Oilpatch Review

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

Updated on Thursday, May 16, 2019

Ballard Power Systems (BLDP:TSX) announced a purchase order from Wrightbus, a leading bus OEM and Ballard partner headquartered in Northern Ireland, for 20 FCveloCity®-HD 85-kilowatt fuel cell modules to power London buses under the Joint Initiative For Hydrogen Vehicles Across Europe funding program.

Rob Campbell, Ballard Chief Commercial Officer commented, "We are very pleased to provide fuel cell power modules to Wrightbus, as an important sign of continued progress in the deployment of zero-emission buses under Europe's JIVE program. Together with our 2018 announcements regarding Ballard modules for 40 buses in the German cluster as well as 5 for buses in Pau, France – all under the JIVE program – these new buses for London represent a tremendous vote of confidence in Ballard fuel cell technology and products."

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.

Delphi Energy Corp. (DEE:TSX) announced on May 14th a production update on its first four-well Montney pad at West Bigstone. Over the past two weeks, the Company has brought all four wells on production from its first multi-well pad in West Bigstone with a surface location of 13-34-59-24W5 . Delphi has a 65 percent working interest in the 13-34 pad. Facility upgrades, including provisions for gas lift of wells in the area, at the 1-3 West Bigstone battery were completed to handle the increased volumes from this and future pads and has allowed all four wells to be brought on-stream sooner than originally planned.

Delphi has nine separate multi-well pads in various stages of approval, giving the Company significant and immediate running room for the second half of 2019 and beyond. A competitor, offsetting Delphi’s West Bigstone lands, has drilled two extended-reach horizontal wells in the lower Montney from its multi-well pad site. Validation of a second layer in the lower Montney will materially impact Delphi’s inventory of development locations in West Bigstone.

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.

Pembina Pipeline Corporation (PPL:TSX) announced on May 14th that it will host its annual Investor Day and provide an update to 2019 capital program. Pembina's annual Investor Day will be held today at the Omni King Edward Hotel in Toronto, Ontario, with a corporate presentation scheduled for 8:30 a.m. ET. The presentation will feature Pembina's executive team providing an update on corporate strategy, a business overview including project updates, and a review of Pembina's financial position.

In conjunction with Investor Day, Pembina announced an update to its forecasted 2019 capital expenditures. The update reflects the aggregate impact of recent project announcements including the Peace Pipeline Phase VIII expansion, additional spending at the Duvernay Complex, incremental funding for the Jordan Cove LNG project, as well as additional equity contributions to joint venture partnerships and advances to related parties.

Pembina Pipeline Corporation is a Calgary based transportation and midstream service provider that has been serving North America's energy industry for over 60 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. Company has a market cap of $22 billion and approximately 506 million shares outstanding.

Tamarack Valley Energy (TVE:TSX) announced that at the annual general meeting of shareholders held on May 13, 2019, the eight nominees listed in the management information circular of the company dated April 10, 2019 were elected to the board of directors.

Tamarack Valley Energy is a Calgary based oil and gas exploration and production company with operations in the Western Canadian Sedimentary Basin. Tamarack has a market cap of $569 million and approximately 228 million shares outstanding.

Tidewater Midstream and Infrastructure Ltd. (TWM:TSX) announced on May 14th its first quarter results. Company reported an adjusted EBITDA was $22.4 million or $0.07 per share, compared to $20.0 million or $0.06 per share for the first quarter of 2018. Net loss attributable to shareholders was $7.1 million or $0.02 per share for the first quarter of 2019, compared to net income attributable to shareholders of $4.8 million or $0.01 per share for the first quarter of 2018.

Tidewater expects to complete construction of the Pioneer Pipeline, a 120km natural gas pipeline connecting Tidewater's Brazeau River Complex to TransAlta Corporation's generating units at Sundance and Keephills in the second quarter of 2019, approximately four months ahead of schedule. Capital costs on the project have increased by approximately 10% as a result of schedule acceleration and evaluation of future expansion opportunities.

Tidewater Midstream and Infrastructure Limited is a Calgary based company engaged in providing infrastructure and natural gas storage facilities in North America. Company has a market cap of $447 million and approximately 331 million shares outstanding.

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Ensign Energy Services Incorporated (ESI:TSX) announced on May 13th its first quarter results. Company reported revenue for the three months ended March 31, 2019 was $445.3 million, an increase of 72 percent from revenue for the three months ended March 31, 2018. Company reported a net loss of $(22.3) million in the first quarter of 2019 as compared to a loss of $(26.7) million in the first quarter of 2018.

During the fourth quarter of 2018, the company acquired 89.3 percent of Trinidad Drilling Ltd. , the largest acquisition in the company's history, ultimately adding 68 drilling rigs in Canada, 66 in the United States and one internationally.

Ensign Energy Services is an oilfield services company headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally. Company has a market cap of $691 million and approximately 157 million shares outstanding.

Pembina Pipeline Corporation (PPL:TSX) and Breakfast Club of Canada announced on May 13th a $5 million partnership to support breakfast programs across Canada over the next five years. This is Pembina's largest charitable investment ever and solidifies Pembina as one of the Club's largest supporters.

Jaret Sprott, Pembina's Senior Vice President and Chief Operating Office commented, “It goes beyond making sure that kids get enough to eat, which is absolutely essential," he explains. "Through our partnership with Breakfast Club of Canada, we're also able to help move the needle on a major social issue that impacts everything from education to wellness, and I'm very proud that Pembina continues to step up to the plate and deliver on our commitment to communities."

Pembina Pipeline Corporation is a Calgary based transportation and midstream service provider that has been serving North America's energy industry for over 60 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. Company has a market cap of $22 billion and approximately 506 million shares outstanding.

Questerre Energy Corporation (QEC:TSX) announced its financial and operating results for the first quarter ended March 31, 2019. Company generated adjusted funds flow from operations of $2.45 million for the first quarter of 2019 (2018: $4.65 million) and reported a net loss of $0.93 million for the period (2018: Net income of $0.06 million). Average daily production of 1,944 boe/d for the quarter with adjusted funds flow from operations of $2.45 million.

Michael Binnion, President and Chief Executive Officer commented, “In the first quarter, we made good progress in Quebec through the agreement to regain operatorship and discussions with stakeholders on our Clean Tech Energy project. We also made progress on our Montney assets at Kakwa. “

Questerre Energy Corporation is a Calgary based oil and gas company with operations in Canada and in Jordan. Company has a market cap of $88 million and approximately 390 million shares outstanding.

TransGlobe Energy Corporation (TGL:TSX) announced on May 13th its financial and operating results for the three months ended March 31, 2019. Company reported petroleum sales of $69.2 million and a net loss of $(8.8) million in the first quarter of 2019. Company declared a dividend of $0.035 per share, paid on April 18, 2019 to shareholders of record on March 29, 2019.

Production for the three months ended March 31, 2019 averaged 15,924 boe/d (Egypt 13,616 bbls/d, Canada 2,308 boe/d), an increase of 654 boe/d (4%) from the previous quarter. Production in April averaged ~16,964 boe/d (Egypt 14,583 bbls/d, Canada 2,381 boe/d), an increase of ~1,040 boe/d (7%) from Q1-2019.

In Canada, the company equipped and tied in six (five net) Cardium oil wells (from the 2018 capital program) in the Harmattan area during January. Due to low ethane prices, TransGlobe’s third-party gas processing plant shut down their deep cut ethane extraction plant in January.

TransGlobe Energy Corporation is Calgary based oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe has a market cap of $175 million and approximately 72 million shares outstanding.

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Alvopetro Energy Ltd. (ALV:TSX) announced on May 10th an operations update. Company reported the Bahia State environmental regulator, has issued the environmental installation permits required to commence the construction of our strategic midstream infrastructure underpinning the commercialization of our Caburé natural gas field. This midstream infrastructure includes an 11-kilometre transfer pipeline and the construction of a gas treatment facility.

Alvopetro expects to start natural gas deliveries from the Caburé field in early 2020. Our natural gas is being sold under our long-term gas sales agreement with Bahiagas, the local distribution company for the state of Bahia.

Alvopetro Energy Ltd. is an International oil and gas company with offices in Calgary and operations in Brazil. Company has a market cap of $35 million and approximately 97 million shares outstanding.

BNK Petroleum Inc. (BKX:TSX) announced on May 10th its first quarter results. Company reported its adjusted funds flow was $2.6 million in the first quarter 2019 compared to $2.5 million in the first quarter of 2018. Revenue, net of royalties was $4.6 million in the first quarter of 2019 compared to $4.9 million for first quarter of 2018. Net loss for the first quarter of 2019 was approximately $(1.5) million compared to a net loss of $0.5 million for the first quarter of 2018.

Average production for the first quarter of 2019 was 1,498 BOEPD, an increase of 2% compared to the first quarter of 2018 average production of 1,464 BOEPD. This increase was due to production from the wells added into production in 2018 partially offset by the natural decline of existing wells and the shut-in of certain wells for cleanout operations.

BNK Petroleum Inc. is an international oil and gas exploration and production company focused on its shale oil and gas properties in the United States. Company has a market cap of $73 million and approximately 233 million shares outstanding.

Cathedral Energy Services Ltd. (CET:TSX) announced its consolidated financial results for the three months ended March 31, 2019. Company reported revenues of $37 million and a net loss of $(3.6) million in the first q1uarter of 2019.

Cathedral's senior management is disappointed with the quarterly financial results and execution within our U.S. Operations. In response to these issues, company has appointed its Canadian Operations Manager, Clayton Lagore, to lead its U.S. business unit replacing both the previous Operations Manager and Sales Manager.

Cathedral Energy Services Ltd. Is a Calgary based company focused on high performance directional drilling services. It offers its services in Canada and US. Cathedral has a market cap of $36 million and approximately 50 million shares outstanding.

Eagle Energy Inc. (EGL:TSX) announced its financial and operating results for the quarter ended March 31, 2019. Company reported $5.9 million in sales revenue and experienced a loss of $(2.9) million in the first quarter of 2019. First quarter 2019 funds flow from operations was negative, and $1.5 million below the fourth quarter of 2018.

Eagle's ability to meet its ongoing financial liabilities, including liabilities relating to the Loan Agreement, and to continue as a going concern, is dependent upon the ongoing support from its lender and its ability to fund the repayment of its debt by generating positive cash flows from operations.

Eagle Energy is a Calgary based oil and gas corporation with producing properties and operations in western Canada and US. Company has a market cap of $2.4 million and approximately 44 million shares outstanding.

Obsidian Energy Limited (OBY:TSX) announced on May 10th its financial and operational results for the three months ended March 31, 2019. Company reported funds flow from operations were $36 million and a loss of $(54) million in the first quarter of 2019. Operating netbacks in the first quarter of 2019 were $18.98 per boe.

During the first quarter of 2019, the company drilled, completed and equipped five Cardium wells (5.0 net). . Over the past nine months, the company has drilled 19 Cardium wells (19.0 net) which have averaged initial production rates over the first 30 days of 620 boe per day per well and approximately 83 percent oil.

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.

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Crescent Point Energy Corp. (CPG:TSX) announced on May 9th its operating and financial results for the quarter ended March 31, 2019. Adjusted funds flow totaled $514.0 million during first quarter 2019, or $0.93 per share diluted. For the quarter ended March 31, 2019, Crescent Point's capital expenditures on drilling and development, facilities and seismic totaled $380.2 million. Company had a net income of $1.9 million in the first quarter of 2019.

Crescent Point is on track with its 2019 budget, which remains unchanged, with expected annual average production of 170,000 to 174,000 boe/d and planned capital expenditures of $1.20 to $1.30 billion. Average production in first quarter 2019 was 175,955 boe/d, comprised of approximately 91 percent oil and liquids.

Crescent Point is a Calgary based oil and gas company with operations in western Canada. Company has a market cap of $2.4 billion and approximately 550 million shares outstanding.

Enbridge Inc. (ENB:TSX) announced that it has held its annual meeting. On a vote by ballot during the regular business proceedings at the Meeting, shareholders approved the election of all 11 nominated directors proposed by management as listed in the Proxy Statement dated March 4, 2019. The candidacy of Michael Phelps was withdrawn due to his passing on April 20, 2019.

Enbridge Inc. is a Calgary based energy generation, distribution, and transportation company in the U.S. and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. Company has a market cap of 83 million and approximately 1.9 million shares outstanding.

Frontera Energy Corporation (FEC:TSX) announced on May 9th its interim condensed consolidated Financial Statements for the first quarter of 2019. Cash provided by operating activities of $72 million compared to net cash used by operating activities of $3 million in the fourth quarter of 2018. Net income of $46 million ($0.47/share) in the first quarter of 2019 compared to a net loss of $117 million ($1.17/share) in the fourth quarter of 2018 and a net loss of $3 million ($0.03/share) in the first quarter of 2018.

Production averaged 67,974 boe/d, a decrease of 5% compared to the fourth quarter of 2018, reflecting the suspension of production from Block 192 in Peru during the quarter, following a force majeure event on the NorPeruano pipeline. However, Colombia production increased 4% compared to the fourth quarter of 2018 driven by strong production from our heavy oil and light oil business units.

A total of 31 wells were drilled in the first quarter of 2019, 29 development wells were drilled compared to 27 development wells planned, as two wells from the fourth quarter of 2018 were drilled in the first quarter of 2019. There were two exploration wells drilled compared to four planned, one at Sabanero and one at Jaspe, while two additional exploration wells at Mapache and Jaspe, which were initially planned for the first quarter, were deferred until the second quarter.

Frontera Energy Corporation is a Toronto based oil and gas company with operations focused in South America. Company has a market cap of $1.06 billion and approximately 98 million shares outstanding.

Gear Energy Ltd. (GXE:TSX) announced that the nominees listed in the management proxy circular dated April 1, 2019 were elected as directors of Gear. The detailed results of the vote for the election of directors held at Gear's annual and special meeting of shareholders held are available on SEDAR and company's website.

Gear Energy limited is a Calgary based oil and gas company with operations and assets in western Canada. Company has a market cap of $158 million and approximately 219 million shares outstanding.

Paramount Resources Ltd. (POU:TSX) announced on May 9th that all nine director nominees were elected at today's annual general meeting of shareholders. Company re-appointment of Ernst & Young LLP, Chartered Accountants, as auditors of the Corporation was also approved at the meeting.

Paramount Resources is a Calgary based oil and gas company with operations in Alberta and British Columbia. Company has a market cap of $955 million and approximately131 million shares outstanding.

ShaMaran Petroleum Corp. (SNM:TSXV) announced its financial and operating results for the three months ended March 31, 2019. Company reported first quarter 2019 revenues of $12.1 million with strong operational cash flows. Company reported a net loss of $(8.5) million in the first quarter.

Atrush production operations and work on the Atrush development program continued throughout the first three months of 2019. Atrush field gross average production is expected to range from 30 Mbopd to 35 Mbopd and will depend mainly on the timing of the installation of additional production facilities.

ShaMaran Petroleum Corp. is a Vancouver based international company. It is a Kurdistan focused oil development and exploration company with interests in the Atrush oil discovery. Company has a market cap of $184 million and approximately 2.2 billion shares outstanding.

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Tourmaline Oil Corp. (TOU:TSX) announced its financial and operating results for the first quarter of 2019. Q1 2019 cash flow was $419.2 million ($1.54/fully-diluted share) compared to Q1 2019 capital spending of $384.4 million. Q1 2019 net earnings were $87.7 million ($0.32/fully-diluted share).

Q1 2019 production averaged 293,434 boepd, a 9% increase over Q1 2018 and a 6% increase over the prior quarter. March 2019 production averaged 301,336 boepd. Full-year 2019 average production guidance remains unchanged at 300,000 boepd (290,000 – 300,000 boepd for first half 2019 and 310,000 – 320,000 boepd for 2H 2019).

Company has decided to increase the quarterly cash dividend to $0.12 per common share from $0.10 per share and the Board of Directors has declared a quarterly cash dividend on the common shares of $0.12 per share for the second quarter of 2019.

Tourmaline is a Calgary based crude oil and natural gas exploration and production company focused on exploration, development, and production on its properties in the Western Canadian Sedimentary Basin. Company has a market cap of $4.9 billion and approximately 272 million shares outstanding.

Yangarra Resources Ltd. (YGR:TSX) announced its financial and operating results for the three months ended March 31, 2019. Funds flow from operations of $27.7 million ($0.32 per share – basic), an increase of 49% from the same period in 2018. Company had a net income of $11.5 million ($0.13 per share – basic, $16.4 million before tax), an increase of 103% from the same period in 2018. Field netbacks were $27.46/boe.

Production during the quarter was reduced by approximately 1,000 boe/d (75% liquids) with two wells shut in due to third party line failure and four wells on two pads shut in for a month to accommodate completions of four new wells on those pads. All production was restored during the month of April.

Yangarra Resources Ltd is a Calgary based oil and gas company engaged in exploration, development, and production of natural gas and oil. It has operations in Western Canada. Company has its operations in Central Alberta, Medicine Hat, Alberta, and Jaslan, Alberta. Company has a market cap of $242 million and approximately 85 million shares outstanding.

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Calfrac Well Services Ltd. (CFW:TSX) announced an update concerning the action commenced by Calfrac on May 30, 2018 against Wilks Brothers, LLC in the Alberta Court of Queen's Bench.

In a decision released on May 7, 2019, the Alberta Court of Queen's Bench found that Wilks Brothers breached its confidentiality agreement with Calfrac and dismissed Wilks Brothers' motion for summary judgment. Calfrac's action will continue in relation to damages issues.

Calfrac Well Services Ltd is a Calgary based company which provides specialized oilfield services, including hydraulic fracturing, coiled tubing, cementing and other well completion services to the oil and natural gas industries in Canada, the United States, Russia, Mexico and Argentina Company has a market cap of $400 million and approximately 145 million shares outstanding.

Cardinal Energy Ltd. (CJ:TSX) announced its operating and financial results for the quarter ended March 31, 2019. Company reported its adjusted funds flow increased by $24.1 million to $29.6 million and company petroleum revenues were $94 million in the first quarter of 2019. Company reported a lops of $16.5 million in the first quarter of 2019.

Company's first quarter 2019 development capital expenditures of $11.1 million were allocated to the drilling of one oil well and one stratigraphic test well in Bantry, Alberta and ongoing pipeline, infrastructure, operating cost reduction initiatives and enhanced oil recovery projects throughout all of our operating areas.

Cardinal confirms that a dividend of $0.01 per common share will be paid on June 17, 2019 to shareholders of record on May 31, 2019.

Cardinal Energy Limited is a Calgary based company. Cardinal’s principal business activity is the acquisition, exploration, and production of petroleum and natural gas in the provinces of Alberta and Saskatchewan. Company has a market cap of $294 million and approximately 117 million shares outstanding.

Journey Energy Inc. (JOY:TSX) announced its financial results for the first quarter of 2019. Company generated $7.7 million of funds flow in the quarter of $0.20 per basic and $0.19 per diluted share and had as production revenue of $28.5 million. Company realized a loss of $(4) million during the first quarter of 2019.

Journey achieved production of 9,330 boe/d (48% liquids) in the first quarter of 2019, representing an eight percent decrease from the 10,117 Boe/d (47% liquids) recorded in the first quarter of 2018. The majority of the volume decrease is attributed to natural declines in natural gas production.

Journey Energy Inc. is a Calgary based exploration and production company focused on oil-weighted operations in western Canada. Journey's strategy is to grow its production base by drilling on its existing core lands, implementing waterflood projects, and by executing on accretive acquisitions. Company has a market cap of $69 million and 39 million shares outstanding.

Kelt Exploration Ltd. (KEL:TSX) announced on May 8th its financial and operating results for the three months ended March 31, 2019. For the three months ended March 31, 2019, revenue was $102.6 million and adjusted funds from operations was $51.4 million ($0.28 per share, diluted), compared to $90.0 million and $45.7 million ($0.25 per share, diluted) respectively, in the first quarter of 2018. Company reported a net income of $9.4 million in the first period of 2019.

Average production for the three months ended March 31, 2019 was 27,057 BOE per day, relatively unchanged compared to average production of 26,978 BOE per day during the first quarter of 2018.

Kelt Exploration Limited is Calgary based oil and gas company with operations and assets in western Canada. Kelt has a market cap of 955 million and approximately 184 million shares outstanding.

Surge Energy Inc. (SGY:TSX) announced on May 9th that it has closed its previously announced convertible debenture financing with a syndicate of underwriters, led by National Bank Financial Inc., pursuant to which the Underwriters purchased an aggregate principal amount of $34.5 million of convertible unsecured subordinated debentures of the company, including exercise in full of the over-allotment option granted to the Underwriters , at a price of $1,000 per debenture, on a "bought-deal" basis. Net proceeds from the financing were used to pay down a portion of the outstanding indebtedness under the company's revolving term credit facility.

Surge Energy Inc. is an oil-weighted production and development company based in Calgary. Company has its operations in western Canada. Surge has a market cap of $450 million and approximately 309 million shares outstanding.

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Arrow Exploration Corporation (AXL:TSXV) announced that Mr. Bruce McDonald accepted the permanent appointment as Arrow's President & Chief Executive Officer, and existing independent director, Mr. Dominic Dacosta, accepted the appointment as Chairman of Arrow's Board of Directors, both appointments effective immediately.

In addition, Arrow also announces the issuance of a total of 1,665,000 stock options , pursuant to the company's Stock Option Plan, to directors, officers and employees of the company, subject to regulatory approval.

Arrow Exploration Corporation is a Calgary based international oil and gas company with operations in Colombia's most active basins, including the Llanos, Middle Magdalena Valley and Putumayo Basin. Company has a market cap of $24 million and approximately 59 million shares outstanding.

Horizon North Logistics Inc. (HNL:TSX) announced the final director election results from its 2019 annual general meeting of shareholders held on May 3, 2019. A ballot was conducted with respect to the election of the directors to hold office until the next annual meeting of shareholders.

Information related to Horizon North, including the corporation's annual information form, press releases, financial statements and MD&A are available on SEDAR.

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.

Hyduke Energy Services Inc. (HYD:TSX) announced that, further to the company's press release of March 18, 2019, the company has remedied the specified defaults noted in the Default Announcement and the Management Cease Trade Order has now been revoked.

Hyduke Energy Services is an Alberta based company. Hyduke is a supplier of equipment and services to the oil and gas drilling and well servicing industry. Company has a market cap of $1.75 million and approximately 70 million shares outstanding.

Source Energy Services Ltd. (SHLE:TSX) announced the director election results from its annual meeting of shareholders held May 2, 2019. All of the proposed nominees were elected to serve as directors until the next annual meeting of shareholders, or until their successors are duly elected or appointed.

All matters presented for approval at the meeting were approved by Source's shareholders. For complete voting results, please see company's report of voting results available on SEDAR.

Source Energy Services Ltd is a Calgary based company engages in the production, supply, and distribution of northern white frac sand. Its services include proppants, logistics, terminals, storage and transfer of chemicals, and field solutions. Company has a market cap of $82 million and approximately 61 million shares outstanding.

Valeura Energy Inc. (VLU:TSX) announced that it will release its consolidated financial and operating results for Q1 2019, before markets open on May 9, 2019. The company will also hold an annual meeting of shareholders in the Northcote Room at the Bow Valley Square Conference Centre, Level 3, Bow Valley Square 2, 202-6th Ave. S.W., Calgary, Alberta, Canada at 09:00 (Calgary time) on the same day, May 9, 2019.

Valeura Energy Inc. is a Calgary based company currently engaged in the exploration, development and production of petroleum and natural gas in Turkey. Company has a market cap of $262 million and approximately 86 million shares outstanding.

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Advantage Oil & Gas Ltd. (AAV:TSX) announced its first quarter results for 2019. Company reported petroleum sales reached $81.372 million in the first quarter of 2019 and company realized a net income of $681,000 in that period.

During the first quarter, Advantage drilled 5 gross wells (4.7 net) at Valhalla, completed 2 gross wells (2 net) at Valhalla, completed 10 gross wells (10 net) at east Glacier, and commissioned the new Valhalla liquids hub. Production was significantly reduced in February 2019 for 10 days due to 76% firm service restrictions on TransCanada Pipelines Ltd's NGTL system.

Advantage is planning to invest approximately $15 million in the second quarter of 2019. Liquids production is forecast to continue increasing through the remainder of 2019 as we tie-in new wells at east Glacier and Valhalla.

Advantage Oil & Gas Ltd is a Calgary based natural gas and liquids development and production company. It operates a portion of assets located in the Montney resource play in Western Canada Company has a market cap of $374 million and approximately 186 million shares outstanding.

Bonavista Energy Corporation (BNP:TSX) announced its first quarter results for 2019. Company reported $120 million in production sales and experienced a net loss of $(40.1) million in the first quarter of 20-19.Company sustained production at 66,937 boe per day within two percent of prior quarter production rates while spending only 75% of adjusted funds flow.

Production for the quarter averaged 66,937 boe per day comprised of 282 mmcf per day of natural gas, 17,945 bbls per day of natural gas liquids and 1,988 bbls per day of oil. This production rate was modestly ahead of forecasted volumes and was achieved despite the extreme cold weather impacting operations throughout the quarter.

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.

Crew Energy Inc. (CR:TSX) announced its first quarter results for 2019. Company reported petroleum sales reached $55.45 million and company experienced a net income of $6.18 million in the first quarter of 2019.

production volumes for the quarter averaged 23,222 boe per day, above company's projected volume range for the period of 22,000 to 23,000 boe per day, as a result of strong early performance from the eight West Septimus UCR wells completed during the quarter.

Crew is committed to capital discipline with a 2019 capital expenditure budget that is forecast to range between $95 and $105 million. Net proceeds from the sale of non-core assets in Q1 2019 of $15.9 million were used to reduce net debt, strengthening our financial position.

Crew Energy Inc. is a Calgary based oil and gas exploration and production company that acquires and develops crude oil and natural gas. The company operates in the Western Canadian Sedimentary Basic. The company's core operating areas are in Montney, British Columbia, and Lloydminster, between Alberta and Saskatchewan. Company has a market of $140 million and approximately 152 million shares outstanding.

Obsidian Energy Ltd. (OBE:TSX) announced that it will release its first quarter 2019 financial and operational results before North American markets open on Friday, May 10, 2019. In addition, the first quarter management's discussion and analysis and the unaudited consolidated financial statements will be available on company's website.

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.

Pembina Pipeline Corporation (PPL:TSX) announced its first quarter results. Company reported revenue totaled $1.96 million and company experienced a net revenue of $774,000.

Quarterly results were driven by strong year-over-year increases in operating results in the Pipelines and Facilities divisions as a result of new assets placed into service and higher utilization of existing assets, as well as higher NGL sales volumes and a realized gain on commodity related derivatives in the marketing business.

Pembina Pipeline Corporation is a Calgary based transportation and midstream service provider that has been serving North America's energy industry for over 60 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. Company has a market cap of $22 billion and approximately 506 million shares outstanding.

 

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Editor: Jim Klemchuk

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