Canadian oil company Junex says their new horizontal well is commercial, even at today’s oil prices Quebec oil and gas company Junex (ticker: JNX) announced earlier this week that it plans to restart production of its Galt No. 4 horizontal well in the Gaspe Peninsula in Quebec, Canada, following rapid pressure build-up after the company shut in the well. The
Southern Pacific becomes first E&P in oil sands to seek creditor protection Southern Pacific Resource Corp. (ticker: STP), based out of Calgary, Alberta, Canada, announced yesterday that it has obtained creditor protection under the Companies’ Creditors Arrangement Act (CCAA). CCAA protection prevents creditors and others from enforcing rights against the company and affords STP the opportunity to restructure its financial
Two new pipelines opened last week allowing more Canadian crude to reach refineries in Texas Canadian Premier for Alberta, Jim Prentice, and the Canadian minister for natural resources, Greg Rickford, were both in Texas last Friday celebrating the opening of two new pipelines transporting crude oil from Canada to the Gulf of Mexico. The two pipelines, the Seaway pipeline and
Cash is Flowing into North American Oil and Gas Industry: OAG360 Exclusive Interview with Ken Hersh “We operate with a very wide and blank canvas.” – Ken Hersh, CEO, NGP Energy Capital Management Raising capital to fund North American energy companies has been NGP Energy Capital Management’s bread and butter since Ken Hersh formed his firm’s first private capital energy
Exxon and its Canadian partners have filed to move forward on a new LNG project in western Canada ExxonMobil (ticker: XOM) and its Canadian partner Imperial Oil Ltd. (ticker: IMO) have taken a step forward in the process of developing the WCC LNG project in British Columbia, Canada. WCC LNG filed an environmental assessment and project description for its proposed
Canada’s stock market is up on stronger U.S. numbers, oil prices Canada’s TSX stock market continued its rise today after falling earlier this week thanks to positive U.S. economic data and firmer oil prices. Some oil companies are beginning to rebound from sharp falls as well as the TSX makes a comeback. The market made a 1.2% rally today as
After five weeks of reviewing Canada’s E&P companies, Oil & Gas 360® offers its wrap up on this particular section of the industry as we move into 2015. Based on EnerCom’s E&P Weekly report, which was used to gather all the financial metrics used in the Canadian E&P Weekly series, we have compared all of the companies together in one
Energy Shares Lead Rally The Toronto Stock Exchange TSX Composite was up more than 350 points today as battered energy stocks begin to rebound and the U.S. Federal Reserve offered assurance on its interest rates. The S&P/TSX composite index jumped 355.61 points to 14,217.13, its second straight triple-digit advance as traders continued to buy stocks that were oversold during the
Encana Corporation (ticker: ECA) has announced a 2015 capital budget of $2.7 to $2.9 billion, with approximately 80% directed to four of its highest margin growth plays; the Montney and Duvernay in Canada, as well as the company’s Permian and Eagle Ford assets in Texas. Encana is one of the few E&Ps to increase its budget compared to 2014, when
Partners BP and Husky expect oil from Sunrise Energy Project by Q1 of next year On December 11, Husky Energy (ticker: HSE) announced that it has commenced steam operations at its Sunrise Energy Project, a joint venture (JV) with BP (ticker: BP), in the northeast Alberta oil sands. Husky is the operator of Sunrise and has a 50% working interest
Major companies are struggling to maintain capital expenditures as oil prices continue to slide further. Already in the last six months prices have fallen more than 40% as supply continues to outpace sluggish demand growth. In the last week, three large Canadian companies announced major cuts to their capital expenditures for 2015. Vermilion Energy (ticker: VET) and Canadian Oil Sands
A Look at Valuations EOG Resources (ticker: EOG) announced yesterday the divestiture of all its assets in Manitoba and certain assets in Alberta in two separate transactions to unidentified buyers that closed November 28 and December 1, 2014, respectively. The company announced that the net proceeds for the deals totaled $410 million, and that the deal will release $150 million
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