EDMONTON — A judge hearing an application from a union for an injunction to stop Suncor from starting random drug tests at oilsands facilities in northeastern Alberta is to make his ruling next Thursday.
Unifor Local 707-A says such random testing wou…
Nov. 29, 2017, CALGARY /CNW/ – Manitok Energy Inc. (the “Corporation” or “Manitok“) (TSX-V: MEI) announces its financial and operating results for the third quarter of 2017. The full text of Manitok’s third quarter results are contained in its unaudited and unreviewed condensed interim consolidated financial statements as at and for the three and nine months ended September 30, … Read more
CALGARY — Pembina Pipeline Corp. (TSX: PPL) says its board of directors has approved construction of an export terminal at Prince Rupert, B.C., to be used to send liquefied Western Canadian propane to markets in Asia and Central America.
The Calgary-b…
FOR: TOTAL ENERGY SERVICES INC.TSX SYMBOL: TOTDate issue: November 30, 2017Time in: 5:44 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 30, 2017) – Total Energy Services Inc.
(“Total”) (TSX:TOT) announces that it has received a Statement of Clai…
CALGARY — Shares of Enbridge Inc. popped higher in early trading after the company announced plans to raise its dividend, issue shares and sell off at least $3 billion in assets next year.
The stock was up $2.72 or about six per cent at $48.47 in trad…
CALGARY, Nov. 29, 2017 /PRNewswire/ – Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) announced that its Board of Directors has approved approximately $400 million of new capital projects, as well as a capital program of approximately $1.3 billion for 2018. “2017 has been a transitional year in Pembina’s history,” said Mick Dilger, Pembina’s President and Chief Executive Officer. … Read more
November 30, 2017 by Lorcan Roche Kelly (Bloomberg) OPEC ministers extend oil-cut deal, huge data day in Europe, and investors look to what 2018 might bring. Here are some of the things people in markets are talking about today. Crude deal Oil ministers from OPEC member states and Russia have agreed to extend the current output cuts … Read more
November 28, 2017 by The Canadian Press EDMONTON — Alberta remains on track to rack up a $10.3-billion deficit this year, but Finance Minister Joe Ceci says there are signs pointing to a continued rebound in the economy. The second-quarter fiscal update predicts the economy will grow by four per cent in 2017 — up from the … Read more
November 30, 2017 by Rakteem Katakey (Bloomberg) Brent held near $64 after OPEC agreed to extend production curbs to the end of next year, giving the market what it expected. Futures rose 1.6 percent in London. The curbs will last to the end of 2018, according to delegates at a ministerial meeting in Vienna. Talks have now … Read more
November 29, 2017 OTTAWA – The federal government wants to see a new process established to resolve conflicts over permits that Kinder Morgan says is delaying construction on its Trans Mountain pipeline expansion in British Columbia. Natural Resources Minister Jim Carr says the government has written to the National Energy Board, endorsing the creation of … Read more
November 30, 2017 by Nayla Razzouk, Grant Smith and Wael Mahdi (Bloomberg) OPEC agreed to extend its oil-production cuts to the end of next year as the job of rebalancing the market is not yet done, according to delegates at a ministerial meeting in Vienna. Talks have now moved on to the mechanism that will … Read more
CALGARY — Enbridge says it is going to sell off at least $3 billion of its assets next year.
The Calgary-based energy giant said it has identified $10 billion of what it describes as non-core assets.
Enbridge announced a strategic update late Wednesda…
November 29, 2017 by Anna Andrianova and Elena Mazneva (Bloomberg) Russia’s qualms over how far to prolong oil-output cuts with OPEC may reflect a shifting calculus for an economy feeling increasingly hobbled by shackling one of its biggest growth drivers. Although a recovery in crude prices was crucial to mending the budget and the ruble, … Read more
FOR: ENBRIDGE INC.NYSE SYMBOL: ENBTSX SYMBOL: ENBDate issue: November 29, 2017Time in: 4:46 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 29, 2017) – Enbridge Inc. (Enbridge or
the Company) (TSX:ENB)(NYSE:ENB) today announced the finalization o…
FOR: ENBRIDGE INC.NYSE SYMBOL: ENBTSX SYMBOL: ENBDate issue: November 29, 2017Time in: 4:44 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 29, 2017) – Enbridge Inc. (TSX:ENB)
(NYSE:ENB) today announced that it has entered into subscription agree…
by Eric Larson, Teletics. Those of us who have been in places where heavy equipment is operating immediately notice two things. First, there is that preliminary sense of apprehension and second, we notice the noise that is present. This is particularly obvious when visiting a drilling rig site. The apprehension is our human instinct kicking … Read more
VIENNA — With crude prices at two-year highs, OPEC and allied oil producing-nations appear ready to agree to extend their output cuts at a meeting Thursday after Iraq’s energy minister said there was broad agreement for such a move.
Benchmark crude pr…
November 28, 2017 by Chisaki Watanabe (Bloomberg) Battery prices need to drop by more than half before electric vehicles will be competitive with cars powered by internal-combustion engines, according to Bloomberg New Energy Finance, whose two-day Future of Energy summit in Shanghai concludes on Wednesday. That’s likely to happen by 2026, when the cost for … Read more
November 29, 2017 by Laura Hurst, Salma El Wardany and Wael Mahdi (Bloomberg) OPEC and Russia concur on two things: their oil production cuts are working and they should be extended deeper into next year. What’s proving more elusive is an accord on when and how to end the curbs. As ministers gather in Vienna, … Read more
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November 29, 2017 by Lorcan Roche Kelly (Bloomberg) Tax vote faces Senate hurdles, U.K. agrees Brexit divorce bill, and bitcoin crosses $10,000 milestone. Here are some of the things people in markets are talking about today. Trigger (un)happy A concession to ensure the tax plan doesn’t fall foul of spending limits may imperil the bill on the Senate floor, … Read more
November 29, 2017 by Ben Sharples and Alex Longley (Bloomberg) Oil pared losses on speculation that OPEC may cap Libyan and Nigerian supply and the group’s output cuts won’t be phased out during any extension next year. Futures traded down 0.2 percent in New York after earlier falling 0.9 percent. Ecuador’s oil minister said a … Read more
November 27, 2017 by The Canadian Press EmailFacebookTwitterLinkedIn FOR: THE FRASER INSTITUTE Date issue: November 28, 2017 Time in: 5:00 AM e Attention: CALGARY, AB –(Marketwired – November 28, 2017) – British Columbia now ranks as the least-attractive Canadian jurisdiction for oil and gas investment — followed by Alberta, finds the annual global survey of … Read more
FOR: SANJEL ENERGY SERVICES
Date issue: November 29, 2017Time in: 9:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 29, 2017) – Sanjel Energy Services today
announced that as part of the company’s growth strategy, Mr. Murray Bickley
will assum…
ST. JOHN’S, N.L. — Exxon Mobil Corp. says first oil has been produced ahead of schedule from the $14-billion Hebron project in the Jeanne D’Arc Basin about 350 kilometres southeast of St. John’s.
It had been expected to begin production in December. A…
CALGARY — The head of TransCanada Corp. (TSX:TRP) says the company has been “very encouraged” by discussions with potential shippers in recent weeks on the proposed Keystone XL pipeline.
Speaking at an investor day in Toronto, Russ Girling says the co…
CALGARY — Houston-based Civeo Corp. says it is buying Noralta Lodge Ltd. of Edmonton for $367 million in a deal that unites two major providers of workforce accommodation in the oilsands region of northern Alberta. The companies say in a joint news release they expect to save $10 million annually by 2019 through operational efficiencies. … Read more
November 28, 2017 by Alex Devine (Bloomberg) While OPEC is said to have reached a consensus on the need to extend oil-supply cuts to the end of 2018 when producers meet in Vienna on Thursday, Russia, its chief ally, is so far dragging its feet. Almost a year into the historic supply agreement, the deal … Read more
November 28, 2017 by Lorcan Roche Kelly (Bloomberg) Powell sticks to the script, Brexit headaches mount, and some good news for oil investors. Here are some of the things people in markets are talking about today. Powell = Yellen Jerome Powell, President Donald Trump’s nominee to head the Federal Reserve, kept firmly in line with the monetary trajectory set … Read more
November 28, 2017 by Kevin Orland (Bloomberg) TransCanada Corp. reaffirmed forecasts for profit and dividend growth a week after a Nebraska regulatory decision left the fate of the company’s $8 billion Keystone XL pipeline megaproject clouded. Earnings before interest, taxes, depreciation and amortization will grow at an average annual rate of about 10 percent between … Read more
November 28, 2017 by Ben Sharples and Alex Longley (Bloomberg) Brent crude slipped toward $63 a barrel before OPEC and its allies meet this week to discuss prolonging their output cuts beyond March. Futures dropped as much as 1.2 percent in London, extending Monday’s decline. Uncertainty over the outcome of Thursday’s meeting is creating the risk … Read more
FOR: EAGLE ENERGY INC.TSX SYMBOL: EGLDate issue: November 28, 2017Time in: 11:55 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 28, 2017) – Eagle Energy Inc. (“Eagle”)
(TSX:EGL) is pleased to announce initial production test results from its fir…
FOR: SUNCOR ENERGY INC.TSX SYMBOL: SUNYSE SYMBOL: SUDate issue: November 28, 2017Time in: 10:40 AM eAttention:
All financial figures are in Canadian dollars
CALGARY, ALBERTA–(Marketwired – Nov. 28, 2017) – Suncor today confirmed that
it has been advi…
FOR: GRAN TIERRA ENERGY INC.NYSE MKT SYMBOL: GTETSX SYMBOL: GTEDate issue: November 28, 2017Time in: 9:15 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 28, 2017) – Gran Tierra Energy Inc.
(“Gran Tierra” or the “Company”) (NYSE American:GTE)(NYS…
FOR: TRANSCANADATSX SYMBOL: TRPNYSE SYMBOL: TRPDate issue: November 28, 2017Time in: 6:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 28, 2017) – News Release – TransCanada
Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) will host its annual I…
CALGARY — Former Alberta premier Alison Redford has taken a new job as policy adviser to Afghanistan’s minister of energy.
The World Bank says Redford has been hired as a consultant, but wouldn’t confirm her specific job title.
Her LinkedIn page says…
CALGARY — TransCanada Corp (TSX:TRP) says it plans to restart operations on its Keystone pipeline on Nov. 28 after making repairs to a leak that spilled about 795,000 litres of crude oil in South Dakota.
The company says U.S. regulators have cleared i…
CALGARY — TransCanada Corp. has asked the Nebraska Public Service Commission to reconsider its order that approved an alternative route for the company’s proposed Keystone XL pipeline through the state.
Company spokesman Terry Cunha says TransCanada i…
TRAVERSE CITY, Mich. — Michigan Gov. Rick Snyder and Canadian oil transport company Enbridge Inc. announced an agreement Monday intended to boost the safety of twin oil pipelines beneath the waterway where Lakes Michigan and Huron converge.
The deal d…
Accounts receivable financing, also referred to as factoring, has become one of the most common methods of short-term financing for business. If you consider the way in which most businesses operate today, it is impossible to have all your clients pay you immediately after you provide them with a service or sell them something. It … Read more
CALGARY — Enbridge Inc. says it has reached a deal with the State of Michigan on the aging Line 5 pipelines that run along the bottom of a channel between Lakes Huron and Michigan.
The twin pipelines were laid in 1953 and have raised increasing concer…
FOR: TRANSCANADATSX SYMBOL: TRPNYSE SYMBOL: TRPDate issue: November 27, 2017Time in: 3:15 PM eAttention:
AMHERST, SOUTH DAKOTA–(Marketwired – Nov. 27, 2017) – Media Advisory –
TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced that …
When it comes to the oil and gas industry, there is no concern more paramount than the safety of those who work in it. Making a living in the oil patch isn’t for the faint of heart, and there are plenty of opportunities to run into trouble at any moment if a critical piece of … Read more
FOR: EPCOR UTILITIES INC.
Date issue: November 27, 2017Time in: 2:42 PM eAttention:
EDMONTON, ALBERTA–(Marketwired – Nov. 27, 2017) – EPCOR Utilities Inc. (EPCOR)
has completed a public offering in Canada of unsecured medium term note
debentures in t…
November 27, 2017 by Grant Smith (Bloomberg) The clash between OPEC and America’s oil industry is reaching a day of reckoning. The U.S. shale revolution is on course to be the greatest oil and gas boom in history, turning a nation once at the mercy of foreign imports into a global player. That seismic shift … Read more
November 27, 2017 by Ben Sharples and Grant Smith (Bloomberg) Oil slipped from the highest close in more than two years after U.S. drillers expanded operations while OPEC and Russia prepare to discuss longer supply curbs. Futures slid 0.8 percent in New York after rising 1.6 percent Friday to the highest since June 2015. OPEC … Read more
BAGHDAD — Iraq says it will start receiving bids next June for projects to develop nine oil and gas fields in an attempt by the war-ravaged nation to boost energy revenues.
Abdul-Mahdi al-Ameedi, who heads the Oil Ministry’s Licensing and Petroleum Co…
NEWS RELEASE: For Immediate Release New printer applicator offers intuitive user interface and improved connectivity options MILWAUKEE, Wis. (November 9, 2017) — Brady (NYSE:BRC), a global leader in industrial and safety printing systems and solutions, announced today the launch of the Wraptor A6500 Printer Applicator. This new printer applicator features the same reliable performance as … Read more
Written by Hamish Knox; President of Sandler in Calgary, Canada Creating accountable, sales focused organizations in Calgary In the past two weeks you’ve probably said or done something that negatively impacted you or one of your direct reports. Maybe it was doing a task for them instead of training them to do it, … Read more
Global Petroleum Show (GPS) is pleased to announce the launch of Technical and Business Conference in celebration of the 50th anniversary. Global Petroleum Show prides itself in being the most important energy event in North America attracting more than 50,000 international and domestic oil & gas executives, high-level government officials, National Oil Companies (NOC’s), thought … Read more
November 26, 2017 Environmental Refuelling Systems Inc. of Calgary, Alberta is pleased to announce that, Scott Van Vliet, CEO and founder of Environmental Refuelling Systems Inc. has recently become the Petroleum Services Association of Canada’s (PSAC) Chairman of the Board for the 2017-2018 term. Mr. Van Vliet took the reins from Doug McNeill, Strategic Relations … Read more
FOR: QUESTERRE ENERGY CORPORATIONTSX SYMBOL: QECOSLO SYMBOL: QECDate issue: November 27, 2017Time in: 12:15 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 27, 2017) –
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATE…
CALGARY — Mining and oil and gas companies not only face threats from cybercriminals hoping to gain financially but may also be targeted by “hacktivists” who want to make a political or environmental point, says Yogen Appalraju, EY Canada’s cybersecur…
November 24, 2017 (Bloomberg) Canadian stocks closed near a record high Friday amid higher oil prices and retail optimism, with all but one sector in the green. The S&P/TSX Composite Index gained 34 points or 0.2 percent to 16,108.09, the highest in nearly three weeks. The weekly gain was 0.7 percent. Consumer discretionary stocks added … Read more
November, 26, 2017 (Bloomberg Gadfly) – If anyone doubted that the U.S. shale industry has completely upended the oil market, just look at how it’s complicating OPEC’s next meeting. As the group prepares to decide on Nov. 30 whether to extend output cuts to the end of 2018, it has no idea how much competition … Read more
Canada’s drilling rigs increased by 7 to the current count of 215 actively drilling rigs according to data collected by Baker Hughes for the week of November 22th. From one week ago, Alberta rig counts decreased from 155 to 153, the Saskatchewan rig count increased from 25 to 32. Oil drilling went down by 2 to … Read more
CALGARY — Alberta Premier Rachel Notley took her pro-pipeline tour to the heart of the energy industry in Calgary on Friday where she urged business leaders not to let up on the message that Canada’s climate progress depends on pipeline progress.
Spea…
CALGARY — One of the few female CEOs in the Canadian oilpatch says she is looking forward to creating a “clean hydrocarbons” company after she parted ways with the American financial backers of her oil and gas producing firm.
Suzanne West said Friday …
November 22, 2017 U.S. energy companies this week added oil rigs, with the monthly rig count rising for the first time since July as crude prices traded near their highest levels since the summer of 2015.Drillers added nine oil rigs in the week to Nov. 22, bringing the total count up to 747, General Electric … Read more
November 23, 2017 CALGARY, Nov. 23, 2017 /CNW/ – Imaginea Energy Corp. (the “Company“) today announces changes made effective November 20, 2017 with its major shareholder, Lime Rock Partners (“Lime Rock“) in order for each to pursue their divergent strategies. A new management team led by Colin Davies, President and CEO, has assumed leadership of all parts of the Company … Read more
November 24, 2017 by Heesu Lee and Grant Smith (Bloomberg) Oil headed for its best weekly advance in a month after an outage on the Keystone pipeline added to speculation crude supply could tighten and as investors await OPEC’s decision on extending output curbs. Futures gained as much as 1.2 percent in New York. News … Read more
November 24, 2017, by Theophilos Argitis and Erik Hertzberg (Bloomberg) It seems Canada weathered the oil collapse better than previously thought. Numbers recently published on Statistics Canada’s online database show that between 2014 and 2016, the nation’s economy generated C$24 billion ($19 billion) more output in nominal terms than first estimated, according to Bloomberg calculations. The … Read more
FOR: RAISE PRODUCTION INC.TSX VENTURE SYMBOL: RPCDate issue: November 23, 2017Time in: 6:13 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 23, 2017) – Raise Production Inc. (TSX
VENTURE:RPC) (“Raise” or the “Company”) is pleased to announce the …
OTTAWA — Canada’s oilpatch could get a big head start on reducing emissions of a powerful greenhouse gas for a “near-zero” cost, says an academic study on the price of methane reduction.
“Industry, as a whole, doesn’t suffer,” said David Tyner, a Carl…
November 22, 2017 Cody Battershill If you thought the Kinder Morgan TransMountain expansion was approved and good to go, it turns out you were only half right. Oh sure, the Federal government is on-side, and so is National Energy Board. So, too, are all First Nations along the route. As large infrastructure projects go, TransMountain’s … Read more
November 23, 2017 by Grant Smith, Javier Blas and Wael Mahdi (Bloomberg) Oil traders and analysts almost unanimously expect OPEC and Russia to prolong their production cuts next week. However, behind the scenes Saudi Arabia and Russia are still debating what course to follow. These high expectations, coupled with a recent surge in bullish bets … Read more
November 23, 2017 by Angelina Rascouet, Anthony DiPaola and Grant Smith (Bloomberg) OPEC will have to decide whether to extend global oil cuts without knowing whether they’re triggering a new flood of rival supply from U.S. shale producers. Analysts gave differing outlooks for U.S. shale output in a briefing to officials from the Organization of Petroleum … Read more
November 23, 2017 by Grant Smith (Bloomberg) Oil held near a two-year high as U.S. crude inventories shrank, adding to optimism that OPEC’s output curbs are working as the group prepares to meet and discuss extending its reductions beyond March. Futures rose 0.3 percent in New York after gaining 3.4 percent over the previous two … Read more
Learning to interpret information on Piping and Instrumentation Drawings (P&ID) will set you apart from your peers, whether you are an Operator, EIT, Engineer, or Manager In this fundamental course you will learn: ✔ How to interpret P&IDs ✔ How to understand the process flow ✔ The ability to redline errors or omissions ✔Understand Instrumentation … Read more
CALGARY — The Alberta Energy Regulator says a pipeline owned by Calgary-based Mount Bastion Oil & Gas Corp. has leaked about 560 barrels of an oil and water mixture at a northern Alberta wellsite.
AER spokesman Jordan Fitzgerald says the regulator has…
SURREY, B.C. — FortisBC says it has shipped 950 gigajoules of liquefied natural gas from Vancouver to China, marking the industry’s first shipment to the Asian country.
The move is part of a pilot project aimed to determine long-term feasibility of B….
CALGARY, AB (November 22, 2017) – The Petroleum Services Association of Canada (PSAC) travelled to Ottawa this week to deliver a message to parliamentarians of the need for a Canadian brand for energy that includes oil and gas in order to optimize the social and economic benefits of our vast natural resources for all Canadians. … Read more
FOR: RAISE PRODUCTION INC.TSX VENTURE SYMBOL: RPCDate issue: November 22, 2017Time in: 7:10 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 22, 2017) – Raise Production Inc. (TSX
VENTURE:RPC) (“Raise” or the “Company”) has released its financial …
FOR: SUNCOR ENERGY INC.TSX SYMBOL: SUNYSE SYMBOL: SUDate issue: November 22, 2017Time in: 6:00 PM eAttention:
All financial figures are in Canadian dollars
CALGARY, ALBERTA–(Marketwired – Nov. 22, 2017) – As announced earlier today,
Suncor successful…
November 21, 2017 Reuters TransCanada Corp should push ahead with an $8 billion Keystone XL pipeline expansion after the state of Nebraska on Monday approved a route that would raise the cost of the controversial project, some shareholders said. The approval quashed the last regulatory hurdle for the nearly decade-old project, but the Nebraska Public … Read more
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CALGARY, Nov. 21, 2017 /CNW/ – MATRRIX Energy Technologies Inc. (“MATRRIX” or the “Corporation”) (TSXV: MXX) is pleased to announce that it has successfully completed its previously announced acquisition (the “Acquisition”) of Stampede Drilling Ltd. (“Stampede”). MATRRIX has taken up and paid for 14,600,000 Class A common shares (“Class A Shares”) and 3,000,000 Class B common shares (“Class … Read more
OTTAWA, Nov. 22, 2017 /CNW/ – Alberta’s economy is set to lead the country this year, with robust economic growth of 6.7 per cent. Next year, however, the province will take a back seat to British Columbia, who will emerge once again as the provincial growth leader, according to The Conference Board of Canada’s Provincial Outlook: Autumn 2017. “Thanks to rising oil production … Read more
November 21, 2017 by Ben Sharples (Bloomberg) Oil extended gains to trade above $57 a barrel as U.S. industry data showed crude stockpiles resumed declines. January futures rose as much as 0.6 percent in New York after advancing 0.7 percent on Tuesday. Inventories fell by 6.36 million barrels last week, the American Petroleum Institute was … Read more
Nov 22, 2017 by Lorcan Roche Kelly (Bloomberg) Yellen warns on inflation expectations, U.K. budget is nigh, and oil returns to June 2015 high. Here are some of the things people in markets are talking about today. Caution Federal Reserve Chair Janet Yellen warned that there’s been “some hint” that inflation expectations may be drifting down and said that … Read more
November 21, 2017 by Andrew Mayeda, Josh Wingrove and Eric Martin (Bloomberg) Mexico is proposing to limit access to government contracts for U.S. firms in a sign that America’s Nafta partners are willing to strike back against what they see as hardline proposals by the Trump administration. Mexican negotiators are seeking to cap the value … Read more
OTTAWA — Alberta Premier Rachel Notley issued warnings to all political parties to take off their partisan blinders or both the environment and Canada’s energy industry will fail.
Notley was in Ottawa on Tuesday as part of a national outreach effort t…
As the winter drilling season gears up, it’s still unknown whether service and supply companies will have enough skilled workers to staff rigs and frac crews, or complete construction projects and turnarounds. Some 52,000 direct oil and gas workers lost their jobs between 2015 and 2016. Many of those workers moved beyond ‘survival jobs’ … Read more
NEWS RELEASE For Immediate Release: November 21, 2017 CAODC announces the release of its 2018 Drilling Forecast Projected 2018 wells drilled: 6,138—an increase of 107 from 2017 (6,031). Projected 2018 operating days: 70,587—an increase of 1,234 from 2017 (69,353). Rig fleet expected to decrease by 19 (634 drilling rigs in 2017 to 615 drilling rigs … Read more
by Grant Smith and Alex Nussbaum (Bloomberg) Oil notched its fourth decline in five sessions in New York, as markets digested political uncertainty in Germany amid anticipation about OPEC’s next move. Futures slipped 0.8 percent, reversing course after a 2.6 percent gain Friday. In Germany, the breakdown of talks to form a new government coalition raised … Read more
November 20, 2017 by Meenal Vamburkar and Andrew Harris (Bloomberg) When it promises to open up fertile new areas of potential litigation. That’s the view of Keystone XL’s opponents after Nebraska regulators approved the project’s construction there, but mandated that it follow an alternative route to TransCanada Corp.’s preferred path. Because the new route wasn’t … Read more
November 21, 2017 by Andrew Mayeda, Josh Wingrove and Eric Martin (Bloomberg) The quest to renew Nafta is slowing to a crawl as Canada and Mexico tiptoe around America’s most controversial proposals, throwing into doubt the ability of the three nations to reach a quick deal. The U.S. is frustrated with the reluctance of Canada … Read more
November 21, 2017, 3:00:00 AM, by Robert Tuttle (Bloomberg) Here is one thing Keystone XL won’t do for Canada: wean the country’s oil industry off its dependence on the U.S. While approval of the project in Nebraska was welcomed by Alberta and its producers, it came also as a reminder that Canada hasn’t been able to … Read more
November 21, 2017 by Lorcan Roche Kelly (Bloomberg) AT&T prepares for court battle over Time Warner merger bid, Yellen announces resignation plan, and Brexit-hit banks set to leave U.K. Here are some of the things people in markets are talking about today. Court battleAT&T Inc.’s chief executive officer Randall Stephenson told antitrust officers that he would see them in court … Read more
November 20, 2017 (Bloomberg) Canada’s chief Nafta negotiator is urging U.S. businesses to step up pressure on the Trump administration to save the trade deal, as successful talks increasingly hinge on the U.S. backing off its most controversial proposals. Steve Verheul made the request on Sunday in Mexico City with about three dozen members of … Read more
OMAHA, NEBRASKA–(Marketwired – Nov. 20, 2017) – TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) confirmed today that the Nebraska Public Service Commission (PSC) has approved an alternative route for the proposed Keystone XL Pipeline project through the state. TransCanada is evaluating the PSC’s decision. “As a result of today’s decision, we will conduct a careful review of … Read more
TORONTO — Alberta Premier Rachel Notley says Nebraska’s decision to allow TransCanada’s Keystone XL pipeline to run through that state brings North America closer to greater energy security.
Nebraska’s Public Service Commission on Monday approved the …
Once again, hydraulic fracturing — a well-studied and long-used method of producing oil and gas — has come under attack in British Columbia. A coalition of environmental groups, community groups and First Nations bands are calling for a “full public inquiry” to “investigate the risks and harms associated with fracking.” A resource analyst with the … Read more
Delivering faster Internet speeds and more data to rural Canadians WOODSTOCK, NB – Rural Canadians are once again about to get a big boost in Internet speed and capacity, thanks to game-changing new investments in satellite Internet service by Xplornet Communications Inc. Xplornet, one of Canada’s leading broadband service providers, today announced the successful launch … Read more
By David Yager Oilfield Services Executive Advisory – Energy Policy Analyst November 20, 2017 It took a decade. It happened so gradually few noticed. Those who did were regarded as alarmist. Those opposed who participated – knowingly or otherwise – in an organized, well-financed, multi-year plan to destroy the future of the oil sands were … Read more
November 20, 2017 by Lorcan Roche Kelly (Bloomberg) German coalition talks collapse, Congress sprints to a tax overhaul, and U.K. prepares to make an offer. Here are some of the things people in markets are talking about today. Walkout Four-party talks on forging a new coalition government in Germany broke down Sunday after seemingly intractable policy disputes from … Read more
November 20, 2017 by Grant Smith (Bloomberg) Oil held near $56 a barrel after surging the most in almost two weeks as Saudi Arabia’s energy minister said OPEC should announce an extension to supply cuts when it meets at the end of the month. Futures slipped 0.7 percent in New York after rising 2.6 percent Friday. … Read more
November 20, 2017 by Meenal Vamburkar, Sheela Tobben and Andrew Harris (Bloomberg) After nine years, two presidential decisions, multiple lawsuits and environmental protests, TransCanada Corp. is about to learn whether it will receive the final state permit needed to build the Keystone XL oil pipeline. The company will find out today if its Keystone XL … Read more
Shield your surface infrastructure from the hazards associated with particulate production using our durable barrier SynPOLTM Desander. Specialized Desanders Inc. (SDI) SynPOLTM Desander was designed to replace our high capacity gravity Desanders following the initial production phase. In response to industry demand, this product was engineered to provide a reliable, long-term solution to allow for … Read more
Written by Hamish Knox; President of Sandler in Calgary, Canada Creating accountable, sales focused organizations in Calgary Language matters when we set our goals because our brain is listening. Using the right language will keep you focused on the path to the mountaintops you established, but that language is scary. In this case the scary word … Read more
Neptune Series of Washdown/Corrosion Resistant Heaters (WCH1) Product Announcement FOR IMMEDIATE RELEASE CALGARY (November 16, 2017) – Hazloc HeatersTM, a leading manufacturer of industrial unit heaters for hazardous and severe-duty locations, is pleased to announce the introduction of the WCH1 Neptune series of washdown/corrosion resistant electric unit heaters. The WCH1 Neptune series of unit … Read more
An international summary of five year’s worth of research on Arctic climate change concludes the top of the world is getting warmer faster than anyone thought.
And if it all sounds interesting but a little far removed from southern concerns, David Bar…
November 17, 2017 by Riad Hamade and Alaa Shahine (Bloomberg) Saudi authorities estimate they may be able to recover as much as $100 billion from settlement talks with suspects detained in an anti-corruption crackdown that has implicated prominent princes, officials and billionaires, a senior official said. Suspects are offered settlements to avoid trial, the official … Read more
November 17, 2017 (Bloomberg View) Yesterday, Tesla Inc. founder and Chief Executive Officer Elon Musk introduced the company’s new electric-powered tractor trailer. The “Semi” goes 500 miles on a charge, uses Tesla’s semiautonomous driving system, with lane keeping and autobraking. The truck has lower center of gravity than traditional haulers, dramatically reducing rollover risk; dynamic … Read more
November 17, 2017 by Meenal Vamburkar and Rakteem Katakey (Bloomberg) Oil ended the week on a rebound as Saudi Arabia moved to dissipate doubts that Russia is ready to extend output curbs. Futures rose 2.6 percent in New York on Friday after Saudi Arabia’s Energy Minister Khalid Al-Falih said OPEC should announce an extension of the … Read more
Tools to Strengthen Your Oilfield Services’ Business The Canadian oil and gas sector faces continuous challenges in a constantly evolving local and international environment. From politics to the economy, remaining sustainable in this dynamic industry depends on being able to make the right decisions at the right time. MNP’s Business Builder Program aims to help … Read more
MONTREAL — Canada’s largest supermarket chain Loblaw says it is among the first purchasers of Tesla’s new electric truck.
A spokeswoman for the Ontario-based company (TSX:L) says it has pre-ordered 25 of the vehicles as part of its strategy to have an…
CALGARY — Oil and gas investments may have soured for managers of the Norwegian sovereign wealth fund but two Canadian funds say they have plenty of room for such securities in their portfolios.
In a letter this week, Norway’s central bank urged the N…
U.S. energy companies kept the oil rig count unchanged this week, General Electric Co’s Baker Hughes energy services firm said on Friday, as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count , an early indicator of future output, held at 738 in the week … Read more
MEDICINE HAT HIRING FAIR | We are hosting a hiring fair in Medicine Hat on Wednesday, November 22 at the Medicine Hat Lodge. Come join our hiring team and 105.3 ROCK live on location, from 10 a.m. – 6 p.m. Some of our hiring managers and operations professionals will be there to answer questions and have an informal meet and greet. … Read more
Canada’s drilling rigs increased by 5 to the current count of 208 actively drilling rigs according to data collected by Baker Hughes for the week of November 17th. From one week ago, Alberta rig counts increased from 148 to 155, the Saskatchewan rig count decreased from 26 to 25. Oil drilling went up by 1 to … Read more
CALGARY — TransCanada Corp. said Friday that work is well underway to clean up a sizable oil leak at its Keystone pipeline in South Dakota that occurred days before a vote on the fate of the company’s flagship pipeline proposal.
The company said about…
November 16, 2017 BONN, Germany (Reuters) – The United States is expected to account for more than 80 percent of global oil production growth in the next 10 years and it will produce 30 percent more gas than Russia by that time, he International Energy Agency (IEA) said on Thursday. “This has implications on the … Read more
November 17, 2017 Reuters The discount on Canadian heavy crude surged wider on Friday as traders waited for news on how long TransCanada Corp’s 590,000 barrel per day Keystone pipeline would be shut down following a spill in South Dakota on Thursday.Western Canada Select for January delivery in Hardisty, Alberta, widened to $16.00 per barrel below … Read more
FOR: PETRO VISTA ENERGY CORP.TSX VENTURE SYMBOL: PTVDate issue: November 17, 2017Time in: 6:00 PM eAttention:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 17, 2017) – Petro Vista Energy
Corp. (“Petro Vista” or the “Company”) (TSX VENTURE:PTV) anno…
ANCHORAGE, Alaska — Sometime next April, pregnant cows in the Porcupine Caribou Herd in Canada will take the lead in an annual migration of nearly 200,000 animals north to Alaska.
From winter grounds in Canada’s Yukon Territory, the caribou travelling…
November 17, 2017 by James Herron Tesla Inc.’s unveiling on Thursday of a new electric truck showed Elon Musk can match Steve Jobs’s ability to wow the tech crowd with a glimpse of the future. If he can equal the manufacturing prowess of Apple Inc.’s current Chief Executive Officer Tim Cook, he might just clobber … Read more
November 17, 2017 by Lorcan Roche Kelly (Bloomberg) All eyes on D.C. tax plan, Europe awaits Brexit concessions, and bitcoin’s wild week continues. Here are some of the things people in markets are talking about today. Senate up The House yesterday approved its version of legislation to overhaul the U.S. tax code in a 227-205 vote, passing … Read more
November 17, 2017 by Rakteem Katakey and Ben Sharples (Bloomberg) Oil climbed, paring losses earlier this week, as Saudi Arabia moved to dispel doubts over Russia’s readiness to extend output curbs. Futures rose 1.7 percent in New York, trimming the weekly decline to 1.2 percent, after Saudi Arabia’s Energy Minister Khalid Al-Falih said OPEC should announce an … Read more
FOR: THE FRASER INSTITUTE
Date issue: November 16, 2017Time in: 5:00 AM eAttention:
CALGARY, AB –(Marketwired – November 16, 2017) – A detailed review of
provincial climate action plans and the results from countries around the
world who have pursue…
MONTREAL — A Quebec biofuels company has signed its first deal to power an airline’s jets with energy grown from Canadian oilseeds.
Agrisoma Biosciences Inc. of Gatineau will supply biofuel to Australia’s Qantas Airways made from Carinata seed, a non-…
A Commentary by Wendy Ferguson – BHRLR, CPHR My attention was captured recently when I heard that a growing number of employers are joining the ranks of Google and embracing a major shift in their hiring practices. Leading companies that once required that candidates possess a university or college degree (such as Apple, IBM, Ernst … Read more
CALGARY — TransCanada Corp. says its Keystone pipeline has leaked an estimated 795,000 litres of oil in Marshall County, S.D.
The company (TSX:TRP) says its crews shut down the pipeline early this morning after detecting a drop in pressure and are ass…
CALGARY — Negative market reaction to a slight rise in its 2018 spending plan by natural gas producer Seven Generations Energy Ltd. (TSX:VII) shows how little patience investors have for anything but conservative management in the oilpatch, analysts s…
FOR: TRANSCANADATSX SYMBOL: TRPNYSE SYMBOL: TRPDate issue: November 16, 2017Time in: 3:28 PM eAttention:
AMHERST, SOUTH DAKOTA–(Marketwired – Nov. 16, 2017) – News Release –
TransCanada (TSX:TRP) (NYSE:TRP) crews safely shut down its Keystone pipelin…
November 15, 2017 by Liam Denning (Bloomberg Gadfly) General Electric Co. is having a bad week. So, too, is its oily sidekick, Baker Hughes, a GE Company — to use its full name. Having “a GE Company” in your name, once a badge of honor, is more like financial antimatter these days. The industrial giant’s curiously … Read more
November 15, 2017 by Alex Nussbaum and Carlos Caminada (Bloomberg) Shale drillers are promising to add a new wrinkle to their world-shaking oil boom: they may finally make money. In third-quarter earnings reports, explorers including Pioneer Natural Resources Co., EOG Resources Inc. and Anadarko Petroleum Corp. said they’re on the cusp of shrinking or even … Read more
November 16, 2017 by Jennifer A. Dlouhy (Bloomberg) The boom in U.S. shale-oil production requires “more sophisticated” forecasting than ever, billionaire oilman Harold Hamm said in an interview. Hamm, who is set to speak Thursday during a U.S. Energy Information Administration event, blames overly optimistic government production predictions for depressing U.S. oil prices. “It just … Read more
November 16, 2017 by Rakteem Katakey and Ben Sharples (Bloomberg) Oil slid toward $55 a barrel as traders who were once certain OPEC and Russia would extend their output cuts beyond March aren’t so sure anymore. Futures dropped 0.3 percent in New York after falling 2.5 percent the previous two sessions. OPEC hasn’t yet convinced Russia that … Read more
November 16, 2017 by Lorcan Roche Kelly (Bloomberg) House gears up for tax vote, German government talks face deadline, and more bad news for the pound. Here are some of the things people in markets are talking about today. Fiscal planLeaders in the House cleared the way for a vote today on their tax-overhaul bill, … Read more
Nov 16, 2017 by Josh Wingrove and Theophilos Argitis (Bloomberg) Canada’s economy may be one of the strongest in the developed world this year, but Prime Minister Justin Trudeau’s government isn’t getting much credit. A Nanos Research poll conducted for Bloomberg News found just 25 percent of Canadians describe Trudeau’s performance as an economic manager … Read more
For more information about this event and/or to register, please click on the image above or click here.
FOR: SEVEN GENERATIONS ENERGY LTD.TSX SYMBOL: VIIDate issue: November 16, 2017Time in: 7:00 AM eAttention:
Capital investment drives 7G towards 100,000 boe/d of production growth over a
five-year period while transitioning to free cash flow
CALGARY, A…
CALGARY — Suncor Energy Inc. (TSX:SU) says it will spend between $4.5 billion and $5 billion in 2018 to deliver average upstream production of about 760,000 barrels of oil equivalent per day.
The midpoint in spending guidance represents a decline of a…
FORT MCMURRAY, Alta. — A judge says air ambulance service in the oilsands region in northeast Alberta is hobbled because helicopters can’t land directly at the Fort McMurray hospital.
A fatality inquiry report into the 2007 death of an oilsands worker…
CALGARY — The new CEO of Cenovus Energy Inc. (TSX:CVE) says he will focus on paying down debt through asset sales as he works to regain the trust of investors.
Alex Pourbaix, 52, says he wants to ensure the Calgary-based company produces oil and gas t…
FOR: BIRCHCLIFF ENERGY LTD.TSX SYMBOL: BIRDate issue: November 15, 2017Time in: 5:00 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 15, 2017) – Birchcliff Energy Ltd.
(“Birchcliff” or the “Corporation”) (TSX:BIR) is pleased to announce that the
…
FOR: PRAIRIESKY ROYALTY LTD.TSX SYMBOL: PSKDate issue: November 15, 2017Time in: 4:01 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 15, 2017) – PrairieSky Royalty Ltd.
(“PrairieSky”) (TSX:PSK) announced today that its Board of Directors has
dec…
Job Summary: Intermediate Software Developer Job Description: For field service companies who need web based fleet management tools, AssetWorks Field Service Solutions (FSS) improves operator safety, streamlines operations, & reduces fleet related operating costs. Unlike other fleet management tools which are often AVL only focused and fairly one dimensional, FSS has the ability to address the nuances of a … Read more
November 15, 2017 (Bloomberg) Fifteen days from now, nations that pump more than half the world’s oil gather in Vienna to discuss extending the production cuts that helped lift prices to two-year highs. The outcome is far from certain. Russia, which alongside Saudi Arabia was the architect of the historic cooperation between crude producers, is said … Read more
November 15, 2017 Bloomberg Oil fell back toward $55 a barrel after U.S. industry data showed an unexpected jump in crude stockpiles and Russia wavered on whether OPEC needs to extend output cuts this month. Futures lost as much as 1.3 percent in New York after falling 1.9 percent on Tuesday. U.S. inventories rose by … Read more
November 15, 2017 (Bloomberg) — Saudi Arabia’s market regulator has frozen the trading accounts of individuals being detained or investigated as part of the kingdom’s crackdown on alleged corruption, according to three people familiar with the matter. The Capital Market Authority is asking brokerages to suspend the accounts of dozens of princes, billionaires and officials … Read more
November 15, 2015 (Bloomberg) Traders brace for U.S. inflation data, commodities tumble, and tax debate gets more political. Here are some of the things people in markets are talking about today. Price print U.S. consumer price figures and retail data will provide more clues on the strength of the world’s biggest economy. The inflation reading released at 8:30 … Read more
November 15, 2017 (Bloomberg Gadfly) — Canada’s oil means no disrespect — it is after all, Canadian — but it would just like to get the hell out of Canada. The question is: Can it? I wrote here last week about logistical bottlenecks playing havoc with U.S. oil pricing. But Canada takes this to a … Read more
FOR: CRESCENT POINT ENERGY CORP.TSX SYMBOL: CPGNYSE SYMBOL: CPGDate issue: November 15, 2017Time in: 12:00 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 15, 2017) – Crescent Point Energy Corp.
(“Crescent Point” or the “Company”) (TSX:CPG)(NYSE:…
Canada’s drive to shut down all of its coal-fired power plants by 2030 could be undermined by provincial side-deals like the one currently being negotiated with Nova Scotia, critics say.
“A 2030 date, overall for Canada, is achievable and ambitious — …
FOR: STORM RESOURCES LTD.TSX SYMBOL: SRXDate issue: November 14, 2017Time in: 8:19 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 14, 2017) – Storm Resources Ltd. (TSX:SRX)
Storm has also filed its unaudited condensed interim consolidated financ…
February 13-14, 2018 Hotel Arts – Calgary, Alberta www.iotinoilandgas-canada18.com As the holiday season draws near, we are sending out a FINAL CALL for those interested in presenting on the program of the 3rd Annual Blockchain, IoT & Machine Learning in Oil & Gas Canada Conference (Feb. 13-14, 2018 – Calgary). How do I submit my … Read more
FOR: CONDOR PETROLEUM INC.TSX Symbol: CPIDate issue: November 14, 2017Time in: 6:35 PM eAttention:
CALGARY, AB –(Marketwired – November 14, 2017) – Condor Petroleum Inc.
(“Condor” or the “Company”) (TSX: CPI), a Canadian based oil and gas company
fo…
ST. JOHN’S, N.L. — Newfoundland and Labrador will target big spending in health, education and by the Crown corporation overseeing the bloated Muskrat Falls project as its deficit mounts.
The province is now expecting a deficit of $852 million this fi…
November 14, 2017 Reuters LONDON (Reuters) – Oil prices eased for a third day on Tuesday as traders and investors questioned how much the prospect of further rises in U.S. output might overshadow some of the optimism that OPEC-led production cuts would tighten the balance between crude supply and demand. Brent crude futures were last … Read more
November 14, 2017 Bloomberg) Trump says major statement is coming, the world’s most powerful central bankers gather in Frankfurt, and German growth beats estimates. Here are some of the things people in markets are talking about today. Asia tour ends President Donald Trump hailed progress toward his goal of reducing the U.S. trade deficit as … Read more
(Bloomberg) — It was a July-to-November romance Little more than four months after General Electric Co. married its oil and natural gas unit to Baker Hughes’s technical services business, GE’s eyes are wandering. Like a divorce attorney seeking to cloak the sordid details of an ugly breakup in elegant legalese, CFO Jamie Miller told reporters … Read more
November 13, 2017 (Bloomberg) The supply surge from U.S. shale oil and gas will beat the biggest gains seen in the history of the industry, the International Energy Agency predicted. By 2025, the growth in American oil production will equal that achieved by Saudi Arabia at the height of its expansion, and increases in natural … Read more
November 13, 2017 Reuters The Nebraska Public Service Commission announced Monday it will issue its decision on whether to approve the permit to allow construction of the Keystone XL pipeline on Nov. 20, the last regulatory hurdle for the controversial project. On that day, the five-member PSC will take a vote on the decision in … Read more
CALGARY — Cenovus Energy Inc. (TSX:CVE) says it is selling its majority stake in a Saskatchewan enhanced-oil recovery project to Calgary-based Whitecap Resources Inc. (TSX:WCP) for $940 million.
The deal is the last on a list of four asset sales the m…
CALGARY — Investment firm AltaCorp Capital Inc. says its founder and CEO, Calgary oil and gas financier George Gosbee, died suddenly on Sunday.
Gosbee was a former governor of the National Hockey League and, in 2013, led a group to purchase the Arizon…
FOR: CORRIDOR RESOURCES INC.TSX SYMBOL: CDHDate issue: November 13, 2017Time in: 5:22 PM eAttention:
HALIFAX, NOVA SCOTIA–(Marketwired – Nov. 13, 2017) – Corridor Resources Inc.
(TSX:CDH) (“Corridor”) announced today its third quarter financial resul…
FOR: STEP ENERGY SERVICES LTD.
Date issue: November 13, 2017Time in: 4:38 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 13, 2017) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES
STEP Energy Servi…
FOR: WHITECAP RESOURCES INC.TSX SYMBOL: WCPDate issue: November 13, 2017Time in: 4:31 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 13, 2017) –
NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A…
November 13, 2017, by Lorcan Roche Kelly (Bloomberg) Trump meets Asian leaders as tax debate continues in Washington, OPEC head calls for more production cuts, and what next for the bond market? Here are some of the things people in markets are talking about today. Asia trip President Donald Trump met with Philippine leader Rodrigo Duterte in Manila … Read more
November 13, 2017 by Wael Mahdi, Mahmoud Habboush and Salma El Wardany (Bloomberg) The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said. The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to … Read more
November 13, 2017 by Grant Smith (Bloomberg) Oil traded near $57 a barrel as OPEC boosted its projections for demand while the group’s top official signaled that producers should continue to curb output. Futures were little changed in New York. Output cuts are the “only viable option” to rebalance a global market still contending with excess … Read more
Alberta’s Oil Sands operators have capitalized on the GEOWEB system’s ‘cellular confinement’ technology to help them overcome the challenges they face when building access roads and drill pads in one of Canada’s harshest regions. Transporting construction, drilling and completions equipment with heavy wheel loads (typical loads exceeding 125,000 lbs) is extremely challenging over the soft, … Read more
Hazloc HeatersTM, a leading manufacturer of industrial unit heaters for hazardous and severe-duty locations, is pleased to announce the introduction of the IEH1 Evolution series of industrial electric unit heaters. The IEH1 series of unit heaters are designed for maximum heating performance and to provide primary or supplementary heating of people or equipment in non-hazardous … Read more
Written by Hamish Knox; President of Sandler in Calgary, Canada Creating accountable, sales focused organizations in Calgary Your third biggest competitor in sales is the last salesperson your prospect spoke with, whether they’re a competitor or not (the first two are “yourself” and “the status quo”). Think of it from your … Read more
To our Grande Prairie (& Peace Country) friends…we’re hosting an open house at our new office in GP Thursday November 16th. Reach out and let us know if you can make it! We’d love to show you the new facilities and how we’re supporting the Peace Region moving forward.
OTTAWA — Climate change talks in Germany are headed for a collision course on coal this week — and Canada is right in the middle of it.
Environment Minister Catherine McKenna is arriving today in Bonn, Germany, to attend the second week of COP23, the …
EDMONTON — The Canadian government says it lacked the scientific evidence to determine if oilsands tailings ponds were leaking into waterways and hurting fish.
But the government says it continues to work on methods to determine if chemicals associate…
November 10, 2017 (Bloomberg) With oil prices trading near their highest level in two years, some traders are betting that the price rise could have more room to run. A total of 48,000 contracts have traded over the last few days that would profit most if Brent spikes before Christmas, including several large individual trades. They … Read more
November 10, 2017 Reuters TORONTO, Nov 10 (Reuters) – The Canadian dollar is unlikely to recapture its tight link with the price of oil even as the interest rate outlook settles, given crude trades far removed from levels needed to affect investment in Canada’s energy sector, economists and strategists said. Canada’s so-called “petro-currency” has historically traded … Read more
November 10, 2017 Reuters The U.S. Department of Justice on Friday pledged to prosecute protesters who damage oil pipelines and other energy infrastructure, a decision that could escalate tensions between climate activists and the administration of President Donald Trump.The DOJ said it was committed to vigorously prosecuting those who damage “critical energy infrastructure in violation of … Read more
November 10, 2017 Reuters NEW YORK (Reuters) – Crude was down slightly on Friday as expectations OPEC and other producers will extend their production cut agreement were offset by U.S. drillers adding the most oil rigs in a week since June, indicating output will continue to grow. U.S. energy companies added nine oil drilling rigs in … Read more
Canada’s drilling rigs increased by 11 to the current 203 actively drilling rigs according to data collected by Baker Hughes for the week of November 10th. From one week ago, Alberta rig counts increased from 139 to 148, the Saskatchewan rig count increased 23 to 26. Oil drilling declined by 2 to 108 and gas rigs … Read more
FOR: PETRUS RESOURCES LTD.TSX SYMBOL: PRQDate issue: November 10, 2017Time in: 7:50 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 10, 2017) – Petrus Resources Ltd.
(“Petrus” or the “Company”) (TSX:PRQ) is pleased to report financial and
operati…
FOR: QUESTERRE ENERGY CORPORATIONTSX SYMBOL: QECOSLO SYMBOL: QECDate issue: November 10, 2017Time in: 7:00 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 10, 2017) –
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES…
November 10, 2017 Reuters (Reuters) – U.S. energy companies added the most oil drilling rigs in week since June as crude prices traded up to their highest levels since the summer of 2015. Drillers added nine oil rigs in the week to Nov. 10, bringing the total count up to 738, General Electric Co’s Baker Hughes … Read more
CALGARY — Canadian Natural Resources Ltd. (TSX:CNQ) is considering adding a 30,000- to 40,000-barrel-per-day bitumen-only project to its Horizon oilsands mine to take advantage of excess ore production and pipeline capacity.
The proposed project could…
November 10, 2017 by Kevin Orland (Bloomberg) Oil companies need to stop distributing quarterly dividends, and energy investors need to break their addiction to those payouts. That’s the message from Justin Anderson at Mawer Investment Management Ltd., which oversees about C$45 billion ($35 billion) of assets. Instead, producers should pay hefty special dividends when crude … Read more
IN FLANDERS FIELDS POEM The World’s Most Famous WAR MEMORIAL POEM By Lieutenant Colonel John McCrae In Flanders fields the poppies blow Between the crosses, row on row, That mark our place: and in the sky The larks still bravely singing fly Scarce heard amid the guns below. We are the dead: Short days ago, … Read more
November 10, 2017 (Bloomberg) TransCanada Corp. gave its strongest signal yet that it has enough demand from producers to fill the long-delayed Keystone XL pipeline with oil. Now the ball is in Nebraska’s court. While the company has long said it expected sufficient support from oil producers, TransCanada completed an open season for them to … Read more
November 10, 2017 by Grant Smith (Bloomberg) For the first time in three years, the chief concern in the oil market isn’t too much supply. Just as production cuts by OPEC and its allies finally deplete a surplus that has weighed on oil prices since 2014, political crises have hit the organization’s three biggest members. First, … Read more
November 10, 2017 by Lorcan Roche Kelly (Bloomberg) Trump issues fair-trade warning to Asia, Brexit hits latest roadblock and how the Republican tax plans stack up. Here are some of the things people in markets are talking about today. Differing world views President Donald Trump told Asian nations that the U.S. would seek bilateral trade deals rather than agree … Read more
November 10, 2017 by Ari Natter (Bloomberg) Tax breaks cherished by both the fossil fuel and renewable energy industries emerged unscathed in a tax plan unveiled in the U.S. Senate, according to details of the bill released Thursday evening by the chamber’s main tax writing committee. Republicans opted to leave tax subsidies for the energy … Read more
November 10, 2017 by Ben Sharples and Rakteem Katakey (Bloomberg) Oil is heading for a fifth weekly advance as political upheaval in the world’s biggest crude exporter countered an expansion of U.S. output to the highest level in more than three decades. Futures were little changed in New York, up 2.8 percent for the week. … Read more
ANCHORAGE, Alaska — The latest push in a decades-long effort to commercialize vast stores of Alaska’s natural gas got a boost when the state announced a deal with three Chinese companies. But the $43 billion project is far from reality.
The agreement …
CALGARY — The cost of looking after hundreds of wells, pipelines and other oilfield gear left behind by bankrupt Lexin Resources Ltd. has exceeded $2 million and the bills continue to roll in, says Alberta’s Orphan Well Association.
The association wa…
FOR: TRICAN WELL SERVICE LTD.TSX SYMBOL: TCWDate issue: November 10, 2017Time in: 4:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 10, 2017) – Trican Well Service Ltd.
(“Trican”) (TSX:TCW) is pleased to announce that it has entered into an
ag…
By The Canadian Press November 9, 2017 CALGARY — Encana Corp. (TSX:ECA) has no plans to spend more to increase production despite recent world oil price increases linked to unrest in Saudi Arabia, CEO Doug Suttles said Wednesday.He said the Calgary-based oil and gas company, which has a capital spending budget of about $1.7 billion this … Read more
CALGARY — TransCanada Corp. said Thursday it received broad interest for space on its Keystone XL pipeline, with a final investment decision on the project possibly weeks away.
The company (TSX:TRP) closed an extended bidding window for space on the p…
FOR: PENGROWTH ENERGY CORPORATIONTSX SYMBOL: PGFNYSE SYMBOL: PGHDate issue: November 09, 2017Time in: 5:12 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 9, 2017) – Pengrowth Energy Corporation
(TSX:PGF)(NYSE:PGH) is pleased to announce its thir…
FOR: SUNCOR ENERGY INC.TSX SYMBOL: SUNYSE SYMBOL: SUDate issue: November 09, 2017Time in: 4:30 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 9, 2017) – Steve Williams, chief
executive officer at Suncor, today announced the appointment of Mark L…
November 9, 2017 The Canadian Press Gender and vocabulary are clashing on the floor of the Alberta legislature. Premier Rachel Notley, one day after accusing a male opponent of mansplaining, is calling out another for “hepeating.” It came Wednesday during question period after United Conservative member Jason Nixon lauded Notley for taking his party’s advice on … Read more
CALGARY — Tourmaline Oil Corp. (TSX:TOU) says it is cutting its 2018 capital spending budget by half a billion dollars because of persistently low natural gas prices.
The Calgary-based oil and gas company says it will dial back production growth to 10…
OTTAWA — The Supreme Court of Canada will hear an appeal from Alberta’s energy regulator that seeks to overturn a ruling that could allow bankrupt energy companies to walk away from cleaning up abandoned oil wells.
The decision could affect industrial…
November 9, 2017 by Lorcan Roche Kelly (Bloomberg) Deals in China, worries in Saudi Arabia and talks in Brussels. Here are some of the things people in markets are talking about today. Unfair Trade President Donald Trump said that China had taken advantage of America with unfair trade practices in a speech alongside President Xi Jinping this morning. … Read more
FOR: PRECISION DRILLING CORPORATIONTSX SYMBOL: PDNYSE SYMBOL: PDSDate issue: November 09, 2017Time in: 2:37 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 9, 2017) – Precision Drilling Corporation
(TSX:PD)(NYSE:PDS) (“Precision”) announced today…
November 9, 2017 (Bloomberg) Oil investors discouraged by Wednesday’s data showing a retreat in Chinese crude imports can find cheer in another figure released in the world’s top buyer on the same day. The Asian nation raised the quota for use of overseas oil by non-state companies in 2018 by 63 percent versus the prior … Read more
November 9, 2017 by Grant Smith (Bloomberg) Oil steadied near $57 a barrel in New York as data showing U.S. crude output at the highest in at least three decades countered concerns sparked by a political purge in top exporter Saudi Arabia. U.S. output expanded for a third week to 9.62 million barrels a day, … Read more
FOR: CLAREN ENERGY CORP.TSX VENTURE SYMBOL: CENOTCQX SYMBOL: TNVMFFRANKFURT SYMBOL: GLTNDate issue: November 09, 2017Time in: 1:56 PM eAttention:
TORONTO, ONTARIO–(Marketwired – Nov. 9, 2017) – Claren Energy Corp. (“Claren”
or the “Company”) (TSX VEN…
November 8, 2017 by Joe Carroll (Bloomberg) OPEC sees no respite from shale’s onslaught before the second half of the next decade. Until then, the cartel will stick with the one weapon it still has to prevent another oil price collapse: austerity. Although the group’s historic output limits have fueled a 42 percent price rally … Read more
CALGARY — TransCanada Corp. earned $612 million in its latest quarter compared with a loss a year ago.
The pipeline company (TSX:TRP) says the profit amounted to 70 cents per share for the quarter ended Sept. 30.
That compared with a loss of $135 mill…
FOR: KELT EXPLORATION LTD.
TSX Symbol: KEL
Date issue: November 09, 2017
Time in: 9:00 AM e
Attention:
CALGARY, AB –(Marketwired – November 09, 2017) – Kelt Exploration Ltd. (TSX:
KEL) (“Kelt” or the “Company”) has released its financial and operating
results for the three and nine months ended September 30, 2017. The Company’s
financial results are summarized as follows:
/T/
—————————————————————————-
Three months ended Nine months ended
FINANCIAL HIGHLIGHTS September 30 September 30
(CA$ thousands, except
as otherwise indicated) 2017 2016 % 2017 2016 %
—————————————————————————-
Revenue, before
royalties and financial
instruments 56,422 47,760 18 176,719 128,876 37
Adjusted funds from
operations (1) 22,957 17,658 30 75,113 35,280 113
Basic ($/ common
share) (1) 0.13 0.10 30 0.43 0.20 115
Diluted ($/ common
share) (1) 0.13 0.10 30 0.42 0.20 110
Loss and comprehensive
loss (10,653) (15,299) -30 (17,789) (61,630) -71
Basic ($/ common
share) (0.06) (0.09) -33 (0.10) (0.36) -72
Diluted ($/ common
share) (0.06) (0.09) -33 (0.10) (0.36) -72
Total capital
expenditures, net of
dispositions 75,933 12,616 502 72,199 61,929 17
Total assets 1,227,962 1,232,147 0 1,227,962 1,232,147 0
Bank debt, net of
working capital (1) 134,759 132,471 2 134,759 132,471 2
Convertible debentures 73,584 70,134 5 73,584 70,134 5
Shareholders’ equity 830,344 823,887 1 830,344 823,887 1
Weighted average shares
outstanding (000s)
Basic 176,013 174,349 1 175,875 172,338 2
Diluted 177,206 174,671 1 177,204 172,585 3
—————————————————————————-
/T/
(1) Refer to advisories regarding non-GAAP financial measures and other key
performance indicators.
Financial Statements
Kelt’s unaudited consolidated interim financial statements and related notes
for the quarter ended September 30, 2017 will be available to the public on
SEDAR at www.sedar.com and will also be posted on the Company’s website at
www.keltexploration.com on November 9, 2017.
Kelt’s operating results for the third quarter ended September 30, 2017 are
summarized as follows:
/T/
—————————————————————————-
Three months ended Nine months ended
OPERATIONAL HIGHLIGHTS September 30 September 30
(CA$ thousands, except
as otherwise
indicated) 2017 2016 % 2017 2016 %
—————————————————————————-
Average daily
production
Oil (bbls/d) 6,881 4,606 49 6,206 5,179 20
NGLs (bbls/d) 2,714 2,960 -8 2,348 2,778 -15
Gas (mcf/d) 77,489 77,854 0 75,524 80,327 -6
—————————————————————————-
Combined (BOE/d) 22,510 20,542 10 21,141 21,345 -1
—————————————————————————-
Production per million
common shares (BOE/d)
(1) 128 118 8 120 124 -3
Average realized
prices, before
financial instruments
Oil ($/bbl) 53.22 52.47 1 56.51 44.64 27
NGLs ($/bbl) 24.34 17.96 36 26.79 16.82 59
Gas ($/mcf) 2.33 2.88 -19 3.09 2.39 29
Operating netbacks
($/BOE) (1)
Petroleum and
natural gas revenue 27.24 25.27 8 30.62 22.04 39
Cash premiums on
derivatives – 0.13 -100 – 0.04 -100
Realized gain (loss)
on financial
instruments 0.02 0.07 -71 (0.06) 0.02 -400
—————————————————————————-
Average realized
price, after
financial
instruments 27.26 25.47 7 30.56 22.10 38
Royalties (2.46) (2.55) -4 (2.84) (1.83) 55
Production expense (9.19) (8.43) 9 (9.67) (9.23) 5
Transportation
expense (2.75) (2.76) 0 (3.14) (2.78) 13
—————————————————————————-
Operating netback
(1) 12.86 11.73 10 14.91 8.26 81
—————————————————————————-
Undeveloped land
Gross acres 775,485 717,641 8 775,485 717,641 8
Net acres 657,175 596,957 10 657,175 596,957 10
—————————————————————————-
/T/
(1) Refer to advisories regarding non-GAAP financial measures and other key
performance indicators.
Message to Shareholders
Average production for the three months ended September 30, 2017 was 22,510
BOE per day, up 9% compared to average production of 20,684 BOE per day during
the previous quarter ended June 30, 2017 and up 10% compared to average
production of 20,542 BOE per day during the quarter ended September 30, 2016.
Year-over-year, Kelt’s oil production has increased significantly, averaging
6,881 barrels per day during the third quarter of 2017, up 49% from average
oil production of 4,606 barrels per day in the third quarter of 2016.
Kelt expects to exit 2017 with approximately 27,500 BOE per day of estimated
production, up 4% from its previous estimate of 26,500 BOE per day. Estimated
exit production (average production for the month of December) does not
include eight wells that are expected to be drilled in 2017 and put on
production in 2018. These include a five-well pad at Pouce Coupe targeting
Montney Oil and three wells at Inga âÇô two of which are targeting the Upper
Montney and the third of which is targeting the Middle Montney. Average
production for 2017 is estimated to be 21,800 BOE per day (previous forecast
was 22,500 BOE per day) and is estimated to be weighted 42% to oil and NGLs
and 58% to gas. The reduction in forecasted 2017 production reflects the
previously announced shut-in of approximately 4,770 BOE (92% gas) per day in
both Alberta and British Columbia due to low domestic gas prices. The majority
of this production was brought back on-stream in early November to coincide
with the start of Kelt’s new gas contracts outside of the AECO and Station 2
Gas Hubs.
Kelt’s realized average oil price during the third quarter of 2017 was $53.22
per barrel, up 1% from $52.47 per barrel in the third quarter of 2016. The
realized average NGLs price during the third quarter of 2017 was $24.34 per
barrel, up 36% from $17.96 per barrel in the corresponding quarter of 2016.
Kelt’s realized average gas price for the third quarter of 2017 was $2.33 per
MCF, down 19% from $2.88 per MCF in the third quarter of the previous year.
For the three months ended September 30, 2017, revenue was $56.4 million and
adjusted funds from operations was $23.0 million ($0.13 per share, diluted),
compared to $47.8 million and $17.7 million ($0.10 per share, diluted)
respectively, in the third quarter of 2016. At September 30, 2017, bank debt,
net of working capital was $134.8 million, up 2% from $132.5 million at
September 30, 2016.
Capital expenditures incurred during the three months ended September 30, 2017
were $75.9 million. The Company spent $45.7 million (60%) on drilling and
completion operations, $24.6 million (33%) on facilities, pipelines and
equipment and $5.6 million (7%) on land and seismic.
Positive indicators have started to appear that may lead to higher oil and gas
prices in 2018:
/T/
— U.S. crude oil exports increased substantially in October 2017 and U.S.
crude oil inventories continue to decline;
— The Brent-WTI crude oil price differential in October 2017 has widened,
potentially implying that global crude oil supply/demand has tightened;
— U.S. natural gas exports (to Mexico and LNG) continue to grow; and
— U.S. natural gas storage at the end of the winter withdrawal season in
2016 has gone from a 1.0 tcf surplus compared to the previous year to
current gas storage that is below the comparative period of the previous
year.
/T/
Kelt is forecasting WTI crude oil to average US$52.00 per barrel in 2018, up
4% from the estimated average price of US$50.00 per barrel in 2017. AECO
natural gas prices are forecasted to average $2.15 per GJ in 2017, unchanged
from the Company’s estimated average AECO price in 2017. Kelt is expecting to
realize a premium (prior to adjusting for heat content) of approximately 30%
to the average forecasted AECO price in 2018 as a result of its diversified
portfolio of gas marketing contracts.
Kelt has prepared its 2018 budget based on capital expenditures of $210.0
million and with management’s forecasted commodity prices the following
results are projected:
/T/
— Estimated average production of 28,500 to 29,500 BOE per day;
— Production mix is expected to be weighted 47% to oil/NGLs and 53% to
gas;
— Operating income is expected to be derived 83% from oil/NGLs and 17%
from gas;
— Estimated funds from operations of $175.0 million ($0.97 per share,
diluted); and
— Estimated bank debt, net of working capital as at December 31, 2018 of
$155.0 million (0.9 times forecasted 2018 funds from operations).
/T/
Kelt is currently unhedged in 2018. As a result, a 10% change in the Company’s
forecasted average oil/NGLs price for 2018 would change forecasted funds from
operations by approximately $21.0 million. A 10% change in the Company’s
average gas price forecasted for 2018 would impact funds from operations by
approximately $11.0 million.
The Company is well positioned financially to execute its budgeted capital
program during 2018, leading into the year with strong operational momentum.
Management looks forward to updating shareholders with 2017 fourth quarter and
year-end results on or about March 7, 2018.
Flow-Through Equity Financing
In October 2017, the Company completed non-brokered private placements of 2.6
million common shares for aggregate gross proceeds of $20.6 million, of which:
2.0 million common shares were issued on a “flow-through” basis in respect of
Canadian Development Expenses (“CDE”) at a price of $7.75 per share for gross
proceeds of $15.6 million; and 0.6 million common shares were issued on a
“flow-through” basis in respect of Canadian Exploration Expenses (“CEE”) at a
price of $8.75 per share for gross proceeds of $5.0 million (together, the
“Private Placements”). After estimated expenses related to the Private
Placements, net proceeds to Kelt were approximately $20.3 million.
Proceeds from the CDE private placement will be used to partially finance the
Company’s development drilling and completion expenditures during the
remainder of 2017. Pursuant to the provisions in the Income Tax Act (Canada),
Kelt will incur eligible CDE prior to December 31, 2017, in the aggregate
amount of not less than the total gross proceeds of the CDE private placement
of $15.6 million.
Proceeds from the CEE private placement will be used to partially finance the
Company’s exploration drilling and completion expenditures in 2018. Pursuant
to the “look-back” provisions in the Income Tax Act (Canada), Kelt will incur
eligible CEE prior to December 31, 2018, in the aggregate amount of not less
than the total gross proceeds of the CEE private placement of $5.0 million.
The qualifying expenditures to be incurred will be renounced to the
subscribers with an effective date of December 31, 2017.
The common shares issued in connection with the Private Placements are subject
to a statutory hold period of four months plus one day from the respective
dates of closing of the Private Placements, in accordance with applicable
securities legislation.
Outlook and Guidance
During the period of low oil and gas prices experienced by the energy
industry, Kelt was well positioned to take advantage of opportunities to add
value at a reasonable cost. The cost to acquire land at Crown sales in the
Company’s core operating areas had dropped significantly and service related
costs to drill and complete wells had also declined substantially. Kelt has
transitioned to development pad drilling in order to take advantage of lower
oilfield related service costs and will continue to test newly acquired
exploration lands.
2017 Outlook
WTI crude oil prices are forecasted to average US$50.00 per barrel in 2017 (no
change from previous forecast), up 15% from the average price of US$43.32 per
barrel in 2016. AECO natural gas prices are forecasted to average $2.15 per GJ
in 2017 (down 14% from the previous forecast of $2.50 per GJ), up 5% from the
average price of $2.05 per GJ in 2016.
The Company’s Board of Directors has increased Kelt’s 2017 capital
expenditures budget to $226.0 million ($115.0 million net after dispositions),
up 12% from its previous budget of $202.0 million ($91.0 million net after
dispositions). The increase will allow the Company to move certain drilling
projects, originally planned for the first quarter of 2018, forward to the
fourth quarter of 2017, giving Kelt the ability to take advantage of
favourable service costs that could potentially be higher in the first quarter
of 2018. The increased budget includes $15.6 million of development drilling
and completion capital expenditures that the Company has committed to incur
prior to December 31, 2017, pursuant to the CDE flow-through private
placement.
Forecasted average production of 21,800 BOE per day in 2017 (previous forecast
was 22,500 BOE per day) represents a 4% increase from average production of
20,947 BOE per day in 2016 and is estimated to be weighted 42% to oil/NGLs and
58% to gas. The reduction in forecasted 2017 production reflects the
previously announced shut-in of approximately 4,770 BOE (92% gas) per day in
both Alberta and British Columbia due to low domestic gas prices. The majority
of this production was brought back on-stream in early November to coincide
with the start of Kelt’s new gas contracts outside of the AECO and Station 2
Gas Hubs.
After giving effect to the aforementioned production estimates, commodity
price assumptions and estimated expenses, funds from operations for 2017 is
forecasted to be approximately $110.0 million (previous forecast was $124.0
million) or $0.62 (previous forecast was $0.70) per common share, diluted.
Kelt estimates that the Company’s bank debt, net of working capital, will be
approximately $120.0 million as at December 31, 2017 (previous forecast was
$104.0 million). Bank debt, net of working capital at December 31, 2017 is
estimated to be 1.1 times forecasted 2017 funds from operations. Royalties are
expected to average 9.9% of revenue in 2017 (previous forecast was 10.2%). On
average during 2017, combined production and transportation expense is
estimated to be $12.74 per BOE (previous forecast was $12.61 per BOE), G&A
expense is estimated to be $0.88 per BOE (previous forecast was $0.97 per BOE)
and interest expense is forecasted at $0.98 per BOE (previous forecast was
$0.93 per BOE).
2018 Guidance
WTI crude oil prices are forecasted to average US$52.00 per barrel in 2018, up
4% from the estimated average price of US$50.00 per barrel in 2017. AECO
natural gas prices are forecasted to average $2.15 per GJ in 2017, unchanged
from the estimated average price in 2017. Kelt is expected to realize a
premium (prior to adjusting for heat content) of approximately 30% to the
average forecasted AECO price in 2018 as a result of its diversified gas
market contracts.
The Company’s Board of Directors has approved an initial capital expenditure
budget of $210.0 million for 2018. Kelt expects to drill 21 gross (19.5 net)
wells in 2018, however the Company expects to complete 29 gross (27.5 net)
wells in 2018 as there are expected to be 8 gross (8.0 net) drilled but
un-completed (“DUC”) wells from 2017.
Forecasted average production in 2018 is estimated to be from 28,500 BOE per
day to 29,500 BOE per day, representing a 31% to 35% increase from forecasted
average production of 21,800 BOE per day in 2017. It is estimated that this
2018 forecasted average production will be weighted 47% to oil/NGLs and 53% to
gas. However, based on the Company’s forecasted commodity prices for 2018, 83%
of forecasted operating income in 2018 is expected to be generated from oil
and NGLs versus 17% from gas.
After giving effect to the aforementioned production estimates, commodity
price assumptions and estimated expenses, funds from operations for 2018 is
forecasted to be approximately $175.0 million or $0.97 per common share,
diluted. Kelt estimates that the Company’s bank debt, net of working capital,
will be approximately $155.0 million as at December 31, 2018 (0.9 times
forecasted 2018 funds from operations). Royalties are expected to average
10.5% of revenue in 2018. On average during 2018, combined production and
transportation expense is estimated to be $12.91 per BOE ($9.49 per BOE and
$3.42 per BOE respectively), G&A expense is estimated to be $0.76 per BOE and
interest expense is forecasted at $0.85 per BOE.
The table below outlines the Company’s forecasted financial and operating
results for 2017 and new guidance for 2018:
/T/
—————————————————————————-
(CA$ millions, except as
otherwise indicated) 2018 Budget 2017 Forecast Change
—————————————————————————-
Average Production
Oil (bbls/d) 10,600 – 11,000 6,830 55% – 61%
NGLs (bbls/d) 2,800 – 2,900 2,370 18% – 22%
Gas (mmcf/d) 90.6 – 93.6 75.6 20% – 24%
—————————————————————————-
Combined (BOE/d) 28,500 – 29,500 21,800 31% – 35%
—————————————————————————-
Production per million common
shares (BOE/d) (1) 159 – 165 124 28% – 33%
—————————————————————————-
Forecasted Average Commodity
Prices
WTI oil price (US$/bbl) 52.00 50.00 4%
Canadian Light Sweet ($/bbl) 61.52 60.81 1%
NYMEX natural gas price
(US$/MMBTU) 3.15 3.15 0%
AECO natural gas price ($/GJ) 2.15 2.15 0%
Average Exchange Rate (US$/CA$) 0.794 0.774 3%
Capital Expenditures
Drilling & completions 135.0 144.0 – 6%
Facilities, pipeline & well
equipment 65.0 67.0 – 3%
Land, seismic & property
acquisitions 10.0 15.0 – 33%
Property dispositions – (111.0) – 100%
—————————————————————————-
Net Capital Expenditures 210.0 115.0 83%
—————————————————————————-
Funds from operations (1) 175.0 110.0 59%
Per common share, diluted 0.97 0.62 56%
Bank debt, net of working
capital, at year-end (1)(2) 155.0 120.0 29%
Net bank debt to trailing annual
funds from operations ratio (1) 0.9 x 1.1 x – 18%
Weighted average common shares
outstanding (millions) 179.0 176.5 1%
Common shares issued and
outstanding (millions) 179.1 178.9 0%
—————————————————————————-
/T/
(1) Refer to advisories regarding non-GAAP financial measures and other key
performance indicators.
(2) In addition to bank debt, the Company has $90.0 million principal amount
of convertible debentures outstanding with a coupon of 5% per annum, maturing
May 31, 2021.
Changes in forecasted commodity prices and variances in production estimates
can have a significant impact on estimated funds from operations and profit.
Please refer to the advisories regarding forward-looking statements and to the
cautionary statement below.
The information set out herein is “financial outlook” within the meaning of
applicable securities laws. The purpose of this financial outlook is to
provide readers with disclosure regarding Kelt’s reasonable expectations as to
the anticipated results of its proposed business activities for the balance of
2017 and for the calendar year 2018. Readers are cautioned that this financial
outlook may not be appropriate for other purposes.
Advisory Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any
of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”,
“ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends”,
“potentially” and similar expressions are intended to identify forward-looking
information or statements. In particular, this press release contains
forward-looking statements pertaining to the following: Kelt’s intention to
incur sufficient qualifying expenditures to fully satisfy the Company’s
commitments in respect of the Private Placements of flow-through shares; the
objective to take advantage of favourable service costs during the fourth
quarter of 2017 and the possibility that service costs to drill and complete
wells may increase in the first quarter of 2018; the Company’s ability to
continue accumulating land at a low-cost in its core operating areas; positive
indicators in the current economic environment that the Company believes may
lead to higher oil and gas prices in 2018; and the Company’s expected future
financial position and operating results, as well as the amount and timing of
future development capital expenditures. Statements relating to “reserves” or
“resources” are deemed to be forward looking statements, as they involve the
implied assessment, based on certain estimates and assumptions, that the
reserves described exist in the quantities predicted or estimated and that the
reserves can be profitably produced in the future. Actual reserves may be
greater than or less than the estimates provided herein.
Although Kelt believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because Kelt cannot give any
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. These
include, but are not limited to, the risks associated with the oil and gas
industry in general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses; failure to obtain necessary regulatory
approvals for planned operations; health, safety and environmental risks;
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures; volatility of
commodity prices, currency exchange rate fluctuations; imprecision of reserve
estimates; and competition from other explorers) as well as general economic
conditions, stock market volatility; and the ability to access sufficient
capital. We caution that the foregoing list of risks and uncertainties is not
exhaustive.
In addition, the reader is cautioned that historical results are not
necessarily indicative of future performance. The forward-looking statements
contained herein are made as of the date hereof and the Company does not
intend, and does not assume any obligation, to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise unless expressly required by applicable securities laws.
Non-GAAP Financial Measures and Other Key Performance Indicators
This press release contains certain financial measures, as described below,
which do not have standardized meanings prescribed by GAAP. In addition, this
press release contains other key performance indicators (“KPI”), financial and
non-financial, that do not have standardized meanings under the applicable
securities legislation. As these non-GAAP financial measures and KPI are
commonly used in the oil and gas industry, the Company believes that their
inclusion is useful to investors. The reader is cautioned that these amounts
may not be directly comparable to measures for other companies where similar
terminology is used.
Non-GAAP financial measures
“Operating income” is calculated by deducting royalties, production expenses
and transportation expenses from petroleum and natural gas revenue, after
realized gains or losses on associated financial instruments. The Company
refers to operating income expressed per unit of production as an “Operating
netback”. “Funds from operations” is calculated as cash provided by operating
activities before changes in non-cash operating working capital. “Adjusted
funds from operations” is calculated by adding back to funds from operations
(if applicable): transaction costs associated with acquisitions and
dispositions, provisions for potential credit losses, and settlement of
decommissioning obligations. Adjusted funds from operations per common share
is calculated on a consistent basis with profit (loss) per common share, using
basic and diluted weighted average common shares as determined in accordance
with GAAP. Adjusted funds from operations and operating income or netbacks are
used by Kelt as key measures of performance and are not intended to represent
operating profits nor should they be viewed as an alternative to cash provided
by operating activities, profit or other measures of financial performance
calculated in accordance with GAAP.
Throughout this press release, the term “net bank debt” is used synonymously
with, and is equal to, “bank debt, net of working capital”. “Net bank debt” is
calculated by adding the working capital deficiency to bank debt. The working
capital deficiency is equal to total current assets net of total current
liabilities. The Company uses a “net bank debt to trailing funds from
operations ratio” as a benchmark on which management monitors the Company’s
capital structure and short-term financing requirements. Management believes
that this ratio, which is a non-GAAP financial measure, provides investors
with information to understand the Company’s liquidity risk. The “net bank
debt to trailing funds from operations ratio” is also indicative of the “debt
to cash flow” calculation used to determine the applicable margin for a
quarter under the Company’s Credit Facility agreement (though the calculation
may not always be a precise match, it is representative).
Other KPI
“Production per common share” is calculated by dividing total production by
the basic weighted average number of common shares outstanding, as determined
in accordance with GAAP.
Measurements
All dollar amounts are referenced in thousands of Canadian dollars, except
when noted otherwise. This press release contains various references to the
abbreviation BOE which means barrels of oil equivalent. Where amounts are
expressed on a BOE basis, natural gas volumes have been converted to oil
equivalence at six thousand cubic feet per barrel and sulphur volumes have
been converted to oil equivalence at 0.6 long tons per barrel. The term BOE
may be misleading, particularly if used in isolation. A BOE conversion ratio
of six thousand cubic feet per barrel is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead and is significantly different
than the value ratio based on the current price of crude oil and natural gas.
This conversion factor is an industry accepted norm and is not based on either
energy content or current prices. Such abbreviation may be misleading,
particularly if used in isolation. References to “oil” in this press release
include crude oil and field condensate. References to “natural gas liquids” or
“NGLs” include pentane, butane, propane, and ethane. References to “liquids”
include field condensate and NGLs. References to “gas” in this discussion
include natural gas and sulphur.
Abbreviations
/T/
bbls barrels
bbls/d barrels per day
mcf thousand cubic feet
mcf/d thousand cubic feet per day
mmcf million cubic feet
mmcf/d million cubic feet per day
tcf trillion cubic feet
MMBTU million British Thermal Units
GJ gigajoule
BOE barrel of oil equivalent
BOE/d barrel of oil equivalent per day
NGLs natural gas liquids
LNG liquefied natural gas
AECO Alberta Energy Company “C” Meter Station of the NOVA Pipeline
System
NIT NOVA Inventory Transfer (“AB-NIT”), being the reference price at
the AECO Hub
WTI West Texas Intermediate
NYMEX New York Mercantile Exchange
Station 2 Spectra Energy receipt location
US$ United States dollars
CA$ Canadian dollars
TSX the Toronto Stock Exchange
KEL trading symbol for Kelt Exploration Ltd. common shares on the
TSX
KEL.DB trading symbol for Kelt Exploration Ltd. 5% convertible
debentures on the TSX
CDE Canadian Development Expenses, as defined by the Income Tax Act
(Canada)
CEE Canadian Exploration Expenses, as defined by the Income Tax Act
(Canada)
GAAP Generally Accepted Accounting Principles
KPI Key Performance Indicators
/T/
– END RELEASE – 09/11/2017
For further information:
For further information, please contact:
Kelt Exploration Ltd.
Suite 300, 311 – 6th Avenue SW
Calgary, Alberta, Canada T2P 3H2
David J. Wilson
President and Chief Executive Officer
(403) 201-5340
Sadiq H. Lalani
Vice President and Chief Financial Officer
(403) 215-5310
Or visit our website at www.keltexploration.com
COMPANY:
FOR: KELT EXPLORATION LTD.
TSX Symbol: KEL
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20171109CC001
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VIENNA — OPEC says growth in global oil demand will steadily lessen from an annual average of 1.3 million barrels a day between 2016 and 2020, to 300,000 barrels a day by 2035-2040. But it says fossil fuels will remain the main energy source decades f…
November 8, 2017 by Ben Sharples (Bloomberg) Oil retreated for a second day on signs U.S. crude stockpiles may have declined less than expected, while gasoline inventories expanded. Futures lost as much as 0.7 percent in New York after slipping 0.3 percent on Tuesday, the first drop in four sessions. Crude inventories fell by 1.56 million barrels last week, while … Read more
November 6, 2017 by Matthew Monks (Bloomberg) Exxon Mobil Corp.’s deal in January for a swath of Permian Basin drilling real estate came with a sweetener for the sellers. The heirs of oil tycoon Perry Bass will get $1 billion in cash by 2032 — if drilling goes well for Exxon. That payout would be … Read more
November 7, 2017 by Kevin Orland and Scott Deveau (Bloomberg) TransCanada Corp., which diversified heavily into the U.S. with its $10.2 billion Columbia Pipeline Group Inc. acquisition last year, is seeking trademarks on new company names that would excise its home country. The pipeline builder and operator has published the names TC Energy, TCE, Ventiv, … Read more
November 8, 2017 by Lorcan Roche Kelly (Bloomberg) President Trump arrives in China, the U.K. government faces more trouble, and Saudi Arabia seeks to calm fears. Here are some of the things people in markets are talking about today. Trump in China President Donald Trump landed in China this morning for a two-day visit where he’s looking … Read more
A huge welcome to Kyle Albert to our Commercial Energy Insurance Team. Kyle has over 10 years of experience in the Insurance Industry, working exclusively in the Energy sector. Kyle’s expertise focuses on drilling and service contractors, transportation, infrastructure and site preparation, manufacturing and fabrication, engineering, and exploration and production companies. Kyle’s specialty is working … Read more
FOR: PRECISION DRILLING CORPORATIONTSX SYMBOL: PDNYSE SYMBOL: PDSDate issue: November 08, 2017Time in: 12:41 PM eAttention:
Proceeds Will Be Used to Repurchase and Redeem Existing Senior Notes
CALGARY, ALBERTA–(Marketwired – Nov. 8, 2017) – Precision…
CALGARY — Encana Corp. says it earned a third-quarter profit of US$294 million, down from US$317 million a year ago, as revenue fell.
The Calgary-based energy company (TSX:ECA), which keeps its books in U.S. dollars, says the profit amounted to 30 cen…
OTTAWA — The single biggest element of Canada’s national emissions reduction plan might not be unveiled on time.
A year ago, the federal government announced plans to develop a national clean fuels standard to reduce harmful emissions. It was supposed…
CALGARY — Natural gas processor and transporter Keyera Corp. (TSX:KEY) saw its profits swing lower in its latest quarterly report released Tuesday after markets closed.
The Calgary-based company saw its net earnings fall to $38 million or 20 cents per…
OTTAWA — The National Energy Board says it will not expedite the process to determine if the city of Burnaby, B.C. is deliberately obstructing construction of the expanded Trans Mountain Pipeline by refusing to issue necessary construction permits.
Th…
November 7, 2017, by Matthew Martin, Vivian Nereim and Archana Narayanan (Bloomberg) Saudi Arabia said it has only frozen the bank accounts of individuals and not those of the companies they own or manage, as the kingdom seeks to ease tension among global investors over a crackdown that’s seen princes and billionaires arrested. The action, … Read more
FOR: PAREX RESOURCES INC.TSX Symbol: PXTDate issue: November 07, 2017Time in: 5:50 PM eAttention:
NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES
CALGARY, AB –(Marketwired – November 07, 2017) – Parex Resources Inc.
(“Parex” or the “C…
FOR: PAREX RESOURCES INC.TSX Symbol: PXTDate issue: November 07, 2017Time in: 5:37 PM eAttention:
CALGARY, AB –(Marketwired – November 07, 2017) –
NOT FOR DISTRIBUTION OF FOR DISSEMINATION IN THE UNITED STATES
Parex Resources Inc. (“Parex” or the “Co…
FOR: BLACKPEARL RESOURCES INC.TSX SYMBOL: PXXOMX SYMBOL: PXXSDate issue: November 07, 2017Time in: 5:00 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 7, 2017) – BlackPearl Resources Inc.
(“BlackPearl” or the “Company”) (TSX:PXX)(OMX:PXXS) is pl…
CALGARY — Canadian Natural Resources Ltd. (TSX:CNQ) is throttling back capital spending in 2018, but plans to increase production to more than one million barrels of oil equivalent per day.
Western Canada’s largest heavy oil and natural gas producer s…
November 7, 2017 by Devon Pendleton and Zainab Fattah (Bloomberg) Crown Prince Mohammed bin Salman’s crackdown on some of Saudi Arabia’s richest and most powerful men has put $33 billion of personal wealth at risk. The stunning series of arrests has implicated three of the country’s richest people, including Prince Alwaleed bin Talal, who’s No. 50 … Read more
November 7, 2017 by Ben Sharples and Grant Smith (Bloomberg) Oil traded near the highest level in more than two years as political upheaval in top crude exporter Saudi Arabia reverberated through a market where prices were already elevated by signs of tightening supply. Investors have piled into oil as a shake-up of the ruling … Read more
November 7, 2017 by Lorcan Roche Kelly (Bloomberg) Big week for tax reform, Trump meets South Korean leader, and Saudi shakeup snares $33 billion. Here are some of the things people in markets are talking about today. Fiscal bill The House tax-writing committee began a four-day debate yesterday to hammer out the details of the Republican plan. Ways and … Read more
November 7, 2017 (Bloomberg) Chevron Corp. is planning a significant drilling program in the Duvernay shale formation, marking a vote of confidence in Canada’s energy industry in a year when it joined other majors in selling assets there. The initial development in the East Kaybob section of the formation will encompass about 55,000 acres (22,000 … Read more
VANCOUVER — Finning International Inc. says it earned $52 million in its latest quarter, up from $36 million a year ago, as revenue improved 16 per cent.
The heavy equipment dealer (TSX:FTT) says the profit amounted to 31 cents per share, up from 22 c…
FOR: SOURCE ENERGY SERVICES LTD.TSX SYMBOL: SHLEDate issue: November 07, 2017Time in: 8:55 AM eAttention:
Including Exercise of Underwriters Over-Allotment Option
CALGARY, ALBERTA–(Marketwired – Nov. 7, 2017) –
NOT FOR DISTRIBUTION TO UNITED STATES N…
FOR: CORRIDOR RESOURCES INC.TSX SYMBOL: CDHDate issue: November 07, 2017Time in: 8:00 AM eAttention:
HALIFAX, NOVA SCOTIA–(Marketwired – Nov. 7, 2017) – Corridor Resources Inc.
(TSX:CDH) (“Corridor”) is pleased to announce today that the planned cont…
EDMONTON — Alberta Premier Rachel Notley is to go on tour later this month to stump for the Trans Mountain pipeline, but is resisting opposition calls to wield a big stick against its opponents.
Notley is to speak in Toronto, Ottawa, Vancouver, Calgar…
November 6, 2017 (Bloomberg) Oil prices have climbed by $15 from their nadir this year to breach $57 a barrel on Monday, spurred by a cascade of events that began with widespread arrests among Saudi Arabia’s elite. The arrests raise “the specter of instability in the kingdom,” said John Kilduff, a partner at Again Capital … Read more
BURNABY, B.C. — A city in British Columbia wants Saskatchewan’s justice minister to withdraw comments suggesting it “is deliberately slowing down” the Trans Mountain pipeline expansion.
A lawyer acting for Burnaby sent a letter to Don Morgan saying ci…
November 6, 2017 (Bloomberg) Crackdown sweeps Saudi Arabia, Trump visits Asia, and Qualcomm prepares to fight Broadcom’s $100 billion bid. Here are some of the things people in markets are talking about today. Saudi shakeup Security forces in Saudi Arabia arrested princes, billionaires, ministers and former top officials hours after King Salman announced an anti-corruption drive on … Read more
November 6, 2017 by Arif Sharif and Filipe Pacheco (Bloomberg) Saudi Arabia has thrown investors a curve ball. King Salman’s move to arrest a string of high-profile nationals, from ministers to princes, has left some encouraged by the authorities’ willingness to take on corruption. Yet they’re also worried about who might be next. “This is all … Read more
Pipeline leaks typically make big headlines and are a major blow to the reputation and financials of any pipeline company. After every significant spill comes the inevitable question – how can we detect leaks sooner? While pipelines are considered one of the safest ways to transport oil and the number of incidents has steadily decreased … Read more
Written by Hamish Knox; President of Sandler in Calgary, Canada Creating accountable, sales focused organizations in Calgary Being part of a “hive mind” is often interpreted as a negative; however, from a personal development perspective, HIVE is a great framework to create individual success. Humility – be willing to admit, to yourself … Read more
November 4, 2017 (Bloomberg) The acquisition spree that returned much of Alberta’s oil sands to Canadian hands is so far working out as the buyers projected, with results at Canadian Natural Resources Ltd. and Cenovus Energy Inc. beating expectations on the back of higher output and lower costs. Canadian Natural posted third-quarter profit on Thursday that … Read more
November 5, 2017 by Julian Lee (Bloomberg Gadfly) As recently as OPEC’s last meeting, back in May, several oil ministers were talking quite casually about $50 a barrel as a good price for crude. Don’t expect that to be repeated when they convene again at the end of this month. In fact, expect quite the … Read more
OTTAWA — The Parliament Hill hoopla this week was all about horoscopes and Halloween costumes, with an undertone of Bill Morneau controversy for good measure.
The new Governor General, former astronaut Julie Payette, made a notable debut on the federa…
REGINA — SaskPower says it won’t likely support more carbon capture and storage projects due to costs.
President and CEO Mike Marsh says the technology is still worthwhile, but the current economic climate doesn’t warrant moving forward with such proj…
Canada’s drilling rigs increased by 1 to the current 192 actively drilling rigs according to data collected by Baker Hughes for the week of November 3rd. From one week ago, Alberta rig counts increased from 136 to 139, the Saskatchewan rig count decreased from 25 to 23. Oil drilling increased by 4 to 100 and … Read more
FORT MCMURRAY, Alta. — One of the country’s largest oilsands companies is facing federal charges in the death of 31 great blue herons at one of its mine sites in northern Alberta more than two years ago.
The charges against Syncrude Canada under the M…
November 3, 2017 Reuters NEW YORK (Reuters) – Oil prices rose on Friday, nearing their highest levels in more than two years, supported by rising global demand and physical prices and continuing expectations that OPEC and other producing countries will extend a deal to cut output. Global benchmark Brent futures traded up 18 cents at $60.79 … Read more
November 2, 2017 by Josh Wingrove (Bloomberg) TransCanada Corp. is pressing the Alberta government to buy capacity in its Keystone XL pipeline, seeking the same type of support the province had pledged for its canceled project to the Atlantic coast, people familiar with the matter said. The pipeline company, which has won approval for Keystone XL … Read more
The year is looking brighter for oilfield services on news producers have collectively bumped up capital spending plans in 2017 by $1.13 billion from original expectations. Spending plans totaled $29.6 billion, up from roughly $28.45 billion set in late 2016 or early 2017, according to information from close to 65 companies tracked in August by … Read more
November 3, 201711:25 AM Reuters U.S. energy companies cut eight oil rigs this week, the biggest reduction since May 2016, extending a drilling decline that started over the summer when prices slipped below $50 a barrel.The oil rig count fell to 729 in the week to Nov. 3, the lowest level since May, General Electric … Read more
CALGARY — Alberta Premier Rachel Notley says she wants the National Energy Board to move quickly to remove roadblocks on the Trans Mountain pipeline expansion project.
The City of Burnaby, B.C., hasn’t issued necessary permits to allow Kinder Morgan C…
90 Percent Report that Video is Becoming a More Important Content Type for Driving Business Results KITCHENER, ON –(Marketwired – November 02, 2017) – For the fourth year in a row, Vidyard, the new generation video platform for business, has partnered with Demand Metric, the marketing research and advisory firm, to publish The 2017 … Read more
FOR: PENGROWTH ENERGY CORPORATIONTSX SYMBOL: PGFNYSE SYMBOL: PGHDate issue: November 03, 2017Time in: 5:12 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 3, 2017) – Pengrowth Energy Corporation
(TSX:PGF)(NYSE:PGH) today announced that it has ent…
REGINA — The Saskatchewan government says it has applied for intervener status in National Energy Board hearings on the Trans Mountain pipeline project.
Justice Minister Don Morgan says the province argues the interprovincial pipeline has already been…
FOR: TOSCANA ENERGY INCOME CORPORATIONTSX Symbol: TEIDate issue: November 03, 2017Time in: 2:52 PM eAttention:
CALGARY, AB –(Marketwired – November 03, 2017) –
Toscana Energy Income Corporation (“TEI” or the “Corporation”) (TSX: TEI)
announces financ…
VAL-D’OR, Que. — PetroNor, a petroleum products distributor operating in northwest Quebec, has a new equity partner — Suncor Energy Inc. (TSX:SU).
Financial terms of the arrangement weren’t disclosed but the companies said the Calgary-based oil and ga…
November 3, 2017 by Lorcan Roche Kelly (Bloomberg) It’s jobs day, Powell confirmed as Fed nominee, and winners and losers emerge in GOP tax plan. Here are some of the things people in markets are talking about today. Payrolls At 8:30 a.m. Eastern Time, the Bureau of Labor Statistics will release payrolls data, with expectations for a … Read more
FOR: PENGROWTH ENERGY CORPORATIONTSX SYMBOL: PGFNYSE SYMBOL: PGHDate issue: November 03, 2017Time in: 1:50 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 3, 2017) – Pengrowth Energy Corporation
(TSX:PGF)(NYSE:PGH) is pleased to report that it ha…
November 3, 2017 by Theophilos Argitis (Bloomberg) Canada produced another stellar month of job gains in October, with signs of across-the-board tightening that includes stronger wage increases and a surge in full-time employment. Highlights of October Jobs Report Employment increased by 35.3k (est. 15k) Full-time jobs were up 88.7k vs a 53.4k decline in part-time … Read more
November 3 by Angelina Rascouet (Bloomberg) Oil extended gains from the highest close in more than two years on signs that OPEC will extend production cuts when it meets at the end of this month. Futures rose as much as 0.9 percent in New York and are heading for a fourth weekly advance. Analysts including FGE … Read more
FOR: EMISSIONS REDUCTION ALBERTA (ERA)
AND ALBERTA INNOVATES (AI)
Date issue: November 03, 2017Time in: 12:28 PM eAttention:
EDMONTON, ALBERTA–(Marketwired – Nov. 3, 2017) – The Kaye Edmonton Clinic and
the Fort Saskatchewan Community Hospital will b…
SAINT JOHN, N.B. — New Brunswick Southern Railway — a subsidiary of J.D. Irving — is facing 24 charges around the transport of oil.
The charges allege the railway failed to create proper shipping documents and had unqualified personnel for shipments o…
By Cody Battershill What if we competed as hard for Canada’s energy as we did for America’s Amazon? What if Canadians were as excited about pipelines as they seem to be about attracting the online retail giant’s second headquarters (the so-called HQ2 campaign)? What if, at the same time Calgary tells Amazon the city would … Read more
FOR: RAISE PRODUCTION INC.TSX VENTURE SYMBOL: RPCDate issue: November 02, 2017Time in: 5:38 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 2, 2017) – Raise Production Inc. (TSX
VENTURE:RPC) (“Raise” or the “Company”) announces receiving a Notice…
CALGARY — Canadian Natural Resources Ltd. (TSX:CNQ) says it has completed construction of a major expansion of its Horizon oilsands mine and will gradually ramp up production to 240,000 barrels per day of synthetic crude by year-end.
CEO Steve Laut sa…
Calgary, Alberta (October 31, 2017) – Today, the Petroleum Services Association of Canada (PSAC) released its 2018 Canadian Drilling Activity Forecast. PSAC expects a total of 7,900 wells (rig releases) to be drilled in Canada in 2018. For 2017, the Association’s final revised forecast predicts a yearly total of 7,550 wells. PSAC bases its 2018 … Read more
November 2, 2017 (Bloomberg) While OPEC and its allies agree their output-cut deal needs to be prolonged as bloated inventories won’t shrink to normal levels by March, they’re yet to reach consensus on how long the pact must be extended, according to ministers from three of the top producers. Global stockpiles are declining and demand is … Read more
November 2, 2017 by Ben Sharples and Grant Smith (Bloomberg) Oil traded near $54 a barrel as traders remained cautious on how quickly a global oil glut is diminishing. Futures were little changed in New York after falling 0.2 percent Wednesday. Crude inventories fell by 2.44 million barrels for a fifth decline in six weeks, … Read more
November 2, 2017 by Lorcan Roche Kelly (Bloomberg) Trump to pick Powell for Fed chair, Bank of England expected to hike rates for first time in a decade, and there’s no such thing as a permanent tax cut. Here are some of the things people in markets are talking about today. Powell Fed President Donald Trump plans … Read more
CALGARY — Enbridge said Thursday that its Line 3 pipeline replacement program is progressing well, even as it faces intense scrutiny on the project in Minnesota.
CEO Al Monaco said on a third-quarter earnings call that the company is making good progr…
CALGARY — Two Calgary-based oilsands producers reported huge production gains in their most recent quarters after spending billions of dollars last spring to buy assets from foreign companies anxious to exit the northern Alberta heavy oil resource.
Ca…
FOR: ENBRIDGE INC.NYSE SYMBOL: ENBTSX SYMBOL: ENBDate issue: November 02, 2017Time in: 7:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 2, 2017) –
Q3 HIGHLIGHTS
(all financial figures are unaudited and in Canadian dollars unless otherwise
not…
FOR: ENBRIDGE INCOME FUND HOLDINGS INC.TSX SYMBOL: ENFDate issue: November 02, 2017Time in: 7:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 2, 2017) –
Q3 HIGHLIGHTS
(all financial figures are unaudited and in Canadian dollars unless otherwis…
FOR: SEVEN GENERATIONS ENERGY LTD.TSX SYMBOL: VIIDate issue: November 02, 2017Time in: 7:00 AM eAttention:
Production of 184 Mboe/d up 26 percent per share, per unit operating and well
costs down
CALGARY, ALBERTA–(Marketwired – Nov. 2, 2017) – Seven …
CALGARY — The Carbon Tracker Initiative says about 100 of the world’s refineries may be forced to shut down in the next 18 years due to shrinking fuel demand as carbon emissions reduction policies are implemented.
But the London-based environmental gr…
The head of a major international economic policy group says Canada isn’t walking the green walk of its climate change promises.
Angel Gurria of the Organization for Economic Co-operation and Development praises Prime Minister Justin Trudeau’s climate…
With year end fast approaching, it is a perfect time to finalize some year end training. Any of the courses offered by RPS-PEICE can be held exclusively for your company, either at a location of your choice, or at a RPS-PEICE training centre. This in-house training option, which is typically cost-effective for groups of 8 … Read more
A boiler can last 20 years or more, but its efficiency significantly declines Adding parallel positioning can save as much as five percent in fuel costs Replacing the burner with a high-turndown one increases energy savings by reducing on-off cycling With regular maintenance, a boiler can last 20 years or more, but it is likely … Read more
FOR: TRANSCANADATSX SYMBOL: TRPNYSE SYMBOL: TRPDate issue: November 01, 2017Time in: 4:35 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 1, 2017) – Media Advisory – TransCanada
Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced today that …
October 31, 2017 by Rakteem Katakey (Bloomberg) Oil supermajors are getting back to their normal way of life after surviving a price slump that shook the foundations of their business. BP Plc gave the boldest signal yet that the worst of the downturn was over, announcing on Tuesday that it would buy back shares for … Read more
November 1, 2017 (Bloomberg) Decision day at the Federal Reserve, terror attack in New York, and tax bill delayed. Here are some of the things people in markets are talking about today. Decision day At 2 p.m. Eastern Time the Federal Reserve is expected to announce that its policy setting committee has decided to keep interest … Read more
Nov 1, 2017 by Grant Smith (Bloomberg) Oil rose to the highest level since early January in New York on expectations that government data will confirm another drop in U.S. crude inventories as the global surplus recedes. Futures advanced for a fifth day, their longest gain in three months, while Brent crude rose to a … Read more
FOR: HARVEST OPERATIONS CORP.
Date issue: November 01, 2017Time in: 12:24 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 1, 2017) – Harvest Operations Corp.
(“Harvest” or the “Company”) is pleased to announce that it successfully
re-opened its U…
FOR: PENGROWTH ENERGY CORPORATIONTSX SYMBOL: PGFNYSE SYMBOL: PGHDate issue: November 01, 2017Time in: 10:52 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 1, 2017) – Pengrowth Energy Corporation
(TSX:PGF)(NYSE:PGH) today announces that it has re…
FOR: TRANSCANADATSX SYMBOL: TRPNYSE SYMBOL: TRPDate issue: November 01, 2017Time in: 9:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 1, 2017) – TransCanada Corporation
(TSX:TRP)(NYSE:TRP) (TransCanada) today launched an Open Season to solici…
FOR: BONTERRA ENERGY CORP.TSX SYMBOL: BNEDate issue: November 01, 2017Time in: 7:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Nov. 1, 2017) – Bonterra Energy Corp.
(www.bonterraenergy.com) (TSX:BNE) announces that the October 2017 monthly cash
d…
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