The Orphan Well Association (OWA) is gearing up for a busy winter with a planned 50 per cent increase in its budget and additional loan money still to flow from the province to accelerate the pace of cleanup.
The total enterprise value of merger and acquisition (M&A) activity in the Canadian oil and natural gas industry in the first half of 2017 was approximately $36.1 billion, up 139 per cent from the $15.1 billion recorded in the first six months of 2016. This is the highest first half total of M&A value in the Canadian oil and natural gas sector since Sayer Energy Advisors began tracking these statistics in 1993.
The Anadarko Region, which was recently added to the Energy Information Administration (EIA) Drilling Productivity Report(DPR), accounted for 437,000 bbls per day of oil production and 4.9 bcf per day of natural gas production in July 2017. Production in the region has increased in 2017, and the region accounted for 13 per cent of all new wells drilled in the country in July 2017. With the inclusion of the Anadarko Region, the DPR now covers about 87 per cent of all active onshore rigs in the United States.
Institutional Shareholder Services Inc. and Glass Lewis and Co., two independent proxy advisory firms that provide voting recommendations to institutional investors, have recommended that shareholders of Paramount Resources Ltd. and Trilogy Energy Corp. vote for the proposed merger of the companies.
Connacher Oil and Gas Limited reported thatQ2 2017 and YTD 2017 revenue, net of royalties, increased 137 per cent to $54 million (Q2 2016 - $22.8 million) and 192 per cent to $100.9 (YTD 2016 - $34.6 million), respectively, due to higher sales volumes and higher crude oil benchmark pricing.
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