North American oil producers that have been increasing spending to take advantage of this year's higher prices will dial back as November's reversal fuels worries about a 2019 surplus, energy executives say.U.S. light sweet crude settled on Friday at $50.42 a barrel, down nearly 23 percent since October and the lowest in more than a year over worries about oversupply and the Sino-U.S. trade war. The drop comes as many oil producers are assembling drilling budgets for 2019. [Read more]
Headlines
Progress Energy Changes Name to PETRONAS Energy Canada
CALGARY, Nov. 23, 2018 /CNW/ - Progress Energy Canada Ltd. is pleased to announce it has changed its name to PETRONAS Energy Canada Ltd. (PETRONAS Canada), effective November 22. PETRONAS is Malaysia's fully integrated oil and gas multinational ranked among the largest corporations on FORTUNE Global 500®. PETRONAS entered Canada as part of a joint venture with Progress Energy in 2010, and Progress Energy became a subsidiary of PETRONAS in 2012. "The name change is a reflection of our parent [Read more]
Point Loma Resources Announces Third Quarter 2018 Financial and Operating Results
CALGARY, AB / ACCESSWIRE / November 23, 2018 / Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or "Point Loma") is pleased to report financial and operating results for the three and nine months ended September 30, 2018. Highlights of the period and additional updates are summarized below: HIGHLIGHTS Average daily production has increased to 977 boe/d for the third quarter of 2018, representing a 61% increase compared to the three months ended September 30, 2017. [Read more]
Mr. Prime Minister, thanks for the visit, and hearing so well. Now it’s time to lead
Well, the bully’s back. Canada is getting its lunch money taken again, but this time it’s even worse. The bully shows up at our house on weekends too and takes $50 million per day, give or take $10 or $20 million. This is the same bully that told Canada it had a weak leader. There was a lot of indignation over that; Canadians aren’t all that keen on being seen as weak. On the other hand, Canadians now see themselves in a position where the problem can possibly be rectified. It was [Read more]
Natural gas pressure eases but FortisBC urges restraint for potential cold snap
SURREY, B.C. - The natural gas supply is improving for British Columbia, but FortisBC Energy Inc. is still asking its residential and business customers to conserve ahead of the two coldest months of the year. Fortis says in a news release that measures to boost its natural gas supply, warmer than average weather and an announcement from Enbridge that it will increase its pipeline pressure are all increasing the supply. The Enbridge pipeline that exploded and burned last month near Prince [Read more]
Amherst Announces September 30, 2018 Reserve Report
Amherst Energy Inc. (Amherst) is a private Calgary based oil and gas exploration company. Amherst today reported that an independent engineering evaluation conducted on Amhest’s three (100 % WI) key properties, Morgan, Lloydminster and Leo, resulted in an estimated total proven plus probable reserves of 2.617 million barrels oil with a before tax NPV @ 10% DCF of $39.176 million, with 25 proven undeveloped and 9 probable undeveloped oil drilling locations on Amherst’s lands. The evaluation [Read more]
Alberta in ‘crisis’ over low oil price: Prime Minister Justin Trudeau
CALGARY -- Prime Minister Justin Trudeau says Alberta is in a crisis as the province's oil is being sold at a discount of about $45 a barrel. Speaking in Calgary as pro-oil protesters shut down part of the city's downtown, Trudeau says he understands people in Alberta are having a tough time. Alberta Premier Rachel Notley says the oil price gap is costing the Canadian economy $80 million a day. The province's oil is selling much lower than West Texas Intermediate in the United States [Read more]
2,000+ protest Trudeau at pro-pipeline rally in Calgary
Prime Minister Justin Trudeau today is 'listening' to the concerns of Canada's oil and gas industry by making an appearance in Calgary. Sure enough, there is a large protest occurring outside the Hyatt hotel - where Trudeau is set to put his best 'listening' skills to work. The protest's organizers see his presence as an opportunity to tell the Prime Minister Canadians deserve better. Protests out front of @Hyatt awaiting to hear @JustinTrudeau speak #albertastrong #aboilandgas #serviceco [Read more]
Pieridae Energy Announces Third Quarter Results and Provides an Update on the Ikkuma Arrangement
CALGARY, Alberta, Nov. 22, 2018 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (“Pieridae”) (PEA - TSXV) is pleased to announce that it has filed its third quarter unaudited condensed interim financial statements and related management’s discussion and analysis (“MD&A”) for the three- and nine-month periods ended September 30, 2018. Pieridae is a reporting issuer or the equivalent in British Columbia, Alberta and Québec. It is listed on the TSX Venture Exchange under the symbol PEA. Pieridae's [Read more]
Premier Rachel Notley unveils carbon tax break for drilling companies
CALGARY - Alberta Premier Rachel Notley is handing out tax breaks for oil and gas drillers along with criticism of Ottawa's lack of appreciation for how damaging are current price discounts on western Canadian oil. In a speech at a Canadian Association of Oilwell Drilling Contractors event in Calgary, she announced her government would add oil and gas drilling to a list of trade-exposed industries exempt from the province's carbon tax. The exemption, made retroactive to when the [Read more]