NEW YORK, Sept 1 (Reuters) - U.S. energy firms did not add any oil rigs this week as Hurricane Harvey barrelled into the nation’s energy heartland, forcing drillers to halt production and refiners to shut plants. The total oil rig count for the week ended Friday stayed at 759, General Electric Co’s Baker Hughes energy services firm said in its report on Friday. That compares with 407 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 67 weeks since the [Read more]
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Canada Weekly Rig Count Down 16 to 201
Western Canada’s fleet of drilling rigs decreased to 201 actively drilling rigs according to data collected by Baker Hughes for the week of September 1. From one week ago, Alberta rig counts decreased to 130 rigs from 144, the Saskatchewan rig count increased to 39 from 38. Oil drilling decreased to 102 rigs from 115; gas rigs decreased from 102 to 99. View a full breakdown of western Canada’s rig activity. [Read more]
Tanager Energy Announces Operational Update on the Sidekick A #1 Well Located in Polk County, Texas
CALGARY, Alberta, Sept. 01, 2017 (GLOBE NEWSWIRE) -- Tanager Energy Inc. (“Tanager” or the “Corporation”) (TSX-V:TAN) (OTCQB:MNIRF) is pleased to announce the completion of drilling activities and logging of its Sidekick A #1 well. The Sidekick A #1 encountered two potentially productive zones by log analysis. Further testing, such as sidewall coring and formation tests, could not be performed on the well due the approach of tropical storm Harvey. The Sidekick A #1 well was drilled to a total [Read more]
Sunshine Oilsands Ltd.: Executive Management Changes
HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - Sept. 1, 2017) - The Board of Directors (the "Board") of Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine") (HKEX:2012) wishes to announce the following executive management changes due to job reallocation and to better align its management organization with the Corporation's future growth and development objectives. Change of Chief Executive Officer The Board is pleased to announce that with effect from September 1, 2017, Mr. [Read more]
Oil slips after Harvey floods U.S. refineries
Oil prices slipped on Friday in the wake of Hurricane Harvey, which has killed more than 40 people and brought record flooding to the oil heartland of Texas, paralysing a quarter of the U.S. refining industry. Harvey, downgraded to a tropical storm and losing steam as it moved inland, shut at least 4.4 million barrels per day (bpd) of refining capacity. That sparked fears of a fuel shortage before the Labor Day weekend and cut refinery demand for crude, widening the spread between U.S. [Read more]
‘It’s the best way’ – Trudeau attempts to sell carbon tax in Saskatoon
SASKATOON - Prime Minister Justin Trudeau touched on the thorny issue of carbon pricing in a fundraising speech in Saskatoon on Thursday night. Outgoing Saskatchewan Premier Brad Wall has threatened to challenge the carbon pricing plan in court, saying it would be disproportionately punitive to Saskatchewan and doesn't take into account measures already taken to reduce emissions such as the province's carbon capture facility. "We're taking action on a number of issues I know mean [Read more]
U.S. releases oil from strategic reserve in Harvey’s wake
WASHINGTON, Aug 31 (Reuters) - The U.S. Energy Department on Thursday released 1 million barrels of oil from the Strategic Petroleum Reserve and a White House adviser said more could flow after Tropical Storm Harvey inundated Gulf Coast refineries and drove up motor fuel prices. In the first tapping of the reserve for an emergency since Hurricane Isaac in 2012, two emergency exchanges of oil of 500,000 barrels will be delivered to the Phillips 66 refinery in Lake Charles, Louisiana, the [Read more]
New Canada hearings for Kinder Morgan pipeline expansion route
Canada's National Energy Board (NEB) will hold a series of public hearings beginning this year to determine the route for Kinder Morgan Inc's Trans Mountain pipeline expansion, the regulator said on Thursday. While the expansion is federally approved, the NEB could force Kinder Morgan to tweak its route or impose further conditions, NEB chief environment officer Rob Steedman said in an interview. When asked if the hearings would result in delays for Trans Mountain, Steedman said: "Some [Read more]
ATB declares Alberta recession over with expected growth of 3.2% this year
CALGARY - ATB Financial has declared Alberta's worst recession in three decades over with expected economic growth of 3.2 per cent this year. The provincially-owned bank warns, however, that challenges remain, especially in the energy sector where oil prices have been stuck around the break-even price of US$50 a barrel. ATB's financial outlook says the low oil price has led to only modest increases in drilling activity and hiring, while overall the oil and gas sector has at best [Read more]
Birchcliff Energy Ltd. Announces Closing of $100 Million Sale of Worsley Charlie Lake Light Oil Pool
CALGARY, ALBERTA--(Marketwired - Aug. 31, 2017) - Birchcliff Energy Ltd. ("Birchcliff") (TSX:BIR) is pleased to announce that it has closed its previously announced sale of its Worsley Charlie Lake Light Oil Pool for total consideration of approximately $100 million (before adjustments), consisting of: (i) cash consideration of $90 million; and (ii) securities of affiliates of the purchaser with a total value of $10 million. Scotia Capital Inc. acted as financial advisor to Birchcliff in [Read more]