Canadian Natural Resources Limited’s Kirby South SAGD project is more likely to reach its design output of 40,000 bbls of bitumen a day in the second half of this rather than the first half as had been expected previously, said CNRL president Steve Laut.
The National Energy Board has recommended that the federal government grant NOVA Gas Transmission Ltd. approval to construct and operate the Wolverine River lateral loop (Carmon Creek section) project in northwestern Alberta.
Perpetual Energy Inc. saw a net loss of $18.27 million in the fourth quarter of 2014, which was 33 per cent deeper into the red than during the same timeframe one year prior, and includes an estimated $21.4 million net-impairment loss on Birchwavy assets — the result of decreased crude oil and natural gas forecast prices.
Canbriam Energy Inc. is targeting a capital budget between $340 million and $360 million in 2015, about two-thirds of which will be focused on drilling and completion activity within the Main Fault Block of its Altares Montney asset, located west of Fort. St. John, B.C., and the remainder will support ongoing infrastructure development
While Trinidad Drilling Ltd. recently completed a new state-of-the-art rig now operating for its customer under a five-year contract in the Liard Basin, overall the industry downturn so far in 2015 has management cutting back its Canadian operations development plans as only about 20 rigs (40 per cent) of its Canada fleet is currently in the field.
Precision Drilling Corporation announced the Supreme Court of Canada denied the Ontario Minister of Revenue’s application for leave to appeal the Ontario Court of Appeal decision dated Aug. 7, 2014 (DOB, Aug. 8, 2014), in favour of Precision’s wholly owned subsidiary Inter-Leasing, Inc.
A maintenance turnaround set to start in mid-May on the Terra Nova floating, production, storage and offloading (FPSO) vessel will run to 10 weeks instead of the usual four, due to a needed tank remediation, according to a spokesman for operator Suncor Energy Inc.
Virginia Hills Oil Corp. and Pinecrest Energy Inc. announced that Virginia Hills and its wholly-owned subsidiary 1834163 Alberta Ltd. have entered into an agreement with a private oil and gas producer (PrivateCo) pursuant to which Virginia Hills, through AcquisitionCo, will purchase all of the issued and outstanding common shares of PrivateCo for total consideration of an aggregate of four million share purchase warrants of Virginia Hills, 10,600 common shares of Virginia Hills and the assumption of approximately $11.8 million in debt.
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