Oilpatch Review

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

Updated on Wednesday, November 13, 2019

Advantage Oil & Gas Ltd. (AAV:TSX) announced the appointment of Mr. Mike Belenkie to the position of President in addition to his current role as Chief Operating Officer of Advantage. Advantage is also pleased to announce the appointment of Mr. John Quaife as Vice President, Finance of the Corporation.

Mr. Belenkie joined Advantage in 2018 and has already made significant contributions to further the Corporation's strategic direction and operating successes. Mike has over 20 years of industry experience, holds a Bachelor of Science Degree in Mechanical Engineering and is a registered Professional Engineer with APEGA.

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.

Advantagewon Oil Corp. (AOC:CNX) announced On November 12th that it has tied in its first Canadian well. The first well is now on production and producing 85 Barrels of Oil Per Day . The corporation has a 50% non-working interest in this well, and as such is earning 42.5 BOPD. The corporation will receive payment for its November oil sales in January. The corporation is in the process of completing the paperwork to receive oil production in kind which will speed up the payment process by approximately 30 days.

The corporation continues to work on its other farm in opportunities as previously announced, as well as other new opportunities.

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.

Altura Energy Inc. (ATU:TSX) announced on November 12th its financial and operating results for the three and nine months ended September 30, 2019. Adjusted funds flow was $3.5 million, up 19 percent from the third quarter of 2018 and up six percent from the second quarter of 2019. Operating expenses were $6.92 per boe, a two percent decrease from the third quarter of 2018 and a 28 percent decrease from the second quarter of 2019. Company reported a net income of $298 thousand in the third quarter of 2019.

The two wells brought on production in August 2019 increased third quarter production volumes to 1,880 boe per day (67 percent oil and liquids) compared to 1,591 boe per day (69 percent oil and liquids) in the second quarter of 2019. Company produced an average of 1,880 boe per day, a 76 percent increase from the third quarter of 2018 and an 18 percent increase from the second quarter of 2019, on an absolute and per share basis.

Altura Energy Incorporated is a Calgary based oil and gas company with operations in central Alberta. Company has a market cap of $50 million and approximately 33 million shares outstanding.

Bird River Resources Inc. (BDR:CNX) announced the resignation of Ty Pfeifer as a director of the company. Additionally Mr. Pfeifer also resigned as Chief Executive Officer and director of the company's wholly owned subsidiary High Point Oil Inc. of Calgary Alberta. The company looks forward to his continued support as a shareholder of Bird River Resources Inc. The nomination committee will be reviewing potential candidates for nomination to the board of directors which will be included in the company's information circular to be prepared in the near future.

Bird River Resources Inc. is a Calgary based natural resources company focused on the energy sector. Company has a market cap of $3.5 million and approximately 139 million shares outstanding.

Cardinal Energy Ltd. (CJ:TSX) announced on November 12th its operating and financial results for the quarter ended September 30, 2019. Cardinal generated free cash flow of $6.4 million during the third quarter increasing our total free cash flow for the first nine months of 2019 to $36.4 million. Company reported a sales revenue of $95 million and a net income of $417 thousand in the the third quarter of 2019.

Operationally, Cardinal drilled and completed two (2.0 net) Viking oil wells in the Forestburg, Alberta area to take advantage of our available facility capacity and reduce our per boe operating costs in the area through economies of scale.  In addition, Cardinal drilled ten (10.0 net) wells in the Bantry, Alberta area of which nine were stratigraphic test wells to de-risk future locations.

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.

Ensign Energy Services Inc. (ESI:TSX) announced on November 12th its third quarter results. Company reported revenue for the third quarter of 2019 was $393.5 million, an increase of 36 percent from revenue for the third quarter of 2018 of $288.7 million. Net loss attributable to shareholders for the third quarter of 2019 was $37.8 million ($0.24 per common share) compared to a net loss attributable to shareholders of $32.8 million ($0.21 per common share) for the third quarter of 2018.

Funds flow from operations decreased 11 percent to $53.5 million ($0.33 per common share) in the third quarter of 2019 compared to $60.4 million ($0.38 per common share) in the third quarter of the prior year. The decrease in funds flow in the third quarter of 2019 compared to the third quarter of 2018 was primarily attributed to higher interest expense.

Company has continued to show increased activity and revenue as a result of the Trinidad Acquisition and relatively stable ongoing operations despite volatile commodity pricing to date in 2019, while reducing operating costs on a per day basis.

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.

Pieridae Energy Limited (PEA:TSX) announced the appointment of Mr. Rob Dargewitcz as Chief Financial Officer (“CFO”) of the Company. Mr. Dargewitcz began his new role on November 11, 2019. Mr. Dargewitcz has been interim CFO of Pieridae since August 2019, having previously been Senior Vice President of Finance and Risk Management. Mr. Dargewitcz has over 20 years of experience in the Energy sector including five years prior to Pieridae as Treasurer of North West Redwater Partnership, where Mr. Dargewitcz helped to lead the financing of their $10 billion Upgrader/Refinery project in Alberta.

Pieridae Energy Limited is a Calgary based oil and gas company with assets and operations in western Canada. Company has a market cap of $89 million and approximately 158 million shares outstanding.

Point Loma Resources Ltd. (PLX:TSX) announced on November 12th the upcoming drilling of the second delineation well at Wizard Lake and the expansion of production facilities. Partner Salt Bush Energy Ltd. has elected to drill the second farm-out well under the Wizard Lake farm-out agreement and intends to spud the HZ 13-4-48-27W4 well in mid-November. Point Loma and Salt Bush control 4,570 acres in the area.

To date, the first two wells drilled into the Rex oil pool have exhibited excellent deliverability on test but have been restricted on production flow rates due to facility limitations. The new facilities will eliminate the production restrictions and, coupled with the upcoming new well, provide an opportunity to demonstrate the potential of full field development.

Next steps to advance the Rex oil pool will be to place the existing two wells and the soon to be drilled new well on production to the expanded facilities. These operations are anticipated to be completed prior to year end. Current landholdings of the Corporation support the potential for 16-20 (gross) additional drilling opportunities based on internal mapping and projected well spacing.

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 Energy Corp. (AFE:TSX) announced on November 8th an operations update. The operator of Block 11B/12B, Total E&P South Africa B.V. ("Total"), has contracted Shearwater GeoServices Holding AS for the 2D seismic survey and Petroleum Geo-Services ASA for the second phase of 3D seismic on the block. Both surveys are expected to begin in December 2019 and continue through April 2020.

Jan Maier, Africa Energy's VP Exploration, commented, "The award of the 2D and 3D seismic contracts demonstrates Total's commitment to move forward quickly with the exploration and appraisal program on Block 11B/12B offshore South Africa. Following the major Brulpadda oil and gas discovery in February this year, the joint venture partners conducted a 570 square kilometer 3D survey with Polarcus in March and April. We have now analyzed the coring and logging data from Brulpadda and integrated the fast-track 3D data from the Polarcus survey. This data assisted us in choosing the location of the next exploration well, Luiperd-1, which is expected to spud in Q1-2020.”

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 130 million and approximately 683 million shares outstanding.

BNK Petroleum Inc. (BKX:TSX) announced its third quarter results. Company reported adjusted funds flow was $2.2 million in the third quarter 2019 compared to $3.9 million in the third quarter of 2018, which was a decrease of 42%. Revenue, net of royalties was $4.1 million in the third quarter of 2019 compared to $6.8 million for third quarter of 2018, which was a decrease of 40%, as production decreased by 13% and average prices decreased 26% between the quarters. Net income for the third quarter of 2019 was $1.4 million compared to net income of $1.2 million in 2018.

Average production for the third quarter of 2019 was 1,341 BOEPD, compared to third quarter 2018 average production of 1,534 BOEPD, which was a decrease of 13%. Average production for the third quarter of 2019 was only 1% lower than the second quarter 2019 production. The decrease compared to the prior year quarter was primarily due to normal production decline for existing wells

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 and nine months ended September 30, 2019 and 2018. Company reported a services revenue of $31.2 million and a loss of $3.8 million in the third quarter of 2019.

Despite 2019 Q3 having the lowest quarterly revenue for 2019, Q3 had the highest Adjusted EBITDAS for the year. This was achieved due to improvements in Adjusted gross margin.

For fiscal 2019, it is expected that the net equipment additions will be $nil or a net recovery (proceeds on disposals of equipment greater than additions). Subject to operating results and industry outlook, equipment lost-in-hole will be replaced and funded from the proceeds received.

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.

Cequence Energy Ltd. (CQE:TSX) announced its operating and financial results for the three and nine months ended September 30, 2019. Company reported a revenue of $11 million in the third quarter and $40.6 million in the first 9 months of this year. Company had a net loss of $(3.4) million in the third quarter and $(9.7) million loss in the first nine months of 2019.

Production was 5,238 boe/d, 22% of which was comprised of crude oil and liquids in the third quarter 2019 compared to 6,734 boe/d, 27% of which was comprised of crude oil and liquids for the same period in 2018. Operating netback was $9.81 per boe for the nine months ended September 30, 2019 compared to $10.87 per boe for the same prior year period. The decrease was primarily due to higher transportation expenses.

Cequence Energy Limited is a Calgary based oil and gas company with assets and operations in western Canada. Cequence has a market cap of $11.5 million and approximately 25 million shares outstanding.

CGX Energy Inc. ( OYL:TSX) announced on November 8th its third quarter results. Company reported that it improved its working capital by $61,045,379 to positive working capital of $5,145,061 and recorded cash on hand as at September 30, 2019 of $18,399,047.

Company, with its joint venture partner, Frontera, continues to deliver on its work commitments in the Guyana basin with the recent successful completion of its seismic acquisition campaign on the northern sector of the Corentyne Block. The acquisition was completed on time and within budget.

CGX Energy Inc. is a Toronto based international oil and gas company with assets and operations in the Guyana- Suriname Basin. Company has a market cap of $48 million and approximately 116 million shares outstanding.

Chinook Energy Inc. (CKE:TSX) announced its third quarter results. Company reported $2.1 million in sales revenue and a loss of $(1.5) million.

Company forecasts production to return to unrestricted levels and average approximately 3,650 boe/d for this winter season. However, company continues to be hindered by volatile Station 2 pricing which forced to temporarily shut-in production at its Birley area from mid-October to early November. Production was returned to approximately 4,000 boe/d on November 6.

Company announces that it has initiated a formal process to identify, examine and consider a range of strategic alternatives available to enhancing shareholder value.

Chinook Energy Inc. is a Calgary based natural gas company with operations on its large contiguous Montney liquids-rich natural gas position at Birley/Umbach, British Columbia. Company has a market cap of $11.2 million and approximately 224 million shares outstanding.

Enbridge Inc. (ENB:TSX) announced on November 8th third quarter 2019 financial results and provided a quarterly business update. Company reported adjusted earnings of $1,124 million or $0.56 per common share for the third quarter of 2019, compared to $933 million or $0.55 per common share in the third quarter of 2018. Cash provided by operating activities of $2,735 million for the third quarter of 2019, compared to $1,461 million for the third quarter of 2018. Adjusted earnings per share for the third quarter of 2019 increased by $0.01 compared with the third quarter of 2018.

In 2018, Enbridge reached agreements to sell over $7.8 billion of non-core assets. Enbridge has now received total proceeds of $6.1 billion, including $0.4 billion from the closing of the sale of Enbridge Gas New Brunswick on October 1, 2019 and St. Lawrence Gas Company on November 1, 2019. Enbridge anticipates the remaining proceeds related to the close of the CER regulated Canadian gas gathering and processing assets in the fourth quarter of 2019. These sales provide the Company with further financial flexibility to self-fund its secured growth program, including $2.5 billion of newly secured projects in 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.

Kelt Exploration Ltd. (KEL:TSX) announced on November 8th its financial and operating results for the three and nine months ended September 30, 2019. Company reported a sales revenue of $93 million in the third quarter and $296.5 million in the first nine months of 2019. Company experienced a loss of $(2.9) million in the third quarter and $9.2 net income in the first 9 months of 2019.

Average production for the three months ended September 30, 2019 was 31,150 BOE per day, an increase of 19% compared to average production of 26,204 BOE per day during the third quarter of 2018. Quarter-over-quarter, daily average production in the third quarter of 2019 was up 3% compared to average production of 30,314 BOE per day in the second quarter of 2019.

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.

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AltaGas Canada Inc. (ACI:TSX) announced on November 7th its third quarter 2019 financial results. Company achieved normalized net income of $2.4 million ($0.08 per share) for the third quarter of 2019 compared to an adjusted normalized net loss of $1.3 million ($0.04 per share) in the third quarter of 2018. Company achieved net income after tax of $2.8 million ($0.09 per share) for the third quarter of 2019 compared to $0.5 million ($0.02 per share) in the third quarter of 2018.

Jared Green, President and Chief Executive Officer of ACI commented, "Our third quarter results demonstrate the strength of our overall business and the positive impact our renewable portfolio can have in a seasonally warmer period for utilities. With our first full year behind us, we are tracking very well on business growth and operational performance. We are excited that PSP and ATRF have recognized the value of our business and we look forward to continuing to grow while providing the same safe and reliable service to our customers that we always have."

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.

Bonterra Energy Corp. (BNE:TSX) announced on November 7th its operating and financial results as at and for the three and nine months ended September 30, 2019. Company reported a net sales revenue of $47 million and a net loss of $(1.27) million in the third quarter of 2019.

Through the first nine months of 2019, Bonterra drilled and completed 20.6 net Cardium operated wells, of which 18.6 net wells were tied-in and placed on production, supporting average third quarter production volumes of 12,136 BOE per day. The remaining two wells were tied-in and placed on production early in October 2019.

Current production volumes are approximately 12,750 BOE per day, and as part of the Company's plan to diversify crude oil pricing, strategies are in place to manage cash flows through Q4 2019 with new physical delivery sales and risk management contracts, which will help to mitigate the impact of weaker Canadian oil prices related to a shortage of pipeline capacity.

Bonterra Energy Corp. is a Calgary based conventional oil and gas producer with operations in Alberta, Saskatchewan and British Columbia. Company has a market cap of $228 million and approximately 33 million shares outstanding.

Canadian Natural Resources Limited (CNE:TSX) announced on November 7th announced its third quarter results. Company reported a net earnings of $1.2 billion in the third quarter. Canadian Natural delivered strong quarterly free cash flow of $1,471 million after net capital expenditures of $963 million, and dividend requirements of $447 million.

Company achieved production levels of 1,176,361 BOE/d in Q3/19, with approximately 98% of total production located in G7 countries.

Company targets annual 2019 production levels to average between 839,000 bbl/d and 888,000 bbl/d of crude oil and NGLs and between 1,485 MMcf/d and 1,545 MMcf/d of natural gas, before royalties.

Canadian Natural Resources is a Calgary based oil and gas company with operations in western Canada, the North Sea and Offshore Africa. Company has a market cap of $42 billion and approximately 1.2 billion shares outstanding.

Frontera Energy Corporation (FEC:TSX) announced on November 7th that its Board of Directors has declared a dividend of C$0.205 per common share, which will be paid on or about January 17, 2020 to shareholders of record at the close of business on January 3, 2020. The company's Board of Directors dividend policy is to pay a quarterly dividend of approximately US$15 million during periods in which Brent oil prices sustain an average price of US$60/bbl or higher. The dividend is designated as an eligible dividend under the Income Tax Act (Canada).

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 its third quarter operating update to shareholders. Company reported a funds flow of $15.9 million and a net income of $3.5 million.

Since the beginning of the year Gear has reduced net debt by 24 per cent from $91.9 million to $69.8 million and recorded a strong net debt to annualized funds from operations ratio of 1.1 times for the third quarter of 2019.

During the third quarter, drilled seven heavy oil wells and one light oil well in Central Alberta with 100% success. Subsequent to quarter-end, seven of the eight wells have averaged approximately 100 boe per day per well over the first 30 days of production. The remaining heavy oil well has just recently started producing. The heavy oil wells were drilled, completed, and equipped at a total average cost of $0.9 million or approximately 12 per cent under budget.

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.

InPlay Oil Corp. ( IPO:TSX) announced on November 7th its financial and operating results for the three and nine months ended September 30, 2019. Company reported a sales revenue of $17.4 million and a net loss of $(1.35) million in the first nine months of 2019.

Two (2.0 net) ERH Cardium wells that were drilled in the second quarter of 2019. Two (0.3 net) non-operated ERH Cardium wells were drilled and completed and were placed on production in September, and one (0.2 net) non-operated ERH Nisku Pembina well was drilled and completed in the third quarter and placed on production early in the fourth quarter.

Company drilled three (3.0 net) one mile Pembina Cardium wells during the third quarter of 2019, setting industry pacesetting drill times of 4.2, 4.1 and 4.8 days respectively. The first two of these wells were the fastest horizontal Pembina Cardium wells drilled to date.

InPlay Oil Corp is an oil development and production company based in Calgary, Alberta. It is engaged in the acquisition, exploration, and development of petroleum and natural gas properties, and the production and sale of crude oil, natural gas, and natural gas liquids. Company has a market cap of $79 million and approximately 68 million shares outstanding.

Stampede Drilling Inc. (SDI:TSXV) announced its financial and operational results for the three and nine month periods ended September 30, 2019. Revenue in the third quarter from continuing operations of $5,910, up 93% from $3,068; revenue in the first nine months from continuing operations of $16,992, up 70% from $10,003 Net loss in the third quarter from continuing operations of ($705), up 8% from ($653) and net loss from continuing operations for the first nine months of ($1,143), up 89% from net loss of $($606).

Corporation's current drilling rig utilization will continue for the remainder of 2019; the expectation that there will not be a significant recovery in industry activity in 2019 from 2018 levels expectations regarding macro-economic factors and their impact on the industry.

Stampede Drilling Inc. is a Calgary based company engaged in the provision of drilling rig services to the oil and natural gas industry in North America. Stampede's current principal markets for its services are the provinces of Saskatchewan, Alberta and British Columbia. Company has a market cap of $47.5 million and approximately 132 million shares outstanding .

Tourmaline Oil Corp. (TOU:TSX) announced its financial and operating results for the third quarter of 2019. Company reported a cash flow of $14.1 million and earnings were $15.8 million or $0.06/diluted share in the third quarter of 2019. Third quarter 2019 cash flow was $224.0 million ($0.82/diluted share). Net earnings for the third quarter were $15.7 million.

Third quarter 2019 production averaged 289,578 boepd, up 3% from the previous quarter and a 14% increase over Q3 2018. As with Q2 2019, the Company deferred select dry natural gas completion activities due to low natural gas prices, reducing Q3 2019 production by 3,500 boepd.

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.

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Athabasca Oil Corporation (ATH:TSX) announced its third quarter operational and financial results. Company reported a cash flow of $8.6 million and $39.3 million for the third quarter and first nine months of 2019. Company experienced a net loss of $(8.3) million.

Operational netbacks continue to be strong with Light Oil at $23.64/boe and Thermal Oil at $21.09/bbl in the third quarter of 2019. Operating costs in Light Oil are best in class at <$7/boe year to date. In Thermal Oil, the company has completed diluent optimization projects at both Leismer and Hangingstone driving estimated cost savings of ~$16 million annually.

Q3 2019 production averaged 10,023 boe/d (55% liquids). The division generated operating income of $21.8 million relative to $14.1 million of net capital expenditures. Athabasca maintained a top decile netback of $23.64/boe supported by its high quality liquids production and low operating cost structure ($6.92/boe).

Athabasca Oil Corp is a Calgary based energy company focused on exploration, development, and production of light oil and liquids-rich natural gas. Company has a market cap of $521 million and approximately 516 million shares outstanding.

Bonavista Energy Corporation ( BNP:TSX) announced its financial and operating results for the three and nine months ended September 30, 2019. Company generated adjusted funds flow of $34.6 million and successfully drilled its first Duvernay horizontal well. Company's sales revenues reached $81.4 million and experiences a net income of $1.8 million for the third quarter of 2019.

Company produced 62,437 boe per day (69% weighted to natural gas), up two percent over the previous quarter and in line with our forecast. Natural gas liquids production increased 12% over the prior period to 17,310 boe per day, re-establishing premium natural gas liquid recovery efficiencies following significant turnaround activity experienced in the second quarter.

Company's first Duvernay horizontal well was drilled over a 22-day period with a lateral length of 3,260 meters. This also included a pilot vertical well to log and sample the Duvernay formation. To allow time to analyze the vertical well information and leverage warmer weather to reduce completion costs specific to heating frac water, the plan is to complete this well in the second quarter of 2020.

Company's activity for the quarter was in our West Central core area, where it drilled six wells, including itsr first Duvernay horizontal well. The remaining five liquids rich wells were comprised of three Strachan Glauconite wells and two wells oncompany's Willesden Green Glauconite trend. The two Willesden Green wells were completed at the end of the quarter and came on production mid-October at restricted rates.

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.

Enbridge Inc. (ENB:TSX) announced on November 6th a quarterly dividend of $0.73800 per common share, payable on December 1, 2019 to shareholders of record on November 15, 2019. The amount of the dividend is consistent with the September 1, 2019 dividend. The Board also declared the following quarterly dividends for Enbridge Inc. Preferred Shares. All dividends are payable on December 1, 2019 to shareholders of record on November 15, 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.

Keyera Corp. (KEY:TSX) announced its 2019 third quarter financial results. Company reported a funds flow of $269 million and a net revenue of $153 million.

Keyera currently has a significant capital program underway that extends secured growth out to 2022. During the quarter, the Simonette gas plant expansion and the North Wapiti Pipeline System were completed.

Keyera expects to invest between $800 million and $900 million in growth capital in 2019 and between $700 million and $800 million in 2020, excluding acquisitions. A significant portion of the investment next year relates to the Pipestone gas plant and the KAPS liquids pipeline system.

Keyera Corporation is a Calgary based company with extensive interconnected assets and depth of expertise in delivering midstream energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing. Company has a market cap of $5.8 billion and approximately 210 million shares outstanding.

Oryx Petroleum Corporation Limited (OXC:TSX) announced its third quarter results. Total revenues of $35.7 million on working interest sales of 698,600 barrels of oil and an average realised sales price of $46.05/bbl for Q3 2019. Operating expenses of $7.2 million ($10.27/bbl) and an Oryx Petroleum Netback1 of $12.1 million ($17.33/bbl) for Q3 2019. Company reported a profit of $18.3 million ($0.03 per common share) in Q3 2019 versus loss of $5.2 million ($0.01 per common share) in Q3 2018.

Oryx Petroleum's Chief Executive Officer, Vance Querio, commented, “In recent months we continued to increase production in the Hawler license area and in the third quarter we achieved record average daily production.....We are currently drilling a horizontal sidetrack from the previously drilled Demir Dagh-3 well targeting the Cretaceous reservoir and expect this operation to be complete in December.”

Oryx Petroleum is a Calgary based international oil exploration, development and production company focused in Africa and the Middle East. Company has a market cap of $108 million and approximately 515 million shares outstanding.

Pieridae Energy Limited (PEA:TSXV) announced on November 6th its third quarter results. Company reported third quarter production averaged 14,657 barrels of oil equivalent per day, resulting in $12.7 million in revenues, three per cent higher than Q2 2019. Petroleum and natural gas revenues, net of royalties, in Q3 were $12.6 million, a $.7 million increase from Q2 2019. An increase in natural gas revenues from $10.0 million in Q2 2019 to $10.4 million in Q3 2019 accounted for much of the improvement.

Q3 production averaged 14,657 Boe/d, comprised of 99 per cent natural gas and one per cent natural gas liquids (“NGL’s”) and condensate. Year to date production averaged 15,744 Boe/d. This production is below estimated combined field capacity and is related to voluntary well shut-ins due to low gas prices.

Pieridae Energy Limited is a Calgary based corporation focused on the development of integrated energy-related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale to Europe and other markets. Company has a market cap of $137million and approximately 36 million shares outstanding.

Pine Cliff Energy Ltd. (PNE:TSX) announced its third quarter financial and operating results. Company reported a sales revenue of $20.1 million and a net loss of $(17.7) million in the third quarter of 2019.

Pine Cliff plans to drill two Pekisko oil wells in the fourth quarter of 2019 starting in mid-November. Pine Cliff is expected to have one of these wells completed and on production by the end of the year and the other well will be completed and on production in the first quarter of 2020. Both well locations are on lands that were part of the strategic acquisition earlier this year. Pine Cliff currently has 30 gross (29 net) Pekisko oil locations in its inventory.

Pine Cliff Energy Ltd. Is a Calgary based oil and gas company with operations in  Western Canadian Sedimentary Basin, Ghost Pine/Three Hills and Camrose/Viking areas of Central Alberta, several gas assets in Southeast Alberta and Southwest Saskatchewan, non-operated properties in the Sundance, Harmattan, and Garrington areas of Alberta. Company has a market cap of $42.6 million and approximately 328 million shares outstanding.

ShaMaran Petroleum Corp. (SNM:TSXV) announced its financial and operating results for the third quarter of 2019. Company reported a petroleum sales revenue of $18.8 million and a net loss of $(2.4) million in the thirds quarter of 2019.

Atrush continues to grow incrementally as planned with production in Q3 2019 53% higher than year previous due to additional production from new wells Chiya Khere-6, Chiya Khere-7, Chiya Khere-10, Chiya Khere-11, CK-12, and CK-13.

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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