Oilpatch Review

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

Updated on Friday, February 14, 2020

CNOOC Limited (CNU:TSX) announced on February 12th that Bozhong 34-9 Oilfield has commenced production. Bozhong 34-9 oilfield is located in the south of Bohai Sea with average water depth of 18.1 meters. In addition to fully utilizing the existing facilities of Kenli oilfield, the major production facilities include a central platform and a wellhead platform. A total of 57 producing wells are planned, including 38 production wells and 19 water injection wells. The project is expected to reach its peak production of approximately 22,500 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest of  Bozhong 34-9 oilfield and acts as the operator.

CNOOC Limited is a Hong Kong based Chinese oil and gas company. CNOOC has market cap of $2.2 billion and approximately 10.5 million shares outstanding.

Emerald Bay Energy Inc. (EBY:TSX) announced that the Company commenced operations yesterday to repair flow lines on the recently acquired Rouse lease near LaVernia, Texas. The Rouse lease is owned 100% by Emerald Bay, and is one of the 30 leases acquired by the Company in the acquisition announced on February 3, 2020. A flow line to the water injection well on the lease was accidentally severed several months ago, and repairs to the flow line had not been done prior to the Company acquiring the property. The repairs on the Rouse lease will be completed this week, and will add 5-6 bbls/day of oil production to the 15 bbls/day as announced at the time of acquiring the properties last week.

Emerald Bay Energy Inc. is a Calgary based energy company with oil producing properties in southwest Texas as well as non-operated oil and natural gas interests in Central Alberta. Company has a market cap of $4.2 million and approximately 277 million shares outstanding.

Trillion Energy International Inc. (TCF:CNX) announced its listing on the CSE Stock Exchange, where commencing February 11, 2020, the company will trade under the stock symbol (TCF).

CEO, Arthur Halleran commented, “We are very excited about the company's prospects for 2020 and on the Canadian securities markets. We believe this will be a truly transformative year for the company. We appreciate our investors patience throughout the CSE listing process. We plan to transform our operations this year and to build intrinsic value to the company though the exploration and development of our valuable resource assets.”

Trillion Energy International Inc. is a Vancouver base international oil and gas company with assets and operations in Europe and Turkey. Company has a market cap of $6.2 million and approximately 88 million shares outstanding.

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Centaurus Energy Inc. (CTA:CNX) announced that it has entered in an exclusive negotiation agreement with KD Energy International Capital Limited to discuss a potential equity financing. The negotiations with KD Energy are being conducted on behalf of the Company under the direction of a special committee of independent directors through Peters & Co. Limited, who was retained to act as financial advisor to the independent special committee.

Prior to entering into the Negotiation Agreement, the company secured a binding offer to re-finance the existing Loan Agreements on substantially the same terms, from Maglan Distressed Master Fund LP , an affiliate of Maglan Capital LP, the company's largest shareholder. This offer to re-finance from Maglan is open for acceptance by the company until February 15, 2020.

Centaurus Energy Inc is an Argentinean based upstream oil and gas company that engages in conventional and unconventional oil and gas operations in Argentina. Company has a market cap of $51.7 million and approximately 544 million shares outstanding.

Crew Energy Inc. (CR:TSX) announced its independent corporate reserves evaluation prepared by Sproule Associates Ltd. with an effective date of December 31, 2019. In 2019, Crew added 11.3 MMboe of PDP reserves representing approximately 19% of 2018 PDP reserves, bringing the total to 63.1 MMboe at year-end, 5% higher than 2018. PDP FD&A costs were $8.79 per boe resulting in a recycle ratio of 1.4x.

Crew added 37.5 MMboe of 1P reserves, which increased 17% to 202.0 MMboe, and achieved a 1P FD&A cost of $6.16 per boe resulting in a recycle ratio of 2.0x. 2P totaled 97.3 MMboe, 1P was 50.8 MMboe, and PDP was 15.8 Mmboe.

Based on unaudited field estimates, Crew's annual production averaged 22,837 boe per day in 2019 while fourth quarter production was at the high end of the guidance range at 22,446 boe per day as the four completed UCR wells saw first hydrocarbons sooner and rates were higher than anticipated.

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.

Inter Pipeline Ltd. (IPL:TSX) announced the declaration of a cash dividend of $0.1425 per share for February 2020. This dividend will be paid on or about March 16, 2020 to shareholders of record on February 24, 2020. 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 $8.9 billion and approximately 407 million shares outstanding.

Shoal Point Energy Ltd. (SHP:CNX) announced that a secondary zone in the first Mount Evans well has been completed, put on pump and connected to the on-site storage tanks. Production testing of this secondary zone is expected to last approximately 30 to 60 days, after which the higher, primary zone will be completed and put on production and the two zones' production will be commingled.

Based on the success of the first well in the Mount Evans project, planning is underway for the second well, expected to start drilling in the last week of March.

Shoal Point Energy Ltd is a petroleum exploration and development company with offices in St. John's, Toronto and Vancouver, Canada. The Company entered into a farm in agreement with Shelby Resources LLC to explore and develop Mount Evans oil and gas prospect in Kansas. Company has a market cap of $9.1 million and approximately 43.5 million shares outstanding.

TerraVest Industries Inc. (TVK:TSX) announced its results for the first quarter ended December 31, 2019 and the declaration of its quarterly dividend. Sales for the quarter ended December 31, 2019 were $88,252 versus $79,031 for the prior comparable quarter. Net income for the first quarter ended December 31, 2019 was $6,420 versus $6,139 for the prior comparable period.

The dividend payout ratio for the first quarter ended December 31, 2019 was 24% versus 23% for the prior comparable period.

TerraVest Industries Inc. is a Vegreville, Alberta based company operating segments of Fuel Containment, Processing Equipment and Service. The Fuel Containment segment is a provider of products and services to a variety of industries across Canada and the United States. Company has a market cap of $189 million and approximately 17 million shares outstanding.

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AltaGas Ltd. (ALA:TSX) announced on February 10th that the February dividend will be paid on March 16, 2020, to common shareholders of record on February 25, 2020. The ex-dividend date is February 24, 2020. 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 Canada Ltd is a Calgary based company which owns and operates a diversified basket of energy infrastructure businesses. Company has a market cap of $1.0 billion and approximately 30 million shares outstanding.

Calfrac Well Services Ltd. (CFW:TSX) announced on February 10th results of the previously announced offer by Calfrac Holdings LP, a Delaware limited partnership which is indirectly wholly-owned by Calfrac, to exchange newly issued 10.875% Second Lien Secured Notes due 2026 for validly tendered 8.500% Senior Unsecured Notes due 2026 of Calfrac Holdings.

Calfrac is also pleased to announce that Calfrac Holdings has increased the maximum aggregate principal amount of Old Notes it will accept for exchange in the Exchange Offer (the "Maximum Amount") to US$120,000,100, based on the final Clearing Exchange Ratio.

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.

Crew Energy Inc. (CR:TSX) announced on February 10th highlights from our independent corporate reserves evaluation prepared by Sproule Associates Ltd. with an effective date of December 31, 2019.In 2019, Crew added 11.3 MMboe of PDP reserves representing approximately 19% of 2018 PDP reserves, bringing the total to 63.1 MMboe at year-end, 5% higher than 2018.

Crew added 37.5 MMboe of 1P reserves, which increased 17% to 202.0 MMboe, and achieved a 1P FD&A cost of $6.16 per boe resulting in a recycle ratio of 2.0x. The company's PDP and 1P reserves additions were achieved in concert with lower development capital due to efficiency enhancements in part associated with increasing the number of ERH wells.

Reserves assigned at Crew's UCR area of operations increased meaningfully in 2019 across all reserve categories. 2P totaled 97.3 MMboe, 1P was 50.8 MMboe, and PDP was 15.8 Mmboe. 1P up 52% to 13.7 MMbbls and 2P increased by 24% to 26.4 Mmbbls. 2P reserves assigned by Sproule to 17.5 net sections was $856.0 million.

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.

Tethys Petroleum Limited (TPL.H:TSXV) announced on February 10th that it has reached a legally binding settlement agreement with Olisol Petroleum Limited and certain of its affiliated companies and their principals.

The key terms of the Settlement Agreement insofar as they affect Tethys are: Tethys and Olisol agree that they shall seek to discontinue the Canadian lawsuit commenced by Tethys on January 27, 2017 with no order as to costs and the parties agree not to bring any further claims in respect of the disputed matters in the Canadian lawsuit; Tethys agrees to issue eighteen million (18,000,000) ordinary shares to Olisol in full satisfaction, and in exchange for full repayment, of all amounts owing under the facility agreement between the parties; Olisol agrees to sell a total of two million eight hundred and nine thousand and thirty six (2,809,036) Tethys ordinary shares to existing shareholder Gemini IT Consultants DMCC for an aggregate of US$1,151,705, at a price of US$0.41 per Share.

The obligation of Tethys and TAG to complete the transactions contemplated by the Settlement Agreement is subject to prior receipt of any approvals required by relevant securities laws or stock exchange rules, Gemini having subscribed and paid for the Debenture and Tethys satisfaction that all necessary DSFK corporate approvals have been obtained.

Tethys Petroleum Limited is a Cayman Islands based on oil and gas exploration and production company with activities in Central Asia. and the Caspian Region. Company has a market cap of $13.6 million and approximately 68 million shares outstanding.

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Advantage Oil & Gas Ltd. (AAV:TSX) announced its 2019 year-end reserve evaluation by Sproule Associates Limited, and a summary of 2019 operating results. Company reported Proved developed producing reserves increased by 21%, PDP finding and development cost of $5.38/boe, Proved plus probable (“2P”) condensate/light oil reserves increased by 45% and Total 2P liquids reserves increased by 15%.

During the fourth quarter of 2019, Advantage achieved record production of 47,370 boe/d, up 5,290 boe/d or 13% above the third quarter of 2019 by increasing natural gas production to capture increased AECO prices. Annual production was 44,334 boe/d, up 6% over 2018. Liquids production in the fourth quarter of 2019 was 3,031 bbls/d, with annual liquids production reaching 2,700 bbls/d, an increase of 81% over 2018.

Advantage achieved adjusted funds flow for 2019 of $155 million or $0.83/share. Year-end total debt-to-adjusted funds flow ratio was 2.0 with bank debt of $296 million drawn on the corporation’s $400 million credit facility.

Advantagewon Oil Corp. is a Toronto based oil and gas company engaged in the acquisition, exploration, development, and production of oil and gas reserves in Texas. Company has just started its operations in Canada. Advantagewon has a market cap of $2.17 million and approximately.218 million shares outstanding.

Africa Oil Corp. (AOI:TSX) announced on February 7th that the government of South Africa, has approved the acquisition of a 20% participating interest in the Block 3B/4B Exploration Right from Azinam Limited by its wholly-owned subsidiary, Africa Oil SA Corp. Africa Oil Corp. will assume operatorship for the joint venture partners; Azinam will retain a 20% participating interest and Ricocure (Pty) Ltd retains a 60% participating interest.

Africa Oil is also pleased to announce that it will participate in a US$40 million capital raising by Impact Oil & Gas Limited , the privately-owned, African-focused exploration company on or about 14 February 2020. The Company will subscribe for approximately 45.0 million ordinary shares at an issue price of 20 pence per ordinary share, for an investment of approximately US$12.0 million.

Impact expects to use the proceeds to fund its interest in potentially high impact 2020 drilling campaigns. These include drilling the Venus-1 exploration well on Block 2913B offshore Namibia, and Luiperd-1 well on Block 11B/12B offshore South Africa.

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

ARC Resources Ltd. (ARX:TSX) announced its fourth quarter and year-end 2019 financial and operational results as well as its year-end 2019 reserves results. During the year ended December 31, 2019, ARC generated funds from operations of $697.4 million ($1.97 per share), paid $212.4 million ($0.60 per share) in dividends to shareholders, and maintained its strong financial position. ARC invested $691.5 million during the year.

ARC has established a very efficient, robust, and sustainable business. The company's operating expense of $4.97 per boe is the lowest it has been in 20 years, and continues to trend downwards. 2P finding and development costs, including future development capital, are $4.82 per boe, and ARC continues to manage its corporate decline rate below 30 per cent.

Company reported funds from operations in the fourth quarter reached $145.4 million and during the year 2019, $159.7 million. Company experienced a loss of $(57.2) million and a net income of $159.7 million in 2019.

Arc Resources is a Calgary based oil and gas company engaged in the acquisition, exploration, development, and production of conventional oil and natural gas in Western Canada. Company has a market cap of $3e.2 billion and approximately 354 million shares outstanding.

Keyera Corp. (KEY:TSX) announced the appointment of Dean Setoguchi to the role of President and Chief Commercial Officer. Mr. Setoguchi is currently Senior Vice President and Chief Commercial Officer and in his new expanded role he will assume responsibility for corporate development and strategy. David Smith will continue to lead Keyera as Chief Executive Officer and a member of the Board. These changes are effective March 1, 2020.

Additional leadership changes will also be effective March 1, 2020: Dion Kostiuk, Vice President, Human Resources and Corporate Services, will be appointed Senior Vice President, Human Resources and Corporate Services; Bradley Slessor will be appointed Vice President, New Ventures and U.S. Operations. Mr. Slessor is currently General Manager of Keyera's U.S. Operations.

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.

PetroShale Inc. (PSH:TSXV) announced that the TSX Venture Exchange has accepted the company's notice of intention to renew its normal course issuer bid to purchase for cancellation, from time to time, as the company considers advisable, up to a maximum of 11,785,163 common shares. The Bid will commence on February 10, 2020 and will terminate on February 10, 2021 or such earlier time as the Bid is completed or terminated.

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.

Valeura Energy Inc. (VLE:TSX) announced on February 7th that its President and Chief Executive Officer, Sean Guest, who is also a director, has advised the Company that he purchased a total of 100,000 common shares of no par value in the capital of the Company at a price of C$0.365 per share (approximately £0.21/share) on the Toronto Stock Exchange on February 4th , 2020; and its Chief Financial Officer, Heather Campbell, has advised the company that she purchased a total of 60,000 common shares of no par value in the capital of the Company at a price of C$0.41 per share.

Russell Hiscock, a director, has advised the company that he purchased a total of 20,000 common shares of no par value in the capital of the company at a price of C$0.42 per share (approximately £0.25/share) on the Toronto Stock Exchange on February 6th, 2020.

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

Yangarra Resources Ltd. (YGR:TSX) announced its operations update and the results of its 2019 year end oil and gas reserves evaluation. Yangarra's land position in Chedderville has increased from 9.5 sections, January 1, 2018 to 62 sections of Cardium land today. The infrastructure build in late 2018 and early 2019 is key to positioning the Company to support drilling in this area for several years to come.

Despite the limited drilling program, Yangarra's yearly average production was 12,550 boe/d (33% growth from an average of 9,425 boe/d in 2018) with fourth quarter production expected to average 12,500 boe/d. The average production is lower than guidance due to the reduced drilling & completions program.

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

Frontera Energy Corporation (FEC:TSX) announced an exploration update in relation to prospects in Colombia in the Lower Magdalena Valley, including its exploration joint venture with Parex Resources Inc.

The La Belleza-1 exploration well on the VIM-1 block (Frontera 50% WI, Parex 50% WI, operator) was drilled to a total depth of 11,680 feet. A total of 179 feet (155 feet total vertical depth) of potential hydrocarbon bearing reservoir was encountered in the Cienaga De Oro formation and drilling operations were stopped to allow testing of the open hole section.

The joint venture partners are evaluating options to drill one or two additional delineation wells in the second half of 2020 from the existing La Belleza well pad. The partners are also evaluating different options for gas commercialization and infrastructure requirements.

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

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Advantage Oil & Gas Ltd. ( AAV:TSX) announced its 2019 year-end reserve evaluation by Sproule Associates Limited ("Sproule"), and a summary of 2019 operating results. Company reported Proved developed producing ("PDP") reserves increased by 21% and Proved plus probable ("2P") condensate/light oil reserves increased by 45%.

During the fourth quarter of 2019, Advantage achieved record production of 47,370 boe/d, up 5,290 boe/d or 13% above the third quarter of 2019 by increasing natural gas production to capture increased AECO prices. Annual production was 44,334 boe/d, up 6% over 2018. Liquids production in the fourth quarter of 2019 was 3,031 bbls/d, with annual liquids production reaching 2,700 bbls/d, an increase of 81% over 2018.

Advantagewon Oil Corp. is a Toronto based oil and gas company engaged in the acquisition, exploration, development, and production of oil and gas reserves in Texas. Company has just started its operations in Canada. Advantagewon has a market cap of $2.17 million and approximately.218 million shares outstanding.

AltaGas Ltd. (ALA:TSX) announced on February 6th that the company will release its 2019 fourth quarter and year-end financial results on Friday, February 28, 2020 before markets open. A conference call and webcast will be held the same day to discuss the financial results and other corporate developments.

AltaGas Canada Ltd is a Calgary based company which owns and operates a diversified basket of energy infrastructure businesses. Company has a market cap of $1.0 billion and approximately 30 million shares outstanding.

Emerald Bay Energy Inc. (RBY:TSX) announced that the company has spudded the fifth well, #4HC, on the Duval County Ranch Company ("DCRC") "E" lease. The DCRC properties were acquired by the Company, with partners HugoCellR and CWS Energy Resources, in August, 2019. The properties consist of five leases totaling 896 acres, and pertain to the shallow depths from just below the Mirando Sand (approx. 2,600') to the surface.

The first phase of development at DCRC has been on the 320 acre "E" lease, and #4HC will be the fifth well drilled to date. The first four wells are currently producing 55 bbls/day of oil, and it is anticipated that the #4HC well will add approximately 15-20 barrels of oil per day. The partnership has plans to drill an additional 4-6 wells on the "E" lease this year.

Emerald Bay Energy Inc. is a Calgary based energy company with oil producing properties in southwest Texas as well as non-operated oil and natural gas interests in Central Alberta. Company has a market cap of $4.2 million and approximately 277 million shares outstanding.

Hemisphere Energy Corporation (HME:TSXV) announced an update on its Southern Alberta oil assets following a successful 2019. Through 2019, Hemisphere drilled 11 horizontal oil wells in its Upper Mannville G pool, which greatly expanded development in the Company's most prolific oil pool. The summer drilling program was completed on budget and on time with all wells being brought on production by the fourth quarter.

Based on field estimates, corporate production during the fourth quarter of 2019 averaged approximately 2,160 boe/d (98% heavy crude oil and 2% conventional natural gas), which represents significant growth of more than 55% over the fourth quarter of 2018. Current production, based on field estimates for January 2020, is approximately 1,990 boe/d (98% heavy crude oil and 2% conventional natural gas).

Hemisphere Energy Corporation is a Vancouver based oil and gas company. Its core operations are in Jenner and Atlee Buffalo areas in southeast Alberta. Company has a market cap of $11 million and approximately 90 million shares outstanding.

Jadestone Energy Inc. (JSE:TSXV) announced a director dealing. On February 5, 2020, Cedric Fontenit, a Non-executive Director of Jadestone, notified the Company that on February 1, 2020, a fund managed by Tyrus Capital S.A.M. ("Fund") holding an interest in the common shares of Jadestone Energy Inc. effected a transfer of 443.5565 units of the Fund to Mr. Fontenit, at nil cost.

Jadestone Energy Incorporated is a Singapore based oil and gas company. It has operations and assets in Australia, Vietnam and Philippines. Company has a market cap of $396 million and approximately 461 million shares outstanding.

Obsidian Energy Ltd. (OBE:TSX) announced its year-end 2019 independent reserves evaluation. Company replaced 95 percent on a PDP basis, 140 percent on a 1P basis and 139 percent on a 2P basis of 2019 production, prior to asset divestitures. Obsidian Energy's reserve life index is approximately 8, 11 and 14 years on a PDP,1P and 2P basis, respectively.

Reserve replacement was driven by strong underlying asset base performance in addition to the 2019 drilling program in the Cardium Crimson Lake area in Willesden Green. 1P replacement in the Cardium is approximately 177 percent and 2P replacement is approximately 187 percent.

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.

Oryx Petroleum Corporation Limited (OXC:TSX) announced the decision of the arbitration tribunal in the matter of the previously announced agreement that provided for the transfer of a 30% participating interest in the Haute Mer B license offshore Congo (Brazzaville) from a subsidiary of Oryx Petroleum (the "Seller") to a subsidiary of Total S.A. (the "Buyer").

The tribunal rejected the Seller's position that all conditions to closing had been either satisfied or waived and that the Buyer was required to close the transaction and acquire the Seller's interests. Forecast cash consideration of $13.3 million from the transaction will not be received.

As previously disclosed, during the second quarter of 2019, members of the HMB license area contractor group relinquished their rights to explore and produce crude oil from the license area.

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.

Pembina Pipeline Corporation (PPL:TSX) announced that its Board of Directors declared a common share cash dividend for February 2020 of $0.21 per share to be paid, subject to applicable law, on March 13, 2020 to shareholders of record on February 25, 2020. This dividend is designated an "eligible dividend" 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.

For shareholders receiving their common share dividends in U.S. funds, the February 2020 cash dividend is expected to be approximately U.S. $0.1582 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7531.

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.

TAG Oil Ltd. (TAO:TSX) announced on February 6th a corporate update. TAG's current cash balance stands at ~C$41 million following a royalty payment of ~C$0.25 million for the quarter ended December 31, 2019. TAG holds a 2.5% gross overriding royalty on all future production from the New Zealand assets that it sold to Tamarind Resources Pte. Ltd. in September 2019.

TAG's operations over its three 100% controlled blocks (PL17, ATP 2037 and ATP 2038) covering over 275,000 acres in the Surat Basin of Australia are ongoing. Preparations are now underway to acquire further 2D and 3D seismic over ATPs 2037 and 2038 with a view to delineating potential high impact exploration leads in multiple formations and an anticipated mid-year completion date. TAG is also continuing to explore strategic partnerships and opportunities for the Australian assets.

TAG Oil Ltd is a Calgary based Canadian oil and gas exploration, development and production company. It operates through three geographical segments including Canada, New Zealand, and Australia. Company has a market cap of $29 million and approximately 85 million shares outstanding.

Touchstone Exploration Inc. (TXP:TSX) announced on February 6th an operations update. Company reported that flowback testing of the first stage of the Cascadura-1ST1 well has been completed, confirming that the well is a significant liquids rich natural gas discovery.

Average flowback rate during the final 14-hour test period was 5,180 barrels of oil equivalent per day , including 27.1 million cubic feet per day ("MMcf/d") of natural gas and 660 barrels per day of natural gas liquids. Field analysis indicated liquids rich gas with no hydrogen sulfide and no produced water.

The well is expected to be shut-in for a two-week pressure build-up test, following which we anticipate completing and testing an additional 450 feet of identified pay.

Touchstone Exploration Incorporated is a Calgary based international oil and gas company with operations in Trinidad and Tobago. Company has a market cap of $34 million and approximately 161 million shares outstanding

 

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