Western Canada’s fleet of drilling rigs increased to a total of 200 according to data collected by Baker Hughes for the week of October 26th. From one week ago, Alberta rig counts went up 9 to 141. Saskatchewan's rig count decreased from 40 to 38. Oil drilling went from 123 to 124; natural gas rigs increased from 68 to 76. View a full breakdown of western Canada’s rig activity. [Read more]
Headlines
U.S. drillers add oil rigs for third week in a row
U.S. energy firms added oil rigs for a third week in a row for the first time since June, keeping the rig count at its highest in over three years, as declining productivity in some shale fields force companies to drill more to keep output growing.Drillers added two oil rigs in the week to Oct. 26, bringing the total count to 875, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. For the month, the [Read more]
Venezuela, Mexico divert crude to U.S. as Canadian barrels get stuck
Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows. The situation reflects an unusual set of events, including urgent needs by Venezuela and Mexico for cash for debt payments and investment, and demand for heavy crude in the United States due to less availability of Canadian oil, said traders and [Read more]
U.S. Exxon lawsuit takes aim at Alberta oilsands over climate risks
A lawsuit filed this week in a U.S. court says ExxonMobil has dramatically underestimated the risks its oilsands assets face from efforts to reduce carbon emissions. The lawsuit, filed after a three-year investigation by the New York attorney general's office, charges that Exxon deliberately lowballed by $30 billion the carbon costs faced by 14 different Alberta oilsands operations it runs through its subsidiary Imperial Oil. "For one of these projects, an investment at Kearl (oilsands [Read more]
Surge Energy Inc. Announces Closing of Accretive $320 Million Light Oil Acquisition; $200 Million Increase to Credit Facility; Anticipated Dividend Increase; Q3/18 Production Exceeds 2018 Exit Rate
CALGARY, Oct. 25, 2018 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce that it has successfully completed the previously announced acquisition (the "Acquisition") of Mount Bastion Oil & Gas Corp. ("MBOG") pursuant to an arrangement (the "Arrangement") under the provisions of the Business Corporations Act(Alberta). SPECIAL MEETING RESULTS; GREATER THAN 99% VOTE IN FAVOR All of the issued and outstanding common shares of MBOG were acquired by Surge [Read more]
Trans Mountain like Monty Python’s dead parrot under Trudeau government: Scheer
CALGARY - The federal Opposition leader is likening the stalled Trans Mountain pipeline expansion to a famous Monty Python sketch in which two men argue over whether a parrot is actually dead. "(Prime Minister) Justin Trudeau has bought a pipeline with no plan to actually build it. Conservatives will build pipelines without having to buy them," Conservative Leader Andrew Scheer told the Energy Relaunch conference in Calgary on Thursday. "I believe it is Justin Trudeau's strategy to not [Read more]
Point Loma Closes $3.44 Million in Proceeds with Oil Focused Drilling Program to Commence in Fourth Quarter 2018
CALGARY, Alberta, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Point Loma Resources Ltd. (TSX-V: PLX) ("Point Loma" or the "Company") is pleased to announce the closing of its previously announced short form prospectus marketed financing of: (i) 5,954,300 units of the Company (the "Units"); and (ii) 4,356,059 common shares of the Company ("Common Shares") issued as "flow-through shares" within the meaning of the Income Tax Act (Canada) (the "Flow-Through Shares"), for aggregate gross proceeds of [Read more]
Vermilion Energy Inc. Announces Results for the Three and Nine Months Ended September 30, 2018
CALGARY, Oct. 25, 2018 /CNW/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) is pleased to report operating and condensed financial results for the three and nine months ended September 30, 2018. The unaudited financial statements and management discussion and analysis for the three and nine months ended September 30, 2018, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR [Read more]
Husky Energy Reports Third Quarter 2018 Results
Funds From Operations up 48%, Earnings up 300% Year over Year CALGARY, Alberta, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Husky Energy (TSX:HSE) generated funds from operations of $1.3 billion in the third quarter, up 48 percent from $891 million in the same period last year. Year-to-date, funds from operations are $3.4 billion. Free cash flow in the quarter was $350 million and $1.1 billion year-to-date. Net earnings were $545 million, a 300 percent increase compared to $136 million in Q3 2017. Net [Read more]
Clearview Provides Update
Wilson Creek 15-20 Cardium horizontal well initial production thirty-day average (“IP30”) of 300 barrels of oil per day (“bbls/d”). Windfall 1-3 Bluesky horizontal well drilled and completed. Closed private placement. CALGARY, Alberta, Oct. 24, 2018 (GLOBE NEWSWIRE) -- Clearview Resources Ltd. (“Clearview” or the “Company”) is pleased to provide the following operations and corporate update. Wilson Creek Clearview’s previously announced operated, horizontal well located on the Company’s [Read more]