Alberta government to allow new conventional oil well drilling

Just in time for the winter drilling season, the Alberta government is hoping to boost production by allowing new wells to be drilled. Effective Friday, the province said all producers can drill new conventional oil wells without being restricted by…

Failure of Calgary-based junior oil and gas producer threatens to create up to 1,400 orphan wells

The latest failure of a Calgary-based junior oil and gas producer could add more than 1,400 wells to a provincial inventory of orphaned petroleum assets, warns the Alberta Orphan Well Association. The total estimated abandonment and reclamation bill associated with…

Abandoned well ruling from Supreme Court ‘credit negative’ for energy firms, says Moody’s

A credit rating agency says high court support for the Alberta Energy Regulator’s ability to force a bankruptcy trustee to pay out well-abandonment obligations before paying back creditors is credit negative for energy companies. Moody’s Investor Services says the Supreme…

Drilling forecast cut because of lower expectations for 2019 oilpatch spending

The Petroleum Services Association of Canada is cutting 1,000 wells from its 2019 drilling forecast due to what it calls deteriorating investor confidence in Canada. The industry group says it now expects 5,600 wells to be drilled in Canada this…