VANCOUVER - Several First Nations, municipalities and environmental groups that are opposed to the approval process of the Trans Mountain pipeline expansion in British Columbia will be arguing their position in the Federal Court of Appeal over the next two weeks. The hearing beginning Monday in Vancouver consolidates numerous lawsuits filed by seven First Nations applicants, the cities of Burnaby and Vancouver, the Raincoast Conservation Foundation, and the Living Oceans Society, which [Read more]
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Today marks the 50th anniversary of revolutionary Great Canadian Oil Sands Limited, the precursor to Suncor Energy
Editor's note: The following is the transcript of a speech given by author Peter McKenzie-Brown discussing his latest book: 'Bitumen: The people, performance and passions behind Alberta’s oil sands.' Great Canadian Oil Sands Limited was the precursor to what is now Canada's largest energy company: Suncor Energy. Today marks the 50th anniversary of GCOS opening for business and we at the BOE Report appreciate the historical importance of this moment in time for the Alberta and Canadian [Read more]
Seven Generations announces expiration of tender offer for its 8.250% senior unsecured notes due 2020
CALGARY, ALBERTA--(Marketwired - Sept. 29, 2017) - Seven Generations Energy Ltd.'s (TSX:VII) tender offer was accepted by holders representing US$224,340,000 aggregate principal amount of 7G's 8.250% senior unsecured notes due 2020 (the "Notes"). The previously announced cash tender offer to purchase any and all of the outstanding principal amount of the Notes expired at 5:00 p.m., EDT, on September 29, 2017 (the "Expiration Time"). Seven Generations intends to accept for payment all Notes [Read more]
Canada Weekly Rig Count Down 7 to 213
Western Canada’s fleet of drilling rigs increased to 220 actively drilling rigs according to data collected by Baker Hughes for the week of September 29. From one week ago, Alberta rig counts remained at 144, the Saskatchewan rig count decreased by 5 to 39. Oil drilling dropped by 9 to 113; gas rigs went back to 100 from 98. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for first week since mid-August -Baker Hughes
U.S. energy companies added oil rigs for the first week in seven after a 14-month drilling recovery stalled in August as crude prices were on track for their strongest third quarter in 10 years. The U.S. oil rig count, however, is down for the second month in a row and posted its biggest monthly and quarterly declines since the second quarter of 2016. Drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750, General Electric Co's Baker Hughes energy services [Read more]
Profit taking ahead of weekend subdues bullish oil streak
NEW YORK (Reuters) - Oil prices were down slightly on Friday on weekend profit taking following a rally in prices around geopolitical instability in Iraqi Kurdistan, which helped Brent make its strongest third-quarter performance since 2004. Global benchmark Brent crude was down 7 cents at $57.37 a barrel at 12:08 p.m. EDT (1607 GMT), notching up a third-quarter gain of around 20 percent. On the week, Brent was up 0.9 percent. The contract had reached its highest in more than two years earlier [Read more]
Kinder Morgan Canada asks for relief on pipeline condition to avoid project delay
CALGARY - Kinder Morgan Canada has asked the National Energy Board to waive an approval condition of the Trans Mountain pipeline expansion because it might delay completion of the project. Shawn Denstedt, a lawyer at Osler, Hoskin & Harcourt representing Kinder Morgan Canada subsidiary Trans Mountain, said in a letter to the NEB that it needs to be allowed to install mats to deter fish spawning as soon as possible to have them in place before spawning season. The NEB told the [Read more]
Bullish oil streak propels Brent to strongest third quarter in 13 years
Oil edged higher on Friday as tensions around Iraqi Kurdistan threatened the region’s crude supplies, helping Brent prices to their strongest third-quarter performance since 2004. Global benchmark Brent crude was up 17 cents at $57.58 a barrel at 1225 GMT, notching up a third-quarter gain of around 20 percent. The contract had reached its highest in more than two years earlier in the week, resulting in a fifth consecutive weekly gain. This performance is Brent’s longest weekly bull run since [Read more]
Saturn Oil + Gas Inc. Announces Results of Corporate Reserves Evaluation
SASKATOON, SASKATCHEWAN--(Marketwired - Sept. 29, 2017) - Saturn Oil + Gas Inc. ("Saturn" or the "Company") (TSX VENTURE:SMI)(FRANKFURT:SMK) is pleased to announce that on September 27th, 2017 the Company received its Corporate Reserves Estimation and Economic Evaluation form Deloitte LLP ("Deloitte") for its Lucky Hills Viking assets and Flaxcombe Success heavy oil assets. Saturn is pleased to announce 307 thousand net barrels in proved plus probable reserves ("2P"), a before tax undiscounted [Read more]
Questerre announces successful private placement
CALGARY, ALBERTA--(Marketwired - Sept. 29, 2017) - Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC)(OSLO:QEC) is pleased to announce that its private placement of up to 34.9 million Common Shares (the "Private Placement") has been over-subscribed at a price of 5.70 NOK or C$0.89 per Common Share. Gross proceeds are estimated at 198.9 million NOK or approximately C$31 million. Michael Binnion, President and Chief Executive Officer of Questerre, commented, "This placement [Read more]