CALGARY, June 12, 2017 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) provides the following updates. New Cardium 2-mile Type Curve Yangarra has analyzed the results from its most recent 10 well program to develop a type curve for future 2-mile Cardium wells on the Company's land base. The wells drilled in the bioturbated zone exhibit better initial flow rates, higher pressures and lower than expected declines. The type curve has IP30 rates of 490 boe/d (390 [Read more]
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Baker Hughes and GE Reach Agreement with DOJ to Complete Proposed Transaction
HOUSTON--(BUSINESS WIRE)--Baker Hughes Incorporated (NYSE:BHI) and General Electric Company (NYSE:GE) announced today that they have reached an agreement with the Department of Justice that would allow the parties to complete their proposed transaction under U.S. law. Today’s milestone represents significant progress toward creating an oil and gas productivity leader positioned to deliver value for customers, employees and shareholders. Pursuant to a proposed consent decree filed today in [Read more]
EIA shows oilsands saw major reserve writedown in 2016 following oil price drop
CALGARY - The U.S. Energy Information Administration has highlighted how last year's oil price drop brought on a massive writedown of high-cost Canadian oilsands reserves. The EIA said in a brief Monday that data from 68 U.S.-listed companies shows their oilsands reserves dropped by a total of about 7.7 billion barrels, making up the vast majority of their 8.2-billion net reduction in commercially viable barrels globally. The writedowns came after the West Texas Intermediate [Read more]
Nexxtep Resources Ltd./WellStar Energy Corp.: Receivership Sale
Sayer Energy Advisors has been engaged to assist Grant Thornton Limited, in its capacity as court-appointed receiver of WellStar Energy Corp. (“WellStar”) and its wholly-owned subsidiary, Nexxtep Resources Ltd. (“Nexxtep”) (collectively the “Companies”) with the sale of the oil and natural gas properties held by the Companies (the “Properties”) or a restructuring of the Companies. The Properties are located in the McTaggart and Barthel areas of Saskatchewan and the Leduc North and Rosevear [Read more]
Global Petroleum Show to take place June 13-15 at Stampede Park
The Global Petroleum Show is back for its 49th year taking place in Calgary, the heart of the Canadian oil industry, from June 13-15 New for this year includes the Water Innovation Zone, Pipeline Zone, Transportation & Logistics Zone, Digital Oilfield Zone, and the Clean Technology Zone. These new additions are definitely reasons to attend this year. Want to learn what the show is all about? Check out OSY Rentals' video below: https://www.youtube.com/watch?v=RVyvlESso9k [Read more]
Seven Generations’ lenders increase credit facility from $1.1 billion to $1.4 billion
CALGARY, ALBERTA--(Marketwired - June 12, 2017) - Seven Generations Energy Ltd.'s (TSX:VII) lenders have agreed to increase the size of the company's senior secured credit facility by about 27 percent, from $1.1 billion to $1.4 billion. With this increase, 7G had available funding of about $1.9 billion as of March 31, 2017 on a pro-forma basis. 7G's credit facility has moved from a reserve-based structure, with lending capacity re-determined on a semi-annual basis, to a covenant-based [Read more]
Environmental genius we should learn from – Vermilion’s brilliant waste-heat tomato patch
The winter months here in Canada create a notable hardship – the inability to a find a decent tomato. I don’t know what those things are at the grocery store that in February are called tomatoes; they taste like a picture of a hamburger. A first sign of spring is edible tomatoes appearing on the shelves, courtesy of a greenhouse near the city that emerges from hibernation as the sun rises in the sky. This supply of high quality local produce is unavailable in winter because it costs an [Read more]
Coalition urges banks to shun financing for Kinder Morgan’s Trans Mountain
BURNABY, B.C. - A coalition of interest groups is calling on Canada's six biggest banks and others to back away from providing funding for Kinder Morgan Canada's controversial Trans Mountain pipeline expansion. The coalition of 20 indigenous and environmental groups says in an open letter that it will use its influence to urge local and foreign governments to divest from banks that ignore its opposition to the pipeline. It names a total of 28 banks as potential targets for its [Read more]
Filling the Venezuelan gap: A brief analysis of North America’s heavy crude market
Inflation is soaring above 1100%, the GDP growth rate is projected to be -32% by year end, protesters are being murdered on the streets as government offices are plundered and looted, all atop a nearly two decade long exodus of the affluent and the educated. No, I am not describing the setting of a new Mad Max movie, but the current state of Venezuela. An OPEC nation sitting on a $20 marginal production cost, tying it with Ecuador, and winning out only to Angola's offshore reserves at $40, [Read more]
Centrica agrees to the sale of its Canadian E&P business
The CQ Energy Canada Partnership (“CQ”), the Canadian E&P joint venture in which Centrica plc owns a 60% interest, is to be sold to a consortium comprising MIE Holdings Corporation (“MIE”), The Can-China Global Resource Fund and Mercuria for a purchase price of C$722 million (£413 million) in cash. Centrica’s net share of sale proceeds is expected to be approximately £240 million after adjustments. In line with its strategy announced in July 2015, the divestment means Centrica’s E&P activity [Read more]