Calgary, Alberta (FSCwire) - Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or “Point Loma”) is pleased to report financial and operating results for the three and six months ended June 30, 2018. Highlights of the period and additional updates are summarized below: HIGHLIGHTS Current oil and NGL production has increased approximately 100% from the first quarter to 260 bbl/d. Overall boe/d production increased 36% from the first quarter. Operating costs [Read more]
Headlines
Trans Mountain faced delay, work proceeding says new Natural Resources Minister
The federal resource minister said on Wednesday that construction on the Trans Mountain project had faced a delay, but he did not provide an update on when the expansion of the oil pipeline from Alberta to British Columbia's coast would be complete. The Liberals agreed in May to buy the pipeline from Kinder Morgan Canada Ltd for $4.5 billion, in an effort to ensure its expansion went ahead. It is currently scheduled to be in service by December 2020. "Yes, there's a delay because of - the [Read more]
Traverse Energy Announces 2018 Second Quarter Results
CALGARY, Alberta, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Traverse Energy Ltd. (“Traverse” or “the Company”) (TSX Venture:TVL) presents financial and operating results for the three and six months ended June 30, 2018. Three months ended June 30, Six months ended June 30, Highlights (unaudited) 2018 2017 2018 2017 Financial ($ thousands, except per share amounts) Petroleum and natural gas revenue 1,778 2,615 3,758 5,641 Cash from operating [Read more]
Baytex Announces Closing of Strategic Combination With Raging River, Updated 2018 Guidance and Confirmation of Preliminary 2019 Plans
CALGARY, Alberta, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Baytex Energy Corp. (“Baytex”)(TSX, NYSE: BTE) is pleased to announce the closing of the strategic combination with Raging River Exploration Inc. (“Raging River”)(TSX: RRX). Baytex has emerged through this transaction as a well-capitalized, oil-weighted company with an attractive growth and free cash flow profile provided by its world class assets focused across North America. Current production is approximately 94,000 boe/d (83% liquids) from [Read more]
Crude-by-rail exports above 200,000 barrels per day for the first time in June
CALGARY - The National Energy Board says crude-by-rail exports from Canada set another record in June, rising to 204,558 barrels per day. That's up almost three per cent from 198,800 in May and 86 per cent from 109,500 in June 2017. In a report Wednesday, analysts at AltaCorp Capital linked growth in railway oil shipments to the wider-than-usual discount being paid for Western Canadian Select crude compared with New York-benchmark West Texas Intermediate oil. The discount [Read more]
Hemisphere Energy Announces Q2 2018 Financial and Operating Results
TSX-V: HME - VANCOUVER, Aug. 22, 2018 /CNW/ - Hemisphere Energy Corporation (TSX-V: HME) ("Hemisphere" or the "Company") announces its financial and operating results for the three and six months ended June 30, 2018. Q2 2018 HIGHLIGHTS Achieved record quarterly average production of 1053 boe/d (96% oil), a 76% increase over the second quarter of 2017. Increased revenue by 132% to $5.6 million compared to $2.4 million for the second quarter of 2017. Increased operating netbacks, [Read more]
Connacher Announces Meetings of Creditors and Supplemental Claims Procedure
CALGARY, Aug. 22, 2018 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") announced today that its amended and restated plan of compromise and arrangement dated August 13, 2018 (the "Plan") has been accepted for filing by the Court of Queen's Bench of Alberta (the "Court") in connection with the Company's restructuring proceedings under the Companies' Creditors Arrangement Act (the "CCAA"). In connection with the filing of the Plan, the Court has granted orders (i) [Read more]
Suncor restarting Edmonton refinery after power outage stalls production
CALGARY - Suncor Energy Inc. says it is in the process of restarting production at its Edmonton refinery after it was knocked offline by a power outage on Tuesday afternoon. The company, which owns Petro-Canada stations across Canada, is warning residents near the facility on the eastern outskirts of the provincial capital that they may see more visible flaring as restarting progresses. Spokeswoman Nicole Fisher says there were no injuries as a result of the power disruption. Suncor [Read more]
AlphaBow Energy Ltd. – Non-Core Property Divestiture, Michichi, Alberta
Sayer Energy Advisors has been engaged to assist AlphaBow Energy Ltd. (“AlphaBow” or the “Company”) with the sale of its non-core oil and natural gas properties located in the Aerial, Michichi and Greater Michichi areas of Alberta (the “Properties”). Recent total oil and natural gas sales net to AlphaBow from the Properties has averaged approximately 653 boe/d (260 barrels of oil and natural gas liquids per day and 2.4 MMcf/d of natural gas). The majority of the production is from the Banff [Read more]
Canada’s ultra-cheap natural gas drives hopes of petrochemical boom
Alberta is looking to recreate the building boom spreading along the U.S. Gulf Coast, where inexpensive natural gas generated billions of dollars in investment by petrochemical companies. The adoption by drillers of fracking technology to unlock oil and gas from shale rock expanded U.S. production dramatically starting a decade ago. That abundance has generated $194 billion since 2010 in announced capital investment to build or expand U.S. chemical plants that use gas to make plastics, [Read more]