CALGARY, Jan. 19, 2018 /CNW/ - Manitok Energy Inc. ("Manitok" or the "Corporation") provides the following update of corporate activities related to various corporate matters and its proposed restructuring plan. Under certain Collateralized Exchange Listed NotesTM ("CEL Notes") issued by Manitok, Manitok was required to make an interest payment on November 15, 2017 (the "November Interest Payment"). Due to ongoing liquidity issues and limits on its access to its operating facility with its [Read more]
Headlines
U.S. oil drillers cut rigs for 2nd week in three -Baker Hughes
U.S. energy companies this week cut oil rigs for the second time in three weeks even though crude prices traded near their highest level since 2014. Drillers cut five oil rigs in the week to Jan. 19, bringing the total count down to 747, 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 much higher than a year ago when only 551 rigs were active after energy companies [Read more]
NEB Hearings for North Montney Mainline Project
CALGARY, Jan. 19, 2018 /CNW/ - The National Energy Board (NEB) is holding public hearings on an application of NOVA Gas Transmission Ltd. (NGTL) to modify the North Montney Mainline Project. The hearings will take place over a two-week period and will include oral cross-examination and final arguments. The NEB will also hear oral traditional evidence from Indigenous participants. Date: Monday, January 22, 2018 – Friday, January 26, 2018 Time: 8:30 am (MST); Tuesday, February 6, [Read more]
Oil markets tightening as Venezuelan output collapses -IEA
Global oil markets are tightening quickly on falling supplies from Venezuela, which posted 2017’s biggest unplanned output fall and could see a further decline in 2018, the International Energy Agency (IEA) said on Friday. Debt and infrastructure problems cut Venezuela’s output in December to 1.61 million barrels per day (bpd), somewhere near a 30-year low. That helped oil prices climb above $70 per barrel in early January, their highest level in 3 years. “The general perception that the [Read more]
Point Loma Announces Appointment of Officer and Grant of Share Options
Point Loma Resources Ltd. (TSX-V:PLX) ("Point Loma" or the "Company") is pleased to announce the appointment of Troy Wagner, P. Eng., MBA as Vice President, Acquisitions and Development. Mr. Wagner brings 25 years of diverse oil and gas experience to the Point Loma team and will enhance the Company’s technical depth. Grant of Options A total of 505,000 stock options have been issued to certain recently hired and promoted officers and employees of the Company. Of the total granted 475,000 [Read more]
COLUMN: Peak oil demand and its implications for prices
By John Kemp LONDON, Jan 19 (Reuters) - Even if oil consumption reaches a peak and then starts to fall, the world will still need large quantities of oil for many decades to come. The prediction is contained in a thoughtful paper co-authored by Spencer Dale, chief economist of BP, and Bassam Fattouh, director of the Oxford Institute for Energy Studies. “Global oil demand is likely to continue growing for a period, driven by rising prosperity in fast-growing developing economies,” they [Read more]
NEB Establishes Generic Process to Address Provincial and Municipal Permit Issues Regarding Trans Mountain Expansion Project
CALGARY, Jan. 18, 2018 /CNW/ - Kinder Morgan Canada Limited (TSX: KML) is pleased with the National Energy Board's (NEB) decision today setting down a generic process to hear any future motions as they relate to provincial and municipal permitting issues. "Provision of a process that is open, fair and provides certainty for all parties is good news and is an important component of the assurances we need for the successful execution of the Trans Mountain Expansion Project," said Ian Anderson, [Read more]
NEB sets out dispute resolution process for Trans Mountain permits
CALGARY - The National Energy Board says it has established a process to resolve future permitting issues between the builders of the Trans Mountain pipeline expansion project and provincial and municipal authorities. The NEB says that under the new process, it will take about three to five weeks to reach a decision on future disputes for permits the project is required to get under conditions imposed on the project. Kinder Morgan Canada Ltd. (TSX:KML) had asked for a way to [Read more]
Farmers to address Supreme Court in fight against abandoned wells
TABER, Alta. - A group with the support of thousands of farmers will appear before the Supreme Court of Canada to oppose a legal ruling that allows energy companies to walk away from unprofitable wells on agricultural land. The court announced Thursday that it will hear from the Action Surface Rights Association in an appeal of the so-called Redwater decision. It allows bankrupt energy companies to abandon wells during bankruptcy proceedings without having to clean up the sites. [Read more]
Study defines link between fracking, earthquakes in northern Alberta
EDMONTON - Scientists have figured out how hydraulic fracking causes earthquakes in northern Alberta, but they have a way to go before they can use that knowledge to predict if it will cause temblors in other areas. "Right now, there isn't a good solution for how to do that with induced earthquakes," said Ryan Schultz of the Alberta Geological Survey and lead author of a paper published Thursday on the hundreds of quakes that have occurred around the Duvernay oil and gas field since [Read more]