MNP Ltd. was appointed as receiver and manager (the “Receiver”) of all of the assets, properties and undertakings of COGI Limited Partnership, Canadian Oil & Gas International Inc. Conserve Oil Group Inc. and Conserve Oil 1st Corporation (collectively “COGI” or the “Company”) pursuant to orders of the Court of Queen’s Bench of Alberta. In November 2016, a process to sell the oil and natural gas assets of COGI was undertaken. Subsequent to the sales process, certain oil and natural gas [Read more]
Headlines
Pulse Oil Corp. Announces Increased Production and Strategic Land Acquisition
CALGARY, Dec. 11, 2017 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL) announces the Pulse team has begun the process of re-establishing shut-in production from Pulse's recently acquired strategic Bigoray area assets (Pulse 100% Working Interest). Current daily production for Pulse has increased from approximately 70 BOE/D to more than 300 BOE/d (84% oil) with the initiation of Pulse's planned reactivation program. Pulse expects these mature, long-life wells to further [Read more]
Enbridge Announces Closing of $500 Million Preferred Share Offering, Inclusive of the Exercise of Underwriters’ Option
CALGARY, Dec. 11, 2017 /CNW/ - Enbridge Inc. (TSX:ENB) (NYSE:ENB) (Enbridge or the Company) today announced that it has closed its previously announced public offering (the Offering) of Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 19 (the Series 19 Preferred Shares) through a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets and National Bank Financial. Enbridge issued 20 million Series 19 Preferred Shares, inclusive of 4 million Series [Read more]
Hedge funds start to take profits after oil rally: Kemp
LONDON, Dec 11 (Reuters) - Hedge fund managers have started to take profits from the big rise in crude oil and refined products prices since June now the rally has lost momentum and inventories are showing signs of stabilising. Portfolio managers cut their combined net long position in the five major futures and options contracts linked to petroleum prices by the equivalent of 34 million barrels in the week to Dec. 5. Net long positions were reduced to 1,120 million barrels, from the [Read more]
The wurst – Germany’s energy ingredients spawn deceitful headlines that one picture can quash
Germany breaks green energy record by generating 35% of power from renewables in first half of 2017 - The Independent, July 2017 Germany breaks a solar record – gets 85% of electricity from renewables - Clean Technica, May 2017 Germany just got almost all its power from renewable energy – Bloomberg, May 2016 I haven’t been to Germany in 20 years, and it sounds like I wouldn’t recognize it. According to a first hand report from a large, bald, German acquaintance who sometimes cycles [Read more]
David Frum thinks Canada’s politics are the good kind of boring
When the left leaning Alberta NDP came to power in Alberta several years ago, the complaints heard loudest were often not so much about their forthcoming policy, but rather, the uncertainty it was supposedly going to create. For oil and gas executives in Alberta, and around the world for that matter, uncertainty in policy reform is treated with disdain. This is partly because oil and gas executives find themselves in an industry requiring huge swaths of capital to finance growth, and so anything [Read more]
U.S. drillers add oil rigs for 3rd week in a row -Baker Hughes
U.S. energy companies this week added oil rigs for a third week in a row, the longest string of increases since summer, as higher crude prices prompt drillers to return to the well pad after a break in the autumn. Drillers added two oil rigs in the week to Dec. 8, bringing the total count up to 751, the highest level since September, 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 [Read more]
Canada Weekly Rig Count Down 3 to 219
Western Canada’s fleet of drilling rigs went down 3 to the current count of 219 actively drilling rigs according to data collected by Baker Hughes for the week of December 8th. From one week ago, Alberta rig counts decreased from 162 to 160, the Saskatchewan rig count decreased 4 to 28. Oil drilling went up 1 to 112; gas rigs went down 4 to 107. View a full breakdown of western Canada’s rig activity. [Read more]
Kinder Morgan Canada shares surge after ruling on pipeline permits
TORONTO (Reuters) - Shares in Kinder Morgan Canada Ltd rose as much as 9.5 percent to a four-month high early on Friday, after a favorable ruling by the country’s energy regulator on its Trans Mountain pipeline expansion boosted prospects of the contentious project. Late on Thursday, Canada’s National Energy Board said Kinder Morgan Canada could proceed with construction work on the $5.8 billion project without complying with certain bylaws from the city of Burnaby, British Columbia, through [Read more]
Keyera Corp. Announces Closing of $494 million Public Offering of Common Shares including the Over-Allotment Option
CALGARY, Dec. 8, 2017 /CNW/ - Keyera Corp. (TSX:KEY) ("Keyera") announced today the successful completion of the public offering of 12,200,000 common shares ("Common Shares"), as well as the sale of an additional 1,830,000 Common Shares pursuant to the over-allotment option exercised by the underwriters in connection with the public offering. The Common Shares were priced at $35.20 per Common Share for total gross proceeds of approximately $494 million. The offering was completed to support [Read more]