Oilpatch Review

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

Updated on Tuesday, May 26, 2020

Advantagewon Oil Corp., (AOC:CNX) announced on May 22nd that it had entered into a Purchase Agreement where the corporation has agreed to acquire a 42.5% working interest in four wells, and the associated land lease for the wells, from a private company. Keeping consistent with corporation's refocused Canadian business strategy, the four wells that the corporation is acquiring are all located in the Province of Saskatchewan. The land lease the corporation has acquired in this transaction consists of approximately 160 acres.

Advantage Oil & Gas Ltd is a Calgary based natural gas and liquids development and production company. It operates a portion of assets located in the Montney resource play in Western Canada Company has a market cap of $374 million and approximately 186 million shares outstanding.

Bonterra Energy Corp. (BNE:TSX) announced that at its annual general meeting of shareholders held on May 21, 2020, a total of 15,337,948 shares, representing 45.94% of common shares outstanding, were represented in person or by proxy. Shareholders approved all resolutions listed in the management information circular dated April 9, 2020, including the election of each of the five nominees proposed as directors.

Bonterra Energy Corp. is a Calgary based conventional oil and gas producer with operations in Alberta, Saskatchewan and British Columbia. Company has a market cap of $228 million and approximately 33 million shares outstanding.

Cub Energy Inc. (KUB:TSXV) announced its unaudited financial and operating results for the interim three months ended March 31, 2020. Company reported a net loss of $706,000 or $0.00 per share during the three months March 31, 2020 as compared to net income of $962,000 or $0.00 per share during 2019. Company reported netbacks of $5.40/boe or $0.90/Mcfe were achieved for the three months March 31, 2020 as compared to netback of $24.49/Boe or $4.08/Mcfe for 2019.

Cub Energy Incorporated is a Houston, USA based international oil and gas company focused on its activities and properties in Ukraine. Company has market cap of $7.8 million and approximately 312 million shares outstanding.

Crew Energy Inc. (CR:TSX) announced on May 22nd the voting results for the election of directors at its annual general and special meeting of shareholders held on May 21, 2020. Each of the six nominees proposed by Crew and as set forth in the Information Circular – Proxy Statement provided to shareholders in connection with the Meeting were elected as directors.

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.

PetroShale Inc. (PSH:TSXV) announced the appointment of Mr. Gary D. Reaves of First Reserve to the company's Board of Directors effective May 20, 2020, concurrent with Mr. Brooks Shughart leaving his position on the Board. Mr. Reaves is a Managing Director at First Reserve, a leading global private equity investment firm exclusively focused on energy and PetroShale's long-term capital partner.

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.

Pine Cliff Energy Ltd. (PNE:TSX) announced all matters presented for approval at the annual meeting of shareholders on May 21, 2020 have been approved. A total of 99,008,064 common shares representing 30.21% of Pine Cliff's issued and outstanding common shares were voted in connection with the Meeting.

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.

                                                                                           * * * * * *

Frontera Energy Corporation (FEC:TSX) announced that it held its annual general and special meeting of shareholders, where each of the eight nominees proposed as directors and listed in the Company's management proxy circular dated April 7, 2020 were elected as directors.

The amendment and restatement of the company's articles was approved by a special resolution at the Meeting, in accordance with the articles of the company. More info available on SEDAR.

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.

Jadestone Energy Inc. (JSE:TSX) announced on May 21st that it will issue its consolidated interim unaudited financial statements for the period ending March 31, 2020, on Thursday, May 28, 2020. A live webcast of the presentation will be available; see company website for further information.

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.

Pulse Oil Corp. (PUL:TSXV) announced on May 21st that it intends to complete a brokered private placement of up to $30,900,000. Each Private Placement Unit will be priced at $25.75 and will consist of one preferred share in the capital of OpCo, and twenty-five common shares. The Private Placement will be conducted by Raymond James Ltd.

Drew Cadenhead, Pulse President and COO commented, "This funding will allow us to accelerate our Enhanced Oil Recovery project at Bigoray at a time when our largest expense associated with the project, the NGL injection solvent, is at historically low prices.”

Pulse Oil Corp. is a Calgary based oil and gas company with assets and interests in the Bigoray area of Alberta. Company has a market cap of $29 million and approximately 144 million shares outstanding.

                                                                                           * * * * * * *

Cuda Oil and Gas Inc. (CUDA:TSXV) announced an operations update at its Shannon Secondary Recovery Unit in the Powder River Basin, Wyoming. Production response from the gas flood at the SSRU has been widespread and prolific. Thirteen (13) of a total of thirty-four (34) producing wells have experienced a significant increase in oil production. In January 2020, the combined production of these 13 wells averaged 500 bbls/d; in March 2020, these wells produced an average of 710 bbls/d.

Average operating production for SSRU reached 1,375 bbls/d (375 bbls/d net) in March 2020. New drilling in combination with injectivity response allowed production to peak at 1900 bbls/d (520 bbls/d net).

Cuda Oil And Gas Inc is a Calgary based company. The main activity of the company is oil and natural gas exploration, development and production in Alberta and Quebec in Canada; and in the State of Wyoming in the United States. Company has a market cap of $11 million and approximately 22 million shares outstanding.

Journey Energy Inc. (JOY:TSX) announced its financial results for the first quarter of 2020.Company's revenue reached 18.3 million and it reported a loss of $(65.4) million in the first quarter of 2020. Company achieved production of 9,325 boe/d in the first quarter. Liquids (oil and natural gas liquids) accounted for 4,521 Boe/d or 49% of total production during the quarter.

The Duvernay drilling program has advanced to the point where Journey now has significant production history on the three wells drilled by its joint venture partner, Kiwetinohk Resources Corporation.

Journey Energy Inc. is a Calgary based exploration and production company focused on oil-weighted operations in western Canada. Journey's strategy is to grow its production base by drilling on its existing core lands, implementing waterflood projects, and by executing on accretive acquisitions. Company has a market cap of $69 million and 39 million shares outstanding.

Keyera Corp. (KEY:TSX) announced the appointment of Ms. Eileen Marikar as Senior Vice President and Chief Financial Officer, effective May 20, 2020. Mr. Steven Kroeker, who has served as Keyera's CFO since 2012 is stepping down from the CFO role effective immediately.

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.

Nexera Energy Inc. (NGY:TSXV) announced an update on operations in South Texas. Company has completed negotiations to re-lease the Schertz and Schertz Sanchez leases at a new royalty structure which is significantly more attractive to the company in the current pricing environment. The two leases comprise 26 wells on approximately 200 acres, and operations have begun to bring the wells online. Company has been informed by its oil gatherer that sales will be able to resume in the month of June at the Company's contracted premium rates of WTI plus $2.25 -$6.00 per barrel.

Nexera Energy is a Calgary based company with operations in southwest Texas. Company has a market cap of $944,276 and approximately 23.6 million shares outstanding.

Point Loma Resources Ltd. (PLX:TSX) announced the cessation of all operations effective May 21, 2020. The board of directors, after extensive and careful consideration, have determined that Point Loma's business is no longer viable. In the present economic environment, Point Loma has been unable to refinance or recapitalize its business, and the corporation, therefore, no longer has the financial capability to carry on its operations.

Point Loma Resources Ltd. is a Calgary based oil and gas exploration and development company focused on conventional and unconventional oil and gas reservoirs in west central Alberta. Company has a market cap of $13.9 million and approximately 63 million shares outstanding.

TC Energy Inc. announced on May 20th that it has closed an equity investment in Turning Point Generation, a WindRiver subsidiary. TPG is the developer and 100 per cent owner of the Canyon Creek Project, a planned pumped hydro energy storage facility to be located near Hinton, Alberta. Kipp Horton, President & CEO of WindRiver commented, "We are excited to be joined by TC Energy in advancing the Canyon Creek Project to its commencement of construction, which we anticipate by year's end. TC Energy's outstanding reputation, financial strength and intimate working knowledge of the Alberta electricity market make it an ideal complement to WindRiver's expertise in hydro plant construction and operation."

TC Energy Corporation is a Calgary based energy transporter company. It owns and operates pipelines 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.

                                                                                           * * * * * * *

Alvopetro Energy Ltd. (ALV:TSXV) announced on May 14th its first quarter results. Company reported petroleum sales of $60,000 and a net loss of $(2.36) million. Company also announced an amendment to our Gas Sales Agreement with Bahiagás, an operational update and our first quarter 2020 financial and operating results. Company's natural gas produced from our Caburé natural gas field will be sold under its long-term gas sales agreement with Bahiagás, the local distribution company for the state of Bahia.

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.

Bonavista Energy Corporation (BNP:TSX) announced on May 14th its financial and operating results for the three months ended March 31, 2020. Company reported net sales of $100 million, a cash flow of $47.9million and a loss of $(44.2) million in the first quarter of 2020.

Company achieved a production of 66,805 boe per day, six percent greater than prior quarter and three percent ahead of budget.

Bonavista Energy Corp is a Calgary based independent producer of oil and natural gas in the Western Canadian Sedimentary Basin. Company has a market cap of $330 million and approximately 255 million shares outstanding.

Tamarack Valley Energy (TTVE:TSX) announced that at the annual general and special meeting of shareholders held on May 13, 2020. It is reported that all seven nominees listed in the management information circular of the company dated April 13, 2020, were elected by way of ballot as directors of Tamarack. All other resolutions provided for in the Circular were duly passed and a report on the voting results is available under the company's profile on SEDAR.

Tamarack Valley Energy 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.

Tidewater Midstream and Infrastructure Ltd. (TWM:TSX) announced on May 14th that it has filed its condensed interim consolidated financial statements and Management's Discussion and Analysis for the three-month period ended March 31, 2020. Revenue reached $252 million and reported a loss of $(39.6) million in the first quarter of 2020.

Tidewater is well positioned to weather the current economic environment and remains focused on cash flow generation, increasing liquidity and reducing leverage.

Tidewater Midstream and Infrastructure Limited is a Calgary based company engaged in providing infrastructure and natural gas storage facilities in North America. Company has a market cap of $447 million and approximately 331 million shares outstanding.

Toscana Energy Income Corporation (TEI:TSX) announced on May 14th that it intends to rely on exemptive relief granted by the Canadian securities regulatory authorities that allows issuers to delay the filing of its interim financial report for the interim period ended March 31, 2020. Toscana intends to delay holding its annual general meeting of shareholders until a later date in 2020.

Toscana Energy Income Corporation is a Calgary based conventional oil and gas producer with a mandate to acquire high quality long life oil and gas assets. Company has a market cap of $1.45 million and approximately 145 million shares outstanding.

Trican Well Service Ltd. (TCW:TSX) announced on May 14th its first quarter results for 2020. Company reported a revenue of $191.8 million and a loss of $(155.0) million in the first quarter of 2020.

The second quarter WCSB rig count has already dipped below historically low levels in Q2. Therefore, Trican expects Q2 operating activity metrics to decrease significantly both sequentially and year-over-year.

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

                                                                                           * * * * * * *

Avantagewon Oil Corp. (AOC:CNX) announced on May 13th that it had entered into a Letter of Intent to acquire Groundstar Resources Limited. Corporation expects to enter into a Definitive Agreement with GRL within the next 90 days.

Groundstar Resources Limited has approximately $30,000,000 CDN in accumulated tax losses and the acquisition of these losses will allow AOC to defer a significant amount of income tax when it enters a taxable position. The purchase price for the tax losses will be $335,000 CDN subject to certain adjustments and will be paid for via the issuance of stock of AOC.

Corporation will provide further updates on the proposed transaction, via press release, as material information becomes available and once a sale price is determined.

Advantage Oil & Gas Ltd is a Calgary based natural gas and liquids development and production company. It operates a portion of assets located in the Montney resource play in Western Canada Company has a market cap of $374 million and approximately 186 million shares outstanding.

Paramount Resources Ltd. (POU:TSX) announced on May 13th its first quarter report. Company's netback was $44.5 million in the first quarter of 2020 compared to $114.9 million in the fourth quarter of 2019 mainly due to lower commodity prices and production. Cash from operating activities was $30.5 million in the first quarter of 2020. Adjusted funds flow was $33.5 million or $0.25 per share.

Company has also entered into incremental 2020 and 2021 natural gas hedges and near-term liquids hedges to mitigate volatility and protect cash flows.

Production in the first quarter of 2020 was impacted by three separate outages (two unscheduled, one scheduled) at a third-party processing facility in the Wapiti area. This amounted to approximately one full month of downtime or the equivalent of approximately 4,300 Boe/d of high netback production for the quarter.

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.

Pipestone Energy Corp. (PIPE:TSXV) announced on May 13th its first quarter report. Company generated revenues, adjusted funds flow and net income of $32.0 million, $11.8 million and $15.5 million, respectively, during the three months ended March 31, 2020. Company reported a net income of $15.5 million.

Pipestone Energy continued to execute and improve on its drilling, completion, and equip & tie in costs through its 2020 capital program. During the quarter, the wells on the 6-30 pad-site were drilled in an average of 15.1 days for an average cost of approximately $2.1 million per well.

In April 2020, the company successfully executed completion operations at its 6-30 pad using two frac spreads with an average completion cost of approximately $2.9 million per well. All-in DCE&T costs for the 6-30 pad are expected to be approximately $5.5 million.

Pipestone Energy Corporation is a Calgary based oil and gas company with assets and operations in the Pipestone area of Alberta. Company has a market cap of $332 million and approximately 84 million shares outstanding.

Tamarack Valley Energy Ltd. (TVE:TSX) announced its financial and operating results for the three months ended March 31, 2020. Company reported a sales revenue of $66.2 million and net loss of $(251) million in the first quarter of 2020. Company's first quarter operating netback was $22.11/boe.

Tamarack achieved average production of 23,531 boe/d in Q1/20, a 2% increase over 23,149 boe/d in Q1/19, and 5% lower than the previous quarter, while investing $73.9 million in capital expenditures. This contributed to the drilling of 59 (57.1 net) wells, comprised of 49 (47.8 net) Viking oil wells, four (3.3 net) Cardium oil wells, two (2.0 net) Penny Banff oil wells and four (4.0 net) water source and injector wells.

Tamarack Valley Energy 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.

                                                                                           * * * * * * *

Africa Oil Corp. (AOI:TSX) announced on May 12th that it has received its third dividend from Prime Oil and Gas B.V., a company that holds interests in deepwater Nigeria production and development assets. Prime has distributed a US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50% interest.

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 $419 million and approximately 472 million shares outstanding.

Canadian Natural Resources Limited (CNQ:TSX) reported the results of its annual meeting. All nominees mentioned in the circular were elected. PricewaterhouseCoopers LLP were appointed as auditors of the Corporation for the ensuing year and to authorize the Audit Committee of  the Board of Directors to fix their remuneration.

Canadian Natural Resources is a Calgary based oil and gas company with operations in western Canada, the North Sea and Offshore Africa. Company has a market cap of $42 billion and approximately 1.2 billion shares outstanding.

Crew Energy Inc. (CR:TSX) announced on May 12th its upcoming annual general and special meeting of shareholders to be held on Thursday, May 21, 2020.

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.

Cuda Oil and Gas Inc. (CUDA:TSXV) announced an extension of its credit facilities for the continuation to support its Powder River Basin Light Petroleum Assets inWyoming.

Cuda Oil And Gas Inc is a Calgary based company. The main activity of the company is oil and natural gas exploration, development and production in Alberta and Quebec in Canada; and in the State of Wyoming in the United States. Company has a market cap of $11 million and approximately 22 million shares outstanding.

Horizon North Logistics Inc. (HNL:TSX) announced on May 12th its financial and operating results for the three months ended March 31, 2020 and 2019. Company reported a revenue of $115 million and a loss of $22.8) million in the first quarter of 2020.Revenue for Q1 2020 decreased by 11% when compared to Q1 2019.

Company is reducing 2020 net capital spending by $20.0 million, including a pause in mat manufacturing, for a net capital spend of $7.0 million.

Horizon North Logistics Incorporated is a Calgary based energy services company providing a full range of industrial. Company has a market cap of $306 million and approximately 166 million shares outstanding.

Pembina Pipeline Corporation PPL:TSX) announced the voting results from its annual meeting of common shareholders held virtually on May 8, 2020. Each of the matters voted upon at the Meeting is discussed in detail in the Company's Management Information Circular dated March 19, 2020 and is available on the company's website.

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.

 

Disclaimer

Investing in stocks and commodity trading involves risks. ‘Canadian Insight’ and its authors are not responsible for any misinformation, errors or inaccuracies submitted in any news releases, or articles. This site does not imply a guarantee, or warranty that all information on this site is completely accurate even though we take every precaution that is available to eliminate erroneous content. Use of this site is sole responsibility of the user.  

 

® Canadian Insight was established in 2009. It is privately owned. This site is not affiliated with any oil company, association, government, or organization influencing its content.

We solely rely on advertising revenue to fund our operations.

A scheduled email appointment may be made for a business interview. No personal calls are accepted. Please feel free to forward your suggestions or questions to:

 editor@canadianinsight.com 

 

Editor: Jim Klemchuk

Co-editor  & Photographer:

Fay Klemchuk

Contributing writer:

Allan Pierce

Contributing photographer:

Natalie Klemchuk

Assisting editor:

Allana Klemchuk

Copyright  © 2020, 2019, 2018, 2017, 2016,2015, 2014, 2013, 2012, 2011, 2010, 2009 Canadian Insight