Rig Locator records show 24,016 operating days were booked in the first quarter of 2017 by members of the Canadian Association of Oilwell Drilling Contractors, a 94 per cent increase from 12,349 days booked last year.
Precision Drilling Corporation’s top executive is optimistic that increased drilling activity and improved customer demand will continue post spring breakup and that the western Canadian service sector will regain some pricing power as the year unfolds.
In a 2-1 decision, the Alberta Court of Appeal has upheld an earlier ruling by Alberta Court of Queen’s Bench Chief Justice Neil Wittmann that Alberta Treasury Branches, the secured creditor of insolvent RedWater Energy Corp., has priority over the obligation to abandon and remediate company wells without value.
The Canadian Association of Petroleum Producers (CAPP) and the Alberta Energy Regulator (AER) are disappointed with the majority decision of the Alberta Court of Appeal to uphold a Court of Queen’s Bench decision which found that receiver Grant Thornton Limited was entitled to renounce some assets of insolvent RedWater Energy Corp.
PrairieSky Royalty Ltd. had an active first quarter, with more than 185 wells spud across its land base during the three-month period, as the company reported royalty revenue of $73.5 million for Q1 2017.
Kinder Morgan Cochin ULC has filed with the National Energy Board (NEB) an international joint tariff for the transport of light condensate on the Cochin pipeline from Kankakee County, Illinois to Fort Saskatchewan.
The future of business is here and that means complacency is no longer an option. Living in a “comfort zone” when it comes to running operations can mean falling behind the competition; today’s environment demands flexibility to change to constantly evolving technology.
Construction of the Fort Hills oilsands project has surpassed 83 per cent completion, with three of the six major project areas (mining, ore preparation plant and infrastructure) turned over to operations, reported Teck Resources Limited.
The return to growth in the oil and gas industry as prices firm up offers the opportunity to capitalize on the emergent momentum for those companies best prepared to take advantage. But with growth comes change.
Japan Canada Oil Sands Limited (JACOS) has submitted an application with the Alberta Energy Regulator (AER) seeking approval to use dilation start-up at well pads 3 and 6 of the Hangingstone Expansion Project.
Savanna Energy Services Corp. announced that, in connection with the acquisition by Total Energy Services Inc. of more than 50 per cent of the outstanding common shares of Savanna pursuant to Total's offer to purchase all of the common shares of Savanna, Savanna has issued a notice of change of control and change of control offer to repurchase the outstanding C$107.085 million aggregate principal amount of seven per cent senior unsecured notes of Savanna due 2018 at a price equal to 101 per cent of the aggregate principal amount of the notes repurchased, plus accrued and unpaid interest on such notes up to, but excluding, the date of purchase.
Madalena Energy Inc. announced that pursuant to a purchase and sale agreement dated April 21, 2017 with an arms-length third party, the company sold 4.68 million escrowed common shares in Point Loma Resources Ltd. for gross cash proceeds of C$1.1 million.
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