It's going to be ugly in Canada's oil fields over the next few months thanks to low crude prices, with some companies not surviving the rout, Canadian oil pros told CNBC Wednesday. However, they expect the industry to land on its feet.
"I think you're going to see a lot of corporate distress, we already are, bankruptcies and so on," Peter Tertzakian, chief energy economist and managing director at ARC Financial, said in an interview with "Street Signs."
He anticipates a "massive" pullback in revenue and cash flow in the industry and said "spending is going to dry up."
However, the business will not go out of business, he said.
"You can put companies out of business but you can't put the process out of business. These new technologies—horizontal drilling, hydraulic fracturing—that's not going away," Tertzakian said.