Canada's high-flying juniors fall to earth
Smaller companies that push at the frontiers of technology and geology are going bust
Canada's junior oil and gas companies were once the darling of the North American upstream. Innovative and nimble, smaller companies were known for applying new technologies to new unconventional resource plays like oil sands and shale gas. Now the sector lies in ruins. According to the Alberta government all indicators are pointing to the worst year for bankruptcies since the 1980s bust. On 26 September, Calgary-based Lightstream Resources became the latest casualty after it obtained court protection under Canada's Companies' Creditors Arrangement Act (CCAA)-the equivalent of Chapter 11 in the US. Formerly known as PetroBakken, the company was an early pioneer in the underdeveloped Saskatch
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
