Oilpatch Review

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

Updated on Friday, January 24, 2020

Pine Cliff Energy Ltd. (PNE:TSX) announced an update on its Pekisko development program which continues to demonstrate encouraging results. Pine Cliff's first horizontal oil well ("13-33") targeting the Pekisko formation in Central Alberta came on production on January 18, 2019, and has averaged 249 Boe/d (111 Bbl/d oil, 27 Bbl/d natural gas liquids and 666 Mcf/d natural gas) through the first 365 days of production.

Two (2) additional Pekisko wells (100% working interest) were drilled in the fourth quarter of 2019, with the first of these wells ("4-21") being placed on production on December 19, 2019, with IP30 rates averaging 308 Boe/d (150 Bbl/d oil, 31 Bbl/d natural gas liquids and 761 Mcf/d natural gas). Pine Cliff's third Pekisko well ("1-15") was placed on production on January 18, 2020. Pine Cliff reduced capital expenditures on 4-21 and 1-15 to an average of $2.6 million per well for drilling, completion and tie in, down from $3.0 million for the same scope of work on 13-33.

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

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Baytex Energy Corp. (BTE:TSX) announced on January 21st its year-end 2019 reserves and 2019 fourth quarter and year-end preliminary unaudited financial and operating results. Company's production in 2019 exceeded the high end of its annual guidance with outstanding capital efficiencies in the company's development program. As a result, companmy generated $329 million of free cash flow and a 17% reduction in net debt.

Proved developed producing reserves increased by 5%, from 135 mmboe to 142 mmboe while proved reserves (“1P”) and proved plus probable reserves (“2P”) are largely unchanged at 314 mmboe (315 mmboe at year-end 2018) and 529 mmboe (527 mmboe at year-end 2018), respectively.

Baytex Energy Corp is a Calgary based company engaged in the exploration for and production of heavy crude oil, light crude oil, and natural gas in Alberta, Saskatchewan, British Columbia, and South Texas. Company has a market cap of $1.06 billion and approximately 558 million shares outstanding.

Centaurus Energy Inc. (CTA:TSXV) announced on January 21st that the company has entered into an agreement with the Ministry of Energy and Natural Resources of the Province of Neuquén to adjust the milestone schedules for the company's drilling obligations in its Curamhuele concession.

Centaurus has a 90% working interest in the Curamhuele concession covering approximately 51,000 net acres. The concession is prospective for liquids in the Lower Agrio formation and gas and condensate in the Vaca Muerta formation.

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.

Enerplus Corporation (ERF:TSX) announced its 2020 exploration and development capital budget of $520 to $570 million and outlook through 2022. Improving capital efficiencies with well costs in North Dakota anticipated to be US$400,000 lower year-over-year Annual crude oil and natural gas liquids production is expected to grow to between 57,000 to 60,000 barrels per day.

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.

InPlay Oil Corp. (IPO:TSX) announced on January 21st that its Board of Directors has approved a $35 million Exploration and Development capital program for 2020. InPlay drilled 13 (8.2 net) horizontal wells in 2019 primarily in the Willesden Green and Pembina areas, including 10 (5.2 net) extended reach horizontal wells and 3 (3.0 net) one-mile horizontal wells. In 2020, InPlay plans on drilling approximately 10.0 – 11.0 net development Cardium wells in Willesden Green and Pembina, in addition to one exploration vertical stratigraphic test East Duvernay well in the Huxley area.

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

Crescent Point Energy Corp. (CPG:TSX) announced that it has successfully closed the previously announced sale of certain associated gas infrastructure assets in Saskatchewan for total cash consideration of $500 million. Assets sold as part of this transaction include nine natural gas gathering and processing facilities and two gas sales pipelines with total throughput capacity of more than 90 MMcf/d.

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.

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Africa Energy Corp. (AFE:TSX) announced on January 20th an operational update on its exploration activities. On December 9, 2019, Shearwater GeoServices Holding AS commenced an initial 2D seismic program of 3,370 linear kilometers using the Multi-Purpose Vessel SW Cook. The goal of the 2D seismic program is to define the lead and prospect inventory of the large under-explored area in Block 11B/12B to the east of the Paddavissie Fairway. Shearwater has completed approximately 3,300 linear kilometers to date.

Garrett Soden, Africa Energy's President and CEO, commented, "We are excited to begin an extremely active and potentially transformational period for the Company. The Block 11B/12B joint venture operated by Total has embarked on an ambitious exploration program offshore South Africa to follow-up on the large Brulpadda gas condensate and light oil discovery last year. The 2D and 3D seismic surveys are progressing well and will help us identify additional prospectivity across the block. The upcoming multi-well exploration program will target several de-risked submarine fan prospects with substantial prospective resources."

Africa Oil Corp. is a Vancouver based Canadian oil and gas company with assets in Kenya and Ethiopia and has recently signed an agreement to acquire an interest in a producing asset in deepwater Nigeria. Company has a market cap of $485 million and approximately 471 million shares outstanding.

CGX Energy Inc. (OYL:TSX) announced on January 20th the granting of incentive stock options to purchase 1,510,000 common shares of the Company, subject to regulatory approval. The Options were granted on January 17, 2020 pursuant to the Company's stock option plan and are exercisable at a price of $0.71 per share, and are set to expire on January 17, 2025.

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

Frontera Energy Corporation (FEC:TSX) announced on January 20th an operational update. Frontera delivered strong, stable estimated full year production of 70,875 boe/d in 2019. This level exceeded the high-end of 2019 production guidance of 65,000 to 70,000 boe/d and was in-line with the prior year. Production from Colombia is estimated at 63,625 boe/d, up 1.2% in 2019 as compared to 2018 while production from Peru is estimated at 7,250 bbl/d, down 11.3% in 2019 as compared to 2018, reflecting increased downtime on the Norperuano pipeline during the year. Fourth quarter 2019 total estimated production of 70,905 boe/d was 1.0% higher than the prior quarter and 1.4% lower than the prior year.

Company drilled 21 wells during the fourth quarter of 2019, including 18 development wells and three exploration wells. Three previously disclosed exploration wells on the Sabanero block were subsequently reclassified as development wells of which two were drilled during the fourth quarter of 2019. During the first quarter of 2020, Frontera expects to drill 28 development wells (21 at Quifa, six at CPE-6, and one at Canaguaro), and commence drilling one exploration well (Asai-1 on the Guama block), targeting natural gas and liquids.

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.

Granite Oil Corporation (GXO:TSX) announced on January 20th the summary results of the independent reserves report prepared by Sproule Associates Limited with an effective date of December 31, 2019. Granite increased its Total Proved oil reserves to 13.5 mmbbls, representing an increase of 1.3 mmbbls when compared to 2018. Total Proved finding and development costs for oil, including the change in future development capital of $14.22 million, were $10.88 per barrel, generating a recycle ratio of 3.2 times.

Granite’s properties produced an average of approximately 1,539 bbls of oil per day during 2019.  Granite’s average realized all-in operating netback (prior to hedging) for the period is estimated to be $34.21 per barrel of oil equivalent

Granite Oil Corporation is a Calgary based company. It has assets and operations located in southern Alberta. The company is engaged in the exploration for and exploitation, development, and production of oil and natural gas. Its Alberta Bakken Properties are located in southern Alberta at the south of Lethbridge. Granite Oil has a market cap of $31 million and approximately 38 million shares outstanding.

Paramount Resources Ltd. (POU:TSX)announced on January 20th that on January 17, 2020 of an electrical failure within the Keyera Wapiti Gas Plant. This failure has resulted in an unplanned outage. Keyera has advised Paramount that it expects the Plant to be repaired and resume operations within approximately two weeks. Paramount is monitoring the situation closely and will provide further updates if necessary in the event that the outage extends for a duration that causes a material impact to Paramount.

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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Crew Energy Inc. (CR:TSX) announced on January 17th that it has entered into a purchase and sale agreement with a third party midstream company for the disposition of a 22% net working interest in each of its Septimus gas processing facility and West Septimus gas processing facility located in Northeast British Columbia.

In conjunction with completion of the Transaction, Crew and the Purchaser will form a strategic alliance to participate collaboratively in future value creation opportunities. Separately, Crew has exercised its option to acquire an approximate 16% net interest in the NEBC Facilities for $11.7.

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 that Mr. Nick DeMare, interim CEO, announces the granting of stock options to directors of the Company for the purchase of up to 1,300,000 common shares, at a price of $0.06 per share, for a period of five years.

East West Petroleum Corporations is a Vancouver based oil and gas company with assets and operations in New Zealand and Romania. Company has a market cap of $7.2 million and approximately 90 million shares outstanding.

International Petroleum Corp. (IPCO:TSX) that it has entered into an agreement to acquire Granite Oil Corp. Acquisition is comprised of high netback, light oil producing assets in the Milk River area of Alberta, located southwest of IPC’s existing operations in the Suffield area, just north of the US border. Assets are currently producing approximately 1,500 bopd of 29° API oil, from an oil pool which extends over a 50 kilometre fairway. Assets include existing infrastructure to enable the current gas injection enhanced oil recovery scheme.

Arrangement has been unanimously approved by the Board of Directors of IPC. The Board of Directors of Granite has also unanimously approved the Arrangement, and recommends that Granite shareholders vote in favor of the Arrangement at the meeting of Granite shareholders expected to be held in early March 2020.

International Petroleum Corp. is a Vancouver based oil and gas exploration and production company with a high quality portfolio of assets in southern Alberta, Europe and South East Asia. Company has a market cap of $877 million and approximately 160 million shares outstanding.

Obsidian Energy (OBE:TSX) announced on January 17th an update on its Cardium development program. All 13 wells from the second half of 2019 were successfully brought online prior to the end of December. Results from the program continue to meet the strong production expectations for the area, with IP10 rates for the program averaging 520 boe/d (90% oil) per well (all 13 wells are included in the average), and IP30 rates for wells averaging 485 boe/d (83% oil) per well (11 of the 13 wells are included in the average).

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.

Valeura Energy Inc. (VLE:TSX) announced on January 17th a trading update for the year ended December 31, 2019. Fourth quarter 2019 production averaged 646 boe/d, comprised of gas produced from the company's ongoing conventional program. This is an increase of 22% over the prior quarter, and a demonstration of how the company's shallow gas work program of well workovers and recompletions can offset natural declines.

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.

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Enerplus Corporation (ERF:TSX) announced on January 16th the retirement of Ray Daniels as Senior Vice President, Operations, People & Culture after more than 35 years in the energy industry, including 12 years with Enerplus. Mr. Daniels will remain in his current position until he formally retires in April 2020. In conjunction with Mr. Daniels' retirement, the Company also announced that it has hired Wade Hutchings as Senior Vice President & Chief Operating Officer. Mr. Hutchings' appointment is effective February 11, 2020.

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.

MEG Energy Corp. (MEG:TSX) announced on January 16th that it plans to commence a private offering (the "offering") of US$800 million in aggregate principal amount of senior unsecured notes due 2027. MEG intends to use the net proceeds of the offering, if completed, and cash on hand to (i) redeem in full its US$800 million aggregate principal amount of 6.375% senior unsecured notes due January 2023 and (ii) pay fees and expenses related to the offering.

MEG also announced today that it has issued (i) a conditional notice to redeem in full MEG's US$800 million in aggregate principal amount of 2023 Notes at a redemption price of 101.063%, plus accrued and unpaid interest to, but not including, the redemption date; and (ii) a notice to redeem US$100 million aggregate principal amount of its 6.50% senior secured second lien notes due 2025 at a redemption price of 104.875%, plus accrued and unpaid interest to, but not including, the redemption date.

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.

SECURE Energy Services Inc. (SES:TSX) announced that its Board of Directors has declared a dividend for the month of February 2020 of $0.0225 per common share payable on or about February 18, 2020 to shareholders of record on February 1, 2020. This dividend is an eligible dividend for the purpose of the Income Tax Act (Canada).

Secure Energy Services Inc. is a Calgary based company which provides treatments and disposal services to the oil and gas industry. Company has a market cap of $1.5 billion and approximately 159 million shares outstanding.

TORC Oil & Gas Ltd. (TOG:TSX) announced that a cash dividend of $0.025 per common share will be paid on February 18, 2020 to common shareholders of record on January 31, 2020. The ex-dividend date is January 30, 2020. This dividend has been designated as an "eligible dividend" for Canadian income tax purposes.

TORC Oil & Gas Ltd is a Calgary based company engaged in exploration, development, and production of oil and natural gas reserves in the southeast Saskatchewan. Company has a market cap of $1.02 billion and approximately 217 million shares outstanding.

Whitecap Resources Inc. (WCP”TSX) announced that a cash dividend of Cdn. $0.0285 per common share in respect of January operations will be paid on February 18, 2020 to shareholders of record on January 31, 2020. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).

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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ARC Resources Ltd. (ARX:TSX) announced a monthly dividend amount of $0.05 per share for February 17, 2020 to shareholders of record on January 31, 2020. The ex-dividend date is January 30, 2020. As at January 15, 2020, the trailing 12-month payments to shareholders total $0.60 per share.

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.

Centaurus Energy Inc. (CTA:TSXV) announced on January 15th that its partner has successfully completed and tested the CASE-501h multi-frac well in the Vaca Muerta Shale Formation at the Coiron Amargo Sur Este block in Argentina. This is the second of a five well program.

The well was drilled with an approximate horizontal lateral length of 2,000 meters at a vertical depth of approximately 3,100 meters. The CASE-501h was connected to early production facilities on November 9, 2019. CASE-501h achieved a 30 day average initial production rate of rate of 1003 barrels of oil per day with an average wellhead pressure of 4,885 psi, significant higher than the CASE-101h.

The CASE-401h horizontal multi-frac well, the third of the five well program, was completed and connected to early production facilities on January 7, 2020. Company expects to announce the CASE-401h IP30 results in due course.

Centaurus Energy Inc is an Argentinean based upstream oil and gas company which 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.

Surge Energy Inc. (SGY:TSX) announced on January 15th that a cash dividend to be paid on February 17, 2020 in respect of January 2020 production, for the shareholders of record on January 31, 2020 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.

Valeura Energy Inc. (VLE:TSX) announced on January 15th that the company's full financial and operating results due to be announced on March 12, 2020.

Fourth quarter 2019 production averaged 646 boe/d, comprised of gas produced from the company's ongoing conventional program. This is an increase of 22% over the prior quarter, and a demonstration of how the company's shallow gas work program of well workovers and recompletions can offset natural declines.

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.

Vermilion Energy Inc. (VET:TSX) announced on January 15th a cash dividend of $0.23 CDN per share payable on February 18, 2020 to all shareholders of record on January 31, 2020. The ex-dividend date for this payment is January 30, 2020. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).

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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Ballard Power Systems (BLDP:TSX) announced on January 14th that it has signed Equipment Sales Agreements for the provision of an initial 500 FCgen®-1020ACS fuel cell stacks to adKor GmbH and SFC Energy AG, to be integrated into adKor's Jupiter backup power systems for deployment at radio tower sites in Germany through the end of 2021.

Oben Uluc, Ballard Sales Director for EMEA said, "We are very pleased to announce these agreements with adKor and SFC Energy for integration of our air-cooled fuel cell stacks into the Jupiter backup power system. The German government's decision to deploy fuel cell systems extensively for backup power at radio tower sites is a result of the technology's proven reliability and effectiveness in the field over the past number of years."

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.

Calfrac Well Services Ltd. (CFW:TSX) announced on January 14th its 2020 capital program of approximately $100.5 million, which consists primarily of maintenance capital expenditures.

Lindsay Link, Calfrac's President and Chief Operating Officer, commented, "We have proactively decided to market fewer fleets in 2020, which will mean a modest reduction in our planned operations overall. Calfrac's budget represents a prudent response to market conditions, and will allow the Company to continue to deliver safe and efficient service to our clients, while maintaining our focus on free cash flow for the year.”

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.

Crescent Point Energy Corp. (CPG:TSX) announced on January 14th its 2020 budget. Crescent Point's 2020 capital expenditures budget of $1.10 to $1.20 billion is primarily comprised of sustaining capital and is expected to generate annual average production of 140,000 to 144,000 boe/d. This production range is unchanged from the prior year after incorporating approximately 30,000 boe/d of dispositions executed in 2019.

Within Crescent Point's 2020 budget, approximately seven percent of its capital expenditures is prudently allocated to long-term development projects, including decline mitigation programs such as waterflood. The Company plans to convert approximately 120 producing wells to water injection wells in 2020.

Crescent Point expects to generate approximately $200 million to $350 million of excess cash flow at US$55/bbl to US$60/bbl WTI, which it plans to allocate to continued net debt reduction and accretive share repurchases. The Company's budget will be flexible in the event of lower commodity prices and is fully funded at oil prices of less than US$50/bbl WTI.

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.

Encana Corporation (ECA:TSX) announced on January 14th that its securityholders voted in support of the reorganization resolution, in order to: (I) establish the company's corporate domicile in the U.S.; (ii) rebrand under the name Ovintiv Inc.; and (iii) complete a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana. The approval was made at its Special Meeting of Securityholders held earlier today.

Completion of the reorganization is still subject to other conditions to closing, including final approval of the plan of arrangement by the Court of Queen's Bench of Alberta.

Encana Corporation is a Calgary based energy company focused on developing its resources plays in North America. Company has a market cap of $14.8 billion and approximately 1.5 billion shares outstanding.

Petrus Resources Ltd. (PRQ:TSX) announced on January 14th its first quarter capital budget and outlook for 2020. Petrus’ Board of Directors has approved a first quarter 2020 capital budget of $9.0 million. Petrus will continue to monitor the Canadian commodity price environment and will evaluate subsequent quarter capital spending as the year progresses.

Petrus’ Board of Directors has approved a first quarter 2020 capital budget of $9.0 million to drill two (2.0 net) Cardium wells in the Ferrier area. First quarter funds flow combined with proceeds from the previously announced non-core asset disposition are expected to total $9.5 million.

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.

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Africa Energy Corp. (AFE:TSXV) announced on January 13th that the company's President and Chief Executive Officer, Garrett Soden, will be presenting to shareholders and investors at a town hall meeting in Stockholm, Sweden on Monday, January 20, 2020, at 18:30 Central European Time (CET). The town hall meeting will be held at Näringslivets Hus on Storgatan 19 in Stockholm. For further information see company website.

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.

CNOOC Limited (CNU:TSX) announced its business strategy and development plan for the year 2020. Company's targeted net production for 2020 is 520 million to 530 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 64% and 36%, respectively. Company's net production for 2019 is expected to be approximately 503 million BOE. Company's net production for 2021 and 2022 are estimated to be around 555 million BOE and 590 million BOE, respectively.

Company's total capital expenditure for 2020 is budgeted at RMB85 billion to RMB95 billion. The capital expenditures for exploration, development, production and others will account for approximately 20%, 58%, 20% and 2% of the total capital expenditure, respectively. In 2020, the Company plans to drill 227 exploration wells and collect approximately 27 thousand square kilometers 3-Dimensional seismic data.

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.

Corridor Resources Inc. (CDH:TSX) announced on January 13th has entered into a definitive investment agreement with Neil Roszell, Jason Jaskela, Ali Horvath, Jonathan Grimwood and Terry Danku which provides for: (i) a non-brokered private placement of units of Corridor for gross proceeds of $20.0 million; (ii) a brokered private placement of common shares of Corridor for gross proceeds of up to $30.0 million.

New Management Team will be led by Neil Roszell as Chairman and Chief Executive Officer, Jason Jaskela as President and Chief Operating Officer, Ali Horvath as Vice-President, Finance and Chief Financial Officer, Jonathan Grimwood as Vice-President, Exploration and Terry Danku as Vice-President, Engineering.

Corridor Resources Incorporated is a Halifax based resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick and offshore in the Gulf of St. Lawrence. Company has a market cap of $67 million and approximately 89 million shares outstanding.

Keyera Corp. (KEY:TSX) announced a cash dividend for January 2020 of 16.00 cents per common share. The dividend will be payable on February 18, 2020, to shareholders of record on January 22, 2020. The ex-dividend date is January 21, 2020. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada). For non-resident shareholders, Keyera's dividends are subject to Canadian withholding tax.

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.

PetroTal Corp. ( TAL:TSXV) announced on January 13th its year end production results. Company reported its 2019 year-end production of 13,300 barrels of oil per day from the Bretaña oil field, operated 100% by PetroTal.

Average oil production from the Bretaña oil field for the fourth quarter was 7,757 bopd, a 77% uplift on the 4,382 bopd achieved during the third quarter of 2019. In 2019, PetroTal produced just over 1.5 million barrels of oil, representing average oil production of 4,131 bopd, an increase of over 330% from the average production of 958 bopd realized in 2018.

The 5H well continues to perform above expectations and has now produced 240,000 barrels of oil in its first 30 days of operation and is currently producing 6,500 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.

 

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