Western Canada’s fleet of drilling rigs went up from 172 to 182 according to data collected by Baker Hughes for the week of July 6th. From one week ago, Alberta rig counts increased from 112 to 120. Saskatchewan's rig count increased from 41 to 42. Oil drilling went from 117 to 126; gas rigs went from 55 to 56. View a full breakdown of western Canada’s rig activity. [Read more]
Headlines
Strath Resources Closes Transformative Acquisition of Montney Assets
CALGARY, July 6, 2018 /CNW/ - Strath Resources Ltd. ("Strath") is pleased to announce that it has closed the previously announced acquisition from Paramount Resources Ltd. ("Paramount") of its assets in the Resthaven/Jayar area of the Kakwa region for total consideration of $340 million, paid 50% in cash and 50% in Strath common shares. The cash component was funded through an equity investment in Strath by Strath's majority owner, Waterous Energy Fund and the remaining $170 million was funded [Read more]
Paramount Resources Ltd. Closes the Sale of its Oil and Gas Properties in Resthaven / Jayar for $340 Million
CALGARY, July 6, 2018 /CNW/ - Paramount Resources Ltd. (TSX: POU) ("Paramount" or the "Company") is pleased to announce that it has closed the previously announced sale of its oil and gas properties and related infrastructure at Resthaven / Jayar in the Kakwa region (the "Assets") to Strath Resources Ltd. ("Strath"). Consideration received by Paramount totaled $340 million, and included $170 million in cash (subject to customary post-closing adjustments), 85 million Strath common shares and [Read more]
Ikkuma Resources Signs Definitive Agreement for Sale of Midstream Assets
TSX Venture Exchange: IKM-V CALGARY, July 5, 2018 /CNW/ - Ikkuma Resources Corp. (TSXV: IKM) ("Ikkuma" or the "Corporation") is pleased to announce that it has entered into a purchase and sale agreement (the "Purchase and Sale Agreement") on July 4, 2018 to sell certain midstream assets in the Alberta foothills (the "Infrastructure Asset Sale") to an undisclosed purchaser for a total cash consideration of $23.0 million, subject to customary adjustments. The Infrastructure Asset Sale is [Read more]
Kelt Reports Inga Infrastructure Agreement, Provides an Operations Update and Expands Its Executive Team
CALGARY, Alberta, July 05, 2018 (GLOBE NEWSWIRE) -- Inga Infrastructure Kelt Exploration Ltd. (TSX:KEL) (“Kelt” or the “Company”) is pleased to announce that it has entered into a letter of intent (“LOI”) with AltaGas Ltd. (“AltaGas”) for firm processing of 75 MMcf per day of raw gas under a 10 year take-or-pay arrangement at AltaGas’s proposed and already permitted 99 MMcf per day (expandable to 198 MMcf per day) C3+ deep-cut natural gas processing plant located at AltaGas’ existing [Read more]
Alberta ‘gas bar shenanigans’ push national average price to five-year high
CALGARY - Soaring gasoline prices in Calgary and Edmonton have pushed the national average to a five-year high, according to an online price monitoring firm. Dan McTeague of GasBuddy.com says the national average price for regular gasoline was 136.0 cents per litre on Thursday, up from 105.2 cents on the same date last year and closing in on the previous high of 139.1 cents in June 2013. According to the website's live price counter, prices in Calgary averaged 138.2 cents per [Read more]
RCMP remove pipeline protesters from Vancouver bridge
VANCOUVER - Greenpeace Canada says a protest that saw a dozen protesters dangling from a Vancouver bridge to block a tanker carrying crude oil from the Trans Mountain pipeline ended Wednesday night. The environmental group says the climbers who spent more than 35 hours on the Ironworkers Memorial Bridge were "peacefully removed from their positions" and taken to the North Vancouver RCMP detachment. The RCMP had earlier said all would likely be charged with mischief and jeopardizing the [Read more]
B.C. regulator fines $920 Kinder Morgan for Water Sustainability Act violations
VICTORIA - The B.C. Oil and Gas Commission says it has fined Kinder Morgan Canada Ltd. $920 for four violations of the provincial Water Sustainability Act related to the Trans Mountain pipeline expansion. The commission says it issued tickets late last week for one violation related to non-compliance in the use of fish spawning deterrents and three related to non-compliance In water volume reporting — each of which carries a $230 fine. In an email, Trans Mountain's media relations [Read more]
BC Premier John Horgan says ‘gouging’ to blame for higher gas prices, not taxes
VICTORIA - Premier John Horgan says price gouging, not higher taxes, is responsible for skyrocketing gasoline prices in British Columbia. Horgan says the price per litre rose nine cents between Tuesday night and Wednesday morning and that suggests fuel companies are seeking bigger profits. He says there's a disconnect between the price of a barrel of oil and the price at the pumps and he's raised the issue of gouging with the federal government. Opposition Liberal Leader Andrew [Read more]
Trump to OPEC: ‘Reduce pricing now!’: Twitter
WASHINGTON (Reuters) - U.S. President Donald Trump again accused the Organization of Petroleum Exporting Countries of driving gas prices higher on Twitter on Wednesday and urged the oil cartel’s members to do more. “The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!” Trump wrote on [Read more]