IS - People & Companies - May 8, 2020Equinor appointed Tore Løseth as its acting EVP of exploration, with current EVP Tim Dodson stepping down to take on the role of VP of strategy execution in global strategy and business development. Løseth has worked at Equinor since 2001 and served as the SVP of international onshore exploration since 2017. Prior to that, he was the SVP of exploration for the Gulf of Mexico for four years. Effective June 1, MEG Energy’s board members will receive a 25% cut in compensation, the...
May 08, 2020
CS - People & Companies - June 19, 2019Altura Energy named John
Chambers to its board. He was vice
chairman and president at GMP First
Energy and a member of its executive
committee until his retirement last
November. He was CEO at FirstEnergy
Capital Corp. before the firm was
acquired by GMP Capital Inc. in 2016. He
was granted options to acquire 200,000
common shares of Altura at a strike price
of $0.425 per share. Canadian Spirit Resources elected
Louisa DeCarlo as an independent director.
She is president of Danrich...
Jun 19, 2019
Zargon’s 4Q18 production falls after property sales, shut-insZargon Oil & Gas said its production in 4Q18 fell 26% YOY in response to a decline in its capital exploitation program, the deferral of routine maintenance operations, minor property sales and the decision to shut in uneconomic natural gas production. In an operational update, the company said its 4Q18 production averaged 1,786 boe/d (88% oil and liquids), down from 2,416 boe/d in 4Q17. Zargon’s average 2018 production was 2,069 boe/d (85% oil and liquids), while its expected...
Feb 12, 2019
Zargon debt holders take control amid restructuringZargon Oil & Gas has converted $41.9 million in debt to equity, a transaction that eliminated most of the company’s debt, reduced interest expense and gave the company’s debenture holders control of 93% of the company’s shares. Prior to the transaction, Zargon had $41.9 million in 8% convertible unsecured subordinated debentures due at YE19. That debt was converted into 428.9 million common shares, about 93% of the restructured company. The company said the swap gives it more...
Jan 22, 2019
Zargon eyes lower output on shut-ins & deferred spendingZargon Oil & Gas has pushed back
spending on its capital programs to Q3
because of tighter cash flows brought
about by high differentials and the shutin
of gas wells made uneconomic due to
low prices. Because of those deferrals the
company is forecasting an oil and liquids
rate of 1,830 bbl/d for H2. Q1 output
averaged 2,427 boe/d, flat sequentially
and down 6%...
Jun 01, 2018
Zargon closes out 2017 with no new wells drilledZargon Oil & Gas spent $8.9 million
on capital projects in 2017 mainly for
facilities, waterflood implementation and
well reactivations. Of that, $8.6 million
went for exploitation, development and
facility expenditures and included $1.86
million of chemical
costs for the Alkaline
Surfactant Polymer Little Bow project.
No new wells were drilling during the
year. The company is planning a $3.7
million capital budget for 1H18, with
spending projected to deliver production
of 2,600...
Apr 10, 2018
Zargon’s loss narrows to $9.3MM in 2017Zargon Oil & Gas’s loss fell to $9.3 million in 2017, the third consecutive year
it has reported a loss, but tightened from FY16’s loss of $18 million. Revenue fell to
$34.7 million, down from $39.5 million a year earlier. The company has lost money
for five of the last six years and the ongoing losses have taken a
toll—accumulated deficit has grown to $257 million in 2017 from
$34 million in 2011. Its debt as a percentage of total capital has risen from 29.3% to
65% in the same...
Apr 05, 2018
Zargon 2P reserves down 4% YOY with no wells drilledZargon Oil & Gas’ proved +
probable reserves at YE17 totaled 12.45
MMboe (87% oil and NGLs), down
4% compared with YE16 with no wells
drilled during the year. Proved developed
producing reserves were down 2% YOY
to 6.93 MMboe
(87% oil and
NGLs). Zargon’s production in 4Q17
averaged 2,416 boe/d, down 1.3% YOY
mainly due to the shut-in of uneconomic
gas production. With those shut-ins
the company is forecasting production
of 2,525 boe /d (81% oil and NGLs),
roughly flat...
Feb 16, 2018
Zargon eyes 2,600 boe/d for 1H18Zargon Oil & Gas is planning a
capital budget of $3.7 million for 1H18,
with spending projected to deliver
production of 2,600 boe/d. As with 2017,
the budget will be directed to Little Bow
non-ASP waterflood modifications and
reactivations; North Dakota waterflood
modifications; Bellshill Lake pumping oil
well optimizations; and Little Bow ASP
project polymer costs. Volumes for Q3
averaged 2,628 boe/d, up 5% sequentially
but down 24% YOY. Zargon expects
2017 spending to total $8.3...
Dec 05, 2017
Canada’s smaller E&P firms continue to struggleCanada’s debt and equity markets
were mostly quiet as summer drew to a
close. Enbridge Inc filed a short form
shelf prospectus with the US Securities
and Exchange Commission
which allows it to issue
up to US$7.0 billion in
preferred shares anytime over the next 25
months. (PG 17)
Sunshine Oilsands announced that
its planned equity issue of 455 million
shares at $0.23 each for net proceeds
of $17.11 million was canceled after
the buyer, Prime Union Enterprise Ltd. backed away the issue....
Sep 13, 2017
Zargon shows Q2 loss of $1.7MM as production slipsZargon Oil & Gas reported a loss of $1.7 million on revenue of $8.3 million,
improving its performance from a year ago when revenue was stronger, at $12 million,
and the loss was higher, at $5.3 million.
The company averaged production of 2,500 boe/d (77% oil and
liquids), down 3% from Q1 and 38% from 2Q16. Zargon’s production
is down by more than a third from a year ago because it sold assets in southeast
Saskatchewan and Alberta in 3Q16.
Despite the decline in...
Sep 13, 2017
Zargon volumes up 5% from 4Q16Zargon O&G produced 2,580 boe/d, up 5% from 4Q16 (78% oil). The company spent $2.51 million carrying out recompletions, reactivations and water and ASP polymer chemical flooding at Little Bow. During the rest of 2017 Zargon will spend $5.29 million to continue waterflood and ASP operations at Little Bow, optimizations at Bellshill Lake and the recompletion of a Highvale Glauconite gas well and a North Dakota Frobisher...
Jun 02, 2017
People & Companies - April 27, 2017¦ TSX-listed CGX Energy announced the resignation of Dan Gillet from its board in conjunction with Blackhill Partners ending its mandate at CGX’s parent Pacific Exploration & Production Corp. Gillet was employed by Blackhill as part of Pacific’s recent restructuring and was appointed to CGX’s board during that process. The company holds three licenses in the Guyana Suriname Basin. ¦ Delphi Energy appointed Mark Behrman as CFO, who recently served as CFO of Sea NG Corp. of Calgary, a...
Apr 26, 2017
A&D - News Briefs - April 7, 2020Los Angeles-based mining company Tiger International Resources signed an MOU to acquire all of the outstanding ownership interest in Barnett-focused Alibates Operating, LLC from Mannah, LLC for $1.18 million. Alibates owns 64 wells with working interests ranging 20- 75% on 2,812 net acres (5,000 gross) in Parker, Tarrant and Wise counties, Texas. The wells are operated by Alibates subsidiary American Star Energy & Minerals Corp. and ANRE Gas Systems. Tiger will acquire the outstanding...
Apr 07, 2020
CS - Exploration & Production Briefs - May 29, 2019Cequence Energy tied in two
Dunvegan horizontal oil wells in Q1
and reported their initial production in
the first 90 days was 444 boe/d and
369 boe/d, respectively (~60% oil and
NGLs). Its Q1 oil production reached
916 bo/d, up 274% YOY. The two new
wells allowed the company to boost
March production to ~38.9 MMcfe/d
(76% gas). The company’s average
production in Q1 was ~35.8 MMcfe/d
(75% gas), down from ~41.8 MMcfe/d
one year earlier. Zargon Oil & Gas continued to
restrict...
May 29, 2019