Oilpatch Review

Canadian Insight into the oilpatch during the past week ...

Updated on Friday, April 03, 2020

Africa Oil Corp. (AOI:TSX) announced on April 1st that it has received its second dividend from Prime Oil and Gas B.V. , a company that holds interests in deepwater Nigeria production and development assets.

Prime has distributed a US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50% interest. This payment brings total dividends received by Africa Oil, since the closing of the Prime acquisition on 14 January 2020, to US$87.5 million

Africa Oil President and CEO Keith Hill commented, "We continue to be impressed with the robust nature of our newly acquired assets in deepwater Nigeria. I am very pleased with Prime's oil price hedging position for this year with 95% of its production hedged through physical forward sales and swaps at an average sales price of US$66 per barrel.”

Africa Energy Corp. is a Canadian oil and gas company with exploration assets offshore South Africa and Namibia. Company is based in Vancouver. Africa Energy has a market cap of $419 million and approximately 472 million shares outstanding.

AltaGas Ltd. (ALA:TSX) announced on April 1st that it will donate $1,000,000 to help community partners in its operating regions respond to the COVID-19 pandemic.

The assistance funds, provided by AltaGas, will be distributed to partner organizations on the frontlines supporting local communities and providing critical support to our health care workers addressing the health crisis.

AltaGas Canada Ltd is a Calgary based company which owns and operates a diversified basket of energy infrastructure businesses. Company has a market cap of $1.0 billion and approximately 30 million shares outstanding.

Eco (Atlantic) Oil & Gas Ltd. (ECO:TSX) announced on April 1st a markets update. In light of the COVID-19 pandemic, Eco continues to take all of the recommended measures to protect the welfare of its personnel. Ensuring the safety of employees remains a major priority for the business and the Company has taken steps to secure their health, safety and well-being at this difficult time. As such, Eco has curtailed all travel and has installed a Company-wide work from home policy until such time as Government restrictions are lifted.

Company has undertaken a strict cost cutting program across all aspects of the business, aside from the necessary maintenance of certain operations. These include termination of non-core services and cessation of business related travel. In addition, the Board and management are voluntarily taking pay cuts of up to 40% starting in April 2020 and this will be kept under review on a monthly basis thereafter.

Company continues to monitor its operating budget for 2020 and to work closely with its partners to discuss and plan next steps. To date, Eco has met all of its work commitments for 2020 under the various petroleum agreements offshore Guyana and Namibia, and thus only minimal costs are expected to be incurred over the remainder of the year.

Eco (Atlantic) Oil & Gas Limited is a Toronto based international oil and gas company with assets in Guyana and Namibia. Company has a market cap of $276 million and approximately 164 million shares outstanding.

Tervita Corporation (TEV:TSX) announced a series of actions to protect the wellbeing of employees and the public during the COVID-19 pandemic and to strengthen its business in response to challenging global market conditions. These actions include implementation of its business continuity plan, reductions to its 2020 capital budget and fixed costs, and the suspension of share repurchases under its Normal Course Issuer Bid.

Tervita has implemented its business continuity plan in response to the COVID-19 pandemic to keep employees safe and healthy, assist its customers and ensure safe operations.

Trevita Corporation is a Calgary based company focused on waste management and environmental solutions. It is a provider offering waste processing, treating, recycling, and disposal services to customers in the oil and gas, mining, and industrial sectors. Company operates in Canada and the United States. Company has a market cap of $809 million and approximately 117 million shares outstanding.

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Africa Oil Corp. (AOI:TSX) announced on March 31st a share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act. As a result of the issuance of 735,387 common shares in connection with the settlement of restricted share units and performance share units under the company's long-term incentive plan during the month, the number of issued and outstanding shares of the company has increased to 471,949,806 common shares with voting rights as at March 31, 2020.

Africa Energy Corp. is a Canadian oil and gas company with exploration assets offshore South Africa and Namibia. Company is based in Vancouver. Africa Energy has a market cap of 410 million and approximately 472 million shares outstanding.

AltaGas Canada Inc. (ACI:TSX) announced on March 31st the completion today of the acquisition of all of the 30,000,000 common shares of ACI by PSPIB Cycle Investments Inc. Purchaser acquired each Common Share for $33.50, for total consideration of $1.005 billion.

AltaGas Canada Ltd is a Calgary based company which owns and operates a diversified basket of energy infrastructure businesses. Company has a market cap of $1.0 billion and approximately 30 million shares outstanding.

CruzSur Energy Corp. (CZR:TSXV) announced that it has completed a non-brokered private placement of 2,000,000 units , at a price of C$0.15 per Unit, for gross proceeds of C$300,000. Each Unit consists of one common share and one share purchase warrant , with each Warrant entitling the holder to purchase one additional share at a price of C$0.18 until March 27, 2022.

CruSur Energy Corporation is a Vancouver based international oil and gas company with operations and assets in Argentina and Columbia. Company has a market cap of $6.5 million and approximately 23 million shares outstanding.

Obsidian Energy (OBE:TSX) announced company's year-end 2019 financial and operational results. Company reported cash flow for operations in the last quarter of 2019 @ $49 million and $77 million in 2019. Company experienced a loss of $(544) million in the last quarter of 2019 and a loss of $(788) 2019.

Company continued to build on our success in the Willesden Green area of the Cardium, with the drilling of 19 net operated Cardium locations (96% working interest). These wells delivered strong initial rates and continue to produce as expected (IP60: 385 boe/d, 79% light oil per well)

Obsidian Energy is a Calgary based oil and gas producer with strategic assets in Alberta. Company is primarily focused on the development of its largest, light oil Cardium asset. In 2017 Obsidian Energy underwent a formal name change from Penn West Petroleum. Company has a market cap of $231 million and approximately 507 million shares outstanding.

Petro-Victory Energy Corp.(VRY:TSXV) announced its operational update. Company commenced the drilling of the 1-VID-1-ES (Vida) exploration well located in Block ES-T-487 Espírito Santo Basin, Brazil. The wholly owned Petro-Victory Energy subsidiary, Petro-Victory Energia, Ltda., has a 50% working interest in the block following the acquisition of five (5) exploration concessions located in Espirito Santo, previously announced October 26, 2018. Imetame Energia, Ltda. is 50% working interest partner and operator in the project.

Petro-Victory Energy Corp is a Calgary based international exploration and production company. The company invests in petroleum and natural gas exploration and other energy activities in Latin America. Its projects include Pirity Block. Company has a market cap of $3.6 million and approximately 238 million shares outstanding.

Point Loma Resources Ltd. (PLX:TSX) announced the termination of further closing steps in the previously announced disposition of the Wizard Lake Property. Corporation has been advised in writing by Whitebark Energy Ltd. that they will not be completing the pending Step 2 and Step 3 closings as contemplated in the previously executed PSA and as such the deal has been terminated effective March 27, 2020.

Point Loma will ultimately retain a 40% WI in the existing lands and in the three wells that have been drilled to date (the 16-17-48-27W4M discovery well and the two farm-out wells 1-8-48-27W4 and 12-4-48-27W4) subject to various payout provisions. Point Loma will also retain operatorship of the property.

Point Loma Resources Ltd. is a Calgary based oil and gas exploration and development company focused on conventional and unconventional oil and gas reservoirs in west central Alberta. Company has a market cap of $13.9 million and approximately 63 million shares outstanding.

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Africa Oil Corp. (AOI:TSX) announced on March 30th that company's chairman has written a letter. He states that company's immediate focus is the safety and well-being of our stakeholders and we have implemented strict measures to minimize the risk of contagion. Our employees and consultants have been instructed to work from home, as much as possible, and no business travel is authorized unless it is absolutely necessary for safety of our operations.

He states that he hopeful that over the coming months the international community will have a much stronger grasp of this pandemic and that we will gradually return to our normal routines.

Africa Energy Corp. is a Canadian oil and gas company with exploration assets offshore South Africa and Namibia. Company is based in Vancouver. Africa Energy has a market cap of 130 million and approximately 683 million shares outstanding.

Advantagewon Oil Corp., (AOC:CNX) announced that it successfully continues to add additional production and production opportunities. The asset acquisition consists of multiple licensed well locations with current production and an inventory of reactivation candidates. The acquisition was from a private company.

Advantagewon Oil Corp. is a Toronto based oil and gas company engaged in the acquisition, exploration, development, and production of oil and gas reserves in Texas. Company has just started its operations in Canada. Advantagewon has a market cap of $2.17 million and approximately.218 million shares outstanding.

Ballard Power Systems (BLDP:TSX) announced on March 30th that the Globe and Mail's Report on Business magazine has named Ballard in its inaugural "Women Lead Here" list, which identifies 73 Canadian companies at the forefront of women in leadership positions. For this first annual survey, Report on Business evaluated hundreds of companies in order to identify those named in this year's list, with the intention of setting a benchmark for gender diversity in corporate Canada.

Ballard Power Systems is a Vancouver based Canadian company engaged in proton exchange membrane fuel cell development and commercialization. Company has a market cap of $864 million and approximately 232 million shares outstanding.

Centaurus Energy Inc. (CTA:TSXV) announced on March 30th that Pan American Energy , Centaurus' Partner, successfully completed and tested the CASE-401h multi-frac well in the Vaca Muerta Shale Formation at the Coiron Amargo Sur Este ("CASE") block in Argentina. This is the third of a five well program.

The CASE-301h horizontal multi-frac well, the fourth of the five well program, was completed and connected to early production facilities on February 3, 2020. CASE-401h achieved a 30-day average initial production ("IP30") rate of rate of 950 barrels of oil per day with an average wellhead pressure of 4,600 psi.

Centaurus Energy Inc is an Argentinean based upstream oil and gas company that engages in conventional and unconventional oil and gas operations in Argentina. Company has a market cap of $51.7 million and approximately 544 million shares outstanding.

Inter Pipeline Ltd. (IPL:TSX) announced on March 30th its measures to provide greater financial strength and flexibility for its capital program in response to the significant decrease in global energy prices and the COVID-19 pandemic. Company will reduce it dividends by72%, suspend the European Bulk Liquid Storage sales process, reduce its compensation adjustments for management and the board of directors and partnership opportunities on the Heartland Petrochemical Complex.

Inter Pipeline Ltd. is a major petroleum transportation, natural gas liquids processing, and bulk liquid storage business based in Calgary, Alberta. Company has a market cap of $8.9 billion and approximately 407 million shares outstanding.

Parkland Fuel Corporation (PKI:TSX) announced on March 30th in response to the uncertain economic impact of novel coronavirus (“COVID-19”): a reduction in its 2020 Capital Expenditure program, the withdrawal of its 2020 Adjusted EBITDA guidance, reiteration of the company’s financial strength and other corporate updates.

The current COVID-19 situation and associated impact on economic activity is expected to reduce demand for fuel globally. Parkland remains focused on providing essential fuel and convenience services to our customers, however, the extent and duration of the impact is uncertain. As a result, we are withdrawing our 2020 Adjusted EBITDA Guidance Range.

Parkland Fuel Corporation is an Alberta based supplier of fuel and petroleum. Company operates throughout Canada, USA, and the Caribbean. Company has a market cap of $6.8 billion and approximately148 million shares outstanding.

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Africa Oil Corp. (AOI:TSX) announced the posting of its end of 2019 statement of reserves on SEDAR. Company reported an increase of 3.1 Mmboe in Proved Reserves (1P) and an increase of 4.5 Mmboe (2P) in Proved + Probable Reserves.

Africa Oil President and CEO Keith Hill commented, "These are extremely challenging times for the international oil and gas sector. However, despite the dramatic developments of last few weeks, Africa Oil's management and board of directors continue to view our recent investment in Prime positively. Net to our 50% shareholding, Prime has a modest 2020 capital budget of $55 million, which compares to the guidance of $630 to $680 million7 for 50% of Prime's 2020 cash flow from operations, before capital investment and financing cash flows.”

Africa Energy Corp. is a Canadian oil and gas company with exploration assets offshore South Africa and Namibia. Company is based in Vancouver. Africa Energy has a market cap of 130 million and approximately 683 million shares outstanding.

Delphi Energy Corp. (DEE:TSX) announced an operations update on its first three wells of the 2020 capital program.

Completion operations on the Company’s first three Montney wells (3.0 net) in the 2020 drilling program have concluded, with all of the wells expected to be placed on production by months end. These 3 wells are drilled in liquid-rich West Bigstone, in close proximity to existing pipelines, minimizing the tie-in costs.

Although actual costs from the three wells are not yet finalized, current field estimates would indicate completion costs are within a range of $4.0 to $4.5 million. This results in estimated savings of $1.3 million per well when compared to Delphi’s 2019 completion program results.

Company will take the next several months through spring breakup to assess the second half 2020 capital spending levels within the context of volatile and uncertain commodity prices. As part of the Transaction, Delphi has $15.5 million of remaining proceeds available to be drawn, under certain conditions. Given current commodity prices, the Company would likely defer further drilling plans until commodity prices exhibit signs of improvement.

Delphi Energy Corporation is a Calgary based natural gas producer focused on its high quality Montney property, uniquely positioned in the Deep Basin of Bigstone, in northwest Alberta. Company has a market cap of $73 million and approximately 186 million shares outstanding.

Horizon North Logistics Inc. (HNL:TSX) announced a series of announcements today in response to the COVID-19 pandemic and other global commodity conditions, and provided an update on the Corporation's previously announced agreement with 10647802 Canada Limited, operating as Dexterra Integrated Facilities Management.

Horizon North is reducing its 2020 net capital outlook by two-thirds by reducing sustaining capital spend and deferring the remaining spend on both growth projects planned for 2020. Changes to the 2020 capital spending program are a reduction of sustaining capital from $13 million to approximately $8 million, including a pause in mat manufacturing. Company reports a reduction in expected proceeds from Horizon North dispositions from $10 million to $8 million.

Horizon North Logistics Incorporated is a Calgary based energy services company providing a full range of industrial. Company has a market cap of $306 million and approximately 166 million shares outstanding.

PetroShale Inc. (PSH:TSX) announced its financial and operating results for the three and twelve month periods ended December 31, 2019. Revenue increased 131% to $60.6 million in the fourth quarter of 2019, and 36% to $165.3 million in calendar 2019, compared to the respective periods in 2018. Net income was $9.6 million ($0.05 per fully diluted share) in the fourth quarter, 92% higher than $5.0 million ($0.03 per fully diluted share) in the preceding quarter, and 20% higher than $8.0 million ($0.04 per diluted share) in the comparative period of 2018.

PetroShale achieved record production in the fourth quarter and calendar 2019, averaging 12,173 barrels of oil equivalent per day ("Boe/d") in the fourth quarter (88% oil and natural gas liquids ("liquids")), and 8,680 Boe/d in 2019 (87% liquids), a 102% and 54% increase over the same periods in 2018, respectively.

PetroShale is a Calgary based oil company engaged in acquisition, development and consolidation of interests in the North Dakota Bakken and Three Forks region. Company has a market cap of $203 million and approximately 192 million shares outstanding.

Prairie Provident Resources Inc. (PPR:TSX) announced its operating and financial results for the three months and year ended December 31, 2019. Adjusted funds flow for 2019 totaled $22.3 million ($0.13 per basic and diluted share), excluding $3.8 million of decommissioning settlements, due to higher production and improved operating netback. Net loss totaled $33.1 million in 2019, compared to a net loss of $33.0 million in 2018, driven primarily by non-cash items such as depletion and amortization.

Production for 2019 averaged 6,071 boe/d (68% liquids), which was 13% or 699 boe/d higher than 2018, reflecting the impact of a full year of results from the Marquee acquisition completed in November 2018 and PPR’s successful 2019 development program.

Prairie Provident Resources Inc is a Calgary based oil and natural gas exploration, development and production focused on its Wheatland and Princess properties in Southern Alberta and its Evi area located in the Peace River Arch area of Northern Alberta. Company has a market cap of $35 million and approximately 175 million shares outstanding.

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Africa Oil Corp. (AOI:TSX) announce that its Annual General and Special Meeting of Shareholders will be held on Tuesday, April 21, 2020 at 9:00 am (Pacific Time) at Suite 2000, 885 West Georgia Street Vancouver, BC. Given the situation regarding the wide-spread COVID-19 virus, social distancing will be maintained while at the in-person meeting.

Africa Energy Corp. is a Canadian oil and gas company with exploration assets offshore South Africa and Namibia. Company is based in Vancouver. Africa Energy has a market cap of 130 million and approximately 683 million shares outstanding.

Falcon Oil & Gas Ltd. (FO:TSX) announced on March 26th an operational update on the Beetaloo project in the Northern Territory, Australia in light of COVID-19. Following the successful completion of drilling operations, including cementing and casing of the horizontal well section of the Kyalla 117 N2-1H ST2 well (the “Kyalla Well”), the JV has completed the installation of water monitoring bores and preparatory work has continued towards the next phase of operations, which will include the fracture stimulation of the Kyalla Well.

Falcon Oil & Gas Ltd is an international oil & gas company based in Dublin Ireland. Company is engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd has a market cap of $113 million and approximately 69 million shares outstanding.

Hemisphere Energy Corporation (HME:TSXV) announced on March 26th highlights from its independent reserves evaluation effective as at December 31, 2019 prepared by McDaniel & Associates Consultants Ltd. Company increased NPV10 BT by 39% to $198.2 million, increased reserve volumes by 30% to 9.9 Mboe (98% heavy crude oil and 2% conventional natural gas) and replaced 478% of estimated 2019 production through organic development.

Hemisphere grew significantly in production and reserve value in 2019 within its low decline, long life oil assets. Corporate production over the first quarter is tracking approximately 1975 boe/d to date, based on field estimates from Jan 1-Mar 22, 2020 (99% heavy crude oil and 1% conventional natural gas).

Hemisphere Energy Corporation is a Vancouver based oil and gas company. Its core operations are in Jenner and Atlee Buffalo areas in southeast Alberta. Company has a market cap of $11 million and approximately 90 million shares outstanding.

Southern Energy Corp. (SOU:TSXV) announced on March 26th a corporate update in response to recent market volatility caused by the COVID-19 pandemic and continued commodity price weakness. Company has secured fixed price hedges on production of 6,000 Mcf per day of natural gas at an average price of US$2.55 per Mcf and 75 barrels ("bbl") of oil per day at an average price of US$55.65 per bbl through December 31, 2020.

The situation around the COVID-19 virus continues to evolve. Company is focused on protecting the health and safety of its personnel while striving for business continuity. Company has proactively reduced corporate salaries for all employees by 20% in response to COVID-19 and weakened commodity prices.

Southern Energy Corp. is a Calgary based oil and natural gas exploration and production company. Southern has a primary focus on developing conventional and unconventional light oil and liquids rich natural gas resources in the SE Gulf States of Mississippi, Alabama, and Louisiana. Company has a market cap of $20 million and approximately 204 million shares outstanding.

TransAtlantic Petroleum Ltd. (TNP:TSX) announced its financial results for the quarter and year ended December 31, 2019 and provided an operations update. Revenues in the fourth quarter of 2019 were $16.5 million, up 6% from $15.5 million in the fourth quarter of 2018 and up 12% from $14.7 million in the third quarter of 2019. Revenues in 2019 were $67.4 million, down 5% from $70.8 million in 2018. Net loss in the fourth quarter of 2019 was $2.5 million, down 253% from a loss of $0.7 million in the fourth quarter of 2018 and down 336% from net income of $1.1 million in the third quarter of 2019. Net loss in 2019 was $5.4 million, down 3% from a loss of $5.2 million in 2018.

Trans Atlantic Petroleum Ltd. Is an international oil and gas company based in Hamilton, Bermuda. Company has operations and holdings in Turkey and Bulgaria. Company has a market cap of $19 million and approximately 62 million shares outstanding.

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Africa Energy Corp. (AFE:TSX) announced its financial and operating results for the year ended December 31, 2019. Company reported a negative cash flow of $(2,753) in the fourth quarter and a negative cash flow of $(4,288) in 2019. Company experienced a loss of $(4,518) in the fourth quarter and a loss of $(13,085) in 2019. As at December 31, 2019, the Company had cash of $2.4 million and working capital of $2.1 million compared to cash of $3.0 million and working capital of $3.2 million at December 31, 2018.

2020 is expected to be an extremely active and potentially transformational period for the Company. The recent $25 million financing and the farmout of Block 2B will allow the Company to participate in up to four high-impact exploration wells offshore South Africa.

Africa Energy Corp. is a Canadian oil and gas company with exploration assets offshore South Africa and Namibia. Company is based in Vancouver. Africa Energy has a market cap of 130 million and approximately 683 million shares outstanding.

AltaGas Canada Inc. (ACI:TSX) announced on March 25th that approval has been received from the Alberta Utilities Commission and the British Columbia Utilities Commission with respect to the previously announced arrangement of ACI , whereby all of the issued and outstanding common shares of ACI will be acquired for $33.50 in cash per common share. With all required shareholder, court and regulatory approvals having now been obtained, the Arrangement is expected to be completed on or about March 31, 2020, although the transaction remains subject to customary closing conditions that cannot be satisfied until completion.

AltaGas Canada Ltd is a Calgary based company which owns and operates a diversified basket of energy infrastructure businesses. Company has a market cap of $1.0 billion and approximately 30 million shares outstanding.

Bonavista Energy Corporation (BNP:TSX) announced that its syndicate of lenders have agreed, subject to certain conditions, to a waiver of conditions precedent to drawdown under the Facility until April 27, 2020. This will enable the company to access the Facility, up to $25 million above the amount currently drawn, for ordinary course operational purposes.

Bonavista Energy Corp is a Calgary based independent producer of oil and natural gas in the Western Canadian Sedimentary Basin. Company has a market cap of $330 million and approximately 255 million shares outstanding.

Centaurus Energy Inc. (CTA:TSX) announced On March 25th that it has entered into a binding term sheet with respect to a debt financing agreement with Maglan Distressed Master Fund LP ( pursuant to which the Company will have access of up to US$23 million, accruing interest on draws at the rate of 7% per annum, in the form of convertible and non-convertible loan facilities. Proceeds from the convertible loan facility shall be used by the Company to fund capital expenditure.

Centaurus Energy Inc is an Argentinean based upstream oil and gas company that engages in conventional and unconventional oil and gas operations in Argentina. Company has a market cap of $51.7 million and approximately 544 million shares outstanding

CNOOC Limited (CNU:TSX) announced on March 25th its 2019 annual results for the year ended December 31, 2019. Information is available on the company website.

Total net oil and gas production of the Company amounted to 506.5 million barrels of oil equivalent , exceeding 500 million BOE for the first time. Multiple projects safely commenced production ahead of schedule.

CNOOC Limited is a Hong Kong based Chinese oil and gas company. CNOOC has market cap of $2.2 billion and approximately 10.5 million shares outstanding.

Jadestone Energy Inc. (JSE:TSXV) announced Paul Blakeley, Executive Director, President, and Chief Executive Officer of Jadestone, acquired a total of 100,000 common shares of no par value at a price of GBp35.0 per share, for a total cost of £35,000.00. Following the transaction, Mr. Blakeley holds a total of 2,732,798 common shares, which represents 0.59% of the Company's issued share capital.

Jadestone Energy Incorporated is a Singapore based oil and gas company. It has operations and assets in Australia, Vietnam and Philippines. Company has a market cap of $396 million and approximately 461 million shares outstanding.

Nexera Energy Inc. (NGY:TSX) announced that the TSX Venture Exchange has provided final approval of the purchase agreement dated Feb. 3, 2020, between the Company and Advantagewon Oil Corp . Under the agreement, Nexera acquired assets comprising 30 oil and gas leases in South Texas.

Nexera Energy is a Calgary based company with operations in southwest Texas. Company has a market cap of $944,276 and approximately 23.6 million shares outstanding.

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New Zealand Energy Corp. (NZ:TSX) announced on March 24th an update on its its response to COVID 19 and associated international economic conditions.

The Chairman James Willis said " In response to the dramatic domestic and global response required in relation to the spread of the COVID-19 virus and the fall in oil prices, companies like NZEC are having to respond decisively."

In response to the COVID 19 virus, yesterday the New Zealand government announced that all non-essential businesses will close in New Zealand within 48 hours and all New Zealanders not working in essential services will be required to stay at home. These conditions are expected to be in place for at least the next month.

NZEC Chairman James Willis said, " Implementation of our response to COVID 19 and the Low Operating Cost Midstream Focused Mode will place the company in the best position possible to weather the current low oil price storm and the current economic uncertainties."

New Zealand Energy Corporation is an oil and gas company based in Wellington, New Zealand. Company has market cap of $2.3 million and approximately 232 million shares outstanding.

Husky Energy (HSE:TSX) announced on March 24th that it will begin a systematic and orderly suspension of major construction activities related to the West White Rose Project.

The decision reinforces Husky’s objective to prevent the transmission of the COVID-19 virus among its employees, contractors, and the community. Company carefully assessed the risks and determined they could not be adequately mitigated for such a large construction workforce.

Husky is working cooperatively with its contractors to safely suspend all activities, and to demobilize and secure its construction sites.

Production from the White Rose field and its satellite extensions, located 350 kilometres off the coast of Newfoundland and Labrador, is continuing with enhanced workforce control measures introduced to ensure the ongoing safe operations on the SeaRose floating production, storage and offloading vessel.

Husky will provide a business and capital spending plan update in due course.

Husky Energy Inc. is a Calgary based oil and gas company with operations in western Canada, the United States, and the Asia-Pacific and the Atlantic region of Canada. Company has a market cap of $14.8 billion and approximately 1.0 billion shares outstanding.

Precision Drilling Corporation (PD:TSX) announced on March 24th a series of announcements in response to the COVID-19 pandemic and current market conditions. Beginning in February, Precision implemented a comprehensive global pandemic response plan to ensure the wellbeing of our employees and our communities, while continuing to deliver our customary industry leading High Performance, High Value services to our customers.

Precision’s operations and supply chain functions have experienced minimal disruptions and we do not anticipate any supply chain impacts for the foreseeable future. The Company will continue to monitor the situation and will adjust business and safety management procedures if conditions change.

Precision Drilling Corporation is a Calgary based company which provides its customers with an extensive fleet of drilling rigs, directional drilling services, well service rigs and rental equipment. Company has a market cap of $275 million and approximately 275 million shares outstanding.

Suncor Energy (SU:TSX) announced a corporate update, including revised 2020 corporate guidance for capital, operating costs and production outlook, reflecting the significant decline in the crude oil price and uncertainty surrounding the economic impact of COVID-19.

The revised capital program is expected to be between $3.9 and $4.5 billion, a $1.5 billion or 26% decrease compared to the original 2020 capital guidance midpoint. The updated capital spend is concentrated on sustaining capital and continuing with a limited number of low capital intensity, value creating projects

Suncor Energy is an integrated energy company. It operates in western Canada, east coast Canada, the United States, and the North Sea. Suncor is based in Calgary. Company has a market cap of $63.4 million and approximately 1.6 billion shares outstanding.

 

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