NEW YORK (Reuters) - WhMore than 144 million barrels were added to hedges, after global oil markets LCOc1 rallied by as much as $13 in the quarter. Higher prices help producers lock in profits for future sales. That should guarantee that total production exceeds 10 million bpd in 2018, which would be an all-time record for U.S. drilling. Traders say growth next year will likely exceed government forecasts, heralding a record year that could pressure prices in the near term. For oil [Read more]
Headlines
Agreement gives Poseidon investors hope of recovery from failed oilfield firm
CALGARY - Investors in failed oilfield services firm Poseidon Concepts Corp. are being offered hope of some compensation under a proposed settlement reached by the law firm leading a class action lawsuit. Toronto law firm Siskinds LLP says up to $36.5 million would be contributed from insurance policies to be distributed to shareholders, as well as other claimants including lenders, under the agreement with directors, officers and other related entities unveiled Thursday. "The [Read more]
UK’s Forties North Sea oil pipeline due to restart in early Jan
LONDON (Reuters) - Britain’s Forties oil and gas pipeline, one of the biggest in the North Sea, should be repaired around Christmas, its operator Ineos said on Thursday, the earlier end of a timeframe the company gave to carry out the work. The announcement pushed oil prices lower. Forties plays an important role in the global market as it is the biggest of the five North Sea crudes underpinning Brent, a benchmark for oil trading in Europe, the Middle East, Africa and Asia. The system, [Read more]
Ikkuma Resources Corp. Announces Final Closing of the Previously Announced Foothills Acquisition
CALGARY, Dec. 21, 2017 /CNW/ - Ikkuma Resources Corp. (TSXV: IKM) ("Ikkuma") is pleased to announce the final closing of its previously announced acquisition of certain assets located in the Alberta Foothills as well as in the British Columbia Deep Basin (the "Foothills Acquisition") for cash consideration of $29.7 million, subject to customary adjustments. The Foothills Acquisition has an effective date of July 1, 2017. Throughout the next several months, Ikkuma will focus on asset [Read more]
Iron Bridge Resources Provides Operations Update
CALGARY, Alberta, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Iron Bridge Resources Inc. (the “Iron Bridge” or the "Company") is pleased to provide an update on its ongoing winter capital budget operations and its share re-purchase activities. Winter Capital Budget Update As previously-disclosed, Iron Bridge’s Elmworth winter capital budget includes the drilling of five, 100% working interest wells including a water disposal well. As of this date, the disposal well has been drilled and completed and is [Read more]
Alberta oil and gas drilling rights auction results rise to $504 million in 2017
CALGARY - Sales of oil and gas drilling rights in Alberta delivered almost four times as much money for the provincial treasury in 2017 compared with 2016 but the total remained well short of the record. Alberta Energy reports receiving $18 million in Wednesday's auction, the last of the year. That brings the total for 2017 to $504 million, 3.7 times as much as the $137 million in 2016. The record was $3.5 billion in 2011. The sales give oil and gas companies the right to drill [Read more]
Canadian offshore oil interest grows as pipeline woes sink Alberta prices
Canada's offshore oil industry, a sliver of the country's crude sector, is drawing rising investment interest due to an aggressive push by Newfoundland and Labrador as prices plummet in oil-rich Alberta due to pipeline problems. Offshore interest in the Atlantic province stands in contrast to Western Canada's oil fields, where foreign companies have sold some $23 billion worth of assets this year due to depressed prices. ExxonMobil's Hebron off Newfoundland, Canada's easternmost province, [Read more]
Freehold Royalties Ltd. Acquires a Long Life Cardium Royalty Asset
CALGARY, Alberta, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Consistent with our strategy of enhancing the quality of our underlying asset base, Freehold Royalties Ltd. ("Freehold") (TSX:FRU) is pleased to announce the closing today of the acquisition of a long life, light oil gross overriding royalty (GORR). Royalty Acquisition Freehold is acquiring a new 2% GORR in petroleum and natural gas rights in the Cardium in 173,440 gross (120,960 net) acres of land in the greater Pembina area. The purchase [Read more]
Bonterra Energy Corp. Announces the Sale of a Two Percent Gross Overriding Royalty Interest in the Pembina Cardium Pool for Total Consideration of $52 Million and its 2018 Operational and Financial Budget
CALGARY, Alberta, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Bonterra Energy Corp. (www.bonterraenergy.com) (TSX:BNE) (“Bonterra” or “the Company”) is pleased to announce that it has entered into a definitive agreement for the sale of a two percent non-convertible gross overriding royalty (“GORR”) in the Pembina Cardium pool for cash consideration of $52 million plus the assignment of the purchaser’s working interest in certain PNG rights, Tangibles (wells, pipelines, facilities) and Miscellaneous [Read more]
Inter Pipeline Announces Capital Expenditure Program for 2018
CALGARY, Alberta, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Inter Pipeline Ltd. (“Inter Pipeline”) (TSX:IPL) announced today a $900 million capital expenditure program for 2018. Approximately $820 million, or 91 percent of total capital expenditures will be for organic growth initiatives, with the remaining $80 million invested for sustaining capital projects. In 2018, the majority of Inter Pipeline’s growth capital program is expected to be directed towards engineering and construction activities for [Read more]