Oilpatch Review

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

Updated on Friday, January 18, 2019

Athabasca Oil Corporation (ATH:TSX) announced the closing of its previously announced Leismer Infrastructure Transaction with Enbridge Inc. for $265 million cash consideration. Transaction proceeds are approximately 50% of Athabasca’s market capitalization and significantly bolster the company’s liquidity, reduce net debt and improve financial resiliency. Leismer’s cost structure remains competitive with other top tier oil sands projects with a US$43 WTI operating break-even price.

Current funding capacity is now approximately $550 million ($325 million cash and cash equivalents, $135 million available credit facilities and $90 million Duvernay capital carry). The company’s banking syndicate has reaffirmed its $120 million reserve based credit facility which remains undrawn. Existing term debt is in place until 2022 with no maintenance covenants. Future use of the transaction proceeds may include share buy backs, debt reduction or growth initiatives.

The Leismer Infrastructure transaction coupled with a disciplined 2019 capital program and enhanced cost structure will allow the company to remain resilient through a challenging macro environment. Athabasca’s long reserve life assets underpin significant value for shareholders.

Athabasca Oil Corporation is a Calgary based energy company with a focused strategy on the development of thermal and light oil assets situated in Alberta’s Western Canadian Sedimentary Basin. Company has a market cap of $531 and approximately 516 million shares outstanding.

CNOOC Limited (CNU:TSX) announced on January 16th that Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project has commenced production. There is one well currently producing and the project is expected to reach its peak production of approximately 19,200 barrels of crude oil per day in 2020.

CNOOC Limited is a Hong Kong based Chinese oil and gas company. CNOOC has a market cap of $2.3 million and approximately 10.6 million shares outstanding.

Storm Resources Ltd. (SRX:TSX) announced on January 16th an operational update which includes estimated production for the fourth quarter of 2018 and an estimate of the anticipated effect of an ongoing unplanned outage at the McMahon Gas Plant that started January 2, 2019.

Production in the fourth quarter of 2018 is estimated to have averaged approximately 22,300 Boe per day which includes 4,100 barrels per day of liquids (condensate plus NGL). This is higher than guidance for 19,000 to 21,000 Boe per day which was provided on November 13, 2018. Production was increased in mid-November in response to an improvement in natural gas prices in Chicago and averaged approximately 24,000 Boe per day in December based on field estimates.

Storm Resources Ltd. is a Calgary based energy company focused on development of its liquids-rich resource in the Montney formation in northeast British Columbia. Company has a market cap of $234 million and approximately 122 million shares outstanding.

Tourmaline Oil Corp. (TOU:TSX) announced on January 16th an update 2019 guidance and ongoing EP activities. The 2019 EP capital program has been reduced to $1.225 billion from the $1.3 billion announced on November 7, 2018. The company had reduced 2019 capital by 4% and increased 2019 production guidance by 3% at that time.

Company forecasts 2019 average production guidance of 300,000 boepd, representing 12% year-over-year growth, remains unchanged. A 1H 2019 average production range of 290,000-300,000 boepd and a 2H 2019 average production range of 310,000-320,000 boepd are forecast.

Construction of the 50,000 boepd Gundy deep cut facility remains on schedule for a June 2019 start-up. The plant will add between 35,000 and 50,000 boepd of net new production depending upon the levels of existing volumes that the company elects to continue flowing to third-party facilities.

Company will have approximately 125 new wells available to be brought on production between January 15 and June 30, 2019.

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

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Alvopetro Energy Ltd. (ALV:TSXV) announced on January 15th that its common shares are now trading on the OTCQX. Alvopetro shares will continue to trade on the TSX Venture Exchange.

Corey C. Ruttan, President and Chief Executive Officer of Alvopetro stated, "Alvopetro has made considerable progress over the last year in the execution of our natural gas project onshore Brazil. This is a transformational time for the Company and we are excited to now be trading on OTCQX to facilitate improved visibility and accessibility for our existing and expanding U.S. shareholder base."

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

Bellatrix Exploration Ltd. (BXE:TSX) announced on January 15th a fourth quarter 2018 operational update. Bellatrix drilled and or participated in 5 gross (3.0 net) wells during the fourth quarter including 4 gross (2.99 net) operated Spirit River liquids rich natural gas wells and 1 gross (0.02 net) non-operated Cardium well. Fourth quarter production volumes averaged approximately 35,100 boe/d based on field estimate.

Bellatrix’s Board of Directors has approved a 2019 capital budget of between $40 to $50 million, designed to maintain average production volumes between 34,000 to 36,000 boe/d. Bellatrix plans to fund the 2019 capital budget primarily through cash flow from operating activities.

Bellatrix Exploration Ltd is a Calgary based oil and gas company, engaged in the exploration, acquisition, development, and production of oil and natural gas reserves in the provinces of Alberta, British Columbia, and Saskatchewan. Company has a market cap of $53 million and approximately 81 million shares outstanding.

Crescent Point Energy Corp. (CPG:TSX) announced its 2019 budget of $1.20 to $1.30 billion. Company's annual average production is expected to be 170,000 to 174,000 boe/d in 2018.

Craig Bryksa, President and CEO of Crescent Point stated, "Given the significant decline and volatility in commodity prices, we have reduced our 2019 capital budget by approximately $500 million, or 30 percent, compared to the prior year. Due to our revised approach to capital allocation and taking into account improved overall efficiencies, our annual average production is unchanged from the prior year, net of dispositions. Additionally, we are on track to meet our 2018 guidance with capital expenditures approximately $35 million below budget."

As part of its waterflood initiatives, Crescent Point plans to convert approximately 145 producing wells to water injection wells in 2019, compared to approximately 70 conversions in 2018. This increase demonstrates the Company's ongoing focus on the consistent advancement of decline mitigation techniques, as previously outlined in its transition plan. Crescent Point's 2019 production guidance includes the anticipated impact on production of approximately 2,000 boe/d from converting existing producing wells to water injection wells.

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

Surge Energy Inc. (SGY:TSX) announced on January 15th that a cash dividend to be paid on February 15, 2019 in respect of January 2019 production, for the shareholders of record on January 31, 2019 will be $0.008333 per share. The dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).

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

Tamarack Valley Energy Ltd. (TVE:TSX) announced on January 15th its 2019 capital budget, associated guidance and an operational update. Tamarack's 2019 capital expenditure plans are to invest between $170 and $180 million, funded entirely through adjusted operating field netback. This capital program is expected to result in production of 23,500 – 24,500 boe/d (64-66% oil and NGL).

Tamarack plans to release its Q4 and year-end 2018 financial and operating results and annual information form for the year ended December 31, 2018 before market on Wednesday, February 27, 2019.

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

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Athabasca Minerals Inc. (ABM:TSX) announced on January 11th initial test results for the Montney In-Basin frac sand project. Preliminary results indicate that the MIB Project sand aligns with API Standard 19C, which provides the specifications for sands used in hydraulic fracturing. The Montney basin represents over 50% of the entire frac sand demand in Canada.

Robert Beekhuizen, CEO of Athabasca Minerals, and President of AMI Silica Inc commented, “AMI continues to make progress toward its strategic goal of becoming the leading in-basin supplier of premium domestic frac sand for the Canadian energy market. With the growing trend in the United States of in-basin frac sand displacing Wisconsin sand, we believe an equivalent trend is on the fore-front in Canada. In due course, a shift in our current dependence on 70% American frac sand supplying Canadian operations is possible.”

Athabasca Minerals Inc. is a Edmonton based resource company. It is engaged in the management, exploration, and development of aggregate projects in Alberta. Athabasca Minerals has a market cap of $11 million and approximately 33 million shares outstanding.

Bonterra Energy Corp. (BNE:TSX) announced on January 11th the company's Board of Directors has approved an initial 2019 capital budget range of $57 to $77 million, which will ultimately be dependent on Canadian realized pricing per BOE. This capital program represents a continuous single rig drilling program and associated facility capital.

Company remains committed to focusing on sustainability and debt reduction for the remainder of 2019 and will continue to monitor the effect of the production curtailments, progress of additional pipelines and commodity prices to determine if adjustments to its capital spending program for 2019 may be warranted.

Bonterra intends to direct the 2019 budget to new wells primarily targeting the Pembina Cardium across the Company's Carnwood and Rose Creek areas along with funds directed to facilities and pipelines, non-operated drilling and completion activities and abandonments.

Bonterra Energy Corp. is a Calgary based conventional oil and gas corporation with operations in Alberta, Saskatchewan and British Columbia. Company has a market cap of $219 million and approximately 33 million shares outstanding.

CGX Energy Inc. ( OYL:TSX) and Frontera Energy Corporation (FEC:TSX) announced jointly on January 11th that they have further amended a letter agreement previously disclosed in a news release of CGX and Frontera on December 4, 2018 and amended on December 14, 2018, to extend the time of the launch of the equity financing in the amount of approximately US$20 million to occur on or prior to February 6, 2019 and anticipated to be completed on or prior to March 15, 2019, subject to regulatory approval.

CGX Energy is a Toronto based Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana- Suriname Basin. Company has a market cap of $42 million and approximately 116 million shares outstanding.

Kinder Morgan Canada Limited (KML:TSX) announced on January 11th that it will hold a webcast and dial-in information for its 2018 fourth quarter earnings results on January 16. A recording of the conference call will be available for replay one hour after the call until the end of day on January 23, 2019. For further information see company's website.

Kinder Morgan Canada Limited is a Calgary based company which manages and is the holder of an approximately 30 percent minority interest in a portfolio of strategic energy infrastructure assets across Western Canada. Company has a market cap of $518 million and approximately 35 million shares outstanding.

Zargon Oil & Gas Ltd. (ZAR:TSX) announced Results of Extraordinary Meeting of debenture holders and provides strategic alternatives process update. Debenture holders held today ) have voted in favor of an extraordinary resolution pursuant to which all of the Debentures will be settled and all claims of the Debenture holders there under will be extinguished in exchange for approximately 428,878,324 common shares. Zargon’s Board of Directors have renewed its strategic alternatives process to seek outcomes that will maximize value for the company and its stakeholders.

Zargon Oil & Gas Ltd. is a Calgary based oil and gas company with assets and operations in western Canada. Company has a market cap of $1.2 million and approximately 31 million shares outstanding.

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Africa Energy Corp. (AFE:TSXV) announced on January 10th that the company's President and Chief Executive Officer, Garrett Soden, will be presenting at the Pareto Securities E&P Independents Conference in London, United Kingdom on Wednesday, January 16, 2019 at 2:20pm Greenwich Mean Time. A copy of the presentation will be available on Africa Energy's website.

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

AltaGas Ltd. (ALA:TSX) announced on January 10th that the January dividend will be paid on February 15, 2019, to common shareholders of record on January 25, 2019. The ex-dividend date is January 24, 2019. The amount of the dividend will be $0.08 for each common share. This dividend is an eligible dividend for Canadian income tax purposes.

AltaGas Ltd is a Calgary based company which owns and operates a diversified basket of energy infrastructure businesses. Company has a market cap of $3.9 billion and approximately 273 million shares outstanding.

Ensign Energy Services Inc. (ESI:TSX) ("Ensign") and Trinidad Drilling Ltd. (TDG:TSX) announced jointly that Trinidad has entered into an amalgamation agreement with Ensign Holdings Inc., a wholly-owned subsidiary of Ensign, under which Trinidad will amalgamate with Holdings, with the amalgamated entity becoming an wholly-owned subsidiary of Ensign.

A special meeting of the Trinidad Shareholders has been called for 9:00 a.m. (Calgary time) on January 31, 2019 at the offices of Ensign in Calgary to consider and pass a special resolution in relation to the Amalgamation.

As Ensign intends to vote the Trinidad Shares held by it in favor of the Amalgamation Resolution, it is anticipated that the Amalgamation will be approved at the Meeting and take effect on or about January 31, 2019.

Ensign is a global leader in oilfield services, headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally. Ensign has a market cap of $825 million and approximately 157 million shares outstanding.

Inter Pipeline Ltd. ( announced today the declaration of a cash dividend of $0.1425 per share for January 2019. This dividend will be paid on or about February 15, 2019 to shareholders of record on January 22, 2019. This dividend is designated as an "eligible dividend" for Canadian tax purposes.

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 $8.4 billion and approximately 402 million shares outstanding.

Seven Generations Energy (VII:TSX) announced on January 10th that its Board of Directors has approved a 2019 capital investment budget of $1.25 billion that is expected to be funded from operations and that, given the current price environment, strikes a reasoned balance between current production and future growth projects.

Seven Generations Energy expects 2018 production to average approximately 202,000 boe/d and capital investments to be in line with the company’s 2018 guidance. Due to fourth quarter 2018 condensate price weakness, the company deferred until January the start-up of seven new wells that were drilled, completed and tied-in during November 2018.

Seven Generations Energy is a Calgary based company focused on the acquisition, development, and optimization of high-quality, tight rock, natural gas resource plays. Company has a market cap of 4.1 billion and approximately 362 million shares outstanding.

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Crew Energy Inc. (CR:TSX) announced on January 9th an operations update that builds on company's 2019 budget release issued on December 10th, 2018. The Company's $95 to $105 million budget is expected to approximate annual estimated Funds From Operations which is designed to preserve balance sheet strength and financial flexibility.

Average production in Q4 2018 is estimated at 22,400 boe per day as approximately 1,300 boe per day of natural gas and 700 bbls per day of heavy oil was shut-in for the majority of the quarter due to low pricing. Annual production is estimated at 23,850 boe per day, which is within guidance of 23,500 to 24,500 boe per day.

Crew has two drilling rigs currently working in Northeast B.C. One rig is drilling the last well on a six well pad (at the 4-21 location) directly south of our recently completed 15-20 wells in the UCR area. This rig will then be moved to drill a four well UCR pad directly north of the 15-20 location at 3-32; where lateral lengths are planned at over 3,000 meters. The second rig is drilling a lease retention well at Attachie before moving to drill an exploratory horizontal well approximately 18 kilometers northwest of Crew's UCR area, to delineate Crew's liquids rich play in the area.

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

East West Petroleum Corp. (EW:TSXV) announced a corporate update. Company reported it continues to work on the necessary documentation to implement the transaction as previously announced. A meeting of shareholders to vote on the Juva transaction and related matters has been scheduled for February 20th and the company's information circular will be mailed to all shareholders on or about January 22nd.

Assuming shareholders approve the transaction, closing should occur on or about February 28th 2019. On completion shareholders will hold common shares of Juva, on a 10:1 ratio, and common shares of East West Oil and Gas Limited, on a 1:1 ratio. East West Oil and Gas Limited will hold the existing assets of the Company and will seek a listing on a recognized exchange. Timing for completion of the listing is currently not known but management intends to pursue listing on a priority basis.

East West Petroleum Corp. is a Vancouver based oil and gas company with interest in New Zealand and Romania. Comp0any has a market cap of $9.0 million and approximately 90 million shares outstanding.

Source Energy Services Ltd. (SHLE:TSX) announced that its most current corporate update is now available on its website under 'Investors - Events and Presentations'. Highlights of the Corporate Update include: Operations Overview including 2019 Capital Budget, Industry Trends, and Financial Overview.

Source is a Calgary based company and is a fully integrated producer, supplier and distributor of high quality Northern White frac sand. Company has a market cap of $80 million and approximately 61 million shares outstanding.

TransCanada Corporation (TRP:TSX) announced on January 9th its intention to change its name to TC Energy to better reflect the scope of the company’s operations as a leading North American energy infrastructure company.

The proposed name change was announced at the kick-off to the company’s annual Employee Forum series that began today in Mexico City. The series includes face-to-face events for employees and contractors in Canada, the United States and Mexico.

Subject to shareholder and regulatory approval, the name change will be effective immediately following the Annual and Special Meeting of Shareholders in the second quarter of 2019.

TransCanada is a Calgary based and operates as an energy infrastructure company, consisting of pipeline and power generation assets in Canada, the United States, and Mexico. Company has a market cap of $48 billion and approximately 918 million shares outstanding.

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Enbridge Inc. (ENB:TSX) announced on January 8th that Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP have launched consent solicitations with respect to certain of their outstanding notes.

For further information go to the corporate website http://www.enbridge.com.

This announcement is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy notes or any other securities.

Enbridge is a Calgary based company focused on energy generation, distribution, and transportation in the U.S. and Canada Company has a market cap of $92 billion and approximately 2 billion shares outstanding.

Enerplus Corporation (ERF:TSX) announced the appointment of Ms. Karen Clarke-Whistler to its board of directors. In 2018, Ms. Clarke-Whistler retired as the Chief Environment Officer of TD Bank Group, after a 10-year career with that company. Prior to, she spent more than 15 years working as an environmental consultant to a diverse base of clients in North and South America, Europe and Africa.

Ian C. Dundas, Enerplus President and Chief Executive Officer commented, “We look forward to gaining Ms. Clarke-Whistler's insights and guidance as a member of our board. Her strong leadership and deep knowledge of environmental business matters will greatly benefit our company.”

Enerplus is a Calgary based independent North American exploration and production company focused on its crude oil and natural gas assets in Canada and the United States. Company has a market cap of $2.8 billion and approximately 244 million shares outstanding.

Pembina Pipeline Corporation (PPL:TSX) announced that its Board of Directors declared a common share cash dividend for January 2019 of $0.19 per share to be paid, subject to applicable law, on February 15, 2019 to shareholders of record on January 25, 2019.

These dividends are designated "eligible dividends" for Canadian income tax purposes. For non-resident shareholders, Pembina's common share dividends should be considered "qualified dividends" and may be subject to Canadian withholding tax.

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

Yangarra Resources Ltd. (YGR:TSX) announced an operations update and outlines 2019 guidance. Company drilled 36 horizontal (HZ) Cardium wells during 2018. Production for 2018 averaged approximately 9,400 boe/d which is a 64% increase on a production per share basis when compared to 2017, with fourth quarter 2018 production estimated at 12,200 boe/d.

Company's Board of Directors has approved an initial capital budget of $100 million for 2019, which includes the drilling of 24 wells. The budget is expected to increase the company's annual 2019 production to 13,000 – 14,000 boe/d with cash flow from operations estimated at $95 to $105 million.

Yangarra Resources Ltd is a Calgary based oil and gas company which is engaged in the exploration, development, and production of natural gas and oil with operations in Western Canada. Company has its operations in Central Alberta, Medicine Hat, Alberta, and Jaslan, Alberta. It generates its revenue from the sale of petroleum and natural gas products. Company has a market cap of $263 million and approximately 85 million shares outstanding.

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Husky Energy Inc. (HSE:TSX) announced on January 7th that it wants to remind MEG Energy shareholders to tender their shares immediately in support of Husky’s full and fair offer announced on September 30, 2018.

The proposed transaction has met all regulatory requirements, including approval granted under the Investment Canada Act. As previously stated, Husky’s offer includes a condition that at least 66 2/3 percent of MEG shares must be tendered before Husky will take up shares to successfully complete the transaction.

MEG shareholders are reminded to tender well in advance of the deadline of 5 p.m. Eastern Time on Wednesday, January 16, 2019.

Husky Energy 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.

Petrus Resources Ltd. (PRQ:TSX) announced on January 7th an operations update and its 2019 outlook. Petrus’ Board of Directors has approved a first quarter 2019 capital budget of $8 to $10 million. Petrus will continue to monitor the Canadian commodity price environment and will evaluate subsequent quarter capital spending as the year progresses, in order to maintain financial strength and flexibility.

The first quarter capital budget is expected to be funded within estimated first quarter 2019 funds flow and is focused on the highest rates of return, lowest risk, condensate rich drilling opportunities in the Company’s inventory at Ferrier, Alberta. Petrus is focused on designing its 2019 capital plan to invest capital systematically each quarter within funds flow, permitting excess funds each quarter to reduce debt.

Company expects to release its annual reserve information as well as its annual financial results on March 15, 2019.

Petrus Resources Ltd. is a Calgary based Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta. Company has a market cap of $31 million and approximately 49 million shares outstanding.

Suncor Energy Inc. SU:TSX) announced on January 7th an operations update for the fourth quarter of 2018. Company reported total upstream production of 831,000 barrels of oil equivalent per day. This is a 12% increase from the third quarter of 2018.

Oil sands operations produced approximately 433,000 barrels per day (bbls/d) in the quarter. Fort Hills produced 183,000 bbls/d for the quarter, approximately 100,000 bbls/d net to Suncor, representing 94% of nameplate capacity. Syncrude production was 355,000 bbls/d for the quarter, 209,000 bbls/d net to Suncor, representing 101% of nameplate capacity, and reflecting a new quarterly production record. Total production from Exploration & Production was 90,000 boe/d during the fourth quarter.

Refining and Marketing operations demonstrated solid reliability with average refinery utilization of 101% for record quarterly crude throughput of 468,000 bbls/d. Refined product demand remained strong during the quarter.

Steve Williams, chief executive officer, commented, “During the quarter we had strong operational performance across our mining and in situ assets with Syncrude producing at record volumes and solid performance from Oil Sands operations, reflecting our focus on safety and operational excellence. Our integrated strategy and continued focus on value-added businesses has positioned us to perform well through volatile market conditions.”

Suncor Energy is one of Canada's largest integrated energy companies, operating in western Canada, east coast Canada, the United States, and the North Sea. Suncor is based in Calgary. Company has a market cap of $63.4 million and approximately 1.6 billion shares outstanding.

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Avant Imaging & Integrated Media Inc. and Canadian Oil Recovery and Remediation Enterprises Ltd. (CVR:TSXV) announced on January 3rd that they have entered into a binding letter agreement whereby Avant Imaging & Media Inc. will complete a reverse take-over of Canadian Oil Recovery and Remediation Enterprises. Management of Avant Imaging & Media Inc. will become the management of the public company after completion of the reverse take-over.

Avant Imaging & Media Inc. is a leader in providing print, data driven digital print communications and digital cross media. Avant Imaging & Media Inc. operates within a 72,000 square foot campus in Aurora, Ontario, with 70 full-time employees.

Canadian Oil Recovery and Remediation Enterprises is a Toronto based oil and gas services company which provides full cycle oil waste management solutions to the petroleum industry. Company has a market cap of $0.85 million and approximately 170 million shares outstanding.

Ballard Power Systems ( BLDP:TSX) announced that, effective January 1, 2019, the company has appointed Mr. Jiang Kui (also known as Mr. Kevin Jiang) and Mr. Sun Shaojun (also known as Mr. Sherman Sun) to the company's Board of Directors. These appointments, and expansion of Ballard's Board of Directors from seven members to nine members, are consistent with the terms of Ballard's strategic collaboration with Weichai Power Co., Ltd.

Jim Roche, Chairman of Ballard's Board of Directors commented, "Kevin Jiang and Sherman Sun both have extensive senior management experience across multiple functional disciplines within the Weichai organization. Their distinguished careers have included management of engineering and manufacturing operations, together with executive roles in Heavy and Medium Duty Motive power segments in China and other markets. We are fortunate to have Kevin and Sherman at the Board table, where their insights and counsel will support continued advancement of Ballard's growth strategy in China and around the globe."

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

BNK Petroleum Inc. (BKX:TSX) announced on January 3rd an operations update. Company reported that both the Brock 4-2H (BNK 77% working interest) and the Anderson 1-15H10X3 (BNK 33% working interest) have begun flowback. The Anderson well, which is the first 2 mile lateral in the Tishomingo Field Caney formation, began flowing back 6 days ago. The offset Brock 4-2H well, which began flow back earlier, has an initial 14 day production rate of 290 BOEPD while still cleaning up.

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.

Eagle Energy Inc. (EGL:TSX) announced an operational update on its North Texas development program and announces that it has entered into a forbearance agreement with its lenders.

In anticipation of a potential event of default occurring at year end, Eagle has entered into a limited forbearance agreement with the Lenders. Under the Forbearance Agreement, the Lenders have agreed to forbear from exercising their rights and remedies arising if Eagle fails to meet any of its financial covenants as of December 31, 2018 until January 31, 2019.

Eagle continues to work with its financial advisors to investigate, evaluate and consider possible asset sales and restructuring alternatives available to Eagle.

North Texas development program, production from its third North Texas horizontal well, operational measures taken by Eagle on its Dixonville property and expectations regarding the impact of these measures on field level cash flow from this property are pending Eagle’s financial covenants and other terms of the Loan Agreement.

Eagle Energy is a Calgary based oil and gas company with assets and operations in Canada and USA. Company has a market cap of $4.8 million and approximately 44 million shares outstanding.

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