Before we can successfully cool down the contentious oil and gas debate and foster a more balanced energy conversation in Canada, from time to time we’re going to have to stand up to misinformation and fear-mongering. So when Rob Breakenridge recently invited me and Wilderness Committee oil and gas campaigner Peter McCartney onto Rob’s popular AM770 radio program to discuss Canada’s energy future, I was happy to accept. I’m providing you with a link so that you can listen to the 18-minute [Read more]
Headlines
Canceled LNG project casts shadow over Canada’s biggest shale play
Petronas' decision to cancel its Pacific NorthWest LNG project is a blow to the growth outlook for Canada's largest shale play, eliminating a potentially huge source of future gas demand. Gas from the Montney shale play in western Canada would have supplied the C$36 billion ($28.7 billion) project in northern British Columbia. The project, majority-owned by Malaysia's Petronas , would then have shipped 12 megatonnes per year of liquefied natural gas to Asia. Instead, [Read more]
U.S. oil drillers cut rigs for second week in three -Baker Hughes
U.S. energy firms cut the number of oil rigs for the second in three weeks, slowing the pace of a 15-month drilling recovery, amid plans to spend less in reaction to declines in crude prices over the past several months. Drillers cut one oil rig in the week to August 4, bringing the total count down to 765, General Electric Co's Baker Hughes energy services firm said in its report on Friday. There were 381 active oil rigs during the same week a year ago. Drillers have added rigs in 55 of [Read more]
Canada Weekly Rig Count Down 3 to 217
Western Canada’s fleet of drilling rigs decreased this week to 217 actively drilling rigs according to data collected by Baker Hughes for the week of August 4th. From one week ago, Alberta rig counts dropped to 145 rigs from 146, the Saskatchewan rig count remained at 42. Oil drilling decreased to 124 rigs from 129; gas rigs increased to 93 from 91. View a full breakdown of western Canada’s rig activity. [Read more]
Canadian Natural among bidders for Cenovus’ Pelican Lake: sources
Cenovus Energy Inc has received separate bids from Canadian Natural Resources Ltd , ARC Financial Corp and others for a heavy oil project in Pelican Lake, Alberta, according to people familiar with the matter who told Reuters the project was valued at as much as C$1 billion ($796 million). Calgary-based Cenovus is also in advanced talks to sell another oil project in Suffield, Alberta, which is likely to fetch between C$500 million and C$600 million, the people added. Cenovus has also [Read more]
Oil prices fall as OPEC oil exports rise
LONDON (Reuters) - Oil prices edged lower on Friday and were on track for weekly losses, weighed down by rising OPEC exports and strong output from the United States. Brent crude futures LCOc1, the international benchmark, were trading at $51.76 a barrel at 1141 GMT, 25 cents below the last close and heading for a fall of close to 1.5 percent on the week. U.S. West Texas Intermediate (WTI) crude futures CLc1 were 30 cents lower at $48.73 per barrel and were set to drop by around 2 percent for [Read more]
Nebraska regulators block testimony ahead of Keystone XL hearings
Nebraska regulators weighing the fate of TransCanada Corp's proposed Keystone XL pipeline have ruled that opponents of the project cannot use one of their best arguments against it in final hearings next week: that America does not need the oil. The state's five-member Public Service Commission is scheduled to hold court-like hearings on Aug. 7 to 11 before deciding whether to approve the project's route, marking the final hurdle for the long-delayed project after President Donald Trump gave [Read more]
Advantage Announces Second Quarter 2017 Operating & Financial Results
Strong Glacier Operating Results Generate Surplus Cash, Delineation Drilling Commenced at Progress, Valhalla & Wembley (TSX: AAV, NYSE: AAV) CALGARY, Aug. 3, 2017 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to report solid second quarter 2017 results which met our targets. The results include a 32% increase in cash flow to $49 million with a 30% increase in cash flow per share to $0.26/share. Production increased 10% on a per share basis to 232 [Read more]
Raging River Exploration Inc. Announces Second Quarter 2017 Operating and Financial Results and Increased Credit Facilities
CALGARY, ALBERTA--(Marketwired - Aug. 3, 2017) - Raging River Exploration Inc. (the "Company" or "Raging River") (TSX:RRX) announces its operating and financial results for the three and six months ended June 30, 2017. Selected financial and operational information is outlined below and should be read in conjunction with the unaudited interim financial statements and the related management's discussion and analysis ("MD&A"). These filings will be available at www.sedar.com and the Company's [Read more]
Yangarra Announces Second Quarter 2017 Financial and Operating Results
CALGARY, Aug. 3, 2017 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) announces its financial and operating results for the three and six months ended June 30, 2017. Second Quarter Highlights Production averaged 5,705 boe/d (54% liquids), doubling output from the second quarter of 2016. Production per share growth of 97% from the second quarter of 2016 and 27% from the first quarter of 2017. Funds flow from operations of $12.0 million ($0.15 per share - [Read more]