Petrus Resources announces extension to credit agreement

CALGARY, Alberta – Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from July 6, 2020, 2020 to July 13, 2020. The Company continues to be in discussions with the bank syndicate on a one year extension [Read more]

Source: BOE Report

The High Tech Treasure Map That Could Uncover Countless Commodities

Researchers from the United States and Australia have discovered previously unrecognized structural lines 100 miles or more down in the Earth that appear to signal the locations of giant deposits of copper, lead, and zinc. The metals, however, lie close enough to the surface to be mined, but too far down to be found using current exploration methods.  In ...

Source: Oilprice.com

Oil Giant Considers Drastic Move As Pandemic Persists

Anglo-Dutch oil major Shell is not ruling out the possibility of moving its headquarters to the UK, the group's chief executive Ben van Beurden told Dutch business newspaper Het Financieele Dagblad in an interview published over the weekend. The move could offer Shell relief from the Netherlands ' dividend tax, which has now become taxing amid the low oil price environment and ...

Source: Oilprice.com

Libya’s Oil Exports Are Set To Fall Even Further

Libya is set to export even less crude oil in July than it did in June, while its state oil firm continues negotiations to end the blockade that has been stifling exports since January.   According to a preliminary loading program seen by Bloomberg, Libya is expected to export this month just two tankers full of 600,000 barrels of crude each, ...

Source: Oilprice.com

Delphi Energy Corp. announces proposed plan of compromise and arrangement and $22.9 million capital investment by Kiwetinohk Resources Corp.

CALGARY, AB – Delphi Energy Corp. (“Delphi” or the “Company“) announces a recapitalization and financing transaction (the “Restructuring Transaction“), to be implemented as a plan of compromise and arrangement (the “Plan“) under the Companies’ Creditors Arrangement Act (“CCAA“) and the Canada Business Corporations Act, that will allow the Company to substantially reduce its debt and associated interest costs, [Read more]

Source: BOE Report

Saudi Arabia Hikes Oil Prices For The Third Consecutive Month

Brent oil prices rose early on Monday after Saudi Arabia raised its oil price for a third consecutive month, signaling recovering demand. As of 9:26 a.m. EDT on Monday, Brent Crude was up 0.61 at $43.06, but WTI Crude was down 0.52 percent at $40.46. The U.S. benchmark traded down for most of the morning as surging coronavirus ...

Source: Oilprice.com

Oil Price Crash Causes Major Recession In Russia

The oil price crash that Russia helped create, along with the coronavirus-driven global recession, will result in Russia’s economy shrinking this year by the most in 11 years, the World Bank said in its latest economic report on Russia. Russia’s economy will suffer from the global recession and local efforts to contain the pandemic and the low price of oil—Russia’s largest export—the ...

Source: Oilprice.com