Sayer Energy Advisors (“Sayer”) has been engaged to assist Petrocapita Income Trust and its wholly owned subsidiaries, Petrocapita GP 1, Petrocapita GP 2, Petrocapita Oil & Gas L.P. and Petrocapita Processing L.P. (“Petrocapita” or the “Company”) with a strategic alternatives process. The Company is open to reviewing all alternatives which include, but are not limited to, a sale of the Company for cash, a merger of the Company with another oil and natural gas entity, or a sale of some or [Read more]
Headlines
Global oil supply to swamp demand in 2019 despite output cuts – IEA
The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group's production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday. The IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day. "It is supported by lower prices and the start-up of petrochemical projects in China and the U.S. Slowing economic growth will, [Read more]
Equinor VP of Business Efficiency shares his insight on how the energy giant is leveraging big data, predictive analytics and machine-learning at the 2019 OpEx Calgary Summit
Drawing on his thirty-year career in the oil and gas industry, Jim Claunch – Vice President of Business Efficiency at Equinor – shares his insights on how digital transformation is impacting the oil and gas industry and how Equinor is responding. Download the full interview to read: What a transformed oil and gas company looks like – and why it matters How Equinor is leveraging big data, predictive analytics and machine-learning The barriers slowing down the industry's digital [Read more]
Cenovus reports $1.36-billion Q4 loss due to deep discounts on Canadian oil
CALGARY - Cenovus Energy Inc. reported a $1.36-billion loss in its latest quarter as it faced deep discounts for Western Canadian Select oil. The company says the loss amounted to $1.10 per share for the quarter ended Dec. 31, compared with a profit of $620 million or 50 cents per share in the last three months of 2017 when its results were boosted by the sale of assets in Alberta and Saskatchewan. Cenovus had an operating loss from continuing operations of $1.67 billion or $1.36 [Read more]
Bonterra Energy Corp. Announces Year End 2018 Corporate Reserves Information
CALGARY, Feb. 13, 2019 /CNW/ - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") is pleased to provide the summary results of its independent reserve report (the "Sproule Report") prepared by Sproule Associates Limited ("Sproule") with an effective date of December 31, 2018. Corporate Reserves Information The following summarizes certain information contained in the Sproule Report. The Sproule Report was prepared in accordance with the definitions, [Read more]
Cenovus delivers strong operating performance in 2018
Company reduces debt and maintains capital discipline CALGARY, Alberta, Feb. 13, 2019 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered strong operating performance in 2018 while demonstrating financial resilience in a challenging and volatile Canadian commodity price environment. “In the fourth quarter, in some of the most difficult macro-economic conditions we’ve ever faced and while voluntarily managing our oil sands production lower, we remained relatively [Read more]
High-Strength Geosynthetics Combine on Energy Road Upgrade
Solve Challenges Across Soft Sub grades. Hwy 881, Encana By-Pass Road AB, Canada Project Background and Challenges In late 2016, Harvest Energy’s construction consultant, Drifter, was faced with rehabilitating and upgrading an existing access road to handle the rigors of a new plant expansion and commissioning. The modifications were being made to Harvest Operations Black Gold In-Situ Thermal SAGD plant located south of Conklin, AB. The existing Encana By-pass road was 11.5 KM (7.1 [Read more]
XI Technologies: Lack of critical mass could drive Junior divestitures in 2019
Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like Wednesday Word to the Wise delivered directly to your inbox, subscribe here A recent article announcing the offering of a corporate/asset divestiture by Wolf Coulee Resources Inc. may be a sign of things to come as the Canadian oil and gas industry continues to adjust to difficult market conditions. As [Read more]
Petrocapita Announces Commencement of A Strategic Alternatives Process
CALGARY, Alberta, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Petrocapita Income Trust (CSE:PCE.UN) (“Petrocapita”, the “Company”, or the “Trust”) announces that further to the press release dated December 21, 2018 it has commenced a public strategic alternatives process. Petrocapita is open to all alternatives which include, but are not limited to, a sale of the Company for cash, a merger of the Company with another oil and natural gas entity, or a sale of some or all of the Company’s assets. Any [Read more]
Pine Cliff Energy Ltd. Announces 2019 Guidance and 2018 Year-End Reserves
CALGARY, Alberta, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Pine Cliff Energy Ltd. (“Pine Cliff” or the “Company”) (TSX: PNE) is pleased to announce 2019 guidance and 2018 year-end reserves. 2019 Guidance Pine Cliff’s Board of Directors has approved a 2019 capital budget of $10.0 million that will be funded from adjusted funds flow. Pine Cliff intends to spend approximately $1.9 million drilling four (0.4 net) wells in the liquids rich Edson area of Alberta, $1.7 million drilling one (0.6 net) oil [Read more]