Western Canada’s fleet of drilling rigs went up by 5 to the current count of 208 actively drilling rigs according to data collected by Baker Hughes for the week of November 17th. From one week ago, Alberta rig counts increased from 148 to 155, the Saskatchewan rig count decreased from 26 to 25. Oil drilling went up by 1 to 109; gas rigs went up 4 to 99. View a full breakdown of western Canada’s rig activity. [Read more]
Headlines
Congress debates oil drilling in largest US wildlife refuge
ANCHORAGE, Alaska - Sometime next April, pregnant cows in the Porcupine Caribou Herd in Canada will take the lead in an annual migration of nearly 200,000 animals north to Alaska. From winter grounds in Canada's Yukon Territory, the caribou travelling in small and large groups will cross rivers and gaps in the mighty Brooks Range on the 400-mile (643-kilometre) journey. Their destination is the coastal plain of the Arctic National Wildlife Refuge, a strip of flat tundra between the [Read more]
Discount on Canadian heavy crude deepens after pipeline spill
The discount on Canadian heavy crude surged wider on Friday as traders waited for news on how long TransCanada Corp's 590,000 barrel per day Keystone pipeline would be shut down following a spill in South Dakota on Thursday. Western Canada Select for January delivery in Hardisty, Alberta, widened to $16.00 per barrel below the West Texas Intermediate benchmark, according to Shorcan Energy brokers. On Thursday January barrels settled at $15.50 per barrel below the U.S. benchmark. Trading [Read more]
Athabasca Oil Corporation Announces Director Update
CALGARY, Alberta, Nov. 17, 2017 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX:ATH) (“Athabasca” or the “Company”) announces that Henry Sykes will be stepping down from the Board of Directors as a result of a conflict that has arisen given his position on a board of a publicly traded company that recently combined with another public company. “I have enjoyed my time at Athabasca. While shorter than I would have hoped, I am confident the Board and management team are well positioned for [Read more]
Manitok Energy Inc. Updates on the Acquisition of Questfire Energy Inc.’s Assets
CALGARY, Nov. 17, 2017 /CNW/ - Manitok Energy Inc. ("Manitok" or the "Corporation") (TSXV: MEI) provides the following update related to its transaction with Questfire Energy Corp. ("Questfire") and various other corporate matters it is pursuing. As announced by Questfire on November 16, 2017, Questfire's lenders are seeking a court order to place Questfire in receivership. As a result, Manitok's previously announced plan of arrangement transaction with Questfire is terminated. Manitok has [Read more]
Questfire Energy Corp. Announces Demand by Lenders and Notice of Intention to Enforce Security
CALGARY, Alberta, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Questfire Energy Corp. (“Questfire”) (TSXV:Q.A) is disappointed to announce that its lenders, Alberta Treasury Branches and The Toronto-Dominion Bank (the “Lenders”), have made demand upon Questfire for payment in full of Questfire’s debt. In addition, the Lenders have provided Questfire with a Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada) and today the Lenders are seeking a [Read more]
TransCanada responds to oil leak in Amherst, South Dakota
AMHERST, SOUTH DAKOTA--(Marketwired - Nov. 16, 2017) - News Release - TransCanada (TSX:TRP) (NYSE:TRP) crews safely shut down its Keystone pipeline at approximately 6 a.m. CST (5 a.m. MST) after a drop in pressure was detected in its operating system resulting from an oil leak that is under investigation. The estimated volume of the leak is approximately 5,000 barrels. The section of pipe along a right-of-way approximately 35 miles (56 kilometres) south of the Ludden pump station in Marshall [Read more]
USA and China make their natural resources work for them, while Canada twiddles its thumb
During President Trump’s recent visit to China, bilateral agreements worth $250-billion were signed between the United States and China. From the raft of agreements signed, the following deals caught my attention: China's top state oil major Sinopec, Bank of China and China Investment Corp agreed to help develop a $43-billion natural gas project in Alaska. Air Products and Chemicals signed an agreement with Yankuang Group for a $3.5-billion coal-to-syngas production facility in [Read more]
Seven Generations shares slide after it increases 2018 capital spending plan
CALGARY - Negative market reaction to a slight rise in its 2018 spending plan by natural gas producer Seven Generations Energy Ltd. (TSX:VII) shows how little patience investors have for anything but conservative management in the oilpatch, analysts say. On Thursday, shares in the company plunged by as much as 10 per cent after it announced it would increase its budget by five per cent to about $1.75 billion next year compared with 2017. The stock closed at $16.58, down $1.37 or nine per [Read more]
U.S. to account for most world oil output growth over 10 years: IEA
BONN, Germany (Reuters) - The United States is expected to account for more than 80 percent of global oil production growth in the next 10 years and it will produce 30 percent more gas than Russia by that time, he International Energy Agency (IEA) said on Thursday. “This has implications on the oil markets, prices, trade flows, investment trends and the geopolitics of energy,” IEA head Fatih Birol said at a U.N. climate conference in Bonn. He said the United States, whose upstream energy [Read more]