CALGARY, Alberta, Dec. 22, 2017 (GLOBE NEWSWIRE) -- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO)(OTCQX:GXOCF) is pleased to announce that the semi-annual review of its credit facility has been completed. The Company voluntarily reduced the availability under the credit facility from $60 million to $50 million, consisting of a $45 million revolving demand credit facility and a $5 million revolving demand operating facility. The Company has sufficient liquidity and financial [Read more]
Headlines
Korea-owned company says it will fire up halted oilsands project after two years on hold
CALGARY - In a rare sign of optimism for the future of the oilsands, South Korea-owned Harvest Operations Corp. says it has decided to complete and begin producing from a 10,000-barrel-per-day project it halted more than two years ago due to low oil prices. The Calgary-based arm of state-owned Korea National Oil Corp. says major work has already started at the BlackGold project site south of Fort McMurray in northern Alberta and will continue through the winter. It says it aims [Read more]
U.S. oil drilling rig count holds steady this week -Baker Hughes
U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, even though crude prices hovered near their highest level since the summer of 2015. The rig count , an early indicator of future output, held at 747 in the week to Dec. 22, still much higher than a year ago when only 523 rigs were active after energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The [Read more]
Vital Announces Extension of Outstanding Debentures and New Debenture Offering
CALGARY, Alberta, Dec. 22, 2017 (GLOBE NEWSWIRE) -- Vital Energy Inc. (“Vital”) announced today that, further to its news release dated December 23, 2015, the maturity date of the outstanding 8% secured convertible debentures in the aggregate principal amount of $2,075,000, have been extended for an additional one year period, from December 23, 2017 to December 23, 2018. The other debenture issued on December 23, 2015 in the principal amount of $50,000 has been repaid. At the time of issuance, [Read more]
Canada Weekly Rig Count Down 28 to 210
Western Canada’s fleet of drilling rigs went down by 28 to the current count of 210 actively drilling rigs according to data collected by Baker Hughes for the week of December 22nd. From one week ago, Alberta rig counts decreased from 167 to 162, the Saskatchewan rig count decreased by 42 to 29. Oil drilling went down by 14 to 120; gas rigs went down 14 to 90. View a full breakdown of western Canada’s rig activity. [Read more]
CN says project to ship oil pellets has potential to unlock offshore markets
MONTREAL - Canadian National Railway is testing the commercial viability of shipping dry pellets of heavy crude by rail, a process it says lessens environmental risk and could unlock offshore markets for the country's energy producers. Earlier this year CN (TSX:CNR) unveiled the technology, called CanaPux, which turns bitumen into a semi-solid for transportation by mixing and coating it with polymer. The railway says CanaPux meets rigorous strength requirements for bulk [Read more]
‘There’s more than oil and gas:’ Wind blowing workers in new direction
LETHBRIDGE, Alta. - The winds of change are pushing Mark Kokas in a new career direction. Nearly two years after being laid off as an electrician in Alberta's flailing oil and gas sector, the 42-year-old is training to become a wind turbine technician. "It is tough to find work right now. It's not like it was before," said Kokas in a class at Lethbridge College, one of two institutions in Western Canada that offers training and the only one with a one-year certificate program. [Read more]
Tidewater Midstream and Infrastructure Ltd. Announces Closing of Deep Basin and Montney Acquisition, Provides Update on BRC Expansion and Reaffirms Exit 2017 Annualized Run-Rate Adjusted EBITDA Guidance
CALGARY, Alberta, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Closing of Deep Basin and Montney Acquisition Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) (TSX:TWM) is pleased to announce that it has completed its previously announced acquisition of certain assets in the Deep Basin and Montney region for net cash consideration of $34 million. Together with Tidewater’s previously announced acquisition of a pipeline in the Wapiti region, Tidewater’s key pieces of [Read more]
Harvest Operations Corp. Confirms Decision to Start Its Blackgold Oil Sands Project
CALGARY, Alberta, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Harvest Operations Corp. (“Harvest” or the “Company”) announced today its decision to re-sanction and complete the construction and commissioning of its 10,000 bbl/d BlackGold SAGD oil sands project near Conklin, Alberta. Harvest had previously suspended work in early 2015 dues to the drastic fall in oil prices. Major work at site has already commenced and will progress through the winter with the aim of commissioning wells and commencing steam [Read more]
Cequence Energy Announces Asset Sales and Operation Update
CALGARY, Dec. 21, 2017 /CNW/ - Cequence Energy Ltd. (the "Company" or "Cequence") (TSX:CQE) is pleased to announce that it has completed two asset dispositions for total proceeds of $4.3 million. The dispositions include the sale of a non-core property located in B.C. which is producing approximately 100 boe/d and the sale of 25 sections of Lower Montney rights in the Simonette area. As part of Simonette transaction, the acquirer has agreed to drill and complete a Lower Montney horizontal [Read more]