Regional briefs: Local patch stock soars

By Medicine Hat News on November 8, 2019.

International Petroleum Corporation’s stock rose almost 25 per cent this week leading up to a revelation on Wednesday that the global company operating on the Suffield block will begin a stock buyback program.

IPC Canada states in new quarterly reports that increased production, pricing and the successful addition of new heavy oil assets in northern Alberta will allow it to buy and extinguish about 7 per cent of the company’s 164 million shares, which closed on Thursday at C$5.52.

That program will be paid out of operating cash that will also reduce debt and fund a $188-million capital program this year that includes 25 development wells at Suffield, which is “outperforming pre-drill expectations” and could continue with “a single rig drilling program into 2020.”

The company also reports that it completed 75 swabs in southeast Alberta in the third quarter, with another 75 planned before the end of the year.

Documents states that production at Suffield rose three per cent, to 24,900 barrels per day. The biggest addition to IPC’s production numbers comes from the addition of former Black Pearl Resources facilities that were merged into the company in late 2018.

“We are pleased to announce another strong set of results for the first nine months of 2019,” said CEO Mike Nicholson.

The exit production for 2019 is expected to be 50,000 barrels per day across the company that also operates in Malaysia and France.

TCPL plans west and east work

TC Energy is planning upgrades to the western leg of the Foothills Pipeline System, and a new interconnection could be built with regional networks in southwest Saskatchewan.

On the Saskatchewan leg of the Foothills Pipeline system, a SaskEnergy subsidiary is proposing minor facilities near Shaunovan be built to access the system in southwest Saskatchewan.

Public meetings to describe the project were set to be held this week in that town.

The new line and station, proposed by Many Islands Pipelines, would consist of a 16-inch line running three kilometres between the lines in an area just south of Shaunovan. A proposed construction schedule for the project that is yet to be approved by regulators states work could begin in the summer of 2020 and last 16 weeks.

The Saskatchewan leg of the Foothills system cuts south from the TC Energy mainline, near Empress, Alta., diagonally to enter northeast Montana near Val Marie, Sask.

In late October the pipeline company, formerly knows as TransCanada, announced it would move ahead with $1.2 billion in upgrades to pipe and facilities that feed lines that run from northern Alberta to Idaho via the Crowsnest Pass. Work could be complete and improvements in service by the end of 2022.

Regional radio

Stingray Music has expanded its network of terrestrial radio stations in southern Alberta, the satellite radio provider announced this week in its financial reports.

The company that two years ago purchased two FM stations in Brooks and a first station in Drumheller, received approval from the CRTC during the quarter to acquire CHOO radio in Drumheller.

The $1.6-million purchase from Goldenwest Radio gives Stingray two stations in the Drumheller market. In its ruling the CRTC stated that CHOO hadn’t turned a profit since it was first licensed in 2009 and was not viable as a standalone station.

Stingray also announced that it has secured a licensing deal with electric car maker Tesla.