Cardium

  • Obsidian Boosts Capex; Starts Winter Drilling Program

    Obsidian Energy Ltd. will increase its 2020 capital program by $3.2 million to begin drilling activity on the first pad within its Central Alberta Willesden Green asset.

    November 30, 2020, 10 AM MST

  • Q3 Round-Up: InPlay, Petrus, Journey

    The fourth quarter of 2020 includes a planned development capital program by InPlay Oil Corp. that begins with the drilling of three 100 per cent working interest ERH Cardium wells in Willesden Green and construction of the associated required infrastructure.

    November 13, 2020, 5:32 AM MST

  • Peyto ‘Contemplating’ $300-$350-Million 2021 Capital Program, Operationally Strong Q3 Performance

    While specifics of its 2021 budget are not yet finalized, Peyto Exploration & Development Corp.’s president and CEO says the company is currently considering a 2021 capital program of $300-$350 million which would be funded entirely from free cash flow.

    November 12, 2020, 10:47 AM MST

  • Lower Cost Structure, Development Program Aid Obsidian Results

    Obsidian Energy Ltd. says it benefited from the success of its development program earlier in the year and its lower cost structure in the third quarter of 2020 which more than offset the impact of lower commodity prices, year-over-year.

    November 3, 2020, 8:38 AM MST

  • InPlay Picks Up Cardium Asset

    InPlay Oil Corp. recently closed a strategic Cardium asset acquisition in its Pembina area of operations for $1.9 million (net of adjustments).

    November 2, 2020, 6:25 AM MST

  • Precision Chief Foresees Rationalization In Canadian Drilling Segment, Better Winter Ahead

    In Canada, the most active drilling rigs belong to just five drilling companies, says Kevin Neveu, president and chief executive officer of Precision Drilling Corporation. Therefore, when rationalization occurs in this segment of the energy sector, it will start with smaller companies cannibalizing rigs that are non-marketable.

    October 23, 2020, 7:16 AM MDT

  • Bonterra Board Rejects Obsidian’s Offer

    Bonterra Energy Corp.’s board of directors says that Obsidian Energy Ltd.’s bid to acquire Bonterra significantly undervalues the common shares of the company and is not in the best interests of Bonterra, the holders of its common shares or its other stakeholders.

    October 6, 2020, 6:11 AM MDT

  • Bonterra Confirms $104 Million in Approved Credit Commitments From EDC, BDC and Alberta's Site Rehabilitation Program

    Bonterra Energy Corp. has received a reserve-based lending commitment from Export Development Canada (EDC) of up to $38.4 million.

    October 5, 2020, 5:21 AM MDT

  • Obsidian Makes Exchange Offer For Bonterra

    Obsidian Energy Ltd. has formally launched its offer to purchase all of the issued and outstanding common shares of Bonterra Energy Corp. for consideration consisting of two common shares of Obsidian for each Bonterra share tendered.

    September 21, 2020, 6:25 AM MDT

  • Take No Immediate Action, Bonterra Tells Shareholders

    Bonterra Energy Corp. has received the unsolicited offer from Obsidian Energy Ltd. to purchase all the issued and outstanding common shares of Bonterra.

    September 21, 2020, 4:27 PM MDT

  • Obsidian Announces Intention To Launch Exchange Offer For Bonterra

    Obsidian Energy Ltd. today announced it intends to make an offer to purchase all of the issued and outstanding common shares in the capital of Bonterra Energy Corp. for consideration consisting of two common shares of Obsidian for each Bonterra share.

    September 8, 2020, 6:43 AM MDT

  • Bonterra ‘Remains Aware’ Of Obsidian Interest

    Bonterra Energy Corp. said it “remains aware” of Obsidian Energy Ltd.’s interest in a potential deal between the two companies, but the company will not comment further on the public letter issued by Obsidian on Monday.

    September 1, 2020, 12 AM MDT

  • Obsidian Proposes Combination With Bonterra In Public Letter; Would Create ‘Cardium Champion’

    Obsidian Energy Ltd. sent a letter to Bonterra Energy Corp. proposing a combination transaction that would be expected to result in significant cost synergies and drive substantial accretion across all financial metrics for both Obsidian Energy and Bonterra.

    August 31, 2020, 4:27 AM MDT

  • Bonterra In BDC Term Facility

    Bonterra Energy Corp. has entered into a non-binding term sheet with the Business Development Bank of Canada (BDC), in partnership with its syndicate of lenders, for a non-revolving four-year term facility of potentially up to $45 million and subject to formal credit approval from BDC and the syndicate. ​​​​​​​

    August 20, 2020, 3:56 PM MDT

  • Peyto Is Running Four Rigs; Company Experiences Rainy Weather In Q2

    Peyto Exploration & Development Corp. currently has four drilling rigs doing the job of three — operating intermittently in the Greater Sundance and Brazeau core areas. Those rigs could drill 40-per-cent more wells than is planned for 2020, and the company expects them to be at full utilization in 2021 with an expanded capital program.  

    August 13, 2020, 11:05 AM MDT

  • Tamarack Valley Hedging Gains Help Offset Q2 Loss

    Tamarack Valley Energy Ltd.  generated free adjusted funds flow of approximately $14.8 million for the second quarter of 2020 representing a total payout ratio of approximately 30 per cent which it said will be directed to further enhancing its financial position.

    August 13, 2020, 7:43 AM MDT

  • Obsidian To Defer Development Spending In 2H

    In light of the current commodity price environment, Obsidian Energy Ltd. has deferred development spending and plans for a reduced second-half 2020 capital expenditure program of approximately $13 million.

    August 4, 2020, 10:53 AM MDT

  • TORC’s Q2 Output Declines Due To Voluntary Shut-Ins

    Due to voluntary shut-in volumes, TORC Oil & Gas Ltd.’s quarterly production averaged 24,905 boe/d, from 28,515 boe/d in the first quarter of 2020 and 28,326 in the second quarter of 2019.

    July 29, 2020, 2:32 PM MDT

  • Peyto Looks To Fill Vacant Space At Its Natural Gas Plants With Third-Party Volumes

    When it comes to its nine natural gas plants connected with an extensive pipeline network, Peyto Exploration & Development Corp.’s focus of late has been on attracting nearby third-party volumes, says the chief operating officer.

    July 10, 2020, 7:20 AM MDT

  • Spartan Delta Current Output At 26,000 Boe/d

    Spartan Delta Corp.’s current production is estimated at  26,000 boe/d, primarily from the Ferrier and Willesden Green areas, compared to 25,000 boe/d (30 per cent oil and natural gas liquids) estimated at the time of closing the Bellatrix Exploration Ltd. transaction five weeks ago.

    July 6, 2020, 5:59 AM MDT

  • Quiet Q2 For TransGlobe

    Consistent with TransGlobe Energy Corporation’s revised 2020 budget, there has been no drilling or completion activity during Q2 2020.

    June 29, 2020, 10:33 AM MDT

  • Obsidian Shut-in Volumes Coming Back On Production

    Obsidian Energy Ltd. has it anticipates that as of July 1, 2020 it will have returned approximately 3,300 boe/d or 88 per cent of its previously announced shut-in volumes with July 2020 production expected to average 26,100 boe/d (65 per cent oil and NGL).  

    June 23, 2020, 10:44 AM MDT

  • Steelhaus Named Energy Excellence Awards Champion For Rapid Response Downhole Tool Delivery

     Today, we feature Steelhaus Technologies Inc., the champion in Exporting Excellence in the subcategory of Oilfield and Professional Services.

    June 5, 2020, 6:26 AM MDT

  • Q1 Round-Up: Bonterra, Questerre, Cardinal, Pine Cliff, TransGlobe

    Bonterra Energy Corp. expects its 2020 capital program to remain suspended until commodity prices improve.

    May 15, 2020, 10:14 AM MDT

  • Peyto’s Q1 Efforts Focused On Adjusting To COVID-19 Impacts, Altering Drilling Plans

    Peyto Exploration & Development Corp. says preparation for and reaction to the sweeping global pandemic dominated the first quarter of 2020 and forced the company to reduce spending and alter its drilling plans.

    May 13, 2020, 11:16 AM MDT