CALGARY - Like gamblers who have been burned too often, Canadian energy producers are lining up to "hedge their bets" on oil and gas by locking in price contracts today for deliveries to be made months or years from now. Observers say more companies than ever are hedging future volumes, shocked by events like this week's plunge in benchmark American oil prices from three-year highs above US$65 per barrel, as well as memories of the collapse to below US$30 in early 2016. Hedging [Read more]
Headlines
Former B.C. premier Christy Clark says blocking Trans Mountain is ‘illegal’
OTTAWA - British Columbia's efforts to block the Trans Mountain pipeline expansion are illegal and will hurt all of Canada, says the former B.C. premier who originally approved the interprovincial project. The way B.C.'s New Democrat government is handling Trans Mountain is putting future jobs at risk, Christy Clark told a gathering of conservatives in Ottawa on Saturday. "In this country, we set rules. We set goal posts. And you can't change them halfway through," she said to a [Read more]
Energy: Ottawa’s new rules create more uncertainty
MONTREAL, Feb. 9, 2018 /CNW Telbec/ - The new review process for industrial projects unveiled by Ottawa risks hurting the Canadian economy's competitiveness even more by creating greater uncertainty among investors, points out the MEI, adding that the energy sector is already going through a difficult period. The abandonment of the Energy East project and the recent complications surrounding the Trans Mountain project in Western Canada were already sending the wrong signal to investors. "We [Read more]
U.S. drillers boost oil rig count to highest nearly 3 years -Baker Hughes
U.S. energy companies added 26 oil rigs this week, boosting the count to 791, its highest since April 2015, even as crude pulled back from three-year highs with drillers expecting higher prices for their output in 2018 than last year. The increase in the week to Feb. 9 was the biggest weekly rise since January 2017, 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 [Read more]
Canada Weekly Rig Count Down 17 to 325
Western Canada’s fleet of drilling rigs went down by 17 rigs to the current count of 325 actively drilling rigs according to data collected by Baker Hughes for the week of February 9th. From one week ago, Alberta rig counts decreased from 229 to 228, the Saskatchewan rig count decreased from 75 to 66. Oil drilling went from 234 to 221; gas rigs went up from 108 to 104. View a full breakdown of western Canada’s rig activity. [Read more]
From BC wineries to Canadian business to natives, Trans Mountain protesters are hurting us all with zero environmental benefits to show for it
There is a palpable sense of frustration building across the land at Canada’s inability to build anything. A snapshot of news headlines this cold wintry day lists this and this and this, from a variety of mainstream news organizations. The current BC standoff is, fundamentally, not up for debate. Federal jurisdiction over waterways is the law of the land. It is in Alberta, when a pipeline must cross a river, or any activity comes near a natural waterway. It is on the coasts, all of them, and [Read more]
Saturn Oil + Gas Inc. Provides Operational Update to Winter Drill Program
SASKATOON, Saskatchewan, Feb. 09, 2018 (GLOBE NEWSWIRE) -- Saturn Oil + Gas Inc. (“Saturn” or the “Company”) (TSX.V:SMI) (FSE:SMK) would like to provide an update on the Company's recent land acquisition and Q1/2018 drill program. Saturn has closed its land acquisition with Whitecap Resources Inc. The Company has acquired one section of land with rights from base Colorado to base Mannville. The acquired section is adjacent to Saturn’s existing land holdings and the Company has licensed its [Read more]
East Duvernay Water Strategy – Show Me The Water!
“Show Me The Money!” is the iconic 90’s catch phrase from the movie ‘Jerry Maguire.' This line also comes to mind when we examine the frac water management opportunity that is unfolding in the East Duvernay Shale Basin. At Connate Water Solutions, in addition to hydrogeology consulting, we internally generate groundwater prospects in areas of high operator demand. Our focus is currently on the shallow bedrock hydrogeology of the emerging Twining/Ghostpine area (Figure 1). As we compile our [Read more]
Two arrested following Trans Mountain pipeline protest in Coquitlam, B.C.
COQUITLAM, B.C. - Two people have been arrested following a protest against the Trans Mountain pipeline in Coquitlam, B.C. RCMP say nine people were peacefully protesting Thursday but police were called in when the protesters began blocking equipment and highway traffic. Protesters said in an email that they "physically intervened" and forced construction to a halt on the Trans Mountain pipeline. RCMP say in a news release that a 22-year-old woman, who locked herself to a [Read more]
Crew Energy Announces 2018 Capital Budget and Strong 2017 Reserves Growth
CALGARY, Alberta, Feb. 08, 2018 (GLOBE NEWSWIRE) -- Crew Energy Inc. (TSX:CR) of Calgary, Alberta (“Crew” or the “Company”) is pleased to provide highlights from our independent corporate reserves evaluation prepared by Sproule Associates Ltd. (“Sproule”) with an effective date of December 31, 2017 (the “Sproule Report”) along with the Company’s 2018 capital expenditure budget, approved by Crew’s Board of Directors. 2018 BUDGET HIGHLIGHTS Fully Funded $80 to $85 Million Capital Budget: [Read more]