Oil prices fell nearly 2 percent on Monday, pulling back from last week's rally built on signs the global market is starting to rebalance from chronic oversupply. Brent crude futures lost 2 percent, or $1.07, at $51.65 a barrel as of 12:01 p.m. EDT, after surging more than 3 percent on Friday. U.S. West Texas Intermediate crude futures fell 1.9 percent, or 90 cents, to $47.63 a barrel. The contract had also risen 3 percent in the previous session. "We are currently seeing some profit-taking [Read more]
Headlines
Canadian oil sands producers: Heady days may not last long
Canadian oil sands producers such as Cenovus and MEG Energy impressed investors in the second quarter as prices of heavy crude rose, but those gains are expected to be short-lived. Most of these companies are expected to book losses or post sharp drops in profit in the coming quarters as prices take a hit from a spike in oil sands production and costs rise due to a lack of pipeline capacity. Demand for heavy crude extracted from Canadian oil sands surged in the past few months as U.S. [Read more]
Oil Sands Trade Show returns to Fort McMurray for 2017
Oil Sands Trade Show and Conference (OSTS) is returning to Fort McMurray and will offer attendees expertise and insights from all aspects of the oil sands industry in one setting. This premier oil sands event takes place Tuesday, September 12 to Wednesday, September 13 at the Suncor Community Leisure Centre in Fort McMurray. OSTS will focus on promoting the latest industry technologies, maintenance, shutdowns/turnarounds, mining, upgrading, health and safety, and environmental strategies, and [Read more]
How one company’s accounts receivable management helped them grow
For Travis Anderson at All West Crane and Rigging, a BC based company that rents cranes to clients in a wide variety of industries including oil and gas, the timing was right. “The turning point really was when we won some large projects,” he says. “We needed the start up capital which we could only do by factoring our receivables. And being a new growing company, we didn’t have the equity to go to the bank and ask for the funds.” It takes creativity to address the many challenges faced in a [Read more]
PetroShale Announces Financial and Operating Results for the Second Quarter of 2017
CALGARY, Alberta, Aug. 21, 2017 (GLOBE NEWSWIRE) -- PetroShale Inc. ("PetroShale" or the "Company") (TSX-V:PSH) (OTCQX:PSHIF) is pleased to announce its financial and operating results for the three and six month periods ending June 30, 2017. The Company’s unaudited consolidated financial statements and corresponding Management’s Discussion and Analysis (MD&A) for the period are available on SEDAR at www.sedar.com, on the OTCQX website at www.otcqx.com, and on PetroShale’s website at [Read more]
B.C. premier and jobs minister sued by fired LNG advocate claiming $5 million
VANCOUVER - British Columbia's fired liquefied natural gas advocate is suing Premier John Horgan, the province's jobs minister and a New Democrat MP in a lawsuit claiming $5 million in damages. Gordon Wilson alleges in a statement of claim filed in B.C. Supreme Court that Horgan made defamatory statements to news media earlier this month by saying there's no evidence of any written reports or briefings to back up his salary. The statement of claim says Jobs Minister Bruce Ralston [Read more]
U.S. drillers cut oil rigs for second week in three – Baker Hughes
U.S. energy firms cut oil rigs for a second week in three, data showed on Friday, with drillers cutting spending plans in reaction to declining crude prices. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, 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 64 weeks since the start of June 2016. The [Read more]
Canada Weekly Rig Count Down 6 to 214
Western Canada’s fleet of drilling rigs decreased to 214 actively drilling rigs according to data collected by Baker Hughes for the week of August 11th. From one week ago, Alberta rig counts decreased to 138 rigs from 148, the Saskatchewan rig count decreased to 43 from 45. Oil drilling decreased to 121 rigs from 127; gas rigs remained at 93. View a full breakdown of western Canada’s rig activity. [Read more]
Vital Energy Inc. S.W. Saskatchewan Core Project Areas – Status Update
CALGARY, Alberta, Aug. 17, 2017 (GLOBE NEWSWIRE) -- Vital Energy Inc. ("Vital") (TSX-V:VUX) is pleased to announce the following update on their S.W. Saskatchewan Core Project Areas: Gull Lake Project Area: The 02-29-13-19 W3M vertical test well that was targeting oil production from the Roseray, Cantuar and Upper Shaunavon formations was completed and placed on production in late July 2017. The 02-29 well is producing 23.7 degree API medium gravity oil from the Upper Shaunavon formation. Oil [Read more]
Alberta trade minister says NAFTA talks no threat to oil and gas industry
CALGARY - Alberta's minister of trade says Canada's oil and gas industry has little to worry about as wide-ranging North American trade negotiations get underway. Speaking Thursday after a conference of state governments in Tacoma, Wash., Minister Deron Bilous said U.S. lawmakers recognize the importance of an integrated energy market. He said Alberta government representatives have been meeting with U.S. counterparts regularly to emphasize the importance of market access and [Read more]