Oilpatch Review

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

Updated on Tuesday, August 11, 2020

Canadian Natural Resources Limited (CNE:TSX) announced on August 6th its second quarter results. Company reported funds flow of $415 million and a loss of $(310) million in the second quarter of 2020. Company repaid $900 million of 2.05% medium-term notes that matured on June 1, 2020.

Company's world class Oil Sands Mining and Upgrading assets, record quarterly production of 464,318 bbl/d of SCO was achieved in Q2/20. Increases over Q2/19 and Q1/20 levels of 24% and 6% respectively were achieved as a result of high utilization rates and operational enhancements at both Horizon and AOSP, partially offset by the impact from planned maintenance activities at Horizon in May 2020.

In the second half of 2020, the company is targeting planned turnaround activities at both AOSP and Horizon. The company's strength of operations and diverse asset base allows Canadian Natural to optimize maintenance activities within its Oil Sands Mining and Upgrading assets.

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.

Gear Energy Ltd. (GXE:TSX) announced its second quarter results for 2020. Company reported funds from operations reached $8.068 million, cash flow was $3.547 million and net loss $(5.3) million in the second quarter of 2020. Net debt decreased by $10.1 million or 13 per cent from the first quarter to the second quarter of 2020.

Production for the second quarter was intentionally reduced to 2,749 boe per day from 6,744 boe per day in the first quarter. Currently, field production is estimated to be approximately 6,000 boe per day as the majority of production has been reactivated.

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.

Headwater Exploration Inc. (HWX:TSX) announced its operating and financial results for the three and six months ended June 30, 2020. Company reported a cash flow of $863,000 and reported a loss of $(1.679) million in the second quarter of 2020.

2020 average production of 4.1 mmcf/d (approximately 99% natural gas and 1% natural gas liquids) (assumes shut-in from May 1 to November 1, 2020).

Headwater Exploration Inc. is a Calgary based oil and gas company with natural gas and petroleum operations in New Brunswick, Quebec and offshore St. Lawrence. Company has a market cap of $177.5 million and 144 million shares outstanding.

Keyera Corporation (KEY:TSX) announced its second quarter results. Company reported a cash flow of $159.6 million and net earnings of $17.7 million in 2020.

Keyera's capital projects are progressing well and the company now expects to invest growth capital in 2020 of between $500 million and $550 million. During the second quarter, all three business segments performed well.

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.

Paramount Resources Ltd. (POU:TSX) announced on August 6th its second quarter results. Adjusted funds flow was $19.0 million or $0.14 per share and a net loss of $(75.7) million. Paramount's netback was $21.7 million in the second quarter of 2020 compared to $44.5 million in the first quarter of 2020.

The expansion of the third-party Karr 6-18 facility was completed in July. The additional raw gas and liquids processing capacity adds flexibility to the Company's Karr operations.

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.

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Bird River Resources Inc. (BDR:CNX) announced that the company has entered into a share purchase agreement with an arms-length party to sell 100% of the company's shareholdings in its subsidiary, High Point Oil Inc. to the acquirer.

The acquirer will pay the company $90,000 CAD to acquire 100% of the company's shareholdings in HPO. Company will acquire HPO's accounts payable and debts owed , company's interest in three wells operated by HPO and assuming all liabilities in HPO.

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.

Bonavista Energy Corporation (BNP:TSX) announced that, in connection with the previously announced recapitalization transaction described in the company's management information circular dated July 2, 2020, the company has obtained a final order from the Court of Queen's Bench of Alberta approving the plan of arrangement under the Canada Business Corporations Act pursuant to which the Recapitalization Transaction is being implemented.

It is expected that the Recapitalization Transaction will be completed by mid-August, 2020, subject to the satisfaction or waiver of all other conditions to the Plan of Arrangement.

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.

Calfrac Well Services Ltd. (CFW:TSX) announced that it acknowledges today's announcement by Wilks Brothers, LLC that Wilks Brothers has submitted an alternative recapitalization proposal for consideration by Calfrac's Board of Directors.

Calfrac Board of Directors is carefully reviewing the Wilks Brothers proposal with the assistance of its financial and legal advisors. To assist the Board in this process, the Board has formed a special committee to further evaluate the Wilks Brothers proposal.

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.

Husky Energy Inc. (HSE:TSX) announced it has released its 2020 ESG Report, including a GHG emissions intensity reduction target of 25% by 2025 and a gender diversity target of 25% women in senior leadership roles. The report also addresses Husky’s aspiration to be net zero by 2050.

Husky’s approach to ESG took a major step forward in 2019 with strong safety performance and now with setting our first carbon intensity reduction target of 25%,” said CEO Rob Peabody.

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

Journey Energy Inc. (JOY:TSX) announced its financial and operating results for the three and six month periods ending June 30, 2020> Production revenue reached $11.166 million and funds flow was $3.213 million in the second quarter of 2020. Company experienced a loss of $(15.489) million during that period.

Journey achieved production of 7,808 boe/d (42% liquids) in the second quarter of 2020. Production was successfully brought back on-line, restoring production to current levels of 8,400 boe/d (46% liquids in the first week of July.

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.

PetroTal Corp. (TAL:TSX) announced that a virtual meeting will be held on September 9, 2020. Meeting will be held solely by means of remote communication by webcast.

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

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Crescent Point Energy Corp. (CPG:TSX) announced its operating and financial results for the quarter ended June 30, 2020. Company's Board of Directors is also pleased to announce the appointment of a new director.

Company reported a cash flow of $66.6 million and a lost of $(145.1) million in the second quarter of 2020. Adjusted funds flow totaled $109.0 million during second quarter 2020, or $0.21 per share diluted. Net debt as at June 30, 2020 equated to approximately $2.3 billion and reflects over $450 million of net debt reduction in the first half of 2020.

Company's average production in second quarter 2020 was 120,842 boe/d, which includes the impact from production shut-ins announced during the quarter and lower overall activity. This production was comprised of over 90 percent oil and liquid.

Company's average production in second quarter 2020 was 120,842 boe/d, which includes the impact from production shut-ins announced during the quarter and lower overall activity. This production was comprised of over 90 percent oil and liquid.

Crescent Point is a Calgary based oil and gas company with operations in western Canada. Majority of its assets are in Saskatchewan. Company has a market cap of $2.9 billion and approximately 550 million shares outstanding.

Husky Energy Inc. (HSE:TSX) announced on July 30th its second quarter results for 2020. Cash flow from operating activities was a loss of $10 million, including changes in non-cash working capital. Net earnings were a loss of $304 million. Net debt at the end of the second quarter was $5.1 billion. 2020 capital expenditures remain on track within the previously guided range of $1.6-1.8 billion.

Total production averaged 60,500 boe/day, compared to 62,600 boe/day in the first quarter of 2020. Capital expenditures and development activities have been reduced to minimum levels.

Board of Directors has approved a quarterly dividend of $0.0125 per common share for the three-month period ended June 30, 2020. The dividend will be payable October 1, 2020 to shareholders of record at the close of business on September 1, 2020.

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

Osidian Energy Ltd. (OBE:TSX) announced on July 30th its second quarter results for 2020. Company reported cash flow for the second quarter was $2 million and company reported a loss of $(22) million.

As a result of the proactive and timely actions to reduce costs during the quarter and the outstanding performance and contribution of our first half development program, Obsidian Energy was able to exceed all guidance targets in a very challenging macro environment.

Average production was 25,872 boe/d compared to 27,092 boe/d in the first quarter of 2020 and 27,835 boe/d in the second quarter of 2019. As a result of the lower crude oil pricing environment, the Company shut-in production deemed temporarily uneconomic which impacted average production by approximately 2,100 boe/d in the second quarter of 2020.

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.

Whitecap Resources Inc. (WCP:TSX) announced on July 30th its second quarter results. Company reported sales of oil and gas totalled $150 million and a loss of $ (78.2) million in the second quarter of 2020.

Company's credit facilities have two financial covenants being debt to earnings before interest, taxes, depreciation and amortization not exceeding 4.0 times and EBITDA to interest not less than 3.5 times. Whitecap's second quarter debt to EBITDA ratio was 2.0 times and EBITDA to interest ratio was 12.7 times.

Whitecap Resources Inc. is a Calgary based oil and gas company with operations in western Canada. Whitecap has a market cap of $2.0 billion and approximately 414 million shares outstanding.

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Bengal Energy Ltd. (BNG:TSX) announced that it has agreed the terms of a Farmin Agreement with Santos QNT Pty Ltd. covering a portion of Bengal's ATP 934 oil and gas exploration tenement in south western Queensland.

Under the terms of the Farmin Agreement, Santos will pay 100% of the well costs of a one well work program with an estimated cost of AUS$ 2.7 million. Bengal's ATP 934 exploration project and development PLs area covers approximately 1,729 square kilometres (427,000 acres).

Under the Farmin Agreement, Santos has the right to earn a 60% interest in approximately 420 square kilometres in the southern portion of the ATP 934 tenement (the "Farmin Lands"), offsetting recent successful Santos operated exploration wells. The remainder of Bengal's ATP 934 exploration and development portfolio is not subject to, or affected by, this Farmin Agreement. Bengal intends to continue its own exploration campaign on the remaining area having successfully commuted its commitments into the next term of ATP 934 through a special amendment approved by the regulator.

Bengal Energy Ltd is engaged in the exploration of oil and natural resource business activities. It involved in development and production of crude oil and natural gas. It derives its revenues from the sale of the exploration business and has operations spread across Canada. Company has a market cap of $7.7 million and approximately 102 million shares outstanding.

Enbridge Inc. (ENB:TSX) announed on July 29th its second quarter 2020 financial results and provided a quarterly business update. Company reported that its adjusted earnings were $1,133 million or $0.56 per common share, compared with $1,349 million or $0.67 per common share in 2019.

Company now has an inventory of approximately $11 billion of secured projects at various stages of execution, including $0.3 billion of new projects announced in Gas Distribution and Storage and $0.7 billion in Renewable Power during the second quarter.

During the second quarter, the Company has continued to advance the execution of several secured projects, while assuring that COVID-19 precautionary measures are in place to protect the health of construction crews.

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.

Gran Tierra Energy Inc. (GTE:TSX) announced that the Company will release its 2020 second quarter financial and operating results on Tuesday, August 4, 2020, after market close. A conference call to discuss the 2020 second quarter results will be held at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) the following day, Wednesday August 5, 2020.

Gran Tierra Energy Inc. is a Calgary based with a focus on its operations in Calgary. Company has a market cap of $369 million and approximately 367 million shares outstanding.

Renaissance Oil Corp. (ROE:TSX) announced that effective June 1, 2020, it had retained Haywood Securities Inc.as its financial advisor to provide financial advisory services to the company.

As consideration for the Services provided by Haywood, the company agreed to pay Haywood an advisory fee of C$100,000 to be satisfied by the issuance of common shares of the company at a deemed price of C$0.06 per share. On July 24, 2020, services were completed and the date on which Haywood's engagement ended.

Renaissance Oil Corp is Vancouver based company engaged in the acquisition, development and production of oil and natural gas in Mexico. Its properties include Mundo Nuevo, Topen, Malva, and Ponton. Company has a market cap of $41 million and approximately 280 million shares outstanding.

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Enbridge Inc. (ENB:TSX) announced that Westcoast Energy Inc. declared its quarterly dividends. CUMULATIVE FIVE-YEAR MINIMUM RATE RESET REDEEMABLE FIRST PREFERRED SHARES, SERIES 10: A dividend of 32.8125 cents per share payable on October 15, 2020 to shareholders of record at the close of business on October 1, 2020.

CUMULATIVE FIVE-YEAR MINIMUM RATE RESET REDEEMABLE FIRST PREFERRED SHARES, SERIES 12: A dividend of 32.500 cents per share payable on October 15, 2020 to shareholders of record at the close of business on October 1, 2020.

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.

Highwood Oil Company Ltd. (HOCL:TSXV) announced revisions to the company's reserve-based credit facility. Company's Credit Facility has been confirmed at $38 million, with the earliest revolving period extended to September 30, 2020 and the term period amended to May 30, 2021. Should oil pricing improve the Company would aim to extend the revolving periods prior to the next renewal date.

Highwood anticipates the Credit Facility will provide sufficient liquidity to execute on its second half 2020 business plan having spent $4.2 million in capital through March 31, 2020.

Company continues to bring on production previously shut-in as a result of the global oil price collapse. Total net company production today is 1,400 bbl/d of oil.

Highwood Oil Company is a Calgary based company with operations in western Canada. It has operations and assets in Nipisi/Jarvie, and Red Earth Creek. Company has a market cap of $149 million and approximately1.3 million shares outstanding.

Marksmen Energy Inc. (MAH:TSX) announced the second closing of its previously announced non-brokered private placement of units of Marksmen. Company issued 3,150,000 Units at a price of $0.05 per Unit for aggregate gross proceeds of $157,500, bringing the aggregate total raised to date under the Offering to $321,000. Each Unit is comprised of one common share and one share purchase warrant of Marksmen. Each whole Warrant entitles the holder thereof to purchase one common chare at a price of $0.075 per share expiring two years from the date of issuance.

Marksmen intends to use the gross proceeds from the second closing of the offering to pay $135,000 toward the recompletion of a well targeting the Clinton Sandstone formation in Portage County, Ohio, and the remaining $22,500 as working capital.

Marksmen Energy Inc is a Calgary based company involved in the exploration for, development of and production of petroleum and natural gas properties in Ohio, USA. Company has a market cap of $18 million and approximately 97 million shares outstanding.

Meg Energy Corp. (MEG:TSX) announced its second quarter results. Company reported $972 million in sales revenue and net loss of $80 million in the second quarter of 2020. MEG's bitumen realization averaged $10.18 per barrel in the second quarter of 2020 compared to $19.45 per barrel in the first quarter of 2020.

Bitumen production averaged 75,687 bbls/d in the second quarter of 2020, compared to 91,557 bbls/d in the first quarter of 2020. Bitumen production in the second quarter was impacted primarily by major planned turnaround activities at the Corporation's Phase 1 & 2 facilities which began at the beginning of June.

MEG Energy Corp. is a Calgary based company focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta. Company has a market cap of $1.6 billion and approximately 297 million shares outstanding.

Obsidian Energy Ltd. (OBE:TSX) announced that it will hold its 2020 annual and special general meeting in person on Thursday, July 30, 2020 at 9:00 am (MDT). The Meeting will take place at the Company's head office located at 200 – 207 9th Avenue S.W., Calgary, Alberta. Additionally, the Company will release our second quarter 2020 results on July 30, 2020.

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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CruzSur Energy Corp. (CZR:TSX) announced that during the re-entry of the Aruchara well, in order to repair a gas leak identified in the well which had been drilled in 1980, found a large amount of natural gas that has been burned in the flare stack. The company duly informed the Colombian authorities of the re-entry. The team has now continued the process of the well repair with its cleaning to define the final conditions, quantity and quality of the gas found.

Company has successfully controlled the leak to this point and contained safe levels of natural gas exposure, taking into account the amount of gas found during the process.

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

Hillcrest Petroleum Ltd. (HRH:TSXV) announced a non-brokered private placement of up 20,000,000 units of the company at a price of $0.05 per Unit for a gross proceeds of up to $1,000,000 . Each unit consists of one common share and one-half of a share purchase warrant Each whole Warrant will be exercisable into an additional common share of the company at a price of $0.07 per share for a period of two years.

Company intends to use the proceeds of the offering to fund the expansion of the West Hazel oil asset in Saskatchewan announced in a news release of the company’s dated July 14, 2020, retire certain payables related to the Issuer’s oil and gas assets in Saskatchewan, and for general working capital purposes.

Hillcrest Petroleum Limited is a Vancouver based oil and gas company with operations in Canada and potential producing oil and gas assets in US. Company has a market cap of $3.9 million and approximately 113 million shares outstanding.

Oryx Petroleum Corporation Limited (OXC:TSX) announced that the Corporation's two largest shareholders have informed the Corporation that Zeg Oil and Gas Ltd. acquired control of the corporation from AOG Upstream BV on July 23, 2020 in the context of the previously announced transaction. The acquisition was conditional upon and subsequent to the closing of the Loan Settlement announced by the Corporation on July 23, 2020.

In connection with the change in control, Jean Claude Gandur has resigned from the Board of Directors of the Corporation.

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.

PetroTal Corp. (TAL:TSXV) announced on July 27th an update on operations at the Bretana oil field which, as previously indicated, recommenced in mid-July. PetroTal has implemented stringent testing measures and modified operating procedures to ensure the safety of its workers. The Bretana field restarted operations on July 15 , 2020 and production has returned to pre-shutdown levels of 11,500 barrels of oil per day, exceeding 12,000 bopd when all seven wells are online.

Oil deliveries have commenced to the Iquitos refinery and deliveries to the Northern Oil Pipeline at the Saramuro Pump Station are expected to commence in early August 2020. Q2 2020 production was approximately 4,180 bopd. Taking into account the field was shut-in since early May 2020, average Q2 2020 production for the period the oil field was producing represented approximately 11,500 bopd.

PetroTal Corporation is a Calgary based international oil and gas company. It has assets and operations in Peru. Company has a market cap of $140 million and approximately 538 million shares outstanding.

Vermilion Energy Inc. (VET:TSX) announced on July 27th its results for the second quarter and the for six months of 2020. Petroleum sales for the second quarter reached $193,013,000 and company experienced a loss of $(71,290,000) in the second quarter of 2020.

Q2 2020 production averaged 100,366 boe/d, representing a 3% increase from the prior quarter. The increase was driven by production growth in Canada, the United States and Australia, partially offset by lower production in France due to COVID-19-related curtailments.

Vermilion Energy Inc. is a Calgary based international energy producer that seeks to create value through the acquisition, exploration, development and optimization of producing properties in North America, Europe and Australia. Company has a market cap of $4.4 billion and approximately 153 million shares outstanding.

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Calfrac Well Services Ltd. ( CFW:TSX) announced that it has additional support for the company's previously announced recapitalization transaction to be implemented pursuant to a plan of arrangement under the Canada Business Corporations Act.

The Recapitalization Transaction now has the support of holders of approximately 66% of the Company's outstanding 8.5% senior unsecured notes due 2026. The supporting Noteholders have entered into support agreements with the company and have agreed to vote in favour of and support the Recapitalization Transaction and Plan of Arrangement, subject to certain conditions.

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.

Inter Pipeline Ltd. (IPL:TSX) announced its second quarter 2020 financial and operating results on August 6, 2020. A conference call and webcast have been scheduled for August 7 at 9:00 a.m. MT (11:00 a.m. ET) for interested shareholders, analysts and media representatives. replay of the conference call will be available until August 14, 2020.

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

Kelt Exploration Ltd. (KEL:TSX) announced an agreement to sell its Inga/Fireweed/Stoddart assets ("Inga Assets") in British Columbia to ConocoPhillip. Kelt will receive cash proceeds of $510.0 million, prior to closing adjustments, and the Purchaser will assume certain specific financial obligations related to the Inga Assets in the amount of approximately $41.0 million.

The effective date for the transaction is July 1, 2020. Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals, including under the Competition Act (Canada). Closing is expected to occur on or around August 21, 2020.

Kelt has a large inventory of future drilling locations for which the net present value was not being reflected in the Company's current valuation. As a result, the Company's board of directors has determined that the sale of its Inga Assets, representing a monetization of approximately 27% of the Company's Montney acreage, is an opportunity to bring forward the value of certain assets and at the same time put the Company in a position of increased financial strength.

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.

Oryx Petroleum Corporation Limited (OXC:TSX) announced on July 23rd the closing of the settlement of an outstanding loan, initially announced on June 22, 2020. All dollar amounts set forth in this news release are in United States dollars.

Corporation and AOG International Holdings Limited ("AOG") have settled in full the loan from AOG through the transfer by the Corporation to AOG of the shares of OP AGC Central Limited, the former wholly-owned subsidiary of the Corporation that holds the interest in the AGC Central license area (the "Loan Settlement"). The loan balance (including accrued and unpaid interest) at the time of settlement amounted to $80,502,266.

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.

Trican Well Service Ltd. (TCW:TSX) announced on July 23rd that Dale M. Dusterhoft will step down as President, Chief Executive Officer and Director of the Corporation and that the Board of Directors has appointed Bradley P.D. Fedora President and Chief Executive Officer. Mr. Dusterhoft will continue in his current position and assist with this leadership transition, with Mr. Fedora's appointment becoming effective September 1, 2020. Mr. Fedora will relinquish his Chairman of the Board position but will continue as a Director. Lead Director G. Allen Brooks will temporarily chair the Board of Directors and the Board will seek to appoint a permanent chair in due course.

Trican Well Services Ltd. Is a Calgary based company which provides a comprehensive array of specialized products, equipment and services that are used in exploration and development of oil and gas reserves. Company has a market cap of $210 million and approximately 284 million shares outstanding.

 

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