Bellatrix Unloads Noncore Cardium Assets To Tackle Debt
As part of the deal, Bellatrix has retained formation rights above and below the Cardium on the Pembina, Alberta, acreage, including the Notikewin, Falher and Wilrich members of the Spirit River Formation.
Bonavista Will Acquire Gas-Weighted Deep Basin Assets Through Asset Swap
On the acquired assets in the Wilrich, Notikewin, Glauconite and Bluesky formations, about 149 gross (104.1 net) horizontal locations have been identified.
ARC Resources Boosted Pembina Cardium Production Through Acquisition
During the second quarter, ARC continued its noncore asset divestment program, divesting the remainder of low-netback operated shallow gas assets in southern Alberta.
Alberta's Two New Energy Royalty Programs Encourage Output
Alberta's NDP government, elected in a sweeping majority last year, unsettled producers when it first announced plans to review oil and gas royalties to ensure the province received its fair share of hydrocarbon revenues.
Repair Crews Assess Canada Wildfire Damage, Oil Firms Plan Restart
In one encouraging sign for the oil and gas industry, Shell said on May 9 it restarted production at a reduced rate at its Albian oil sands mining operation in Alberta, adding it plans to fly staff in and out.
Oil Rises After Canada Wildfire Knocks Out Production
The lost capacity is equivalent to well over a third of the country's typical daily production, and almost all of Canada's crude from oil sands is exported to the U.S.
Petronas Canada LNG Project Chief Sees Investment Decision In Months
Long considered a front-runner in the race to build Canada's first LNG export project, the consortium behind Pacific NorthWest pledged last June to start construction as soon as it was approved by regulators, eyeing the end of 2015.
Penn West Closes Sale Of Northern Alberta Properties, Noncore Assets
Proceeds from the sale of Slave Point and other noncore assets will help to strengthen the Calgary, Alberta-based company's balance sheet. It will also improve its financial flexibility and overall corporate metrics.
Alberta's Well Clean-Up Plan Puts Pressure On Small Producers
Consulting firm Deloitte has warned that a third of oil and gas producers could go bankrupt this year, prompting some observers to voice concerns the program may not have enough funds to cover the clean-up costs of the wells currently on the OWA's books.
Bank Of Canada: Oil Shock Recovery Will Take More Than Two Years
Deputy Governor Lynn Patterson said a simulation run by the bank suggested it would be several years before the economy found a new balance.