Oilpatch Review

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

Updated on Tuesday, July 16, 2019

Cenovus Energy Inc. (CVE:TSX) announced that the company reached one billion barrels of cumulative production from its Foster Creek and Christina Lake oil sands facilities in northern Alberta. Cenovus is the first company to produce one billion barrels of oil using steam-assisted gravity drainage (SAGD) technology.

Foster Creek began producing oil as a pilot under a predecessor company in 1997 and in 2001 became the first commercial oil sands project to use SAGD, while Christina Lake began producing oil in 2002.

This incredible achievement for Cenovus represents over 20 years of hard work, perseverance and innovation by our staff members, both past and present,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “Thanks to their efforts, we can proudly say today that we are an industry leader, that our oil sands projects have made a significant contribution to the Canadian economy, and that Cenovus’s oil is among the most responsibly produced oil on the planet.”

Cenovous Energy Limited is a Calgary based company focused on oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and British Columbia. Company has a market cap of $15 billion and approximately 1.22 billion shares outstanding.

Delphi Energy Corp. (DEE:TSX) announced that the annual borrowing base redetermination of its senior credit facility has been finalized. The amended credit facility has a borrowing base of $100.0 million reducing to $90.0 million upon the earlier of September 30, 2019 and the completion of the sale of excess Alliance pipeline transportation service for $11.9 million which was previously announced on June 17, 2019.

The revolving period of the senior credit facility has been extended to November 28, 2019, with the maturity date extended to November 29, 2020. Under the amended credit facility, capital spending until November 30, 2019 is limited to $4.0 million other than as funded by the issuance of new equity or senior secured notes.

Upon closing the sale of the excess Alliance service, expected to be on or about September 3, 2019, Delphi expects to have bank debt net of working capital of approximately $70 million.

In the second quarter of 2019, the company brought on production the four wells from its multi-well pad with a surface location of 13-34-59-24W5, directly offsetting the company’s delineation wells drilled in West Bigstone at 16-10-60-24W5 and 15-10-60-24W5. Over the first 30 days on production, the four wells on the 13-34 pad flowed at an average rate of 2.0 million cubic feet per day of raw natural gas and 590 barrels per day of 42 degree API field condensate.

Delphi Energy Corporation is a Calgary based natural gas producer focused on its high quality Montney property, uniquely positioned in the Deep Basin of Bigstone, in northwest Alberta. Company has a market cap of $73 million and approximately 186 million shares outstanding.

Highwood Oil Company Ltd.,(HOCL:TSXV) announced that the partner in the Peace River Oil Partnership has waived its right, per the Peace River Oil Partnership Agreement, to exercise both the right of first refusal and the tag along provision regarding the previously announced transaction on May 16, 2019. The anticipated closing of the 55% operated working interest in PROP is expected to be in mid August 2019.

Company is also pleased to announce that its three (1.5 net) latest wells drilled in the Clearwater formation during Q1 2019 are performing above company expectations while producing an average of 155 barrels per day per well after 70 days of production.

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

Keyera Corp. (KEY:TSX) announced a cash dividend for July 2019 of 15.00 cents per common share. The dividend will be payable on August 15, 2019, to shareholders of record on July 22, 2019. The ex-dividend date is July 19, 2019. 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.

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AltaGas Ltd. (ALA:TSX) announced on July 11th its 2019 second quarter financial results on Thursday, August 1, 2019 before markets open. A conference call and webcast will be held the same day to discuss the financial results and other corporate developments. Shortly after the conclusion of the call, a replay will be available. The webcast will be archived for one year.

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.

Calfrac Well Services Ltd. (CFW:TSX) announced intends to release its Second Quarter 2019 results before markets open on Thursday, August 1, 2019 and has scheduled a conference call and webcast to begin at 10:00 A.M. MT (12:00 P.M. ET) on the same day. Prior to the start of the call and ask for the Calfrac Well Services Ltd. conference call. Calfrac's management team will be available to answer questions on the call. A webcast of the conference call may be accessed via Calfrac's website.

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.

CruzSur Energy Corp. (CZR:TSX) announced that it has granted an aggregate of 2,462,500 stock options under the company's stock option plan to directors, officers, employees, consultants of the Company and charities with an exercise price of C$0.45 per stock option, exercisable for a period of ten years from the date of grant.

Company has re-priced a total of 72,500 stock options which were previously granted to consultants of the Company to $0.45 per share. Except for the amendment of the exercise price, all original terms of the stock options will remain in effect.

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

Eagle Energy Inc. (EGL:TSX) announced that the Toronto Stock Exchange is reviewing the eligibility for continued listing on the TSX of the common shares of Eagle. The TSX has initiated the delisting review as a result of, among other matters, the market capitalization of Eagle falling below the levels required by the TSX. Eagle has been granted 120 days to comply with all requirements for continued listing.

Eagle Energy is a Calgary based oil and gas corporation with producing properties and operations in western Canada and US. Company has a market cap of $2.4 million and approximately 44 million shares outstanding.

Pembina Pipeline Corporation (PPL:TSX) announced that its Board of Directors declared a common share cash dividend for July 2019 of $0.20 per share to be paid, subject to applicable law, on August 15, 2019 to shareholders of record on July 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.

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.

PetroShale Inc. ( PSH:TSXV) announced that the following matters were voted upon and approved at the annual and special meeting of shareholders held on July 3, 2019 in Calgary, Alberta; Fixing the Number of Directors, Election of Directors, Appointment of Auditors, Stock Option Plan and Bonus Award Incentive Plan.

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

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AltaGas Ltd. (ALA:TSX) announced on July 10th that the July dividend will be paid on August 15, 2019, to common shareholders of record on July 25, 2019. The ex-dividend date is July 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.

CNOOC Limited (CNU:TSX) announced on July 10th that CNOOC China Limited, its subsidiary, has signed a Cooperation Framework Agreement with China Petroleum & Chemical Corporation ("Sinopec Corp.") regarding the sea areas of Bohai, Beibu Gulf and South Yellow Sea, as well as North Jiangsu Basin.

Cooperation Framework Agreement will be implemented in three years through joint study, joint exploration and facility sharing in multiple sea areas. Under the framework, both parties have signed three joint study agreements, namely, "Joint Study Agreement on Bohai Basin", "Joint Study Agreement on North Jiangsu Basin and South Yellow Sea Basin" and "Joint Study Agreement on Beibu Gulf Basin." Both parties will share data and carry out innovative joint studies in the Yellow River Mouth Sag, the Qingdong Sag and the eastern part of Bodong Sag in the Bohai Basin, as well as southwestern Weizhou and Xuwen areas of Beibu Gulf Basin, the North Jiangsu Basin and the blocks in eastern South Yellow Sea Basin.

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 on July 10th that Mr. Carlo Enrique Gutierrez has been appointed to the Corporation’s Board of Directors. Mr. Gutierrez has also served as a board member for the 211 Public Improvement District Highway in San Antonio for the past two years. Mr. Gutierrez owns 24,140,200 common shares in the Corporation.

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.

Inter Pipeline Ltd. (OPL:TSX) announced the declaration of a cash dividend of $0.1425 per share for July 2019. This dividend will be paid on or about August 15, 2019 to shareholders of record on July 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 $8.9 billion and approximately 407 million shares outstanding.

Terrace Energy Corp. (TZR:TSXV) announced the resignation of Eric Boehnke from the Company's board of directors. The Company thanks Mr. Boehnke for his service and wishes him well in his new endeavors.

Terrace Energy Corporation is a Vancouver based oil and gas company focused on developing its properties in the US. Company has a market cap of $1.0 million and approximately 89 million shares outstanding.

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Advantage Oil & Gas Ltd. ( AAV:TSX) announced an operational update which includes solid second quarter 2019 results. Liquids production during the quarter increased 142% year over year to 2,580 bbls/d, primarily from bringing on two net condensate-rich middle-Montney wells at east Glacier. These wells averaged 84 bbls/mmcf during initial production. June liquids production exceeded 2,700 bbls/d.

Total production for the quarter was 43,000 boe/d, despite proactively shutting-in an average of 5,000 boe/d of dry gas during periods of extremely low AECO pricing, as previously communicated. On average, 30 mmcf/d of AECO-exposed dry gas was taken off-line over the quarter. As a result, gas sold at AECO accounted for only 15% of total production in the second quarter.

Company generated adjusted funds flow of $33 million ($0.18/share). Corporation's 2019 net capital expenditures guidance range remains between $180 and $200 million.

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.

Enerplus Corporation (ERF:TSX) announced on July 9th that the company will be releasing operating and financial results for the second quarter of 2019 prior to market open on Friday, August 9th, 2019. A conference call hosted by Enerplus' President & CEO, Ian C. Dundas, will be held at 9:00 AM MT (11:00 AM ET) to discuss these results.

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.

Terrace Energy Corp. (TZR:TSXV) announced on July 9th the resignation of Eric Boehnke from the company's board of directors. Company thanks Mr. Boehnke for his service and wishes him well in his new endeavors.

Terrace Energy Corporation is a Vancouver based oil and gas company focused on developing its properties in the US. Company has a market cap of $1.0 million and approximately 89 million shares outstanding.

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Africa Oil Corp. (AOI:TSX) announced that drilling operations have commenced offshore Guyana with the spudding of the first exploration well on the Jethro-Lobe prospect on the Orinduik Block.

Partners on the Orinduik Block comprise Tullow Guyana B.V. ("Tullow", Operator, 60% Working Interest , Total EP Guyana BV ("Total", 25% WI) and Eco (Atlantic) Oil & Gas Ltd. ("Eco", 15% WI). Africa Oil holds an approximately 18.8% equity interest in Eco.

The partners estimate the well will take up to 40 days to drill. Jethro Lobe is the first prospect to be drilled as part of a two-well program and will be immediately followed by the drilling of an exploration well on the Joe prospect.

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.

Encana Corporation (ECA:TSX) announced on July 8th that its wholly owned subsidiary, Newfield Exploration Mid-Continent Inc., signed an agreement to sell its natural gas assets in Oklahoma's Arkoma Basin to an undisclosed buyer. Total cash consideration to Encana under the transaction is $165 million. The agreement is subject to ordinary closing conditions, regulatory approvals and other adjustments and is expected to close in the third quarter of 2019.

Encana's Arkoma assets include approximately 140,000 net acres of leasehold and current production of approximately 77 million cubic feet equivalent per day (98% natural gas).

In a separate news release, Encana announced that it is commencing its previously announced substantial issuer bid to purchase for cancellation up to US$213 million of its common shares . The Offer will expire at 5:00 p.m. (Eastern time) on August 14, 2019, unless extended or withdrawn.

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.

Gear Energy Ltd. (GXE:TSX) announced on July 9th changes to the Board of Directors of Gear effective immediately. Company has added Scott Robinson, P. Eng. to the Board of Directors of Gear. Mr. Robinson has a Master's degree in Chemical Engineering from the Colorado School of Mines and has been a petroleum engineer for over 35 years.

Don Gray, Chairman of the Board of Gear Energy commented, "I have worked closely with Scott for many years and feel strongly that he will be a great addition to Gear's Board."

Gear also announces the resignation of John O'Connell from the Board of Directors of Gear.

Gear Energy limited is a Calgary based oil and gas company with operations and assets in western Canada. Company has a market cap of $158 million and approximately 219 million shares outstanding.

InPlay Oil Corp. (IPO:TSX) announced on July 8th an operations update and announce that the annual review of its operating and syndicated credit facilities by its lenders has been completed.

Production for the second quarter, based on field estimates, is expected to average over 5,100 boed. Company is very pleased with this result as it is above the high end of our annual production guidance of 4,900 – 5,100 boed, and achieved despite significant third party infrastructure turn arounds and downtime encountered during the quarter.

The last two Willesden Green 1.5 mile Extended Reach Horizontal wells that were drilled and brought on production in March 2019 have delivered some of our strongest production rates to date. The two ERH wells are flowing at the following initial production rates: average IP-30 days of 891 boed (83% light oil and liquids), average IP-60 days of 817 boed (79% light oil and liquids) and average IP-90 days of 668 boed (73% light oil and liquids).

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.

Stampede Drilling Inc. (SDI:TSX) announced on July 8th that Mr. Terry Kuiper, previously Rig Division Sales Manager, has been appointed Chief Operating Officer, Canada of Stampede. Mr. Kuiper began his career in oil and gas services in 1988 working in both well servicing and drilling operations. Since 2002, Mr. Kuiper has had extensive experience in drilling rig sales and operations of the drilling business working with various private and public drilling contractors.

Stampede Drilling Inc. is a Calgary based company engaged in the provision of drilling rig services to the oil and natural gas industry in North America. Stampede's current principal markets for its services are the provinces of Saskatchewan, Alberta and British Columbia. Company has a market cap of $47.5 million and approximately 132 million shares outstanding.

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Africa Oil Corp. (AOI:TSX) announced on June 26th that Heads of Terms agreements with the Government of Kenya and joint venture partners, Africa Oil, Tullow Oil plc and TOTAL S.A. have been signed for the development of the oil fields in the South Lokichar Basin.

Keith Hill, President and CEO of Africa Oil, commented, "We are very pleased with the signing of the Heads of Terms agreements as it marks an exciting step forward for the project. The conclusion of the negotiations around key fiscal and commercial principles is an important and major milestone towards a Final Investment Decision, providing a solid development framework and confidence to all parties that the project is robust at low oil prices."

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.

BNK Petroleum Inc. (BKX:TSX) announced the results of the Annual General Meeting of shareholders of the Company held in Vancouver, British Columbia on June 25, 2019. All of the resolutions put forward at the meeting were approved.

Company's shareholders voted to fix the number of directors of the company at seven and elected the seven nominees to the board of directors. Each of the nominees will serve for a one-year term and hold office until the next annual meeting.

Shareholders also approved the renewal of unallocated entitlements under the Company's Restricted Share Unit Plan with 96.86% of the votes in favor.

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.

CWC Energy Services Corp. (CWC:TSX) announced that, at its annual general meeting of shareholders held June 25, 2019, each of the six nominees proposed as a director and listed in CWC's management information circular dated May 21, 2019 were elected as directors to serve until the next annual meeting of shareholders or until their successors are elected or appointed. A copy of the presentation given at the annual general meeting of shareholders can be found on CWC's website.

CWC Energy Services Corp. is a Calgary based contract drilling and well servicing company operating in Canada and the United States. Company has a market cap of $89 million and approximately 510 million shares outstanding.

Valeura Energy Inc. (VLE:TSX) announced that as of June 24, 2019 all required completion and testing equipment, rated for up to 15,000 psi, was on the Inanli-1 site and rigged up. Diagnostic fracture injection test and extended leakoff test operations are scheduled to commence this week preceding the first reservoir stimulation, planned for next week.

Company intends to test a minimum of four zones in the Inanli-1 well. As is customary in multi-zone completions, the deepest zones will be evaluated first and then testing will progress up the well to shallower zones.

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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East West Petroleum Corp. (EW:TSXV) announced on June 25th that the company has called a special meeting for the exclusive purpose of obtaining an ordinary resolution approving the disposition of the mining and exploration permits in New Zealand, which meeting is to be held on August 7, 2019 for shareholders of record of the company as of July 2, 2019.

Company will be providing an information circular to shareholders detailing the terms of the proposed sale of the company's New Zealand mining and exploration permits which is anticipated to be delivered on or about July 10, 2019.

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.

Emerald Bay Energy Inc. (EBY:TSXV) announced that operations to enhance oil recovery from the Kuhn 3 well are complete, and the well is now back on production. The company previously completed a large acid job to increase in-flow from the formation, and a positive displacement progressive cavity pump has now been installed to pump the increased fluid volume. The new pumping system is capable of producing as much as 2,000 bbls/day of fluid compared to approximately 120 bbls/day from the previous standard rod pump. It is anticipated that Kuhn 3 will produce a high fluid volume with an oil cut between 2 and 4%.

Shelby Beattie, President and CEO of the company commented, "We are very pleased to have Kuhn 3 on production, and while the exploration process is inherently risky and can take time to realize success, it can also be very rewarding. Now that Kuhn 3, 4 and A5 are all producing, we will work with our partners to resume efforts in what we consider to be the prime target for exploration and development at Wooden Horse, horizontally drilled wells in the upper zone of the Edwards formation."

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.

Hyduke Energy Services Inc. (HYD:TSX) announced that the company had submitted an application to the TSX for voluntary delisting. In conjunction, company has submitted an application to list Hyduke's Common Shares on the TSX Venture Exchange. On June 24, 2019, Hyduke received conditional acceptance from the TSX-V confirming it has conditionally approved the Listing Application of Hyduke's Common Shares as a Tier 2 Industrial Issuer.

Hyduke Energy Services is an Alberta based company. Hyduke is a supplier of equipment and services to the oil and gas drilling and well servicing industry. Company has a market cap of $1.75 million and approximately 70 million shares outstanding.

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Africa Energy Corp. (AFE:TSXV) announced on June 24th that the Company's Principal Geophysicist, Tobias Tonsing, will be presenting at the Oil and Gas Council's Africa Assembly conference in Paris, France on Tuesday, June 25, 2019 at approximately 5:00pm Central European Summer Time. A full view of the presentation can be viewed on the 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.

East West Petroleum Corp. (EW:TSXV) announced that it has entered into a heads of agreement dated June 24th, 2019 with a private arm's length New Zealand company pursuant to which the company has agreed to sell its interest in Petroleum Exploration Permit 54877 and Petroleum Mining Permit 60291 which comprise the entirety of the company's assets in New Zealand.

Completion of the Transaction is subject to, among other things, obtaining necessary approvals and consents dependant on the structure of the Transaction as agreed to by the parties. There are no finder's fees payables in connection with this Transaction.

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.

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ARC Resources Ltd. (ARX:TSX) announced that its board of directors has approved a reduction to the company's 2019 capital expenditure program, from $775 million to $700 million. 2020 capital expenditures are expected to be in the range of $550 million to $625 million.

Myron Stadnyk, ARC's President and Chief Executive Officer, commented, “ARC's reduced capital investment levels are consistent with our long-held principles of stewarding low debt, sustainable dividends, and investing capital when it is profitable to do so. At this time, we feel it is appropriate to slow down the pace of development due to reduced commodity prices.”

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.

Emerald Bay Energy Inc. (EBY:TSXV) announced an operations update on the Isabella #2 well in Gonzales County, Texas. Hydraulic fracturing of the Navarro formation has been completed, and the well has been swabbed for a total of 28 days to recover the frac fluids and measure in-flow rates. In addition to the swabbing operations, the well has intermittently been shut in to monitor pressure builds.

Approximately 75% of the 2,132 barrels of fluids used to frac the well have been recovered during swabbing operations, but no measurable quantities of hydrocarbons from the Navarro formation have been observed to this point. The well has been shut in for the past 9 days to allow time to monitor pressure builds.

The company and its partner, Cotulla Energy Resources Ltd., will resume swabbing operations, or move forward with plans to resume testing the Buda formation and the primary target in the well, the Eagle Ford formation. While commercial quantities of hydrocarbons were observed in the initial test of the Bud, there was also a significant in-flow of associated water.

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.

Tidewater Midstream and Infrastructure Ltd. (TWM:TSX) announced that the Pioneer Pipeline, connecting Tidewater's Brazeau River gas plant to TransAlta's generating units at Keephills and Sundance, transported first gas four months ahead of schedule; that Tidewater expanded its gas storage facility at Pipestone and completed its natural gas pipeline connecting the facility to both Alliance and TCPL; and that its Board of Directors has declared a dividend for the second quarter 2019 of $0.01 per common share.

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.

Renaissance Oil Corp. (ROE:TSXV) announced on June 20th that it has become aware of reports today in the Mexican press that certain changes were being made to the migration process of certain service contracts, including Amatitlán, which is held by Petrolera de Amatitlán ("Petrolera"), a partially owned indirect subsidiary of Renaissance.

Renaissance is surprised by these reports and neither the company nor Petrolera have received any written notice with regards to the changes to the migration process.

Renaissance and its partners are now engaged in discussions with the relevant Mexican authorities for clarification on this matter.

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

 

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