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Magnum Goldcorp receives work permit for LH property
2022-03-29 17:20 ET - News Release
Mr. Douglas Mason reports
MAGNUM GOLDCORP INC. RECEIVES LH PROPERTY WORK PERMIT AND ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Further to its news release of Dec. 1, 2021, Magnum Goldcorp Inc. has received an approved work permit in order to proceed with its planned exploration on its LH property located near Silverton, B.C.
Magnum has received a two-year multiyear area-based (MYAB) work permit for its LH property, issued by the Ministry of Energy, Mines and Low Carbon Innovation. The company is planning a diamond drill program to further explore its LH property to begin in the late spring, once weather conditions allow.
Subject to regulatory approval, the company intends to proceed with a non-flow-through non-brokered private placement to raise up to $150,000 by the issuance of three million non-flow-through units at five cents per NFT unit. Each NFT unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of five years at an exercise price of 10 cents. With respect to this private placement, the company may pay finders' fees in the amount of 10 per cent, payable in cash or NFT units, based on the sale of the NFT units purchased by subscribers introduced to the company by such finders.
The company intends to use the proceeds from this private placement for further exploration on its LH property and for general working capital purposes.
The LH property is a gold exploration property consisting of 19 contiguous crown granted claims and seven mineral claims, located approximately seven kilometres south of Silverton, B.C., on the east side of Slocan Lake. Access to the LH property is via Highway 6 for 1.1 kilometres south of Silverton and then via Red Mountain Road for 1.6 km to the Hewitt mine road, and then along a four-wheel drive road along Fingland Creek for approximately five km.
We seek Safe Harbor.
Cobra Venture Due Diligence Report - Information can be found on Sedar.
TSXV: CBV // OTCQB: CBVTF
Price: $0.285 CDN // $0.215 USD
Common Shares: 15,903,748
Options: 1,390,000
Insider Holdings: 3,899,954 – 24.5%
Website: http://www.cobraventure.com/
Recent News (March 23,2022): Cobra Venture Corp.'s board of directors has approved a special, one-time cash dividend of three cents per common share. The special dividend will be payable on May 4, 2022, to shareholders of record as of the close of business on April 6, 2022. The aggregate amount of the payment to be in connection with this special dividend will be approximately $477,113.
Recent Financial Results (Audited) (Ending November 30, 2021) – Q1 2022 Results to be released in April, as per last year’s filings.
ASSETS
Cash & Equivalents: $2,157,331 - $0.136 per share
Receivables: $215,661
Marketable Securities: $30,880
Prepaid Expenses: $29,098
Investments: $350,000
Property & Equipment: $672,183
Total Assets: $3,455,153
LIABILITIES
Accounts Payable: $39,213
Decommissioning Liabilities: $84,676
Total Liabilities: $123,889
2021 Performance
Oil/Gas Revenue: $1,589,972
Net Income: $113,322
2021 Management Discussion Highlights
The following is a summary of the significant events and transactions that occurred during the year ended November 30, 2021, and up to March 15, 2022:
Net earnings for the twelve-month period ended November 30, 2021, was $113,322 compared to a loss of $208,201. The earnings for the twelve-month period ended November 30, 2021, included non-cash Share-based payments of $110,294 on stock options issued during the period and is measured on the date of grant, using the Black-Scholes option pricing model.
PETROLEUM AND NATURAL GAS INTERESTS
Gull Lake, Saskatchewan
During the year ended November 30, 2013, the Company entered into a Participation Agreement whereby the Company (and two other arm’s length companies) was granted the right to equally participate to drill and complete up to 4 initial test wells (each “Test Well”) located in Gull Lake, Saskatchewan. Under the agreement, the Company had to pay 29.33% of the drilling costs of each Test Well to earn a net working interest of 14.665% in each well. The Company currently maintains a 14.665% interest in the Gull Lake project area.
The Company currently participates in 12 wells, 7 wells of which are operated by Taku Gas Ltd. ("Taku"), and 5 wells operated by Vital Energy Ltd. ("Vital"). As well, the Company has also elected to participate in the drilling of two development well locations. The additional wells will target the primary producing reservoir in the wells operated by Vital. Following the drilling of these two wells, and evaluation of the well results, Cobra has the option to elect to further participate in the drilling of a horizontal.
During the year ended November 30, 2021, the Company recorded $1,589,972 (2020 - $976,326) in production revenue.
MARKETABLE SECURITIES
Investments are marketable securities comprised of 475,076 (November 30, 2020 – 475,076) common shares in Magnum Goldcorp Inc., a publicly traded company. The Company and Magnum Goldcorp Inc. have certain directors in common.
INVESTMENT
At November 30, 2021, the Company had 350,000 shares (November 30, 2020 - 350,000) of Star Valley Drilling Ltd, a privately-owned company, valued at $350,000 (November 30, 2020 - $350,000) classified as FVTPL. As there is no quoted market price in an active market for the investment, the investment was initially measured at fair value which was the price paid by the company. There are no indicators during the current and prior year that cost might not be representative of fair value.
10 year high achieved today and the upside is still tremendous based on the amount of wells they can drill.
https://www.stockwatch.com/Chart/Advanced/C/WCE/10
Patriot Gold Corp Year End Results. Numbers are in $USD and can be found on SEDAR.
Ending December 31, 2021
ASSETS ($USD)
Cash: $1,417,275
Marketable Securities: $116,106
Royalty Receivables: $1,107,296
Prepaid Expenses: $38,760
Deferred Tax Assets: $1,108,000
Total Assets: $3,787,437
LIABILITIES ($USD)
Accounts Payable: $176,636
2021 Performance
Revenue: $1,737,707
Net Income: $152,431
For information on the Moss & Bruner royalties, please see Patriot Gold’s MD&A on Sedar. The company also has advanced stage mineral assets in Nevada.
Spectra Products earns $387,721 before taxes in 2021
2022-03-31 14:55 ET - News Release
Mr. Andrew Malion reports
SPECTRA PRODUCTS INC. REPORTS 4TH QUARTER 2021 RESULTS
Spectra Products Inc. has released its financial results for the year ended Dec. 31, 2021.
Continued operational profitability in 2021 has allowed the company to increase its cash reserves by over $300,000 to $877,547 at Dec. 31, 2021.
Revenues for the year ended Dec. 31, 2021, were $1,692,872 compared with $1,594,025 for the same period in 2020. Revenues for the fourth quarter ended Dec. 31, 2021, were $390,083 compared with $408,868 for the same period in 2020.
In the year ended Dec. 31, 2021, net income before taxes of $387,721 was earned compared with net income before taxes of $486,528 for the same period in 2020. In the fourth quarter ended Dec. 31, 2021, net income before taxes of $74,246 was earned compared with net income before taxes of $113,243 for the same period in 2020.
The main factors that contributed to the $98,807 decrease in annual net income was an $83,980 expense in 2021 as a result of the issuance of director and employee stock options. There was no comparable expense in 2020.
Spectra Products is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Brake InspectorO, Zafety Lug LockO, Hub Alert and the Anti-Seize cotter pin, as well as the Termin-8RO line of anti-corrosion and extreme pressure lubricants.
We seek Safe Harbor.
White Tundra is a new investment fund that's dedicated to Oil & Gas. Most of their investments are in large/mid tier oil producers. To have them part of WesCan Energy shows that the upside is tremendous in comparison to the current market cap.
https://twitter.com/WhiteTundraSG
Happy to share White Tundra participated in $WCE.V private placement and we are set to begin drilling operations of a 9-leg multi-lateral horizontal well shortly!
— Shubham Garg (@WhiteTundraSG) April 1, 2022
Will discuss thesis and due diligence process on April 16th valuation session. Thanks! 🛢💰https://t.co/405XTu8KC0
Wescan Energy closes $500,000 private placement
2022-03-31 18:18 ET - News Release
Mr. Greg Busby reports
WESCAN ENERGY ANNOUNCES CLOSING OF PRIVATE PLACEMENT
Wescan Energy Corp. has closed its previously announced non-brokered private placement of common shares in the capital of the corporation at a subscription price of 10 cents per common share for gross proceeds of $500,000. The previously announced loan transaction continues to be negotiated with the counterparty in an effort to find mutually acceptable commercial terms on the settlement of same.
The common shares are subject to a four-month-and-a-day hold period from the date of issuance, expiring on Aug. 1, 2022. No commissions or finders' fees were paid pursuant to the offering.
Proceeds from the offering will be used primarily for the company's drilling program of a new development well located in the company's core area at Provost, Alta., and general working capital purposes. The company is pleased to further announce that it has also commenced the preliminary groundwork including permission for surveying, land acquisition(s) and other field related services in preparation of the new well.
In addition, Wescan will also be reviewing production optimization schemes including pipeline enhancements and overall field operational efficiencies at the company's wholly owned facilities in anticipation of an increase in overall production from the results of certain well repairs that have now begun and in the event of the successful drilling and completion of the new well.
We seek Safe Harbor.
March 30, 2022 Article - NIS Moving Ahead With Romania Oil & Gas Project (East West Mentioned)
https://www.ekapija.com/news/3641677/nis-trazi-status-medjunarodnog-kljuc-u-ruke-operatora-na-teritoriji-eu-razmatraju
NIS seeks turnkey status of international operator in the EU - Different concession options are being considered
Source: eKapija Wednesday, March 30, 2022 | 15:54
Naftna industrija Srbije ad Novi Sad has announced a tender for the provision of consulting services on the possibility of creating the status of an international IPM operator in the field of exploration and production. The status of IPM operator implies integrated project management of exploration and production, in this case oil, or the so-called "turnkey".
As stated in the technical documentation, NIS plans to move to IPM status during the implementation of the project of building a plant on oil concession fields in Romania, which eKapija has already written about , with further establishing the status of international IPM contractor.
The task of the consultant, it is stated, is to determine whether there are restrictions in the legislation of Romania and the EU for concluding contracts on a turnkey basis.
In case it is impossible to conclude an IPM contract, it is further said, the consultant should determine the possibility of NIS being a consultant during the project implementation in Romania and suggest alternative options for hiring one general contractor for the job.
It is added that NIS is currently interested in gaining experience as an international IPM contractor in the EU, which is why various options are being considered within the concession arrangements.
The tender is open until April 11, about the details HERE .
It should be reminded that Naftna industrija Srbije ad Novi Sad announced in early February a tender for the preparation and preparation of documentation necessary for the construction of mining facilities in the concession fields of NIS in Romania.
NIS's Romanian subsidiary, NIS Petrol, has six oil and gas exploration concessions in Romania for 25 years. The exploration fields are located along the border with Serbia and Hungary. Two years ago, NIS Petrol Romania built two surface infrastructure facilities, at the locations of Teremija and Žombolj, where the experimental production of oil and gas began at that time.
The tender documentation for the consultant also explained the steps that led to the acquisition of joint concession rights of NIS and the Canadian East West Petroleum Corporation (EWP) by the Romanian National Mineral Resources Agency in May 2011.
Subsequently, 85% of EWP's participation in transferred to NIS by the concession agreement and that company was appointed as the project operator, and in 2014 all rights were transferred to NIS Petrol.
Symbol: KYS.H
Price: $0.10
Common Shares: 23,153,285
Market Cap: $2.3 million
Insider/Management Holdings: 10,369,595 or 44.8%
Financial Results (Ending January 31,2022)
ASSETS
Cash: $37,299
Investments: $1,404,248
Royalty Income Receivable: $16
Goods & Services Tax Receivable: $3,028
Prepaid Expenses: $833
Property & Equipment: $86
Total Assets: $1,455,510
LIABILITIES
Trade & Payables: $6,167
Total Liabilities: $6,167
6 Month Performance
Royalty Income: $16,181
Gain On Investments: $617,036
Total Expenses: $8,768
Net Income: $624,449
Reserve information can be found on Sedar (Cut off pricing was July 2021). Total Proved Plus Probable revenue ending July 2021 shows $14,736,800. See 51-101 Report.
MD&A Highlights
Kaymus is a publicly-traded company engaged in the exploration, acquisition, and development of petroleum and natural gas projects in the Western Canadian Sedimentary Basin (“WCSB”). The Company’s shares trade on the NEX, a separate trading board of the TSX Venture Exchange, under the symbol KYS.H. The Company holds a 100% working interest in two proposed oil locations producing out of the Cardium and Viking formations. The Sylvan Lake, Alberta property is located near the town of Sylvan Lake, Alberta in townships 36 and 39, Ranges 1 and 3 W5M. Kaymus currently has no wells drilled in the Sylvan Lake Area. The Company also holds overriding royalty interests ranging from 10% to 13% on five sections of land, on which are currently five producing wells which the Company acquired on January 15, 2019.
The Company plans to accumulate prospective land in the WCSB and will execute a drilling program when capital markets allow for raising equity.
As at January 31, 2022, the Company had working capital of $1,439,257 compared to working capital of $814,778 at July 31, 2021. The increase in working capital is a result of increase in the value of the investments.
Not surprised that EW hit a multi year high today. They've been trading around cash value for a while. The production from New Zealand is clearly bringing in positive cash flow and that can be shown quarter over quarter on the balance sheets. Today a couple new articles came out as well:
https://www.inflation.us/content/ew-gains-50-percent-27x-average-volume
https://www.inflation.us/content/new-oil-stock-suggestion-east-west-petroleum-tsxv-ew
Wescan Energy nears completion of $1-million financing
2022-03-21 18:36 ET - News Release
Mr. Greg Busby reports
WESCAN ENERGY ANNOUNCES FINANCING
Further to the previously issued press release dated Feb. 15, 2022, Wescan Energy Corp. is close to concluding the previously announced financing of up to $1-million, consisting of a combination of common shares in the capital of the corporation at a subscription price of 10 cents per common share and the entering into of a loan transaction, with the terms of such loan being subject to the negotiation and settlement on the material commercial terms of same. It is expected that the mixture of equity and debt being issued will be roughly the same and that the offering will close on or about the end of the month.
The common shares issued under the offering will be subject to a four-month-plus-one-day hold period from the date of closing. Closing of the offering and the terms of the offering, including the commercial terms of any loan that is entered into, are subject to the acceptance and approval of the TSX Venture Exchange. Proceeds from the offering will be used primarily for the drilling of a new development well located in the company's core area at Provost, Alta., and general working capital purposes. The company will also be reviewing production optimization schemes, including pipeline enhancements and overall field operational efficiencies, at the company's wholly owned facilities in anticipation of an increase in production from the results of both existing well repairs and in the event of the successful drilling and completion of the new well.
We seek Safe Harbor.
Canada Energy signs 2 LOIs for oil production in Gabon
2022-03-21 07:30 ET - News Release
Mr. Grant Hall reports
CANADA ENERGY PARTNERS SIGNS TWO LETTERS OF INTENT FOR OIL EXPLORATION PRODUCTION IN GABON
Canada Energy Partners Inc. has negotiated and signed two separate letters of intent, one with a private oil company based in the United Kingdom and the second with a private, domestic oil producer based in Gabon, West Africa.
"These Letters of Intent are the first steps in pairing our technical expertise with local producers to acquire assets previously identified and owned by International Oil Companies in Gabon that have rationalized their portfolios," said Grant Hall, President of Canada Energy Partners. "It is our intent to build long and mutually beneficial relationships with oil industry professionals in Gabon that possess above average oil and gas assets."
The first Letter of Intent provides for the Company to acquire a 1.69% interest in a 166.7 KM 2 prospective licensed property. Within the licensed property there are 7 identified assets, of which 4 are onshore and 3 offshore in shallow water. The second Letter of Intent provides for the Company to acquire a 38.31% interest in the largest of the 7 identified assets. Ultimately, the Company will acquire a total of 40% interest in the largest onshore asset.
The Letter of Intent with the domestic oil producer based in Gabon requires the Company to make cash payments in the aggregate amount of $2,500,000 US. The Company will commit to a capital expenditure program of $7,000,000 US to begin as soon as approvals and due diligence reviews have been completed. The capital commitments will fund the drilling of two horizontal wells on the asset where a previously drilled well was successfully tested before being shut in.
The Letter of Intent with the UK company requires the Companhy to make a cash payment of $2,000,000 US and royalty payments to commence 6 months after commercial production begins of $4,000,000 over 4 years.
The favourable terms under the Profit-Sharing Agreement with the Government of Gabon covering the concessions under the Letters of Intent, combined with the current favorable oil prices is expected to allow the Company to recoup all of its advance payments and capital expenses on an expedited basis after commencement of production. The postivive cash flow from these concessions can then be used to organically grow the Company's oil assets without the requirement for any further diluting financings.
The Company's rights under the Letters of Intent are in a concession comprising of 166.7 km2 total gross area and included de-risked exploitation opportunities in 4 onshore and 3 offshore shallow water fields.
About Gabon:
Country of 267,700 km Superscript 2 in Central Africa.
Combination of offshore and onshore fields.
Legal terms: Production Sharing Contract (PSC).
Production:
Gabon is a mature oil province with First Oil in 1957.
It contains mature infrastructure for production and export, providing tie back opportunities for small/medium size field.
Peak oil at 220,000 bopd in 1997 with Rabi Giant.
Gabonese government is encouraging new development to halt production declines. Current Daily production: between 180 - 200 kbopd.
We seek Safe Harbor.
Just some background on Greg Busby, the CEO of WesCan Energy. He has already built and sold companies in the Provost area of Alberta, along with experience in other companies:
Most recently, Mr. Busby was the president and CEO of CanRock Energy Corp., a junior public oil & gas company he co-founded and grew from zero production to approximately 500 boe/d. in the Provost area of east-central, Alberta. Prior thereto, Mr. Busby was president & CEO of Sable Energy Ltd. and Sable Energy (UK) Ltd., a private international North Sea focused E&P company. Mr. Busby was the former president, CEO, Interim CFO and director of Tuscany Energy Ltd. a Calgary-based public oil and gas company. He was instrumental in the restructuring and refinancing of the company that provided exponential growth in production and record earnings during his tenure. Mr. Busby is an active member of the Canadian Association of Petroleum Landmen (CAPL) and is a graduate (BA) of the University of Calgary.
Canada Energy Partners halted at 8:02 a.m. PT
2022-03-18 09:05 ET - Halt Trading
Canada Energy Partners Inc. has been halted at 8:02 a.m. PT on Friday, March 18, 2022, at the request of the company, pending news.
Spectra Products to buy back up to 3.85 million shares
2022-03-07 10:25 ET - News Release
Mr. Andrew Malion reports
SPECTRA PRODUCTS INC. ANNOUNCES NORMAL COURSE ISSUER BID.
The TSX Venture Exchange has accepted Spectra Products Inc.'s notice of intention to make a normal course issuer bid to purchase for cancellation, from time to time, as Spectra considers advisable, up to a maximum of 3,855,500 common shares in the capital of the company. The maximum number of common shares to be purchased pursuant to the bid represents 5 per cent of the company's 77,109,971 common shares outstanding as at the date hereof.
Purchases of common shares will be made on the open market through the facilities of the TSX Venture Exchange and/or permitted alternative trading systems. The price that Spectra will pay for any common shares purchased by it will be the prevailing market price of the common shares at the time of such purchase. The actual number of common shares that may be purchased for cancellation and the timing of any such purchases will be determined by the company.
The bid will commence on March 15, 2022, and will terminate on March 15, 2023, or at such earlier time as the bid is completed or terminated at the option of Spectra. The company has retained Canaccord Genuity Corp. as its broker to conduct the bid on its behalf.
Management of the company is of the view that at times the trading price of the common shares may not fully reflect the underlying value of the company's business. The ability of the company to repurchase its common shares for cancellation may at times represent an attractive opportunity to enhance the company's per common share metrics and thereby increase the underlying value of the common shares for all shareholders. In addition, the bid may increase liquidity for shareholders who wish to sell their common shares.
Spectra Products is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Brake InspectorO, Zafety Lug LockO, Hub Alert and the Anti-Seize Cotter Pin, as well as the Termin-8RO line of anti-corrosion and extreme pressure lubricants.
We seek Safe Harbor.
Wescan Energy hit an 8 year high yesterday as technical and fundamental indicators show that this company has tremendous opportunity right now:
- Current production of 56boed with several workover projects that could easily triple this number
- 2021 oil/gas reserve report (51-101) showing just under 400,000 barrels. This was valued at $7.3 million USD when WTI pricing was $60 and Natural gas was $2.50. Today it's nearly double for both energy commodities.
- Shares for debt issued at 10 cents completed last month, still keeping the total float at 36.5 million shares.
- Recently announced $1 million placement that's half equity/debt, which will be used to drill a shallow horizontal well in an area, where neighbouring lease owners have had nearly 100% success rates on dozens of wells. Production ranging from 250-350bopd. Wescan has enough acreage to drill up to 4 of these wells
- $5 million worth of infrastructure that can handle a much larger capacity project. Wescan purchased this asset out of bankruptcy in 2015 for $1.3 million and the prior owner was aware that the lease had more upside beyond a couple dozen vertical wells. This is why such an investment was made for a larger facility to process the oil and gas.
- Heavy insider ownership and financial support. See insider buying.
- Website is terribly outdated, but this is an operation to drill and prove up the asset, then sell it.
https://afrimag.net/gabon-le-baril-dope-les-recettes-budgetaires/
Gabon: The barrel boosts budget revenue
By AJ.S February 21, 2022
Gabon's oil revenue forecasts for the year 2022 amount to 693.8 billion FCFA, indicates the document of the finance law.
This is an increase of 211.2 billion FCFA compared to the 2021 financial year, boosted by a sharp increase in production (+8%) and the runaway oil prices on the international market which are close to currently $100.
The government intends to derive 151.1 billion FCFA in tax revenue from companies in the oil sector, i.e. 89.4 billion more than in 2021.
Under various royalties, the Treasury has planned 542.7 billion FCFA in revenue, of which 63 billion in oil royalties and 56.6 billion from sharing contracts. These forecasts are up by 121.8 billion FCFA compared to the previous fiscal year.
Gabon is recording a rather abundant start to the oil year, with major projects and actions announced in recent weeks by operators such as Maurel & Prom , VAALCO Energy and Perenco. Canada's Canada Energy Partners Inc. is also in the running to operate a new offshore block.
Wescan Energy Corp (Technical Analysis) - https://www.barchart.com/stocks/quotes/WCE.VN/opinion
100% BUY
- Overall Average Signal calculated from all 13 indicators. Signal Strength is a long-term measurement of the historical strength of the Signal, while Signal Direction is a short-term (3-Day) measurement of the movement of the Signal.
Barchart Opinion
INDICATOR
Opinion Strength & Direction
Composite Indicator
TrendSpotter
BUY
Short Term Indicators
20 Day Moving Average
BUY
20 - 50 Day MACD Oscillator
BUY
20 - 100 Day MACD Oscillator
BUY
20 - 200 Day MACD Oscillator
BUY
20 - Day Average Volume: 66,154 Average: 100% BUY
Medium Term Indicators
50 Day Moving Average
BUY
50 - 100 Day MACD Oscillator
BUY
50 - 150 Day MACD Oscillator
BUY
50 - 200 Day MACD Oscillator
BUY
50 - Day Average Volume: 77,406 Average: 100% BUY
Long Term Indicators
100 Day Moving Average
BUY
150 Day Moving Average
BUY
200 Day Moving Average
BUY
100 - 200 Day MACD Oscillator
BUY
100 - Day Average Volume: 61,067 Average: 100% BUY
Wescan Energy arranges $1-million financing
2022-02-15 15:10 ET - News Release
Mr. Greg Busby reports
WESCAN ENERGY ANNOUNCES FINANCING FOR DEVELOPMENT DRILLING PROGRAM
Wescan Energy Corp. has arranged a financing of up to $1-million, consisting of a combination of common shares in the capital of the corporation at a subscription price of 10 cents per common share in conjunction with the issuance of debt, with the terms of such debt being subject to negotiation and settlement on the material commercial terms of same. The company expects to raise an equal proportion of the debt and equity (50 per cent debt and 50 per cent equity), however, the company may alter such proportion at its discretion subject to the demand of the offering and current market conditions.
The common shares issued under the offering will be subject to a four-month-plus-one-day hold period from the date of closing. Closing of the offering and the terms of the offering, including the commercial terms of any debt that is issued, are subject to the acceptance and approval of the TSX Venture Exchange. Proceeds from the offering will be used primarily for the drilling of a new development well located in the company's core area at Provost, Alta., and general working capital purposes. The company will also be reviewing production optimization schemes including pipeline enhancements and overall field operational efficiencies at the company's wholly owned facilities in anticipation of an increase in production from the results both existing well repairs and in the event of the successful drilling and completion of the new well.
We seek Safe Harbor.
CANADA ENERGY PARTNERS ANNOUNCES CEO TRANSITION
2022-02-15 09:01 ET - News Release
Mr. Grant Hall reports
Canada Energy Partners Inc.'s Duncan Nightingale has resigned as the company's chief executive officer effective Feb. 14, 2022. Grant Hall, Canada Energy's president and chairman, will again assume the duties of CEO until a suitable replacement can be identified. The company has initiated a search for a permanent leader.
"Canada Energy Partners is currently involved in late-stage, detailed negotiations with the government of Gabon and other entities regarding an oil and gas project. Negotiations and due diligence work is continuing without pause. The company's in-country technical team lead by Ricardo Chona, reservoir engineer, and Ricardo Penas, senior petroleum geologist, are well equipped to continue the project analysis," said Mr. Hall, chairman of Canada Energy Partners. "I would like to thank Duncan for his contributions during his brief time with the company and wish him success with any future endeavour."
The company is engaged in negotiations with the government of Gabon for the purpose of concluding a profit-sharing agreement related to the development of the Konzi oil project. The company has signed a letter of intent (see the company's press release of Sept. 9, 2021) with the Gabonese government. The company has submitted an economic proposal for review by the Ministry of Hydrocarbons and is awaiting their comments. Personnel from the company are in Gabon for the month of February to continue negotiations and to conduct further due diligence regarding the Konzi project.
We seek Safe Harbor.
Cub Energy Announces Closing of Sale of 35% Interest in KUBGAS
Houston, Texas, and Calgary, Alberta – February 2, 2022 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB) announces it has closed the sale of its 35% interest in KUBGAS Holdings Limited (“KUB Holdings”). The sale was for a deemed consideration of approximately US $10.9 million. The consideration was comprised of a cash payment of US $2.6 million and the settlement of US $8.3 million in debt. The US $8.3 million in debt was settled in full through the repayment of debt and the simultaneous issuance of US $7.9 million in dividends to the Company with the difference being the
applicable withholding taxes. The Company continued gas trading of its 35% interest in KUBGAS through to November 15, 2021.
Patrick McGrath, CEO of Cub said: “The sale of the Company’s eastern Ukraine asset essentially derisks the Company’s eastern Ukraine exposure and eliminates the majority of Cub’s debt. The Company is now focused on its 100% owned western Ukraine assets and will continue to review new opportunities.”
About Cub Energy Inc.
Cub Energy Inc. (TSX-V: KUB) is a power generation and upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company’s strategy is to implement western technology and capital, combined with local expertise and ownership, to build a portfolio of assets within an advantaged commodity price environment. For further information please contact us or visit our website: www.cubenergyinc.com
Patrick McGrath
Chief Executive Officer
(832) 499-6009
patrick.mcgrath@cubenergyinc.com
You're welcome, I've also been averaging down. Crazy when our market cap is barely above our cash + asset position, not taking into consideration the future value of Bruner or Moss. But lots of royalty plays have been chopped in half at the very least. This will bounce back in the late spring when we get year end results and the first quarter, which both I think should be profitable.
Canada Energy Partners private placement
2022-02-02 14:12 MT - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Jan. 6, 2022.
Number of shares: 5,052,500 shares
Purchase price: eight cents per share
Warrants: 5,052,500 share purchase warrants to purchase 5,052,500 shares
Warrant exercise price: 12 cents for a one-year period
Number of placees: 14 placees
Pro groups: 260,000, one placee
Finders' fees: $3,600 and 45,000 finders' warrants payable to National Bank Financial Inc. $24,736 and 309,200 finders' warrants payable to PI Financial Inc.
Each finder's warrant entitles the holder to acquire one common share at 12 cents for a one-year period.
Pursuant to corporate finance Policy 4.1, Section 1.9(e), the company has issued a news release announcing the closing of the private placement on Jan. 31, 2022, and setting out the expiry dates of the hold period(s).
Endeavours January 2022 company presentation mentioning some facts about Bruner on page 28: https://edrsilver.com/investors/presentations/
Bruner Project –An Advanced Stage Exploration Project
FAVOURABLE GEOLOGY
•Gold and silver occurring in low-sulphidationepithermal veins and in disseminations within sheeted and stockwork zonesIDEALLY LOCATED
•Situated within Nevada’s Walker Lane NW trending mineral belt, which currently hosts several producing mines and recent discoveriesEXCELLENT OPPORTUNITY & POTENTIAL
•Potential to discover additional gold and silver mineralization amenable to open-pit mining
•Opportunityfor exploration discoveries, district consolidation, near-term production and organic growth
Just a quick update on Kaymus:
1) 23.2 million shares outstanding
2) 45% insider holdings
3) $1.2 million in cash/investments with less than $20k total liabilities
4) Yangarra management team runs Kaymus
5) Own mineral leases and royalties in the same area as Yangarra
6) Have a 51-101 with over 500,000 net barrels equivalent (light oil & gas)
As per the last financial statements released at the end of December, Kaymus now has the following balance sheet and reserves:
(All information can be found at www.sedar.com)
Kaymus Balance Sheet - https://cdn-ceo-ca.s3.amazonaws.com/1gsnc3h-KYS%20YE%20Page%201.jpg
Kaymus Revenue - https://cdn-ceo-ca.s3.amazonaws.com/1gsnc3n-KYS%20YE%20Page%202.jpg
Kaymus 51-101 Oil/Gas Reserves Page 1 - https://cdn-ceo-ca.s3.amazonaws.com/1gu67vl-Kaymus%2051-101%20Page%201.jpg
Kaymus 51-101 Oil/Gas Reserves Page 2 - https://cdn-ceo-ca.s3.amazonaws.com/1gu67vs-Kaymus%2051-101%20Page%202.jpg
The most recent news releases regarding the $4.91 million placement & shares for debt:
Eastwest to settle debt with 3.09 million shares
2021-11-24 14:56 ET - News Release
Mr. Rodney Gelineau reports
EASTWEST BIOSCIENCE ANNOUNCES CLOSING OF SHARES FOR DEBT SETTLEMENTS
Eastwest Bioscience Inc. has issued 3,095,044 common shares at a price of five cents per common share to certain non-arm's length service providers for expense incurred on behalf of the company and arm's length service providers for settlement in respect of services provided to the company by consultants and for consulting services. The transactions with the consultants were in the normal course of business and the consideration provided was agreed to by the company and the consultants.
The company has received Toronto Stock Exchange (TSX) Venture Exchange approval on the said transactions and a statutory hold period of four-months and one day is in place on the issuance of these common shares in accordance with applicable securities laws.
About Eastwest Bioscience Inc.
Eastwest Bioscience is a vertically integrated wellness company with a multitude of business units and assets that allow for seed-to-sale supply chain management. The company sources its raw material, processes, manufactures, tests, brands, markets and distributes its products to its customers in Canada, the United States and beyond. The company owns and operates retail and manufacturing subsidiaries.
The company's retail subsidiary is the award winning, Canadian, natural health retail franchise -- the Sangster's Health Centres -- with over 40 years of legacy in the health and wellness industry. Sangster's goal is to provide natural choices through quality products and educated advice for a healthy lifestyle. Sangster's Health Centres occupies a unique position in the industry, the stores provide vast knowledge and safe natural remedies for the prevention and treatment of disease and ailments. Sangster's introduction and development of over 202 exclusively labeled products (vitamins, mineral, herbs, proteins, natural body care and organic foods) catapulted Sangster's name and product into a large number of Canadian households. From a solid base in Saskatchewan, Sangster's has become a national brand name with franchise stores located across Canada.
Orchard Vale Naturals is the company's manufacturing arm that is certified with a Health Canada Site licence and has GMP-certified NHP manufacturing capabilities. Orchard Vale Naturals specialize in custom blends and production runs of all sizes, small to large, for top-quality products with quick turnaround times. Orchard Vale Naturals operates out of the 34,000-square Health Canada licensed facility in Penticton, B.C., that is owned by Eastwest Bioscience and is the head office for all its Canadian operations.
Eastwest Bioscience unit closes $4.91-million financing
2021-11-17 13:22 ET - News Release
Mr. Rodney Gelineau reports
EASTWEST BIOSCIENCE ANNOUNCES CLOSING OF FINANCING FOR 1291085 BC LTD
Eastwest Bioscience Inc. has closed a non-brokered financing round through its subsidiary, 1290185 B.C. Ltd., an early-stage company focused on building high-quality and innovative self-storage facilities across Canada.
185 received aggregate proceeds of $4,915,300 from the issuance of 9,830,600 of its common shares at 50 cents per share. The subsidiary is using the proceeds from the offering for the acquisition and construction of new self-storage facilities and for general corporate purposes.
Rodney Gelineau, president and chief executive officer of Eastwest, commented: "This is a milestone moment for 185 as it transitions the company from concept and planning into operational mode. We are excited to have two sites under construction and several others in the pipeline."
About Eastwest Bioscience Inc.
Eastwest Bioscience is a vertically integrated wellness company with a multitude of business units and assets that allow for seed-to-sale supply chain management. The company sources its raw material, process, manufacture, test, brand, market and distribute the company's products to its customers in Canada, the United States and beyond. The company owns and operates retail and manufacturing subsidiaries.
The company's retail subsidiary is the award-winning Canadian natural health retail franchise -- Sangster's Health Centres -- with over 40 years of legacy in the health and wellness industry. Sangster's goal is to provide natural choices through quality products and educated advice for a healthy lifestyle. Sangster's Health Centres occupies a unique position in the industry; the stores provide vast knowledge and safe natural remedies for the prevention and treatment of disease and ailments. Sangster's introduction and development of over 202 exclusively labelled products (vitamins, minerals, herbs, proteins, natural body care and organic foods) catapulted Sangster's name and product into a large number of Canadian households. From a solid base in Saskatchewan, Sangster's has become a national brand name with franchise stores located across Canada.
Orchard Vale Naturals is the company's manufacturing arm that is certified with a Health Canada site licence and has GMP-certified (good manufacturing practice) NHP (natural health product) manufacturing capabilities. Orchard Vale Naturals specializes in custom blends and production runs of all sizes, small to large, for top-quality products with quick turnaround times. Orchard Vale Naturals operates out of a 34,000-square-foot Health Canada licensed facility in Penticton, B.C., owned by Eastwest Bioscience, which acts as the head office for all of Eastwest's Canadian operations.
The company's subsidiary, 185, is building a network of automated self-storage sites in British Columbia. The subsidiary's business model is designed to be low capex (capital expenditure) with highly scalable logistics. It is focused on secondary markets, consumer automation and innovative land partnerships, allowing it to move into new regions quickly at scale and with minimal risk. Eastwest hopes to build the forthcoming brand of 185 into a household name across Canada.
EAST recent DD report:
TSXV: EAST // OTC: HBOSF
Price: $0.025 CDN // $0.014 USD
Common Shares: 100,664,323
Options: 7,440,000
Insider Holdings: 21,441,177
Website: www.eastwestbioscience.com
Below are the recent financials, along with descriptions of several subsidiaries that East West Biosciences controls.
Financials (As of October 31, 2021) – Does not include the $4.91 million raised for their storage locker business subsidiary as this happened after the quarter ended. Same with the 3.1 million shares for debt issued at $0.05
ASSETS
Cash: $971,540
Accounts Receivable: $47,355
Inventory: $215,274
Due From Related Party: $23,794
Prepaid Expenses: $9,993
Property & Equipment: $2,175,548
Intangible Assets: $193,702
Investment In JV: $49,145
Total Assets: $3,686,351
LIABILITIES
Accounts Payable: $1,409,162
Customer Deposits: $95,586
Deferred Revenue: $3,372
Due To Related Party: $363,947
Promissary Note Payable: $237,282
Mortgage Payable: $1,795,200
Loans Payable: $379,048
Total Liabilities: $4,283,597
Discussion of operations (from MD&A):
Eastwest Business Model - Eastwest is a vertically integrated wellness company that provides value and high-quality products and services to its customers in Canada and beyond. To support this vision, Eastwest aims to fully control its supply chain, leverage its assets and currently has several wholly owned operating subsidiaries, from health supplement manufacturing operations to a retail presence across Canada.
Manufacturing – Orchard Vale Naturals Inc. (“OVN”) - OVN is a Health Canada licensed manufacturing facility with capabilities to encapsulate, package and label. OVN manufactures health supplements for its business-to-business (“B2B”) clients. OVN’s unique preposition is that it offers a turnkey solution for small brands and accommodates small quantity orders.
Retail – Sangster’s Group of Companies (“Sangster’s”) - Eastwest acquired Sangster’s on November 30, 2018. The Company established three separate companies to reflect and accommodate the different operational structures and revenue models:
1) Sangster's Health Centres Head Office – 102064495 Saskatchewan Inc. o/a Sangster’s (“495SK”) Head franchisor with 14 franchisees as of October 31, 2021. As the head franchisor, Sangster’s owns the brand rights and manages the franchisor-franchisee distribution relationships. Sangster’s sells supplements and wellness products through its franchise locations and its online eCommerce platform.
2) Sangster’s Corporate Stores – 102064509 Saskatchewan Inc. o/a Sangster’s Corporate Stores (“509SK”) Sangster’s Corporate Stores own and manage Sangster’s corporate owned stores across Canada. As of October 31, 2021, Sangster’s did not maintain any corporate locations.
3) Sangster’s Leases – 102064512 Saskatchewan Inc. o/a Sangster’s Head Office Leasing (“512SK”) 512SK holds the head lease for certain franchise locations with landlord and subleases to franchisees. This allows Sangster's to ensure a franchise is not sold to the competition and to take on corporate stores in case of franchisee retirement, exit or bankruptcy.
Intellectual Property – 1123573 B.C. Ltd. ("573BC") - This subsidiary holds the Health Canada licenses to 187 natural product numbers (“NPNs”) certified by Health Canada. These NPNs are mandatory for supplement products to be marketed in Canada and are valuable assets for any companies that are manufacturing, distributing and marketing supplements in Canada.
Real Estate – 1123568 B.C. Ltd. (“568BC”) - This subsidiary owns and manages the land and building at 260 Okanagan Avenue, Penticton, British Columbia. The facility is a 34,000 square foot facility located off the main street in Penticton. It is equipped with two loading docks, ample parking and is fully secured. Currently it is renting out space to related parties and third-party renters. Current tenants include Eastwest Science Ltd. (“EWS”), OVN and Sangster's.
Self-Storage – 1290185 B.C. Ltd. (“185BC”) - During the year ended July 31, 2021, the Company added self-storage to its already diverse revenue streams through a new subsidiary, 185BC. This subsidiary is an early-stage company intending to build high-quality self-storage facilities across western Canada. The inception of this subsidiary was initiated by the Company’s need to leverage its Penticton facility, which has been underutilized. Eastwest believes that, due to increasing demand in the British Columbia interior, self-storage will be an efficient use for the facility.
Consumer Goods – Eastwest Science Ltd - EWS distributes hemp-based consumer goods to B2B clients, wholesalers, distributors and end consumers. During the year ended July 31, 2021, there has been minimal sales volume.
US Operation – EastWest Science USA Inc. (“EWS USA”) - EWS USA is a Kentucky, USA, based company that was established to allow the Company to pursue US based opportunities, in particular for CBD infused products.
Highlights – For the three months ended October 31, 2021
Startup Phase of the Storage Division and Expenses Incurred (185BC)
Much of the expenses, in the amount of $289,512, incurred during the three months ended October 31, 2021, were due to site development costs, operational expenses and marketing costs of the Storage Division. Since its inception in the spring of 2021, 185BC has two locations under construction: Penticton, British Columbia, and Oliver, British Columbia. The goal of 185BC is to open 3 additional locations by Q1 2022. The demand for storage is expected to be strong and the Company is very confident in the future success of this division.
Restructuring of the Retail Division (Sangster’s Health Centres)
Sangster’s has been impacted by COVID-19. During the three months ended October 31, 2021, the product sales to the franchisees dropped by 30% compared to the same period in the last fiscal year. To overcome these challenges, Sangster’s is undergoing a restructuring process that focus on the following main areas:
• Franchise Stability o The Company will be opening five new locations in the next two quarters o Secure the right locations (new and existing)
• Marketing Effectiveness o Measure investment and performance to make better decisions o eCommerce investment and strategy (nationally and internationally)
• Pricing and Product Strategy o Continual innovation in new products, training and methods o Leverage suppliers and OVN for a competitive price strategy
As part of the restructuring, Sangster’s has engaged a creative marketing agency to refresh its branding and overhaul the current store design. The result is a brand that is modern, fresh, relevant and communicates the brand’s value proposition. Additionally, Sangster’s is developing a unique subscription-based customized supplement program as part of its new product offerings, online and at store level.
Canada Energy arranges $400,000 private placement
2022-01-06 16:18 ET - News Release
Mr. Grant Hall reports
CANADA ENERGY PARTNERS ARRANGES PRIVATE PLACEMENT
Canada Energy Partners Inc. has arranged a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of up to five million units at a purchase price of eight cents per unit.
Each unit shall consist of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to acquire one share at an exercise price of 12 cents for a period of 12 months following the closing date of the private placement. Subject to TSX Venture Exchange acceptance, the company may pay finders' fees in cash or finders' warrants to arm's-length finders in amounts to be negotiated.
The company intends to use the net proceeds of the private placement means for working capital, including due diligence expenses on potential acquisition opportunities.
The company is engaged in negotiations with the government of Gabon for the purpose of concluding a profit-sharing agreement related to the development of the Konzi oil project. The company has signed a letter of intent (see the company's press release of Sept. 9, 2021), with the Gabonese government. The company has submitted an economic proposal for review by the Ministry of Hydrocarbons and is awaiting their comments. Personnel from the company are planning to be in Gabon early in February to continue negotiations and to conduct further due diligence regarding the Konzi project.
All securities to be issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable securities laws in Canada. Closing of the private placement is subject to approval of the exchange.
At the closing of this private placement, it is anticipated that the company will have approximately 23 million shares outstanding.
The securities being offered under the private placement have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements.
We seek Safe Harbor.
As well, here's what Endeavour's CEO said once the Bruner acquisition was completed (From EDR.T Sept.1st 2021 News)
Endeavour chief executive officer Dan Dickson commented: "We are pleased to add an advanced precious metals property to our project pipeline. Bruner should be an accretive acquisition for our five-year strategic plan to become a premier senior silver producer, with potential for exploration discoveries, district acquisitions, near-term production and organic growth.
"We will provide a formal market update in our 2022 annual guidance on our exploration plans for the Bruner project. Our exploration team will focus initially on verifying the historic resources, then turn its attention to the many exploration targets on the Bruner property. We look forward to unlocking the full potential of the Bruner property with the goal of building a new mining operation in another historic mining district in Nevada.
Looks like time is running out for Endeavour Silver to buy back 1% of the NSR on Bruner. I'm quite certain the terms/conditions from the original asset sale from Patriot to Canamex still stand. By the end of April, EDR.T has to give PGOL $5 million USD for that 1%, or else it reverts back to a full 2% NSR with no limit. Short term the cash would be huge for Patriot, but I'd rather have a full 2% royalty as that extra 1% will be worth way more in a couple years from now. 342,000 ounces of gold in the historic report, with only 10% of the property explored, upside is massive. From page 13 on the last MD&A:
Pursuant to the Bruner Purchase and Sale Agreement with Canamex Resources dated April 25, 2017, the Company has a 2% net smelter return (“NSR”) royalty on the Bruner Gold/Silver mine in Nevada, including any claims acquired within a two-mile area of interest around the existing claims. Canamex has the option to buy-down half of the NSR royalty retained by Patriot for $5 million any time during a five-year period following closing of the purchase and sale agreement. As of September 30, 2021, no royalties have yet been earned.
Not sure if anyone has been paying attention to the European Natural Gas crisis, but prices have hit a level that I always thought was impossible to achieve. January pricing is at $73 an MCF, equivalent to $460 USD a barrel of oil equivalent!
https://www.ueex.com.ua/eng/exchange-quotations/natural-gas/medium-and-long-term-market/
We saw the Uzhgorod asset sale close this week, which gives me hope that the subsidiary sale should also close. Reason I believe this will occur is because Burisma is making a fortune right now with their 65% ownership and payback on the acquisition will be quick.
Cub Energy made $1.4 million USD in profit last quarter and the average pricing was $7.66 an MCF. The average from October on has been over $20+ an MCF, this can be seen on page 4 of KUB’s December 2021 Company Presentation:
http://www.cubenergyinc.com/_resources/corporate-presentation.pdf
? Q1-Q3 2021 average sales price of $7.66/Mcf and a corporate netback of $3.82/Mcfe(1)
? October/November sale price has been closer to $20.00/Mcf
As well, Cub Energy started selling Natural Gas from their RK field rather than electricity because of this. From the financial results press release:
• The power business generated 5,546 megawatts an hour from the Jenbacher power units in western Ukraine for the period of commencement in mid-May, 2021, to Sept. 18, 2021, at an average price of $71 per MWh. Due to the recent material increase in natural gas prices and no parallel increase in power prices, the company has increased its sales of natural gas at the RK field and temporarily suspended the power business as of Sept. 18, 2021, as this strategy is more profitable at present. The company will continue to monitor the prices of both commodities and utilize whichever one produces the better return for shareholders.
Cub Energy closes sale of CNG Holdings interest
2021-12-21 10:14 ET - News Release
Mr. Patrick McGrath reports
CUB ENERGY ANNOUNCES CLOSING OF SALE OF CNG INTEREST
Cub Energy Inc. has closed the sale of its 50-per-cent interest in CNG Holdings Netherlands BV, which in turn owns CNG LLC (Ukraine LLC), the 100-per-cent owner of the Uzhgorod licence in western Ukraine, as originally announced on April 30, 2021.
Cub is to receive consideration of up to 800,000 euros ($900,000 (U.S.)) for its 50-per-cent interest in CNG consisting of 600,000 euros ($675,000 (U.S.)) in cash received on closing and 200,000 euros ($225,000 (U.S.)) as a contingent payment on certain future events including a commercial discovery.
Patrick McGrath, Cub's chief executive officer, said, "Cub is pleased to have monetized this asset as part of its strategy to divest non-core assets as it pursues new opportunities."
About Cub Energy Inc.
Cub Energy is a power and upstream oil and gas company, with a proven record of exploration and production cost efficiency in Ukraine. The company's strategy is to implement western technology and capital, combined with local expertise and ownership, to build a portfolio of assets within a high-commodity-price environment.
We seek Safe Harbor.
Some additional information regarding Kaymus Resources that's pretty significant:
Not sure if many people know this, but all the directors/management on KYS-H are the same team working for YGR. Does that mean Kaymus is a side project, or acquisition, or JV partner down the road? Both companies are targeting the Cardium and Viking formations.
When you look at Kaymus, they got a fresh balance sheet and some cash, but doesn't really show off their assets. So why would the Yangarra team even bother. Well despite not mentioning anything on their balance sheet, they in fact have quite decent reserves in comparison to the market cap that they show. Mostly gas based, also some oil, over 500,000 barrels equivalent or just under $15 million USD in value.
From the 51-101 that came out last week:
The Company holds a 100 percent working interest in two proposed oil locations producing out of the Cardium and Viking formations. The Sylvan Lake, Alberta property is located near the town of Sylvan Lake, Alberta in Townships 36 and 39, Ranges 1 and 3 W5M. The Company acquired interest in six sections in the Workman/Twining area, located in township 30, Ranges 26 and 27 W4M. Kaymus holds a GORR interest in six wells and a 100% working interest in one proposed horizontal gas location producing out of the Viking formation. Kaymus currently has no wells drilled in the Sylvan Lake Area.
Kaymus has two gross proposed wells for which it expects to incur abandonment and restoration costs. These costs included well abandonment and surface lease reclamation. The estimated total abandonment and reclamation costs, forecast net of estimated salvage value, under the proved reserves category is $204,900 (undiscounted). The total proved plus probable abandonment and reclamation costs are $357,600 (undiscounted). 100% of such amounts were deducted as abandonment costs in estimating future net revenue of the Company in respect of proved and proved plus probable reserves as disclosed above. Estimated abandonment costs are included in the 2020 Reserves Report as a deduction in arriving at future net revenue.
Axmin, republic agree to Jan. 29 deadline for Passendro
2021-11-29 16:01 ET - News Release
Ms. Lucy Yan reports
AXMIN INC. ANNOUNCES PROGRESS REPORT ON MEDIATION WITH THE GOVERNMENT OF THE CENTRAL AFRICAN REPUBLIC
Axmin Inc. has released a progress report on the mediation process that was initiated by the company regarding the Passendro gold project in the Central African Republic (CAR) to rectify the mining licence and two exploration permits, as previously publicly disclosed by the company including in "Operations -- Central African Republic -- Passendro Gold Project" in the company's management's discussion and analysis for the six months ended June 30, 2021, and 2020.
The President of the CAR, Mr Faustin-Archange Touadera, gave a mandate to Mr Arnaud Djoubaye-Abazene, the Minister of Justice, and to Mr Ruffin Benam-Beltoungou, the Minister of Mines and Geology, to come to an amicable settlement with the Company. Axmin is represented by Mr Boubacar Sidibe and the Company's legal counsel.
Axmin made its views clear during the mediation held in Abidjan, Ivory Coast as to various solutions regarding the appropriate rectification. The CAR delegation did not contest or dispute the propositions made by the Company but did request the opportunity to return to Bangui, the capital of the CAR, to discuss the possible solutions with the Council of Ministers. The parties to the mediation agreed to a maximum delay to January 29, 2022 to rectify this matter. If this timeline is not adhered to, Axmin has the right to pursue a binding legal process.
Axmin Chairman and CEO, Lucy Yan, said, "We are delighted to be working with the representatives of the CAR Government to rectify this matter in an amicable manner. We believe that the mutually successful rectification of this matter will benefit the CAR, all shareholders and all other stakeholders."
About Axmin Inc.
Axmin is a Canadian exploration and development company with a strong focus on central and West Africa.
We seek Safe Harbor.
Cub Energy Announces Third Quarter Results
HOUSTON, TX and CALGARY, AB / ACCESSWIRE / November 29, 2021 / Cub Energy Inc. ("Cub" or the "Company") (TSX-V:KUB), a Ukraine-focused energy company, announced today its unaudited financial and operating results for the interim nine months ended September 30, 2021. All dollar amounts are expressed in United States Dollars unless otherwise noted. This update includes results from Kub-Gas LLC ("Kub-Gas"), which Cub has a 35% equity ownership interest, Tysagaz LLC ("Tysagaz"), Cub's 100% owned subsidiary and CNG LLC ("CNG"), which Cub has a 50% equity ownership interest.
Patrick McGrath, CEO of Cub said: "We are pleased to report $2,138,000 or $0.01 per share in net income during the nine months ended September 30, 2021. The increase in the price of natural gas was the primary contributor to the 2021 financial results. Cub also signed a letter agreement for the sale of its 35% equity interest in Kub-Gas for deemed consideration of $10.6 million. The proposed sale will deleverage Cub's balance and allow Cub to focus on its 100% owned assets and new opportunities."
Operational Highlights
Achieved average natural gas price of $7.66/Mcf and condensate price of $69.16/bbl during the nine months ended September 30, 2021 as compared to $3.59/Mcf and $40.33/bbl for the comparative 2020 period.
Production averaged 513 boe/d (97% weighted to natural gas and the remaining to condensate) for the nine months ended September 30, 2021 as compared to 638 boe/d for the comparative 2020 period
The power business generated 5,546 megawatts an hour ("MWh") from the Jenbacher power units in Western Ukraine for the period of commencement in mid-May 2021 to September 18, 2021 at an average price of $71/MWh. Due to the recent material increase in natural gas prices and no parallel increase in power prices, the Company has increased its sales of natural gas at the RK field and temporarily suspended the power business as of September 18, 2021 as this strategy is more profitable at present. The Company will continue to monitor the prices of both commodities and utilize whichever one produces the better return for shareholders.
On September 7, 2021, the Company announced it had entered into a letter agreement to sell its 35% interest in KUB-Gas for a cash payment of $2,600,000 and settlement of approximately $8,000,000 in debt for total deemed consideration of approximately $10,600,000. The closing of the transaction is subject to the parties entering into a definitive agreement and regulatory approval.
The Company continues to work towards closing the sale of its 50% interest in CNG Holdings, which indirectly owns the Uzhgorod licence in western Ukraine. In consideration, the Company is to receive €800,000 for its 50% interest in CNG Holdings. The consideration consists of €600,000 in cash on closing and €200,000 is a contingent payment on certain future events including a commercial discovery. The closing is subject to certain conditions including Ukraine regulatory approval.
Financial Highlights
The gross profit on the Company's gas trading business increased to $2,311,000 during the nine months ended September 30, 2021 as compared to $899,000 in gross profit in the comparative 2020 period.
The Company reported net income of $2,138,000 or $0.01 per share during the nine months ended September 30, 2021 as compared to a net loss of $2,274,000 or $0.01 per share during the comparative 2020 period.
Netbacks of $22.90/boe or $3.82/Mcfe were achieved for the nine months ended September 30, 2021 as compared to netback of $9.13/Boe or $1.52/Mcfe for the nine month comparative period in 2020.
(in thousands of US Dollars)
Three
Months Ended
September 30, 2021
Three
Months Ended
September 30, 2020
Nine
Months Ended
September 30, 2021
Nine
Months Ended
September 30, 2020
Revenue from gas trading
2,698 1,255 6,180 4,382
Pro-rata petroleum and natural gas revenue(1)
2,089 659 4,498 2,713
Revenue from sale of electricity
281 - 459 -
Petroleum and natural gas revenue
114 37 305 146
Net income (loss)
1,392 (374 ) 2,138 (2,274 )
Income (loss) per share - basic and diluted
0.00 (0.00 ) 0.01 (0.01 )
Funds generated from (used in) operations
330 (232 ) 1,414 (325 )
Capital expenditures(2)
- - 352 -
Pro-rata capital expenditures(2)
146 - 601 869
Pro-rata netback ($/boe)
31.00 9.11 22.90 9.13
Pro-rata netback ($Mcfe)
5.17 1.52 3.82 1.52
September 30,
2021
December 31,
2020
Cash and cash equivalents
5,385 4,424
Notes:
Pro-rata petroleum and natural gas revenue is a non-IFRS measure that adds the Company's petroleum and natural gas revenue earned in the respective periods to the Company's 35% equity share of the KUB-Gas natural gas sales that the Company has an economic interest in.
Capital expenditures includes the purchase of property, plant and equipment and the purchase of exploration and evaluation assets. Pro-rata capital expenditures are a non-IFRS measure that adds the Company's capital expenditures in the respective periods to the Company's 35% equity share of the KUB-Gas and 50% equity share of CNG Holdings capital expenditures that the Company has an economic interest in.
For purposes of the pro-rata netback calculation, the Company's profit from gas trading is added to the revenue of Kub-Gas to better reflect the true natural gas price achieved and field netback.
Reader Advisory
With the current cash resources, negative working capital, fluctuating commodity prices, currency fluctuations, reliance on a limited number of customers, the Company may not have sufficient cash to continue the exploration and development activities. These matters raise significant doubt about the ability of the Company to continue as a going concern and meet its obligations as they become due.
Supporting Documents
Cub's complete interim reporting package, including the unaudited consolidated interim financial statements and associated Management's Discussion and Analysis, have been filed on SEDAR (www.sedar.com) and has been posted on the Company's website at www.cubenergyinc.com.
About Cub Energy Inc.
Cub Energy Inc. (TSX-V:KUB) is a power and upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of assets within a high commodity price environment. For further information please contact us or visit our website: www.cubenergyinc.com
Patrick McGrath
Chief Executive Officer
(832) 499-6009
patrick.mcgrath@cubenergyinc.com
Kaymus Resources Inc. Audited Year End Results. All information can be found on SEDAR
Symbol: KYS.H
Price: $0.05
Common Shares: 23,153,285
Market Cap: $1.2 million
Insider/Management Holdings: 10,369,595 or 44.8%
The Kaymus website is currently down, but management can be reached at - info@kaymus.ca or by phone: 403-262-9177
Audited Financial Results (Ending April 30, 2021)
ASSETS
Cash: $38,194
Investments: $787,213
Royalty Income Receivable: $9,210
Goods & Services Tax Receivable: $3,951
Prepaid Expenses: $833
Deposit: $10,000
Property & Equipment: $116
Total Assets: $849,517
LIABILITIES
Trade & Payables: $24,623
Total Liabilities: $24,623
2021 Performance
Royalty Income: $29,480
Investment Gain: $427,097
Total Operating Expenses: $39,079
Net Income: $417,498 or $0.018c EPS
Conclusion: Not only does Kaymus Resources have a small float and spotless balance sheet, the company is growing through it’s royalties and investments, while keeping G&A expenses at a minimum. Insiders own almost half of the stock as well. This combined gives me confidence that there’s a plan for 2022.
MD&A Highlights
OUTLOOK
The Company plans to accumulate prospective land in the WCSB and will execute a drilling program when capital markets allow for raising equity.
ASSETS
The Company holds a 100% working interest in two proposed oil locations producing out of the Cardium and Viking formations. The Sylvan Lake, Alberta property is located near the town of Sylvan Lake, Alberta in townships 36 and 39, Ranges 1 and 3 W5M. Kaymus currently has no wells drilled in the Sylvan Lake Area.
The Company also holds overriding royalty interests ranging from 10% to 13% on five sections of land, on which are currently five producing wells which the Company acquired on January 15, 2019.
Another great quarter by TTZ. Profits continue to build up the cash position. Fair value based on the last several years of earnings and tight float should put the price around $0.30 or between $7-7.5 million market cap. 2X Net asset value for an EPS stock is the average for a growing micro cap, but should be higher. Screenshots below can be found on Sedar.
TTZ Balance sheet: https://cdn-ceo-ca.s3.amazonaws.com/1gq0got-TTZ%20Balance%20Sheet%20Q1%202021.jpg
TTZ Q1 Revenue: https://cdn-ceo-ca.s3.amazonaws.com/1gq0gpb-TTZ%20Q1%202021%20Revenue.jpg
Updated article regarding the situation with the Ndassima gold mine:
https://cdn-ceo-ca.s3.amazonaws.com/1gpfoal-Axmin%20Document.jpg
Canada Energy Partners appoints Nightingale CEO
2021-11-15 16:42 ET - News Release
Mr. Grant Hall reports
CANADA ENERGY PARTNERS ADDS INTERNATIONAL INDUSTRY VETERAN AS CEO TO DRIVE NEXT PHASE OF GROWTH
Canada Energy Partners Inc. today appointed Duncan Nightingale to the position of chief executive officer of Canada Energy Partners. Mr. Nightingale is a proven senior executive with extensive global exposure to all oil and gas operations. Mr. Nightingale joins the existing technical team members Ricardo Chona, VP Geology and Ricardo Peñas VP Engineering.
"The board of directors selected Duncan specifically for his ability to operate international energy assets and provide returns for shareholders," said Grant Hall, CEO of Canada Energy Partners. "Along with Ricardo Chona, our reservoir engineer and Ricardo Peñas, our geologist, we believe we have assembled a top tier international team to work with the Gabonese Government to develop their many brownfield opportunities, as well as target other opportunities in jurisdictions in Africa and Latin America."
Mr. Nightingale has implemented profitable capital programs across all areas of field development, production, and exploration in complex operating environments. Duncan has more than 35 years of corporate and resident in-country experience spanning Latin America, Africa, the Middle East, Russia, and Europe. Recently he held the position of V.P. Development, Reservoir Management, Reserves & Exploration for Frontera Energy (FEC-TSX) and previously held many other senior management positions including in-country manager and President in Colombia for Gran Tierra Energy, and as COO, and in-country manager and President in Qatar and Oman for Encana. He has a proven ability to spearhead complex development projects, increase well productivity, and drive field life extension and reserves additions.
Mr. Nightingale has run operations producing more than 70,000 boepd, consistently achieving more than 100% reserves replacement, lowering operating costs and increasing production efficiency resulting in increased value-add barrels.
Mr. Ricardo Chona brings 30 years of industry experience and an extensive track record of acquisitions and divestitures of E&P assets throughout North and South America. Ricardo is known for his ability to leverage experience and technology to create production optimization opportunities and solutions. He has a proven ability to provide strategic planning and portfolio program management for upstream, onshore, and offshore. Ricardo is an exceptional leader able to build and foster collaborative, results-driven relationships. Mr. Chona has a BS and a MS in petroleum engineering.
Ricardo Peñas has more than 30 years of geological evaluation expertise with major Oil & Gas companies in conventional/unconventional, on/offshore projects in the U.S, Latin America, Caribbean, West Africa, and the North Sea. He is a results-driven and valued contributor in determining and communicating technical project merit, business-focused geological characterization, subsurface risks, and resource volumes. He also has exploration, appraisal and development experience in operated and non-operated joint ventures. Ricardo brings technical leadership with a comprehensive understanding of operational below ground issues and related technology solutions.
Canada Energy is involved in ongoing, detailed negotiations with the Government of Gabon regarding a production sharing agreement concerning the Konzi Field oil development project, a proven, offshore oil resource located in the shallow water near Point Gentil, Gabon.
We seek Safe Harbor.