Capital Spending

  • Precision Anticipates Higher Demand For Services Throughout 2022; Revenue Increases For Q1

    Precision Drilling Corporation anticipates increased demand for services and improved fleet utilization in 2022 as customers seek to maintain production levels and replenish inventories at currently high commodity-price levels, as inventories of drilled-but-uncompleted wells have depleted over the past several years.

    April 28, 2022, 6:38 AM MDT

  • Cenovus Increases 2022 Capex $300 Million To $2.9-$3.3 Billion As Superior Rebuild Costs Mount

    Cenovus Energy Inc. is hiking 2022 capital expenditures by $300 million to an updated range of $2.9-$3.3 billion, the company announced this morning.

    April 27, 2022, 12:33 PM MDT

  • Tamarack Strikes Another Clearwater Deal, Acquires Rolling Hills For $93 Million

    Tamarack Valley Energy Ltd. has entered into a definitive agreement to acquire Rolling Hills Energy Ltd., a privately held pure play Clearwater oil producer, for total consideration of $93.0 million.

    April 21, 2022, 6 AM MDT

  • Saskatchewan Series: Province’s Assets Remain Core To Crescent Point, Baytex

    Two of the larger players in Saskatchewan’s oilpatch are increasingly optimistic about the go-forward outlook in the province.

    March 31, 2022, 12 AM MDT

  • 2022 Capex Trends: Saskatchewan Rebound Continues

    The Saskatchewan oil and gas sector is in back-bounce mode after some tough years and the future looks promising for both industry and the province, says Bronwyn Eyre, minister of energy and resources.

    March 30, 2022, 11:23 AM MDT

  • Background: Vermilion Acquiring Leucrotta

    Vermilion Energy Inc. has entered into an arrangement agreement to acquire Leucrotta Exploration Inc. for a net cash purchase price of $477 million.

    March 28, 2022, 4:05 AM MDT

  • 2022 Capex Trends: Licensing Uptick Continues, Despite B.C. Drop

    Producers across Canada licensed 341 wells in February 2022 — up from 323 a year ago — while once again no new wells were approved in British Columbia.

    March 24, 2022, 9:34 AM MDT

  • CFO: Last Year ‘Transformative’ For Kiwetinohk

    An amalgamation and acquisition in 2021 helped Kiwetinohk Energy Corp. post major gains in production both last quarter and for the year.

    March 24, 2022, 3:01 PM MDT

  • 2022 Capex Trends: Alberta Land Sales Have Strong Start To Year

    Alberta’s oilsands land sales, which have been sleepy for quite some time, sprang to life on March 9.

    March 17, 2022, 9:58 AM MDT

  • Hemisphere Spent $12 Million At Atlee Buffalo Program In 2021

    In 2021, Hemisphere Energy Corporation invested $12 million in its Atlee Buffalo core area, including drilling seven wells, implementing a polymer flood in the Upper Mannville G oil pool, and upgrading facilities to accommodate additional oil production.

    March 16, 2022, 8:50 AM MDT

  • Perpetual Spending Plan ‘Up To’ $28 Million

    Perpetual Energy Inc.'s board of directors has approved exploration and development capital spending of up to $28 million for 2022 to be fully funded from adjusted funds flow.

    March 15, 2022, 4:14 PM MDT

  • Cardinal Boosts Capital Plan

    Cardinal Energy Ltd. has approved a marginal increase to its capital program for 2022.

    March 15, 2022, 8:06 AM MDT

  • Saturn Lays Out 2022 Capital Plan

    Saturn Oil & Gas Inc. has outlined a 2022 capital expenditures budget totalling $50 million.

    March 14, 2022, 5:15 AM MDT

  • Cathedral Outlines Planned Spending For 2022

    Cathedral Energy Services Ltd.’s estimated 2022 gross capital plan is approximately $14.9 million, excluding any potential acquisitions. 

    March 14, 2022, 3:41 PM MDT

  • Petrus Closes Acquisition Of Cardium Assets In Ferrier

    Petrus Resources Ltd. has closed its previously announced acquisition of a privately owned limited partnership and its general partner for total consideration of approximately $14.4 million, consisting of the issuance of 10 million common shares of the company.

    March 14, 2022, 6:30 PM MDT

  • CES Energy’s Canadian Revenue Surges by 77% in Q4

    Revenue generated in Canada by CES Energy Solutions Corp. reached $134 million over the final three months of 2021.

    March 11, 2022, 3:38 PM MST

  • Journey Boosts Capital Spending Plan

    Journey Energy Inc. has increased its 2022 capital budget to $43 million from $36 million and now plans to drill 15 wells. 

    March 10, 2022, 12 AM MST

  • Kelt Lifts Capex Outlook

    Kelt Exploration Ltd. has increased its 2022 capital expenditure program to $250.0 million, up from a range of $200.0 million to $210.0 million in its previous guidance.

    March 10, 2022, 5:43 AM MST

  • Essential Energy Sets Capital Budget

    Essential Energy Services Ltd.’s 2022 capital budget is $6 million for the purchase of property and equipment and spending on maintenance activities.

    March 10, 2022, 12 AM MST

  • 2022 Capex Trends: MEG, CNRL Expect Strong Crude Prices, Differentials To Continue

    MEG Energy Corp.’s top executive is increasingly bullish on crude prices and the Western Canadian Select (WCS)-West Texas Intermediate (WTI) differentials.

    March 9, 2022, 7:12 AM MST

  • Peyto Purchases Private Junior In Brazeau River Area

    Subsequent to year end 2021, Peyto Exploration & Development Corp. successfully negotiated and closed the purchase of a private junior producer in the Brazeau River area for $22 million.

    March 9, 2022, 4:13 PM MST

  • Pipestone Boosting Spending Outlook

    Pipestone Energy Corp. is increasing its 2022 capital guidance range to $210 - $220 million (up from $180 - $200 million).

    March 9, 2022, 6:02 AM MST

  • Record Funds Flow For Pine Cliff

    Pine Cliff Energy Ltd.’s adjusted funds flow of $26.3 million generated during the fourth quarter of 2021 and $59.1 million for 2021 were the highest quarterly and annual adjusted funds flow for the company since inception.

    March 9, 2022, 12 AM MST

  • Active Q1 Program For Crew

    Crew Energy Inc.’s first quarter capital expenditures are expected to constitute approximately 60 per cent of the program’s full year total, with the remainder to be directed to projects with superior returns at Greater Septimus or Groundbirch in the second half of 2022.  

    March 8, 2022, 3:16 PM MST

  • Petrus Outlines Spending Plan

    Petrus Resources Ltd.’s board of directors has approved a 2022 capital budget of $50 to $55 million.

    March 8, 2022, 2:31 PM MST

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