Western Canadian natural gas prices have been stuck at historically weak levels since summer due to prolonged pipeline maintenance, which will hurt producers' quarterly profits and royalties paid to the cash-strapped province of Alberta. In the Alberta market, known as AECO, spot natural gas prices for immediate delivery have turned negative eight times in the last three months, most recently on Oct. 9, meaning producers got nothing for gas sold on those days. Throughout the third quarter [Read more]
Headlines
RMP Energy Announces Successful Shareholder Votes to Approve Transformational Asset Disposition and Corporate Name Change
CALGARY, Alberta, Oct. 13, 2017 (GLOBE NEWSWIRE) -- RMP Energy Inc. ("RMP" or the "Company") (TSX:RMP) is pleased to announce that the holders of common shares of the Company (the "Shareholders") approved today by an overwhelming majority (over 99 percent) the previously-announced transformational asset disposition (the "Transaction") pursuant to which the Company will dispose of all of its crude oil and natural gas interests in the Waskahigan/Grizzly, Kabob, Gilby and Pine Creek areas of West [Read more]
Canada Weekly Rig Count Up 3 to 212
Western Canada’s fleet of drilling rigs increased by 3 to 212 actively drilling rigs according to data collected by Baker Hughes for the week of October 13th. From one week ago, Alberta rig counts increased from 139 to 144, the Saskatchewan rig count increased by remained at 40. Oil drilling remained at 112; gas rigs went from 97 to 100. View a full breakdown of western Canada’s rig activity. [Read more]
Prices paid in Alberta land sales climb higher than when oil was last at $100
In the October 11 Alberta land sale, each of the three regions Alberta Energy divides the province into received average bonus payments (the amount essentially paid to win a bid) rivaling the average payments received in 2014, when in the first half of that year, WTI averaged roughly $100 per barrel. From July 2014 to January 2015, the price of WTI suffered its sharpest decline (from roughly $105 to $46). Alberta Energy splits the province's land sales (a misnomer as the crown still retains [Read more]
Cona Resources Ltd. Announces Appointment of President and Chief Executive Officer
CALGARY, Oct. 13, 2017 /CNW/ - Cona Resources Ltd. ("Cona" or the "Company") (TSX: CONA) is pleased to announce that Cona's Board of Directors is appointing Rob Morgan as President and Chief Executive Officer of the Company. Mr. Morgan has over 30 years' experience with a broad background including Saskatchewan heavy oil and Enhanced Oil Recovery. Most recently, he served as Senior Vice President and Chief Operating Officer with Crew Energy Inc., a publicly traded Canadian oil and gas company. [Read more]
Global LNG-Bullish streak ends as buyers drop bids on more supply
LONDON, Oct 13 (Reuters) - Asian spot prices for liquefied natural gas (LNG) fell after six straight weeks of gains as more supply emerged and buyers aggressively revised down bids for December shipments. Spot Asian LNG LNG-AS prices for December delivery fell to $8.90 per million British thermal units (mmBtu), with the bid-offer spread widening as sellers maintained high asking prices for now. According to one Singapore-based trader, bids for December deliveries in northeast Asia are at $8.50 [Read more]
Break even pricing in the oil patch – what goes into it and what are the implications?
Much open discussion through the press has been given to the 'break even price' as it relates to the ability of producers to economically develop shale oil resources in a low-price environment. The range of prices has been stated by many parties ranging from as low as $20 per barrel to more reasonable projections of between $50 and $60 per barrel in the next 6 to 12 months. The break-even price estimates are the basis of increased activity as reflected by the surge of active rigs since the [Read more]
Crew Energy Inc. Announces Executive Change
CALGARY, Alberta, Oct. 12, 2017 (GLOBE NEWSWIRE) -- Crew Energy Inc. (TSX:CR) (“Crew” or the “Company”) today announces that Mr. Robert Morgan, Senior Vice President and Chief Operating Officer of Crew, has resigned his position with the Company in order to pursue an opportunity as President and Chief Executive Officer with a publicly traded, crude oil production and development company focused in Saskatchewan. We wish Rob continued success. "I want to thank Rob for his contributions to Crew [Read more]
Traverse Energy Ltd. Announces Increase in Size of Private Placement Financing
CALGARY, Alberta, Oct. 12, 2017 (GLOBE NEWSWIRE) -- Traverse Energy Ltd. (the “Corporation”) (TSX Venture:TVL) reports that due to the oversubscription of its previously announced non-brokered private placement (the “Private Placement”), the Corporation is increasing the size of the Private Placement. The Corporation will now issue 11,826,000 million common shares (“Shares”) on a “flow-through” basis eligible for the renunciation of Canadian exploration expenses within the meaning of the Income [Read more]
Pengrowth Announces Significant Debt Repayment and Finalization of Agreements With Bank Syndicate and Noteholders to Amend Financial Covenants
CALGARY, ALBERTA--(Marketwired - Oct. 12, 2017) - Pengrowth Energy Corporation (TSX:PGF) (NYSE:PGH) is pleased to announce that it has prepaid all of its outstanding term notes due in 2018 and has finalized the terms of amending agreements with its lenders under its syndicated bank facility and the holders of its remaining term notes. These agreements amend the existing financial covenants effective for the quarter ending September 30, 2017 through to and including the quarter ending September [Read more]