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Canadian Insight |
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Oilpatch Review—news summaries published this week ... |
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Updated on Wednesday, February 22, 2012 |
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Manitok Energy Inc. (MEI:TSX) announced on February 22nd an update on its 2012 drilling program at Stolberg. The first Stolberg Cardium oil well in Manitok's drilling program was drilled in late 2011. The wellbore was first perforated and produced at an unstimulated, stable rate over a test period conducted in January of 2012. Since then, this zone was fracture stimulated and tested over a 76 hour period.
The second Stolberg Cardium oil well was drilled horizontally in January of 2012. Manitok has an 86% working interest in this well. These two wells, on a combined basis, tested at stable rates of approximately 1,261 bbls/d (1,056 net) of 48º API sweet light oil with about 250 boe/d (206 net) of associated sweet natural gas over their respective test periods.
Manitok has been able to contract a drilling rig for the third Stolberg Cardium oil well in the program. This well will be drilled horizontally and was spud last weekend. The drilling rig is expected to be available for at least two additional drills in the program. Manitok intends to drill these three Cardium oil wells before the end of the second quarter of 2012.
Manitok's capital expenditure budget has been increased to $45.2 million for 2012. The budget will be funded with cash flow and Manitok's existing $30 million credit facility.
Manitok Energy, Inc is a junior oil and gas exploration development and production company which is based in Calgary, Alberta. Company has a market cap of $115 million and 62 million shares outstanding.
Yoho Resources Inc. (YO:TSXV) announced on February 22nd its financial and operating results for first fiscal quarter of 2012. Yoho generated funds from operations for fiscal Q1 2012 of $3.7 million ($0.09 per share basic and diluted), an increase of 5% from $3.6 million during Q1 fiscal 2011.
Yoho's production during fiscal Q1 2012 averaged 2,322 boe per day, a seven percent decrease from Q1 2011 production of 2,505 boe per day. With recent drilling success, Yoho has approximately 1,000 boe per day of production scheduled to come on-stream starting in March 2012.
Yoho is currently planning a capital program for fiscal 2012 of between $35 and $40 million. Production for fiscal 2012 is budgeted to average approximately 3,000 boe per day with exit production of between 3,300 and 3,400 boe per day.
Yoho Resources Inc. is a Calgary based junior oil and natural gas company with operations focusing in west central Alberta, the Peace River Arch of Alberta and northeast British Columbia. Company has a market cap of $151.2 million and 46 million shares outstanding.
Doxa Energy Ltd. (DXA:TSXV) announced on February 22nd t that it has 9 wells in production or in the process of being placed in production. As of December 31, 2011 Doxa was receiving cash flow from 5 initial wells, and anticipates by May 1, 2012 it will be receiving cash flow from all 9 wells.
The producing wells include 3 Eagle Ford Shale producers, 3 conventional Wilcox discoveries, and 3 completions within the Mississippian Oil Play of northern Oklahoma. At year end 2011 Doxa was receiving approximately $130,000 per month attributable to its interests in the initial 5 producing wells, net of production taxes.
Since its inception in May, 2010 Doxa has acquired approximately 4,000 acres of net leasehold. Overall, Doxa management expects to participate in a total of 18 gross wells this year. The plans include 2 wells within the Eagle Ford Shale Play of south Texas, 12 wells within the Mississippian Oil Play of northern Oklahoma, and 4 wells within the Sarco Creek 3-D Project on the Texas Gulf Coast.
Doxa Energy Ltd. is engaged in the acquisition, exploration and development of oil and gas, primarily in South Texas. Its corporate offices are located in Vancouver. Company has a market cap of $5.6 million and 34 million shares outstanding.
Oil Patch Review for Tuesday, February 21, 2012
Anderson Energy Ltd. (AXL:TSX) announced on February 21st an operations update and a review of strategic alternatives.
Company met its 2011 annual production target and expects production for the year to average approximately 7,700 BOED. Production in the fourth quarter of 2011 was approximately 7,930 BOED. Oil and natural gas liquids represented approximately 36% of total production in the fourth quarter of 2011 compared to 22% in the fourth quarter of 2010.
Anderson made new Cardium discoveries in three new areas in the fourth quarter. One of the development wells tested at an average rate of 1,437 BOED (74% oil and NGL) over a four day period. 11 gross (9.3 net revenue) Cardium horizontal oil wells were drilled in the fourth quarter of 2011.
Approximately $15 million is expected to be spent on Cardium horizontal oil well drilling, completion and well tie-ins in the first quarter of 2012.After spring break up, the Company will revisit its 2012 capital program. Directionally, the Company is considering a capital program that approximates cash flow in 2012.
The Board of Directors has decided to initiate a process to identify, examine and consider a range of strategic alternatives available to the Company with a view to enhancing shareholder value. The strategic alternatives considered may include, but are not limited to, a sale of all or a material portion of the assets of Anderson, either in one transaction or in a series of transactions, the outright sale of the Company, or a merger or other strategic transaction involving Anderson and a third party.
Anderson Energy is an oil and natural gas company focused on the development of prospects in Central Alberta. Its corporate offices are located in Calgary. Company has a market cap of $98.4 million and 172.5 million shares outstanding.
Gran Tierra Energy Inc. (GTE:TSX) announced on February 21st an update on its operations. 2012 drilling campaign is now well underway, with a mix of exploration and development drilling in both Colombia and Brazil in progress, while planning continues for additional drilling through the year in those countries, and in Peru and Argentina.
In Columbia, drilling operations continue on the Ramiriqui-1 exploration well in the Llanos-22 Block in the foothills of the Llanos Basin. Casing is being set. Upon completion, drilling is expected to continue to evaluate deeper potential reservoir intervals and is expected to finish in March.
The Pacayaco-1ST1 exploration well reached total true vertical depth of 5,343 feet. It was determined that the formation did not contain economic quantities of hydrocarbons so the well was plugged and abandoned.
In Brazil, Gran Tierra Energy expects drilling of the 1-GTE-6-BA oil exploration well to begin in July 2012. Drilling of the 1-GTE-02-BA oil exploration well began on November 23, 2011. The well reached total depth of approximately 6412 feet measured depth and is suspended while plans are finalized for drilling a horizontal leg in mid 2012.
Gran Tierra Energy completed drilling of the 3-GTE-03-BA development well which is situated 1.2 kilometers north-northeast of the 1-ALV-2-BA discovery well. A second development well located approximately 0.7 kilometers south-southwest of the 1-ALV-2-BA discovery well began drilling on January 8, 2012.
In Argentina, drilling continues on the Proa-2 development well in the Proa oil field in the Noroeste Basin of northern Argentina. Gran Tierra Energy expects drilling to be completed in March, with testing and tie-in to existing facilities expected to follow in April.
Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary. Company’s market cap is $1.6 billion and 262.3 million shares outstanding.
NAL Energy Corporation (NAE:TSX) announced on February 21st it has completed its previously announced bought deal offering of $150 million principal amount of 6.25% convertible unsecured subordinated debentures maturing March 31, 2017.
NAL will use the net proceeds of this financing to repay outstanding indebtedness under the Corporation's existing bank credit facility, to fund the maturity of the existing 6.75% convertible unsecured subordinated debentures due August 2012 and for general corporate purposes.
NAL Energy Corporation is a Canadian based oil and gas company with a strategy of acquiring, producing and selling crude oil, natural gas and natural gas liquids from assets based in southeastern Saskatchewan, central Alberta, and northeastern British Columbia. Its corporate offices are located in Calgary. Company has a market cap of $1,1 billion and 151 million shares outstanding.
Arsenal Energy Inc. (AEI:TSX) announced on February 21st that it has spud the Anthony Robert two mile horizontal Bakken well. Arsenal has a 79% working interest in the well. After the Anthony Robert well the drilling rig will move directly to the Wade Morris (79% WI) two mile horizontal Bakken location also at Stanley North Dakota. It is anticipated that both wells will be finished drilling by mid April and completed by the end of May.
Arsenal Energy Inc. is an energy exploration and production company with producing properties in Canada and the United States. Its corporate offices are in Calgary. Company has a market cap of $116.5 million and 157.3 million shares outstanding.
Birch Lake Energy Inc. (BLK:TSXV) announced on February 21st a corporate update. Mr. Jesse Meidl and Mr. Tony Boogmans were elected to the Board of Directors at the Corporation's annual general and special meeting of shareholders held in Calgary, Alberta on February 15, 2012.
Mr. Meidl has over 15 years of experience in the oil and gas sector. He is Chief Financial Officer of Caithness Petroleum Limited, a private international energy company, headquartered in London, England.
Mr. Boogmans has over 30 years of experience in both private and public oil and gas companies in the areas of property evaluation, drilling, completions and workovers, field operations and marketing. He has been employed at Gulf Oil Canada, AOSTRA, Canadian Western Natural Gas Company Limited and Northwestern Utilities Limited.
The Corporation also announces that Mr. George Tsafalas resigned as Chief Financial Officer of the Corporation effective February 15, 2012. The Corporation is currently searching for a new Chief Financial Officer.
Birch Lake is a junior oil and gas company engaged in the exploration for and the acquisition, development and production of oil and natural gas reserves. Its corporate offices are located in Calgary. Company has a market cap of $4.2 million and 52 million shares outstanding.
PRD Energy Inc. (PRD:TSXV) announced on February 21st that it has been awarded the Molme Production License covering approximately 3,400 acres in Germany. The license is located onshore in the state of Lower Saxony, Germany and has been awarded to PRD Energy GmbH, a wholly-owned subsidiary of the Company.
The license was awarded for an initial period of three years and includes all rights surface to basement. PRD Energy has also applied for several other exploration and production licenses in Germany and anticipates responses to these applications in the coming weeks.
PRD Energy Inc. is a Calgary based oil and gas company engaged in the exploration, development and acquisition of, natural gas and crude oil, principally in Europe. Company has a market cap of $37.2 million and 115 million shares outstanding.
New Zealand Energy Corp. (NZ:TSXV) announced on February 21st that it has initiated an extended production test of its Copper Moki-2 ("CM-2") well and commenced drilling Copper Moki-3 ("CM-3"), its third well in the Taranaki Basin of New Zealand's North Island.
The CM-2 well commenced flowing on February 15, 2012. CM-2 is producing 42.0° API oil and is currently flowing at a rate of 1,000 barrels of oil per day and 820 thousand cubic feet of natural gas per day through a 24/64th inch choke. In the last five days CM-2 has produced 5,318 barrels of oil and 4,158 mcf of natural gas. CM-2 is tied in to the Copper Moki-1 production facilities.
Company has has commenced drilling CM-3, with the expectation of releasing well results by the end of March 2012. CM-3 will be its first well to target the deeper Moki formation.
New Zealand Energy Corp. is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. Its corporate offices are in Vancouver. Company has a market cap of $272 million and 110.6 million shares outstanding.
Terrace Energy Corp. (TZR:TSXV) announced on February 21st early results from its first horizontal well on its recently acquired STS Project in Texas. The well was drilled to a measured depth of 13,302 feet, including approximately 4,100 feet of horizontal section, and was successfully fracture stimulated in 14 stages.
Well is currently flowing at a rate of approximately 564 BOPD (barrels of oil per day) and 1.2 MMCFD (million cubic feet per day) of liquid rich gas. Company states that it is not sure whether the flow rate will stabilize at current or higher levels over time.
Terrace Energy is an oil & gas development stage company that is focused on unconventional oil extraction in onshore areas of the United States. Its corporate offices are in Vancouver. Company has a market cap of $ 60.3 million and 53 million shares outstanding.
Anatolia Energy Corp. (AEE:TSXV) announced on February 21st that it has been informed by the operator that the initial exploration well (Las Palmeras-1) on the LLA-24 block in the Llanos basin in Colombia was spud on February 19, 2012. Drilling is expected to take approximately 20 days to reach total depth.
Anatolia is an international oil and gas company engaged in the exploration and development of oil and gas assets in Turkey and Colombia. Its corporate offices are located in Calgary. Company’s market cap is $17.4 million and 62 million shares outstanding.
Oil Patch Review for Friday, February 17, 2012
FairWest Energy Corporation (FEC:TSXV) announced on February 17th a corporate and operations update.
FairWest states that its principal lender has granted the Company an extension to February 24, 2012 to pay back all amounts outstanding on its demand loan facility ("Facility"). The Company is in the final stage of discussions with a new lender and expects to have a new credit facility in place to pay out the Facility on or before February 24, 2012.
Company released an update on its horizontal Mannville oil well at Berry Creek, Alberta. The FairWest 02 HZ Stanmore 16-3-28-12 W4M well was cased and rig released on January 19, 2012. The horizontal section in the well was drilled approximately 600 meters in length and encountered 325 meters of hydrocarbon pay.
The well was recently completed with fracture stimulation in 10 intervals. Preliminary completion results have confirmed the well is capable of flowing light crude oil and natural gas in commercial quantities. The well is presently shut in to measure the initial pressure of the reservoir and surface equipment is expected to be in place next week.
FairWest is conducting preliminary work on two additional horizontal drilling locations to further delineate this light oil resource play.
FairWest is a Calgary, Alberta based junior oil and gas company engaged in the acquisition, exploration, development and production of crude oil, natural gas and natural gas liquids in the provinces of Alberta and Saskatchewan. Company has a market cap of $15.2 million and 277 million shares outstanding.
Enbridge Inc. (ENB:TSX) announced on February 17th its unaudited results for 2011. Corporation’s fourth quarter adjusted earnings were $0.37 per common share, or $275 million and full year adjusted earnings were $1.48 per common share, an 11% increase. Quarterly dividend increased by 15% to $0.2825 per common share effective March 1, 2012.
Some of the company highlights for 2011: Enbridge acquired a 50% joint venture interest in the Seaway Pipeline for a total anticipated investment of US$1.5 billion, including reversal and a new lateral extension; Enbridge announced that it will proceed with US$1.9 billion Flanagan South Pipeline component of its Gulf Coast Access initiative; Enbridge entered Canadian midstream natural gas sector with securement of a 71% interest in the Cabin Gas Plant development, with an expected total investment of $1.1 billion, and Enbridge secured a 50% interest in development of the 300-MW Lac Alfred Wind Project at an anticipated investment of $0.3 billion.
Patrick D. Daniel, President and Chief Executive Officer states, “We remain confident that Enbridge can achieve an average annual growth rate in adjusted earnings per share of 10% through 2015, based on conservative assumptions for mainline throughput and future growth investment.”
Enbridge is a Canadian company based in Calgary. Its’ main business activities are the transportation and distribution of crude oil and natural gas. Corporation has a market cap of $30.6 billion and 782 million shares outstanding.
Questfire Energy Corp. (Q.A, Q.B:TSXV) announced on February 17th that it has drilled three successful 100 percent working interest oil and liquids-rich natural gas wells into three separate pools, all of which are expected to be recognized as new pool discoveries, and brought its first oil production on-stream February 1.
The first well, at Richdale in the Company's W4 exploration area, was completed in late October and is a new, liquids-rich natural gas pool discovery in the Mannville formation. The well tested at a final rate of 2 mmscf per day with a 31% drawdown over a 4 hour production test. The well commenced production on February 13.
The second well was drilled in the Company's W5 exploration area in December and resulted in an oil well in a Lower Mannville formation. It commenced production February 1 at approximately 10 bbls per day of sweet, 31° API oil, with no water. This well targeted a Deep Basin oil zone and the Company will closely monitor its performance to evaluate the potential for follow-up horizontal well development.
The third well, also drilled in the Company's W5 exploration area, encountered a new Upper Mannville natural gas pool and flow-tested in January at 1.1 mmscf per day (170 boe per day) at the end of a 44 hour production test at a flowing wellhead pressure of 37 psi. A gas analysis taken during the flow test suggests that recoverable natural gas liquids will be in the range of 35-40 bbls/mmscf. Pipeline tie-in and processing options exist to third-party facilities and are being evaluated.
Questfire Energy is a Calgary based junior oil and gas company with operations in western Canada. Company has a market cap of $11.4 million and 12.8 million shares outstanding.
Terrace Energy Corp. (TZR:TSXV) announced on February 17th a corporate and operations update. Dave Gibbs has been appointed as the President of the Company. Mr. Gibbs, a director of the Company, has over 35 years of experience in the upstream oil and gas industry and a degree in Mechanical Engineering from Georgia Institute of Technology.
Terrace Energy has agreed to acquire an additional 5% working interest and 3.75% net revenue interest in the Cutlass Project for US$234,096. The Cutlass Project consists of certain oil & gas mineral leases covering approximately 3,395 acres in Dimmitt and LaSalle Counties, Texas. The Company previously purchased a 25% working interest and an 18.75% net revenue interest in the Cutlass Project in November 2011.
The Company has also entered into a non-binding Letter of Intent to acquire interests in certain mineral leases covering approximately 8,800 acres in Regan and Irion Counties, Texas. The LOI provides that the Company will acquire a 50% working interest and a 37.5% net revenue interest in 4 recently drilled producing oil wells plus oil & gas mineral leases covering approximately 2,300 acres for an aggregate maximum purchase price of US$5,750,000.
Terrace Energy is an oil & gas development stage company that is focused on unconventional oil extraction in onshore areas of the United States. Its corporate offices are located in Vancouver. Company has a market cap of $107 million and 102 million shares outstanding.
Shoreline Energy Corp. (SEQ:TSX) announced on February 17th a corporate and operations update. Shoreline states that the public offering of common shares has been terminated by Shoreline and the Lead Agent in connection with the Offering, on mutually agreeable terms. The Corporation's intention to pursue the Offering was made on the heels of tremendous drilling success in the fourth quarter of 2011 and January 2012. These drilling activities increased oil and NGL production by nearly 400% since IPO, or approximately 375 barrels per day.
The Corporation also announces that as part of its ongoing capital program, that it has brought on stream oil production of over 100 barrels per day from its previously announced oil discovery well in the Pouce Coupe area of northwest Alberta. Initial production from this well exceeded the company's expectation by 300%. Shoreline is currently in the process of licencing a follow up development well located within 700 meters of the discovery well.
Through a combination of successful well workovers, drilling of new wells, and through acquisitions, the Corporation has grown production from 750 BOED to over 1,600 BOED from May to December 2011, and is forecasting that its Q1 2012 exit production will exceed 1,900 BOED.
Shoreline is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. Corporation has a market cap of $33.3 million and 5.6 million shares outstanding.
3MV Energy Corp. (TMV:TSXV) announced on February 17th an operations and corporate update. On January 30, 2012, in conjunction with the completion of the qualifying transaction, 3MV appointed Alex Francoeur to its Board of Directors. On February 10, 2012 3MV appointed Brian Radiff as Vice President, Corporate Development and Tom Campbell as Vice President, Land.
3MV has assets throughout west central Saskatchewan's Viking oil play, including its most recent discovery and oil pool development near Fiske, which is located 60 kilometers east of Kindersley, SK. 3MV also focuses on the development and application of new earth science and oilfield technologies in all aspect of the Company's operations..
3MV is currently conducting a proprietary 3D seismic program near Fiske, Saskatchewan. It covers an area of approximately 20 square kilometers to add to its 6.4 square kilometers of existing proprietary 3D seismic and 28.2 kilometers of existing proprietary 2D seismic.
3MV controls more than 24,000 net acres of land. The Company has licensed 20 wells as a follow up to its initial drilling success; constructed 7.9 kilometers of pipeline and is in the process of building a GritHog tank treating system to treat its API 35○ oil. This pipeline and tank battery construction will mitigate downtime due to spring break up.
3MV Energy is a Calgary based junior oil and gas company with operations in western Canada. Corporation has a market cap of $25.9 million and 14 million shares outstanding.
Petrolia Inc. (PEA:TSXV) announced on February 17th that it has been selected by TSX Venture Exchange as one of the top ranking of strong performers in the oil and gas sector. Recognition is given annually by the exchange to ten companies from each of the following five sectors: Mining, Oil & Gas, Diversified Industries, Clean Technology and Technology & Life Sciences.
Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 14,000 km² (3.5 million acres), which represents about 17% of the Québec territory under lease. Its corporate offices are located in the province of Quebec at Rimouski. Company has a market cap of $69 million and 55 million shares outstanding.
Bird River Resources Inc. (BDR:CNSX) an update of the last five oil wells drilled and their current production in Manitoba.
Well 12-15-8-28HZ drilled into the Bakken Formation with a 1300 meter leg. Production has levelled out at 80 barrels of oil per day.
Well 6-26-1-28HZ drilled into the Spearfish Formation with a 600 meter leg is producing 40 barrels of oil per day.
Well 15-30-1-27HZ drilled into the Spearfish Formation with a 600 meter leg was recently put on pump and is producing 100 barrels per day of fluid of which 50 barrels is oil.
Well 7-34-1-28HZ drilled into the Spearfish Formation with a 600 meter leg is producing 130 barrels of oil per day.
Well 13-23-1-28HZ drilled into the Spearfish Formation with a 1300 meter leg has just been put on pump and is producing 240 barrels of fluid of which 15 barrels is oil. The oil cut should increase dramatically as the fracing fluid is pumped out.
Bird River Resources is a Winnipeg, Manitoba based resource exploration company. The Company focuses on oil and gas exploration opportunities in south western Manitoba. BDR presently holds an average of 5% gross and a 4% net participation in ten producing oil wells. BDR also holds several oil leases in the area with interest ranging from 25% to 100%. The common shares of Bird River Resources Inc. trade on the Canadian National Stock Exchange.
Oilsands Quest Inc. (BQI:XXX*) announced on February 17th that it has received Court approval of its previously-announced DIP financing and its request to extend creditor protection. Court approval of the announced sale of the Company's Eagles Nest asset has been delayed, because a second party has come forward with a substantially higher offer for the asset.
Oilsands Quest continues to operate under the protection of CCAA with the assistance of a Court-appointed monitor. The Company's common shares remain suspended from trading until either a delisting occurs or there is a resumption of trading.
* This is for curiosity of our readers only. Oilsands Quest has oilsands properties in Alberta and Saskatchewan which it has been attempting to delineate and explore and develop. Oilsands Quest is listed on a foreign exchange.
Oil Patch Review for Thursday, February 16, 2012
Penn West Petroleum Ltd. (TSX: PWT) announced on February 16th its financial results for 2011. Company states it had Net income for 2011 totaled $638 million compared to $1,110 million in 2010. Company’s funds flow in 2011 was $1,537 million compared to $1,185 million in 2010 . This was a result of a result of stronger commodity prices and a year-over-year increase in our light-oil production.
Penn West’s average production increased to 168,801 boe per day for the fourth quarter of 2011 from 161,323 boe per day in the third quarter of 2011. Annual 2011 production averaged 163,094 boe per day, in line with guidance. Penn West's exit production was weighted approximately 65 percent to oil and liquids.
In 2011, Penn West added approximately 138 million boe of reserves on a proved plus probable basis (2010 - 72 million boe), a reserve replacement ratio of 234 percent (2010 - 122 percent), excluding the effect of acquisitions and dispositions and economic factors, with approximately 73 percent of the additions being crude oil and liquids (2010 - 65 percent).
Penn West continued its oil focused capital program during the fourth quarter of 2011 with 20-25 rigs deployed throughout this period. Company focused its capital program on appraisal activities across our light-oil plays in the Cardium, Carbonates, Spearfish and Viking.
Company states that its 2012 exploration and development capital program is expected to be in the range of $1.6 billion to $1.7 billion prior to asset dispositions. Its 2012 plan is to continue to focus on light-oil plays and continue to move toward full-scale development at the Cardium, Carbonates, Spearfish and Viking. Based on this level of capital expenditures, Penn west estimates average production to be approximately 174,000 to 178,000 boe per day, prior to the effect of asset dispositions.
Penn West Petroleum is engaged in acquiring, developing, exploiting, and holding interests in petroleum and natural gas properties and assets. in western Canada. Its corporate offices are in Calgary. Company has a market cap of $10.2 billion and $473 million shares outstanding.
Nexen Inc. (NXY:TSX) announced on February 16th its financial results for 2011. For the full year, cash flow was $2.4 billion ($4.49/share), net income was $697 million ($1.32/share) and production averaged 207,000 boe/d (186,000 boe/d after royalties). Cash netbacks from oil and gas operations were $40.20/boe (after-tax) in 2011.
In 2011, Nexen invested $2.5 billion in oil and gas activities and added 73 million boe of proved reserves. These reserve additions replaced 96% of company’s production.
Production in 2011 was lower than 2010, primarily as a result of the sale of our heavy oil properties in the third quarter of 2010, natural declines, and production interruptions at Buzzard (North Sea) due to unplanned maintenance, third-party pipeline restrictions, and delays in commissioning the fourth platform.
Nexen Inc. is an independent, global energy company with operations in the North Sea, Gulf of Mexico, offshore West Africa, Canada, Yemen and Colombia. Company’s head office is located in Calgary. Nexen’s market cap is $9.9 billion and 528 million shares outstanding.
Pennant Energy Inc. (PEN:TSXV) announced on February 16th an operations update on its Bigstone Montney high natural gas liquids resource play. Production tubing has been installed in the Donnybrook Energy Bigstone Hz 15-32-60-22 W5M well (25% working interest to Pennant) and a 7 day production test has been completed.
The 15-32 well is currently shut in for pressure build up and analysis and will be placed on production with Pennant's first Bigstone Montney well, Donnybrook et al 14-29-60-22w5, which was the 1,200m Hz Bigstone Montney discovery well that tested 4.3mmcf/d and 295 barrels of NGLs.
Donnybrook has informed Pennant the next well to drilled at Bigstone is scheduled to spud within 2 weeks from a surface location at 4-28-60-22w5 and will be an extended reach 2,700m Hz well with a bottom hole location in 13-33-60-22w5.,
Pennant Energy is a junior oil and gas company with operations in western Canada. Its corporate offices are in Vancouver. Company has a market cap of $12.6 million and 63 million shares outstanding.
WesternZagros Resources Ltd. (WZR:TSXV) announced on February 16th an operations update. Company made an oil discovery in the Upper Fars Formation at the Mil Qasim-1 exploration well in the Kurdistan Region of Iraq.
Mil Qasim-1 was drilled to a total depth of 2,425 meters in December 2011. The well encountered a gross hydrocarbon bearing interval of approximately 800 meters containing numerous sandstones (each in the range of 2-13 meters thick) . The testing program has resulted in the flow of light, 43 to 44 degree API oil.
WesternZagros plans to immediately conduct an extended well test and a further clean-up, as well as gain additional information on its long term deliverability.
WesternZagros is an international natural resources company engaged in exploring, developing and producing crude oil and natural gas in Iraq. Its corporate offices are in Calgary. Company has a market cap of $271 million and 371.2 million shares outstanding.
Mart Resources, Inc. (MMT:TSXV) announced on February 16th that it has been recognized for the second consecutive year by the TSX Venture Exchange as one of the TSX Venture 50® companies in 2012. It is comprised of ten companies from each of the following five sectors: Mining, Oil & Gas, Diversified Industries, Clean Technology and Technology & Life Sciences.
Mart is an independent, international petroleum company focused on drilling, developing and producing oil and gas from low-risk proven petroleum properties in Nigeria, West Africa. Its corporate offices are in Calgary. Company has a market cap of $289.6 million and 336.7 million shares outstanding.
Painted Pony Petroleum Ltd. (PPY.A:TSXV) announced a corporate update. Painted Pony has initiated exploration activity on a new light oil play in central Alberta.
Company has secured access to approximately 22 net sections (14,000 net acres) of mineral rights which include the Viking formation. The Company has acquired 11.75 net sections of primarily Crown 100% working interest lands. In addition, Painted Pony has executed a farm-in agreement on 10.1 net sections of Crown and freehold lands. All lands are considered prospective for a regional light oil accumulation in the Viking formation.
Company plans to curtail approximately 10% of its 2012 gas production pending improvements in gas prices. Company states that due to low natural gas prices it has revised its 2012 development program from $200 million to $120 million. Under this revised budget, the Company plans to drill 29 (21.6 net) wells targeting light oil and 7 (4.1 net) wells targeting natural gas in 2012.
Painted Pony also announce that the TSX Venture Exchange has named Painted Pony as one of the 2012 TSX Venture 50, a ranking of strong performers listed on the TSX Venture Exchange. The TSX Venture 50 is comprised of 10 emerging companies in five industry sectors that have been identified as leaders in Canada's public venture market.
Painted Pony Petroleum is a junior oil and gas company with operations in the Western Canadian Sedimentary Basin, focused on high netback, light, sweet oil, in Saskatchewan, and high impact, multi zone, sweet gas, in British Columbia. Company has a market cap of $560 million and 70 million shares outstanding.
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Editor: J. Klemchuk Co-editor & Photographer: Fay Klemchuk Contributing writer: Allan Pierce Contributing photographer: Natalie Klemchuk |