp. (TSX: PEY) ("Peyto" or the "Company") is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted the Company's notice of intention to commence a normal course issuer bid (the "NCIB"). Pursuant to the NCIB, Peyto may purchase up to 12,400,000 of the outstanding common shares of the Company ("Common Shares"), which represents approximately 10% of the "public float" (as such term is [Read more]
No sales tax, but Alberta premier says wait and see for detailed plan
EDMONTON - Alberta Premier Rachel Notley says she won't bring in a sales tax, a health premium or a payroll tax and will wait until closer to the provincial election to outline further details. "Stay tuned for the rest of it," Notley said Friday. She wouldn't say whether she will propose changes to the progressive income tax her NDP brought in to replace the former government's flat tax. "What I will say now is that we are committed to maintaining the tax advantage that [Read more]
U.S. drillers add rigs this week, but cut most in a month since 2016
U.S. energy firms this week increased the number of oil rigs operating for the first time this year but the rig count in January fell the most in a month since April 2016, as the boom in the Permian, the nation's biggest shale oil formation, cools. Drillers added 10 oil rigs in the week to Jan. 25, bringing the total count to 862, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. More than half the total U.S. oil rigs are in the Permian [Read more]
Connacher Oil and Gas Limited Announces Extension of CCAA Stay
CALGARY, Jan. 25, 2019 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") announced that it has obtained an order from the Alberta Court of Queen's Bench extending the period of the Court-ordered stay of proceedings against Connacher under the Companies' Creditors Arrangement Act ("CCAA") until the earlier of (i) the filing of the Monitor's certificate under Connacher's Amended and Restated Plan of Compromise and Arrangement dated August 13, 2018 and (ii) March 15, 2019. The [Read more]
Enerplus focuses $600-million budget on growing North Dakota oil production
CALGARY - Enerplus Corp. says it will increase spending and production this year while continuing to focus on its North Dakota Bakken light oil play. The mid-sized producer says it plans to spend between $565 million and $635 million this year, with the mid-point of $600 million set slightly higher than actual spending of $594 million in 2018. Only 7.5 per cent of the funds are to be spent in Canada in 2019. Eighty per cent is allocated to fund a net 42-well drilling program in [Read more]
Enerplus Announces Fourth Quarter Update, 2019 Budget and Three-Year Outlook
CALGARY, Jan. 25, 2019 /CNW/ - Enerplus Corporation ("Enerplus" or the "Company") (TSX & NYSE: ERF) today announced fourth quarter 2018 production at the high-end of its guidance range, its 2019 exploration and development capital budget of $565 to $635 million and a three-year outlook through 2021. "We're focused on maximizing returns, driving profitable growth and positioning our business for strong free cash flow generation," stated Ian C. Dundas, President and Chief Executive Officer. [Read more]
Indian Act to blame for pipeline gridlock in northern B.C.: federal minister
VANCOUVER - Canada's minister of Crown-Indigenous relations is pointing her finger at the Indian Act for creating a gridlock in northern British Columbia where some hereditary clan chiefs say a liquefied natural gas pipeline doesn't have their consent. Carolyn Bennett would not say whether she believes the hereditary chiefs of the Wet'suwet'en First Nation have jurisdiction over the 22,000 square kilometres they claim as their traditional territory, saying that it is up to each community to [Read more]
Zargon Oil & Gas Ltd. Announces Q4 2018 Production Volumes and 2018 Year End Reserves
CALGARY, Alberta, Jan. 25, 2019 (GLOBE NEWSWIRE) -- Zargon Oil & Gas Ltd. (the “Company” or “Zargon”) (TSX:ZAR) announces fourth quarter 2018 production volumes and announces 2018 year end reserves. Zargon intends to release its 2018 audited financial results on March 14, 2019, after market close. 2018 FOURTH QUARTER PRODUCTION VOLUMES: Fourth quarter 2018 production averaged 1,786 barrels of oil equivalent per day, a 26 percent decline from the fourth quarter 2017 rate of 2,416 barrels [Read more]
‘Not cutting corners:’ Resources minister says no rushing Trans Mountain review
CALGARY - Natural Resources Minister Amarjeet Sohi says the federal government won't cut corners to speed up a full review of the proposed Trans Mountain pipeline expansion. The government bought the pipeline for $4.5 billion last summer only to have the Federal Court of Appeal strike down Ottawa's approval of it. The court said Canada failed to meaningfully consult with First Nations and that the National Energy Board failed to examine how the project would affect the ocean [Read more]