CALGARY, Alberta, Aug. 29, 2017 (GLOBE NEWSWIRE) -- LEUCROTTA EXPLORATION INC. (TSXV:LXE) (“Leucrotta” or the “Company”) is pleased to announce its financial and operating results for the three and six months ended June 30, 2017. All dollar figures are Canadian dollars unless otherwise noted. HIGHLIGHTS Increased production 144% to 2,629 boe/d in Q2 2017 from 1,078 boe/d in Q2 2016 (increased 40% from 1,881 boe/d in Q1 2017). Increased funds from operations 527% to $2.1 million in Q2 [Read more]
Headlines
Baytex Temporarily Shuts In Eagle Ford Production Due to Hurricane Harvey
CALGARY, Alberta, Aug. 28, 2017 (GLOBE NEWSWIRE) -- Baytex Energy Corp. (“Baytex”) (TSX:BTE) (NYSE:BTE) announces that due to Hurricane Harvey, on August 25, 2017 our Eagle Ford operations were shut-in and drilling and completion operations were suspended. This decision was driven by a number of factors including the safety of operating personnel and the availability of downstream markets. Our Houston office was also evacuated. As of August 28, 2017, field operations are being inspected and [Read more]
Oil markets roiled as Harvey hits U.S. petroleum industry
Oil markets were roiled on Monday after Tropical Storm Harvey wreaked havoc along the U.S. Gulf Coast over the weekend, crippling Houston and its port, and knocking out several refineries as well as some crude production. U.S. gasoline prices hit two-year highs as massive floods caused by the storm forced refineries in the area to close. In turn, U.S. crude futures fell as the refinery shutdowns could reduce demand for American crude. Brent futures steadied as pipeline blockades in Libya [Read more]
Gasoline future prices jump in Harvey’s wake due to refinery disruptions
CALGARY - Canadian gasoline prices are expected to rise this week after widespread flooding from tropical storm Harvey forced many refineries on the Texas Gulf Coast to shut down. Wholesale gasoline prices in the country will likely rise by an average of two to four cents per litre by Thursday, said GasBuddy senior petroleum analyst Dan McTeague, but consumers in certain markets could see much higher price increases. McTeague explained that retail operators in markets like [Read more]
U.S. drillers cut oil rigs ahead of Hurricane Harvey – Baker Hughes
U.S. energy firms cut oil rigs for a second week in a row ahead of Hurricane Harvey and as a more than year-long recovery in drilling slows down in reaction to soft crude prices. Drillers cut four oil rigs in the week to Aug. 25, bringing the total count down to 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 406 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 65 weeks since the start [Read more]
Canada Weekly Rig Count Up 3 to 217
Western Canada’s fleet of drilling rigs increased to 217 actively drilling rigs according to data collected by Baker Hughes for the week of August 25th. From one week ago, Alberta rig counts increased to 144 rigs from 138, the Saskatchewan rig count decreased to 38 from 43. Oil drilling decreased to 115 rigs from 121; gas rigs increased from 93 to 102. View a full breakdown of western Canada’s rig activity. [Read more]
Groundstar Resources Limited Announces Loan Transaction
CALGARY, Alberta, Aug. 25, 2017 (GLOBE NEWSWIRE) -- Groundstar Resources Limited (TSXV:GSA) (the “Company”) is pleased to announce that it has executed a loan agreement (the “Loan Agreement”) with a private Alberta-based lender (the “Lender”) which will provide for the Company to borrow an amount of up to CDN$100,000 to fund its general working capital requirements and to further operations on its properties. The Loan Agreement provides that the funds advanced shall be repayable over a term of [Read more]
Trump administration imposes sweeping sanctions on Venezuela
CARACAS, Venezuela - The Trump administration on Friday slapped sweeping financial sanctions on Venezuela, barring banks from any new financial deals with the government or state-run oil giant PDVSA. The sanctions Trump signed by executive order are bound to dramatically escalate tensions between Venezuela and the U.S. and exacerbate the country's economic crisis. "These measures are carefully calibrated to deny the Maduro dictatorship a critical source of financing to maintain [Read more]
Bangladesh court orders seizure of Canadian oil and gas firm’s assets
Calgary-based Niko Resources says the Supreme Court of Bangladesh has ordered the seizure of its assets in the country and ruled that its production agreements are no longer valid, the latest setback in a dispute that has dragged on for a dozen years. It says the court agreed with a petitioner who asked that the assets be held until Niko provides "adequate" compensation for two natural gas releases in 2005 in northeastern Bangladesh that resulted in fires that damaged trees and crops. [Read more]
Oil up as U.S. rigs and refineries brace for hurricane
Oil prices rose on Friday as the U.S. petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade. Harvey became a category 2 storm as it crossed the Gulf of Mexico with winds of 110 mph (175 kph), 145 miles (235 km) off port O’Connor, Texas, the National Hurricane Center said. The hurricane is forecast to make landfall late Friday or early Saturday between Corpus Christi and Houston, both important oil refining [Read more]