Oilpatch Review

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

Updated on Tuesday, November 13, 2018

Athabasca Oil Corporation (ATH:TSX) announced on November 8th its third quarter results. Company reported a cash flow of $61 million and a net income of $31.4 million in the third quarter of 2018.During the nine months, come had a cash flow of $86 million and a net loss of $(81) million.

Q3 2018 production averaged 10,135 boe/d (51% liquids), representing 29% growth year over year. Light Oil generated third quarter operating income of $29.8 million with a netback of $31.95/boe, supported by a high liquids weighting and low operating expenses of $7.52/boe.

Athabasca Oil Corporation is a Calgary based Canadian energy company with a focused strategy on the development of thermal and light oil assets. Company has a market cap of $629 million and approximately 516 million shares outstanding.

Enbridge Inc. ( ENB:TSX) and Enbridge Income Fund Holdings Inc. ( ENF:TSX) announced jointly on November 8th the completion of the previously announced plan of arrangement. Enbridge has acquired of all of the issued and outstanding shares of Enbridge Income Fund Holdings that were not owned by Enbridge, resulting in ENF becoming a wholly-owned subsidiary of Enbridge.

The Arrangement was approved by ENF shareholders at a special shareholders meeting held on November 6, 2018 and by the Court of Queen's Bench of Alberta.

Enbridge Inc is a Calgary based company which serves the oil and gas industry. Its key activity involves gathering and transportation of crude oil and natural gas in North America. Company has a market cap of $75 billion and approximately 1.7 billion shares outstanding.

Frontera Energy Corporation (FEC:TSX) announced its third quarter results. Company reported a cash flow of $65.4 million and a net income of $45 million in the third quarter of 2018. Operating Netback of $23.81/boe was 12% lower than the second quarter of 2018 and 2% higher than the third quarter of 2017.

Current net production is over 65,000 boe/d and is expected to continue to increase during the fourth quarter as the Quifa SW water handling expansion project comes on stream. Net production in the third quarter of 2018 averaged 58,558 boe/d, a decrease of 9% compared with the second quarter of 2018.

Frontera Energy Corp is a Toronto based oil and gas company. It explores, develops and produces crude oil and natural gas in Colombia and Peru. Company has a market cap of $1.6 billion and approximately 100 million shares outstanding.

Gear Energy Ltd. (GXE:TSX) announced its third quarter results. Company reported a cash flow of $16.8 million and a net income of $706,000 during the third quarter of 2018.

Company completed an active oil drilling program with two to three rigs running through the third quarter of 2018 with 17 (16 net) wells drilled to the end of September, bringing the year to date total to 23 wells at a 96 per cent success rate. During the third quarter, 10 of the new wells were brought on production.

Gear Energy Ltd is a Calgary based Canadian oil and gas exploration and production company with heavy and light oil production in Central Alberta and West Central Saskatchewan. Company has a market cap of $166 million and approximately 219 million shares outstanding.

Obsidian Energy Corporation (OBE:TSX) announced on November 8th its financial and operational results for the third quarter of 2018. Company reported a cash flow of $26 million and a net loss of $(31) million in the third quarter of this year.

Third quarter production averaged 27,777 boe per day, a decrease of three percent relative to second quarter 2018. The company's Mannville well came on production in the third quarter with liquid rates higher than expected.

Obsidian Energy is a Calgary based oil and gas company with operations in western Canada. Company has a market cap of $457 million and approximately 507 million shares outstanding.               

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Inter Pipeline Ltd. (IPL:TSX) announced on November 7th that it has closed its previously announced equity offering of 9,620,000 common shares at $20.80 per share for gross proceeds of $200,096,000. The offering was made on a bought deal basis through a syndicate of underwriters led by TD Securities Inc., as sole bookrunner, and co-led by BMO Capital Markets.

Inter Pipeline will use the net proceeds of the offering to partially fund the previously announced acquisition of NuStar Energy, L.P.'s European bulk liquid storage business by Inter Pipeline's European storage subsidiary, Inter Terminals Ltd., and for general corporate purposes.

Inter Pipeline Ltd. is a Calgary based energy transporter. It owns and operates a diversified combination of energy infrastructure assets in western Canada and Europe. Company has a market cap of $8.7 billion and approximately 390 million shares outstanding.

Keyera Corp. (KEY:TSX) announced its third quarter results. Company reported distributable cash flow was $127 million or $0.61 per share (Q3 2017 – $108 million or $0.57 per share), resulting in a payout ratio of 72% for the third quarter and 61% year to date. Net earnings for the period were $35 million or $0.17 per share (Q3 2017 – $38 million or $0.20 per share) and included $63 million in impairment expenses.

During the quarter, Keyera continued to advance its capital projects at the Simonette, Wapiti and Pipestone gas plants, which support liquids-rich Montney and Duvernay production. Once completed, these three plants will provide Keyera with 950 million cubic feet of gross sour gas processing capacity and 90,000 barrels per day of condensate handling capacity.

Keyera has entered into a 50/50 joint venture agreement with Wolf Midstream to develop a pipeline system that would bring condensate and natural gas liquids from the prolific Montney and Duvernay developments in northwestern Alberta to Fort Saskatchewan. A final investment decision is expected in 2019.

Keyera Corp. is a Calgary company which operates one of the largest natural gas midstream businesses in Canada. Its business consists of natural gas gathering and processing as well as the processing, transportation, storage and marketing of natural gas liquids and crude oil midstream activities. Company has a market cap of $6.3 billion and approximately 209 million shares outstanding.

Surge Energy Inc. (SGY:TSX) announced its third quarter results. Company reported a petroleum sales revenue of $91 million and a cash flow of $37 million. Company's Q3/18 production exceeded Surge's previously released 2018 production exit rate guidance of 17,175 boepd by five percent, and exceeded analyst consensus production estimates of 16,880 boepd4 for Q3/18 by seven percent.

Surge spent a total of $28.7 million of exploration and development capital in the third quarter of 2018 for the drilling of 12 gross (11.8 net) wells, along with waterflood injector conversions, associated infrastructure, land and seismic.

Surge also successfully drilled five (five net wells at its Shaunavon core area in Q3/18, targeting both the Upper and Lower Shaunavon formations. These five successful wells are producing a combined rate of more than 500 boepd.

Surge Energy Inc is Calgary based company engaged in the exploration, development, and production of oil and gas from properties in western Canada. Company has a market cap of $590 and approximately 309 million shares outstanding.

49 North Resources Inc. (FNR:TSXV) announced that it will be completing a rights offering in which holders of record of the company's common shares, as at the record date of November 14, 2018, will receive rights to subscribe for Rights Offering Shares of the company on the basis of one right for each common share held. The rights will trade on the TSX Venture Exchange under the symbol FNR.RT. The Rights Offering will expire at 5:00 p.m. (Saskatoon time) on December 7, 2018.

49 North Resources Inc is a Saskatoon based resource investment, financial, and managerial advisory company. Principally, it is engaged in the business of investing in a diversified portfolio of common shares and other securities of resource issuers. Company has a market cap of $3 million and approximately 60 million shares outstanding.

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AKITA Drilling Ltd. (AKT.A:TSX) announced its third quarter and first nine months results. Company had a revenue of $14,908,000 and a loss of $(5,459,000) in the third quarter. For the first nine months, Akita had a revenue of $66,847,000 and experienced a loss of $(10,329,000).

On September 11, 2018, AKITA's completed the acquisition of United States based Xtreme Drilling Corp. , and the strategy to integrate the two companies into one premium pure play drilling company with balanced operations in Canada and the United States was initiated.

With the winter drilling season approaching in Canada activity levels have begun to increase. The Company is focusing on efficient rig start-ups and on cost control. Company anticipates that 2019 will be another challenging year for the Canadian drilling industry and AKITA.

In the United States, the company is anticipating a very active year for 2019. The focus for the fourth quarter of 2018 and the first quarter of 2019 will be on the integration of the Xtreme operations into AKITA's operations, and ensuring that AKITA's attention to safety and customer satisfaction is a focus in the United States.

AKITA Drilling Ltd. is a Calgary based oil and gas drilling contractor with drilling operations throughout Western Canada, New Brunswick, Quebec, Canada’s Northern Territories and the North Slope of Alaska. Company has a market cap of $167 million and approximately 38 million shares outstanding.

BlackPearl Resources Inc. (PXX:TSX) announced its financial and operating results for the three and nine months ended September 30, 2018. Company reported an oil and gas revenue of $61 million and a net income of $1.03 million in the third quarter of 2018. In the first nine months of 2018, company's revenue reached 142 million and had a loss of $(14.9) million.

Oil and gas production averaged 13,863 boe/day in the third quarter of 2018, a 53% increase compared with the third quarter of 2017. The increase reflects the very successful ramp-up in production from the phase 2 expansion of the Onion Lake thermal project.

Company entered into an arrangement agreement with IPC on October 9, 2018 whereby IPC has agreed to acquire all of the common shares of BlackPearl. A special shareholder meeting to vote on the Arrangement will be held on December 7, 2018 at the Calgary.

BlackPearl Resources Inc. is a Calgary based oil and gas company focused is on heavy oil and oil sands projects in Western Canada. Company has a market cap of $451 million and approximately 337 million shares outstanding.

Journey Energy Inc. (JOY:TSX) announced its financial and operating results for the three and nine month periods ending September 30, 2018. Company reported a production revenue of $34 million and a net loss of $(6.06) million in the third quarter of 2018. Journey reported a revenue of $94.6) million and a net loss of $(21.3) million in the first nine months of 2019.

Company achieved production of 10,227 boe/d in the third quarter, compared to 10,088 boe/d in the third quarter of 2017. Liquids (oil and natural gas liquids) production accounted for 4,883 boe/d or 48% of total production during the quarter.

During the third quarter, Journey drilled three horizontal wells in its Skiff core area. All three wells are currently on production at rates exceeding type curve expectations. The success of this program bodes well for additional drilling and expansion of the waterflood to the southern portion of the Skiff pool in 2019.

Journey is a Calgary based exploration and production company focused on conventional, oil-weighted operations in western Canada. Journey has a market cap of $88 million and approximately 39 million shares outstanding.

Painted Pony Energy Ltd. (PONY:TSX) announced its third quarter results. Company reported a revenue of 90.2 million and a loss of $(13.8) million in the third quarter of 2018.

Painted Pony invested $39.4 million of capital during the third quarter of 2018, which included drilling 7.0 net wells and completing 6.0 net wells for a combined cost of $34.3 million.

Painted Pony increased third quarter 2018 production volumes by 38% to 350.0 MMcfe/d (58,330 boe/d).

Painted Pony is a Calgary based natural gas company with operations in Western Canada. Company has a market cap of $374 million and approximately 161 million shares outstanding.

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Africa Energy Corp. (AFE:TSXV) announced on November 5th that the Company's Vice President of Exploration, Jan Maier, will be presenting at the Prospect Forum during Africa Oil Week in Cape Town, South Africa on Wednesday, November 7, 2018, at 10:00am South Africa Standard Time. A copy of the presentation will be available on Africa Energy's website.

Africa Energy Corp. is a Vancouver based Canadian oil and gas company with exploration assets offshore Namibia and South Africa. Company has a market cap of $13.9 million and approximately 45 million shares outstanding.

Crew Energy Inc. (CR:TSX) announced on November 15th its operating and financial results for the three and nine month periods ended September 30, 2018.Company reported $54 million in sales revenue and a loss of $(939,000) in the third quarter of 2018. It reported a sales revenue of $167.5 million and a loss of $(5.9) million for the first nine months of 2018.

Production volume of 23,680 boe/d exceeded the midpoint of guidance with capital expenditures that were below budget. Greater Septimus production of 19,240 boe per day was 6% higher than the 18,154 boe per day produced in Q3 2017.

In Q3, four wells of a five well extended length horizontal pad were drilled in the UCR area using a revised well design with the fifth well drilled early in Q4. Completion of three of the wells is currently underway using a higher intensity 'plug and perf' completion design to optimize condensate recovery.

Crew Energy is a Calgary based oil and gas company focused in the vast Montney resource, situated in northeast British Columbia, and include a large contiguous land base. Company has a market cap of $202 million and approximately 152 million shares outstanding.

Ensign Energy Services Inc. (ESI:TSX) announced on November 5th its third quarter results. Company reported a revenue of $$288.7 million, an increase of 17 percent from revenue for the third quarter of 2017 of $247.1 million. Adjusted EBITDA totaled $68.6 million ($0.44 per common share) in the third quarter of 2018, 30 percent higher than Adjusted EBITDA of $52.6 million ($0.34 per common share) in the third quarter of 2017.

Net loss for the third quarter of 2018 was $32.8 million ($0.21 per common share) compared to a net loss of $36.5 million ($0.23 per common share) for the third quarter of 2017. Net loss for the nine months ended September 30, 2018 was $96.2 million ($0.61 per common share), compared to net loss of $84.1 million ($0.54 per common share) for the nine months ended September 30, 2017.

Ensign Energy Services is a Calgary based company serving western Canadian oil and gas industry. Company has a market cap of $855 million and approximately 157 million shares outstanding.

Husky Energy (HSE:TSX) announced on November 5th that it reaffirms its commitment to the full and fair Offer to acquire MEG Energy as outlined on October 2, 2018, and comments on MEG’s recent statements and third quarter results.

CEO Rob Peabody commented, “History shows production growth has not delivered value for MEG shareholders, and MEG’s new plan to double production by 2028 is more of the same. Simply put, MEG cannot grow its way out of its problems. We are offering immediate value, while MEG once again asks its investors for patience.”

Husky Energy Inc is a Calgary based and integrated oil and gas company. Its operating business upstream and downstream segments. The company operates in Western Canada, the United States, the Asia Pacific Region and the Atlantic Region. Company has a market cap of $18.3 billion and approximately 1 billion shares outstanding.

Strategic Oil & Gas Ltd. ( SOG:TSXV) announced on November 5th its recapitalized transaction. Company reported that certain other holders of convertible debentures have also agreed to settle their existing convertible debentures on the same terms as the GMT Funds. Strategic has entered into Shares for Debt Agreements with holders of 96% of the existing convertible debentures.

Strategic is a Calgary based oil and gas company with operations in northern Alberta. Company has a market cap of $3.2 million and approximately 46 million shares outstanding.

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Advantage Oil & Gas Ltd. (AAV:TSX) announced its third quarter 2018 results. Adjusted funds flow during the quarter was $32 million or $0.17/share supported by realized hedging and marketing diversification gains of $9.5 million and industry leading low total cash costs of $6.12/boe ($1.02/mcfe), down 12% from the first half of 2018. Net capital expenditures of $48.4 million were on-track for the quarter resulting in a total debt to trailing 12 month adjusted funds flow ratio of 1.8. Company reported a sales income of $57. 9 million and a loss of $(8.85) million during the third quarter and a loss of $(14) million for the first none months of 2018.

During the third quarter of 2018, Advantage resumed normal operations at our 100% owned Glacier gas plant after successfully completing the construction and commissioning of our major plant expansion project in the second quarter of 2018.

Company increased its total annual average production by 25% or 8% compound annual growth rate to 52,300 boe/d (314 mmcfe/d) in 2021 over estimated 2018 annual production. Advantage's 2018 annual liquids production is expected to be 1,520 bbls/d, an increase of 25% as compared to 2017. Annual 2018 production guidance is 40,000 boe/d to 42,500 boe/d (240 mmcfe/d to 255 mmcfe/d).

Advantage Oil & Gas Ltd and its subsidiaries operates as an intermediate natural gas and liquids development and production corporation in the Montney resource play located in Western Canada. Company is based in Calgary. It has a market cap of $547 million and approximately 186 million shares outstanding.

Bonavista Energy Corporation (BNP:TSX) announced its financial and operating results for the three and nine months ended September 30, 2018. Company reported a production revenue of $131 million and a net loss of $(17.8) million in the third quarter. During the past nine months its revenue was $391 million and reported a loss of $(69) million.

Company is on track to produce between 69,000 and 71,000 boe per day in 2018, as it spent between $155 and $165 million inclusive of net acquisition activity. This will generate between $90 and $100 million of surplus funds flow for 2018, and will result in a total payout ratio of between 60% and 70%.

Bonavista Energy Corp is an oil and natural gas producing company based in Calgary, Alberta. Company has a market cap of $324 million and approximately 255 million shares outstanding.

Enbridge Inc. (ENB:TSX) announced its third quarter 2018 financial results and provided a quarterly business update. Company's adjusted earnings were $933 million or $0.55 per common share for the third quarter, compared to $632 million or $0.39 per common share in the third quarter of 2017. Company reported a GAAP loss of $90 million or $0.05 loss per common share for the third quarter, compared to earnings of $765 million or $0.47 earnings per common share in the third quarter of 2017, both including the impact of a number of unusual, non-recurring or non-operating factors.

Al Monaco, President and Chief Executive Officer of Enbridge, commented, "It was another very productive quarter, both from a financial and strategic perspective."

Enbridge Inc is a Calgary based energy transporter and provider. Its key activity involves gathering and transportation of crude oil and natural gas. Company has a market cap of $70 billion and approximately 1.7 billion shares outstanding.

Pembina Pipeline Corporation (PPL:TSX) announced its third quarter results. Company reported a revenue of $2 billion and net earnings of $334 million for the third quarter and $910 million for the first nine months, a 201 percent and 108 percent increase, respectively, over the same periods in 2017.

Mick Dilger, Pembina's President and Chief Executive Officer, commented, “We are operating a strong and growing base business while extending our value chain by pursuing three exciting projects to access global markets, and we are doing so within our financial guardrails. Our strong business performance has contributed to setting new operational and financial records in each quarter this year, and our future opportunities are numerous and exciting."

Pembina Pipeline Corporation is a Calgary based energy transporter. Company has a Market cap of $22 billion and approximately 506 million shares outstanding.

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Ballard Power Systems Inc. (BLDP:TSX) announced its third quarter results. Company reported a revenue of $21.6 million, gross margin of 30% and Adjusted EBITDA of ($3.6) million in the third quarter of 2018. Net loss was ($6.0) million, a decline of $5.0 million.

Revenue was $21.6 million, a year-over-year decline of 32% due primarily to lower Heavy Duty Motive product shipments and lack of one-time revenue from China that was generated in 2017.

Ballard will hold a conference call on Thursday, November 1, 2018 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review third quarter 2018 operating results.

Ballard Power Systems is a Vancouver based company engaged in the design, development, manufacture, sale and service of proton exchange membrane fuel cell products for a variety of applications, focusing on commercial stage and development stage . Company has a market cap of $857 million and approximately 179 million shares outstanding.

Canadian Natural Resources Limited (CNQ:TSX) announced on November 1st its third quarter results. Company reported a record quarterly adjusted funds flow of over $2.8 billion was achieved in the third quarter and adjusted funds flow of $7.9 billion was achieved in the first nine months of 2018.

Canadian Natural Resources it continues to implement proven strategies and its disciplined approach to capital allocation. As a result, the financial position of Canadian Natural remains strong. Canadian Natural’s adjusted funds flow generation, credit facilities, US commercial paper program, access to capital markets, diverse asset base and related flexible capital expenditure programs all support a flexible financial position and provide the appropriate financial resources for the near, mid and long term.

Canadian Natural Resources Ltd is a Calgary based oil and natural gas producer with operations in Western Canada. Its portfolio includes light and medium oil, heavy oil, bitumen, synthetic oil, natural gas liquids, and natural gas. Company has a market cap of 44.5 billion and approximately 1.2 million shares outstanding.

Encana Corporation (ECA:TSX) and Newfield Exploration Company announced on November 1st that they have entered into a definitive agreement whereby Encana will acquire all of the outstanding shares of common stock of Newfield in an all-stock transaction valued at approximately $5.5 billion. In addition, Encana will assume $2.2 billion of Newfield net debt. The strategic combination will create a leading multi-basin company and has been unanimously approved by the Boards of Directors of both companies. The transaction is expected to close in the first quarter of 2019.

Encana Corporation is a Calgary based company. Encana Corp is an independent oil and gas producer in North America. It is engaged in developing diverse resource plays producing natural gas, oil and Natural Gas Liquids (NGL). The company is also engaged in marketing of natural gas,oil and NGLs. Encana has a market cap of $10.8 billion and approximately 952 million shares outstanding.

Keyera Corp. (KEY:TSX) announced on November 1st an operational update for its Alberta EnviroFuels facility , which produces iso-octane, a premium gasoline blending component. The facility has operated very well in 2018 and continues to maintain high utilization rates. To help ensure continued reliability and high utilization of the facility, AEF was taken off-line on November 1, 2018 for preventative maintenance. The shut down is not expected to have a material financial impact as demand for iso-octane is typically lower in the fourth quarter. Assuming the work is completed on schedule, the facility is expected to be fully operational in mid-November.

Keyera Corp is a Calgary basedenergy company. It is engaged in gathering, processing, and fractionation of natural gas in western Canada; storage and transportation of crude oil and natural gas byproducts; and marketing of natural gas liquids. Company has a market cap of $6.9 billion and approximately 209 million shares outstanding.

MEG Energy Corp. (MEG:TSX) announced its third quarter 2018 operating and financial results. Adjusted funds flow from operations were $116 million in the third quarter of 2018, compared to $83 million in the third quarter of 2017. Company recognized an operating loss of $19 million in the third quarter of 2018, compared to an operating loss of $43 million for the same period of 2017.

Company's special committee has given its financial advisor, BMO Capital Markets, a mandate to investigate alternative transactions to the Husky Offer. A data room containing confidential information about MEG has been created to help interested parties establish the true value of the company. MEG will not be providing additional information to the market on the status of the strategic alternatives process until MEG has material developments to disclose.

MEG Energy Corp is a Calgary based oil exploration company. It is engaged in the development of oil sands in Alberta. It has two commercial SAGD projects; the Christina Lake Project and the Surmont Project. Meg Energy has a market cap of $3 billion and approximately 297 million shares outstanding. 

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Blackbird Energy Inc. (BBI:TSXV) and Pipestone Oil Corp. jointly announced that they have entered into an agreement dated October 29, 2018 that provides for the combination of Blackbird and Pipestone Oil into a merger. Pipestone Oil has arranged $198.5 million of debt financing

The transaction and financings will result in the strategic combination of two adjacent and contiguous Pipestone Montney land bases under a single well-capitalized, high growth company that will operate under the name Pipestone Energy Corp.

The Financings fully fund Pipestone Energy to achieve its planned 2019 restricted exit production rate of 14,000 to 16,000 boe/d, with diversified processing and egress solutions already in place.

Garth Braun, Chairman, CEO, and President of Blackbird, commented, “While on the cusp of a significant growth trajectory, we are pleased to provide our shareholders with this transformative opportunity that further de-risks Blackbird’s path to unlock the potential of our Pipestone Montney resource. This accretive transaction will accelerate value for our shareholders through an expanded high-graded inventory of top tier drilling locations, enhanced access to lower cost equity and debt capital and a world-class development team to continue the advancement of our premier condensate rich Montney asset in a socially and environmentally responsible manner.”

Pipestone Oil Corp. is a Calgary based private oil and gas exploration and production company, wholly-owned subsidiary of Canadian Non-Operated Resources LP.

Blackbird is a Calgary based oil and gas company with operations in western Canada. Blackbird focuses on the condensate and liquids-rich Montney fairway at Pipestone / Elmworth, near Grande Prairie, Alberta. Company has a market cap of $248 million and approximately 774 million shares outstanding.

Cenovus Energy Inc. (CVE:TSX) announced on October 31st its third quarter results. Company reported it generated more than $700 million of free funds flow and nearly $1 billion in adjusted funds flow in the third quarter. Adjusted funds flow in the quarter reflected realized risk management losses of $325 million.

During the quarter, the company sold the Cenovus Pipestone Partnership in the Deep Basin for cash proceeds of $625 million before closing adjustments. The company realized a non-cash before-tax loss of $795 million on the sale.

Alex Pourbaix, Cenovus President & Chief Executive Officer commented, “In the third quarter, we further reduced our net debt and took a significant step forward in streamlining our Deep Basin business while advancing our market access objectives through strategic rail commitments. We also continued to lower our cost structure, which has substantially improved over the past three years.”

Cenovus Energy Inc is a Calgary based company engaged in developing, producing and marketing crude oil, natural gas liquids and natural gas in Canada with marketing activities and refining operations in the United States. Company has a market cap of $14 billion and approximately 1.2 billion shares outstanding.

Pieridae Energy Limited (PEA:TSXV) announced on October 31st that welcomes the decision of the Nova Scotia Utility and Review Board to issue the permit to construct the Goldboro LNG Facility.

Pieridae will now proceed diligently to satisfy each of the associated conditions of that permit and to commence the construction of the Goldboro LNG Facility as soon as a positive financial investment decision is taken by Pieridae

Pieridae is a Calgary is a Calgary based company focused on the development of integrated energy related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale to Europe and other markets. Company has a market cap of $50.5 million and approximately 225 million shares outstanding.

RockBridge Resources Inc. (RBE:TSXV) announced a Special Meeting of Shareholders to be held on Tuesday, November 13, 2018. The purposes of the meeting are to consider and approve, if advisable, resolutions to facilitate the planned business combination with Harvest Enterprises, Inc., including the conditional appointment of new directors and auditors and amendment to the company share structure.

RockBridge Resources is a Vancouver based oil and gas company. It holds an interest in Clarke Lake project, which is in British Columbia. Company has a market cap of $10.3 million and approximately 2 million shares outstanding.

 

 

 

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Editor: Jim Klemchuk

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