CALGARY, Jan. 21, 2019 /CNW/ - Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or "Point Loma") is pleased to announce production test results for the Wizard Lake HZ 16-17-48-27W4 Rex oil pool discovery. Highlights Final pumping rate for the Rex horizontal well over last 24 hours of the test period was 305 barrels per day (bpd) of oil (17 API) and 340 barrels of oil equivalent per day (boe/d) (Figure 1). Point Loma's share of oil production at this rate would increase [Read more]
Headlines
Corporate/Asset Divestiture: Wolf Coulee Resources Inc.
Sayer Energy Advisors (“Sayer”) has been engaged to assist Wolf Coulee Resources Inc. (“Wolf Coulee” or the “Company”) with the sale of the shares of the Company or any of its assets. The Company’s Board of Directors has determined that concluding a transaction or series of transactions is imperative. Although the sale of the shares is preferred, the Company will entertain offers on any of its assets. The Company has long life reserves (1P RLI >25 years), less than 50 shareholders and no [Read more]
Solutions For The Regions Facilities Design & Engineering Challenges
Regional regulations, gas conservation requirements and extreme temperatures mean Canada’s facilities need to be designed differently – paying more attention to construction numbers and focusing on minute details to stay in compliance with stringent regulations. Next month’s Well Site Facilities Canada Unconventional Shale Congress 2019 will see operators delivering case studies and sharing facilities engineering solutions that accommodate for regional nuances, without increasing capital [Read more]
Why some elected Wet’suwet’en councils signed agreements with Coastal GasLink
SMITHERS, B.C. - It was a difficult decision to sign a benefit sharing agreement with Coastal GasLink that would allow for a natural gas pipeline through the Wet'suwet'en territory, but a necessary one, an elected band council member says. Joseph Skin is with the Skin Tyee band, a community of about 134 people within the Wet'suwet'en First Nation, and said many members live in "poverty" on the reserve and the agreement offered an opportunity for a better future. Skin said he spent most of [Read more]
Canadians learning about trees from Italians? The benefits of a scarcity mentality
Some years ago, I bought my first house, a townhouse. It was one of those three story open-plan 1970s things with a west-facing back wall mostly of glass and a theoretical mountain view if you stood on a 12-foot ladder in the middle of the living room and twisted your head just right. The back yard was my oasis, a nicely-shaded high-walled 12 foot by 12 foot pen, which with youthful enthusiasm I imagined was actually nice. I bought the place in May and enjoyed a great summer hanging out there, [Read more]
Granite Oil Corp. Announces Closing of Final Tranche of Private Placement
CALGARY, Alberta, Jan. 18, 2019 (GLOBE NEWSWIRE) -- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX: GXO) (OTCQX: GXOCF) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement (“Offering”) of common shares (the “Shares”) at a price of $0.52 per Share, for aggregate gross proceeds of approximately $437,171. Together with the first tranche closing that was previously announced by the Company on December 21, 2018, the Corporation has [Read more]
Failure of MEG takeover deal is ‘credit positive’ for Husky, says agency
CALGARY - Shares in oilsands producer MEG Energy Corp. continued to slide Friday after a credit rating agency said rival Husky Energy Inc.'s failure to consummate a hostile takeover bid was actually "credit positive" for Husky. After falling 35.6 per cent on Thursday, MEG stock traded down by as much as 3.3 per cent on Friday morning on the Toronto Stock Exchange. Husky, after gaining 12.4 per cent Thursday, fell by as much as 4.2 per cent Friday. Husky's decision to abandon its bid for [Read more]
U.S. drillers cut most oil rigs this week since February 2016
U.S. energy firms cut 21 oil rigs this week, the biggest decline since February 2016, even as the United States is expected to reinforce its leadership as the world's number one crude producer this year. Drillers cut 21 oil rigs in the week to Jan. 18, bringing the total count down to 852, the lowest since May 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is still much [Read more]
Canadian oil firm MEG says Husky balked at friendly takeover talks
Canadian oil producer MEG Energy Corp's CEO invited his Husky Energy Inc counterpart this month to negotiate a friendly takeover of MEG but Husky did not follow up, MEG's vice president of investor relations John Rogers said on Friday. Husky abandoned its hostile bid for MEG on Thursday, saying it could not win sufficient MEG shareholder support after Alberta's government ordered production cuts to reduce a crude glut. MEG Chief Executive Officer Derek Evans phoned Husky CEO Rob Peabody in [Read more]
Canada Weekly Rig Count Up 25 to 209
Western Canada’s fleet of drilling rigs increased by 25 rigs to a total of 209 according to data collected by Baker Hughes for the week of January 18th. From last Friday, Alberta rig counts went from 122 to 138. Saskatchewan's rig count went from 40 to 50. Oil drilling went from 103 to 128; natural gas rigs remained at 81. View a full breakdown of western Canada’s rig activity. [Read more]