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For those that follow technical charts, here's the most recent technicals on Vital Energy - https://www.barchart.com/stocks/quotes/VUX.VN/opinion
Average monthly prices for WTI in Apil and May were $101.78 and $109.55 ( https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=M ). As per VUX's last presentation from May, average production was around 650 barrels per day. Let's do a rough calculation to what they've should of earned over the last 60 days, assuming no additional costs from drilling, land acquisitions, workovers, etc.
Rounding WTI price to $100, dropping production to 600bopd average for 60 days, using similar cost metrics from Q1, which was $13 all in ($100-$13=$87 net)
$87 WTI X 60 Days X 600 bpd = $3,132,000 profit (round down to $3 million). I always like to go worse case on pricing, production and profit.
New video on Vital Energy Inc. with a summary on Q1 2022 results:
Vital Energy Inc. Q1 2022 Results. Ending March 31, 2022 (All Information Available On Sedar)
Ticker Symbol: VUX
Price: $0.385
Common Shares: 82,249,971
Warrants: Nil
Options: 1,250,000 @ $0.25
Market Cap: $32 million
Insider Holdings: 55,311,353 or 67.3% of the float
Tax Pools: $51 million (Less Q1 2022 earnings. Available in 2021 audited results)
Financials (Ending March 31, 2022)
ASSETS
Cash: $2,487,862
Short Term Investments: $2,705,022
Trade & Receivables: $2,499,958
Prepaid Expenses: $68,321
Deposits: $564,797
Exploration & Evaluation Assets: $80,013
Right Of Use Assets: $177,419
Property & Equipment: $11,029,479
Total Assets: $19,612,871
LIABILITIES
Accounts Payable: $1,068,494
Contract Liabilities: $848,300
Current Lease Liability: $50,523
Current Decommissioning Liability: $258,574
Bank Loan: $60,000
Lease Liability: $130,339
Decommissioning Liability: $1,538,934
Total Liabilities: $3,955,164
Asset/Debt Ratio – 4.96:1
Q1 2022 Performance
Revenue: $5,854,810
Net Income: $3,521,015
Earnings per share: $0.043
2021 Performance
Revenue: $15,066,687
Net Income: $8,945,770
Earnings per share: $0.11
2021 Reserves (51-101) Available On Sedar – Oil Pricing under $70 & Gas Under $4
Light Oil – 537,400 Barrels NET
Heavy Oil – 306,900 Barrels NET
Natural Gas – 493,700 Barrels NET
Natural Gas Liquids – 2,100 Barrels NET
Total Net Barrels: 1,340,100 (Less Q1 2022 sales)
Q1 2022 Management Discussion Highlights (Available on Sedar)
Overall Performance Highlights
• The Company reported net income of $3,521,015 in Q1 2022 as compared to net income of $136,839 in Q1 2021.
• Revenue was $5,854,810 in Q1 2022 as compared to Q1 2021 revenue of $1,655,257, an increase of $4,199,553.
• The Q1 2022 realized oil price was $97.73 as compared to $54.59 in Q1 2021.
• Production increased to 666 boe/d in Q1 2022 from 337 boe/d in Q1 2021 with the increase being mainly attributable to improvements in operations at Sullivan Lake and the production of three horizontal wells at Lampman
Outlook
The Company plans to continue to acquire crown lands from upcoming crown land sales. The Company will continue to optimize production from the existing properties and plans to drill seven (7) horizontal wells in SE Saskatchewan that are expected to increase production by approximately 500 bbl/d in 2022.
Core Properties
Lampman
The Company purchased a quarter section of crown land in Saskatchewan in Q3 2020. In order to confirm the Frobisher reservoir quality and the potential in the deeper Winnipegosis zone, a vertical pilot hole 1-4- 6-5-W2 was designed and drilled. The results indicated the Frobisher reservoir was promising and the Winnipegosis zone was uneconomic. The pilot hole was abandoned in the deeper section and was plugged back. This existing vertical well bore was utilized to drill Hz C7-4-6-5W2 in the Frobisher zone from 1-4 to 7-4 (second event for the pilot well 1-4). The other two Frobisher horizontal wells were drilled in July 2021 from the same surface pad as the pilot hole and were completed in August 2021. The Company produced 318 bbls/d of sweet light oil (API ranging from 32.5 -36.0) from these multiple well projects in Q1 2022.
Sullivan Lake
The successful appraisal development well, 10-1, was drilled in the Banff limestone reservoir in December 2019 and two additional horizontal wells were drilled in 2020 and all are on production. As the Sullivan Lake desulfurization tower was replaced with a larger desulfurization tower in 2021 with more capacity, the Company believes it has resolved the long-standing production and operating issues. This area produced 102 boe/d in Q1 2022 compared to 99 boe/d in Q4 2021. The Company has built production facilities at Sullivan Lake with a capacity of 300 boe/d
Gull Lake
In one of the Company’s core areas of operations, Gull Lake, Saskatchewan, Vital is the designated operator and maintains a 50% working interest. The property is covered with 3D seismic data and has 9 wells producing, or capable of producing, crude oil from the Roseray , Cantuar and Upper Shaunavon formations. This project has a salt-water disposal facility and a gas collection pipeline system. In the Company’s opinion, future drilling opportunities remain on these lands. At Gull Lake, Vital’s net daily oil and natural gas production in Q1 2022 was 192 boe/d (Q1 2021 – 240 boe/d). The decrease in production was attributable to natural declines in the property. In order to better evaluate the oil development potential, the Company has utilized the 3D seismic survey which covers all of its Gull Lake lands. As of December 31, 2021, the reserves evaluator, Trimble Engineering, assigned 160,400 boe of proven oil and natural gas reserves net to the Company and 79,400 boe of probable oil reserves net to the Company.
Pennant
Vital is the Operator and maintains a 100% working interest in 12 contiguous sections of land. To date one (1) vertical well and six (6) horizontal wells have been drilled. Four of the horizontal wells and the vertical well have had production. The Company has commenced abandonment and reclamation work on some well sites. 3D seismic coverage on about 35% of Vital’s lands indicates the potential for additional drilling locations. The company’s crude oil production was 21 bbls/d in Q1 2022 as compared to 15 bbls/d in Q1 2021 when the property was shut-in for a considerable time period due to depressed oil prices.
Non-core Properties
Baxter Lake
The Company performed remedial work in 2021 to reactivate certain wells in the Baxter Lake area as oil prices have improved. In Q1 2022, this area produced 25 boe/d.
Ante Creek
The Company purchased 2.5 sections of crown land in Alberta in Q1 2021 and is currently working on a detailed geology study and development plan. This may allow the drilling of up to 25 horizontal Montney development wells.
Pembina
The Company purchased a quarter section of crown land in Alberta in Q2 2021 and is currently working on a detailed geology study and development plan. This may allow the drilling of up to 4 horizontal Cardium development wells.
Hume
The Company purchased 2 LDS of crown land in Saskatchewan in Q4 2021 and is currently working on a detailed geology study and development plan. This may allow the drilling of up to 2 horizontal Frobisher development wells.
Written May 23, 2022 - Update On NIS/EW In Romania
https://www.profit.ro/povesti-cu-profit/energie/vanzarile-de-produse-petroliere-ale-filialei-gazprom-in-romania-au-crescut-de-2-5-ori-in-pofida-razboiului-din-ucraina-20711577
Sales of the Romanian subsidiary Gazprom, Nis Petrol Romania SRL, increased 2.5 times in the first quarter of this year compared to the same period last year despite geopolitical tensions and sanctions imposed by the European Union since the start of the war in Ukraine, on February 24, reveals data analyzed by Profit.ro. As a result of these increases, Romania has become the second largest foreign market for the Serbian NIS Petrol Group, controlled by Gazprom Neft, the oil division of the Russian state giant Gazprom, after Bosnia and Herzegovina. Over 21% of the proceeds from the sale of crude oil and petroleum products traded outside Serbia by the NIS Petrol group come from Romania. Nis Petrol Group's sales in Romania increased in the first three months of this year from 2.2 billion dinars (18.7 million euros) to 5.36 billion dinars (45.7 million euros). The sales of 45.7 million euros in the first quarter are equivalent to approximately 70% of the turnover registered by NIS Petrol Romania SRL in the whole year 2020 .
Compared to 2.5 times the increase in Romania, sales in Bosnia increased only 1.8 times, to 8.1 billion dinars, those in Bulgaria, only about 1.4 times, to 3.8 billion dinars , and those in the United Kingdom have tripled to 1.5 billion dinars. Sales in Croatia and Germany increased similarly to those in Romania, but the value of NIS Petrol sales in those markets is modest, half a billion dinars each. The company's sales in Serbia have doubled from $ 36 billion to $ 72 billion. The main contribution to the increase in NIS Petrol sales in Romania was a 7-fold increase in deliveries to third parties, from 367 million dinars (3.1 million euros) to 2.56 billion dinars (21.8 million euros) . According to the company, NIS Petrol owns 19 fuel distribution stations in Romania and has a total market share of 2.7%, of which 1.5% on the retail market .
At the same time, the trading division of the Serbian group, NIS jsc Novi Sad, is active in the energy markets of Serbia (SEEPEX) and Romania (OPCOM), according to the report on the group's results for the first quarter of this year. Given the modest revenues from the sale of electricity outside Serbia, of only 170 million dinars (about 1.5 million euros), most of the revenues in Romania probably come from the sale of petroleum products. The Serbian group claims that it invested 32 billion dinars in the first quarter of this year, 70% in exploration and production, most of which in its concessions in Romania. NIS Petrol Romania has in its portfolio six oil and gas perimeters on the Romanian territory, all having the status of operator . There are four concessions for exploration-development and exploitation activities in partnership with the Canadian company East West Petroleum (two in Bihor County - EX-2 Tria and EX-3 Baile Felix and two in Timi? County - EX-7 Periam and EX-8 Biled ). A fifth concession is held in partnership with Zeta Petroleum and Armax Gaz, respectively the oil development and exploitation concession in the perimeter of DEE V-20 Jimbolia, Timi? County. The sixth concession for exploration-development-exploitation activities is also located in Timi? County, in the EX-12 Crai Nou perimeter. In 2019, NIS ad Serbia (the company that owns the Pancevo and Novi Sad refineries) has signed a contract with the national crude oil and condensate transport system operator, Conpet, which aims to transport crude oil to the Serbian border. extract from the Romanian subsidiary NIS Petrol from the leased perimeters in the west of the country . In the report for the first quarter of this year, CONPET states that it has provided crude oil, gasoline and condensate transport services based on contracts concluded with traditional customers: OMV Petrom SA, Petrotel LUKOIL SA, Rompetrol Rafinare SA, but also with new customers: Standard Logistic doo, Serinius Energy Romania SA and NIS Petrol SRL .
TNR Gold closes first tranche of private placement
2022-05-19 16:11 ET - News Release
Mr. Kirill Klip reports
TNR GOLD ANNOUNCES CLOSE OF NON-BROKERED PRIVATE PLACEMENT FIRST TRANCHE
TNR Gold Corp. has closed the first tranche of the non-brokered private placement of up to five million units announced on April 4, 2022. On closing, the company issued 1.25 million units at five cents per unit for proceeds of $62,500. Each unit consists of one common share of the company and one-half of a non-transferable common share purchase warrant, with each whole warrant exercisable into one common share of the company at an exercise price of 7.5 cents per share for two years from the date of issue. Closing of the final tranche of the private placement will be completed prior to June 3, 2022.
The proceeds of the private placement will be used for exploration, maintenance of the Shotgun Gold project and for general working capital purposes.
All private placement securities will be restricted from trading for a period of four months plus one day from the date of closing.
On closing, the company paid a cash finder's fee of 5 per cent of the gross proceeds sourced by the finder.
Kirill Klip, executive chairman of the company, a non-arm's-length party, participated in this private placement. The issuance of private placement securities to a non-arm's-length party constitutes related-party transactions under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). Because the company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Section 5.7(b). The company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the company had not been confirmed at that time.
About TNR Gold Corp.
TNR Gold is working to become the green energy metals royalty and gold company.
Over the past 26 years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe. With the company's expertise, resources and industry network, it identified the potential of the Los Azules copper project in Argentina, which is being developed by McEwen Mining Inc. now. TNR Gold holds a 0.4-per-cent net smelter return royalty on the Los Azules copper project, including a 0.04-per-cent NSR held on behalf of a shareholder. TNR retains a 2.0-per-cent NSR royalty on the Mariana lithium project in Argentina with Ganfeng Lithium, including a 0.2-per-cent NSR held on behalf of a shareholder. Ganfeng's subsidiary, Litio Minera Argentina, has a right to repurchase 1.0 per cent of the NSR royalty on the Mariana project, of which 0.9 per cent relates to the company's NSR royalty interest. The company would receive $900,000 on the completion of the repurchase. The project is currently being advanced by Ganfeng Lithium International Co. Ltd.
TNR also holds a 7-per-cent NPR (net profits royalty) holding on the Batidero I and II properties of the Josemaria project, which is being developed by Lundin Mining. Lundin Mining is part of the Lundin Group, a portfolio of companies producing a variety of commodities in several countries worldwide.
TNR provides significant exposure to gold through its 90-per-cent holding in the Shotgun gold porphyry project in Alaska. The project is located in southwestern Alaska near the Donlin gold project, which is being developed by Barrick Gold and Novagold Resources Inc. The company's strategy with Shotgun gold project is to attract a joint venture partnership with one of the gold major mining companies. The company is actively introducing the project to interested parties.
At its core, TNR provides a wide scope of exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun gold porphyry project) and Argentina (the Los Azules copper and the Mariana lithium projects), and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.
We seek Safe Harbor.
TNR Gold Update - NSR Royalty on Los Azules Copper, Gold and Silver Project with McEwen Mining
https://www.stockwatch.com/News/Item/Z-C!TNR-3248527/C/TNR
Just to confirm the most recent MD&A, Cobra showed an $80k additional expense due to "increasing production" which has now been verified by Vital Energy's May 2022 company presentation. Gull Lake production doubled quarter over quarter, so CBV's cashflow should double as well. Still 2 locations to drill - http://www.vitalenergyoil.com/presentations/Vital%20Assets%202022%20Presentation%20.pdf
Vital Energy May 2022 Company Presentation - http://www.vitalenergyoil.com/presentations/Vital%20Assets%202022%20Presentation%20.pdf
Good to know that they're listening, considering the last presentation was released in 2017. Dare I even say a marketing campaign could come later on? Some people were correct in saying that Lampman would decline as 600bopd last September was off the hop and every single well declines, especially from initial production rates. But it's likely stabilized now(slower declines) and there's one more drill location. At the same time, Gull Lake doubled in production and Baxter started producing again. The company has lots of drill locations and can easily bounce production from 600-1000bopd (not considering Montney wells yet because they'll add 2000bopd+ each and cost a lot).
Cost associated with adding production vs cash coming in for Vital is in a sweet spot. Add $4-6 million cash per quarter while spending around $1-1.5 million in drilling (based on the 2021 numbers). Here's a breakdown of all the wells they have to drill from that presentation, including some new properties:
Lampman - 1 well
Gull Lake - 2 wells
Sullivan - 2 wells
Pennant - Done, no more locations
Baxter - 4 wells (cheaper wells)
Ante - 25 Montney wells (More expensive, ideal case is a JV)
Pembina - 4 Cardium wells
Steelman - 4 wells (same zone as lampman wells)
Gainsborough - 2 wells (same zone as lampman wells)
Hume - 2 wells (same zone as lampman wells)
From the MD&A - Plan is to drill 4-6 wells in 2022. If they're going to bring in $16-24 million, spending $4-6 million drilling wells and another $2 million for G&A/other expenses, earnings should be massive, especially if they can hit a few more Lampman wells and get 1-2 quarters of boosted production like last year. I believe they'll hit the low hanging fruit before going for the bigger and more expensive wells, which makes sense.
Vital Energy took down their corporate presentation a while ago to likely update it. Then Covid hit and it was probably put on the back burner while they spent time acquiring most of their new leases between 2020-2021. However, this old one I found hidden on their website shows big potential just on Pennant, Baxter and Gull Lake. Now if you include their 5 new leases, the entire portfolio has dozens of drill locations, plus already established production/cash flow to fund this operation and a clean balance sheet.
http://www.vitalenergyoil.com/presentations/VITALCorporatePresentationJun2017.pdf
Based On Presentation & Recent Management Highlights. Includes Producers + Locations
Gull Lake - 30+ (9 Drilled)
Pennant - 30+ (7 Drilled)
Baxter - 6+ (Several Drilled & To Be Reactivated)
Lampman - 3+ (3 Drilled)
Sullivan - 1+ (1 Drilled, Has Facility For Higher Output)
Ante(Montney) - 25+
Pembina(Cardium) 4+
Hume - 2+
VUX also has $51.3 million in tax pools that expire between 2028 and 2040. Based on their current profitability, this will likely get all used up over the next 2-3 years.
At December 31, 2021, the Company has tax pools and non-capital losses as described below totaling approximately $51,308,000 (2020 - $57,622,000) that are available to shelter future taxable income. The Company’s non-capital losses expire between the years 2028 and 2040.
Ideally White Cap Resources should partner and then eventually takeover VUX because they have assets in similar areas( Montney, Cardium, Southeast Saskatchewan):
https://boereport.com/2022/04/28/whitecap-resources-inc-announces-record-first-quarter-results-and-director-nominee/
OPERATIONS UPDATE
Whitecap’s operational performance through the winter drilling program was exceptional as the optimization and development enhancements applied to the acquired assets have continued to generate positive results. Including the 44 (34.2 net) wells drilled in the fourth quarter, we have drilled a total of 115 (97.6 net) wells through the winter season up to the end of the first quarter of 2022 with the following highlights:
Kakwa Montney. Our three well 14-13 pad was tied into permanent facilities during the first quarter with the wells quickly cleaning up and production stabilizing. Over the first 90 days on production, the three wells have averaged 1,831 boe/d (36% condensate and NGLs) per well, which is more than 75% higher than our budget expectations of 1,026 boe/d (34% condensate and NGLs). We are currently drilling the final well of a four-well pad at Kakwa with the wells expected to be brought on production during the third quarter. A total of nine (6.0 net) wells are expected to be brought on production at Kakwa in the second half of 2022.
Central Alberta Glauconite and Cardium. Whitecap closed the acquisition of TimberRock Energy Corp. at the start of the first quarter and drilled a total of four (3.8 net) Glauconite wells during the quarter. Three of the wells have been on production for over 30 days, averaging approximately 1,138 boe/d (74% oil and NGLs) per well, which is above our budget expectations of 627 boe/d (56% oil and NGLs) over the first 30 days on production. We have also executed on multiple optimization opportunities on the acquired assets, including well reactivations and gathering system optimizations which increase production rates as well as the percentage of volumes that flow through Whitecap owned facilities. Subsequent to the quarter, the Company has secured operatorship of Pembina Cardium Unit No. 11 (55.2% working interest) and has partner-approved plans to commence development of the unit utilizing longer laterals and optimized waterflood technology and configurations which have been proven in our nearby Cardium developments.
Southeast Saskatchewan Conventional. The Company drilled a total of 18 (17.7 net) Mississippian conventional wells over the winter drilling program, achieving strong results on both legacy and acquired acreage. The average production rate over the first 30 days of 223 bbls/d of oil per well is 45% above our budget expectations, and we have 289 (258.4 net) locations of similar quality remaining in inventory.
VUX is a cash monster and I can't wait to see the Q1 2022 results with likely more production and of course $95 Q1 average oil pricing vs $71 they got in 2021. CBV.V (Cobra Venture Corporation) Q1 results already came out and they spent $80k(their portion) to increase production at Gull Lake. VUX owns 50% of that asset, so their production went up for sure on that one asset alone, nevermind whatever else was drilled.
From page 2 of CBV's recent MD&A(Gull Lake is their only producing oil asset at the moment): Direct costs for the three-month period ended February 28, 2022, were $211,391 compared to $157,055 in the comparative three-month period ended November 30, 2021. The costs increased in comparison to the comparative period due to increased production. The overall direct costs as a percentage of revenue has returned to pre-pandemic levels during the three months ended February 28, 2022, of 56.5% of sales compared to 73.5 during the period ended November 30, 2020.
Also on page 3 of CBV's MD&A, which VUX has not yet mentioned in their Gull Lake MD&A section: 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 well.
RBC Report Showing VUX Has Some Top Tier Wells In Saskatchewan
Surge $SGY wells looking great in Saskatchewan; 1, 5 and 7 in the rankings of best Mississippian wells from the last 12 months. Sub 5% crown royalty for the first 37.5 mbbl production! I’m sure these have paid out several times over. pic.twitter.com/i2NS24Opg7
— Rock Creek Freak (@rockcreekfreak) April 28, 2022
TNR royalty property Batidero acquired by Lundin
2022-04-28 15:39 ET - News Release
Mr. Kirill Klip reports
TNR GOLD UPDATE ON BATIDERO I AND II PROPERTY ROYALTIES OF LUNDIN MINING'S JOSEMARIA COPPER-GOLD PROJECT
Lundin Mining Corp. has completed a plan of arrangement pursuant to which Lundin acquired all of the issued and outstanding shares of Josemaria Resources Inc., and Josemaria Resources became a subsidiary of Lundin. TNR Gold Corp. holds a 7-per-cent net profit interest royalty (NPR) on the Batidero I and II properties of the Josemaria copper-gold project located in San Juan, Argentina, that is owned by Josemaria Resources.
In its news release dated April 28, 2022, Lundin stated:
"The addition of the Josemaria project to Lundin Mining's portfolio solidifies our position as a leading base metals producer with high-quality copper exposure and significant growth. We look forward to building upon the excellent reputation of Josemaria Resources in San Juan and Argentina," said Peter Rockandel, Lundin Mining President and CEO, "We are excited to lead the project through the remaining stages of development and into production to create significant value for all stakeholders."
Josemaria Project Update
As announced by Josemaria Resources on April 11, 2022, the Mining Authority of San Juan, Argentina has approved the Environmental Social Impact Assessment for the Josemaria Project, marking a significant milestone in the project's permitting process. Lundin Mining and the Josemaria project team are working with the national and provincial authorities to progress the project through the next stages of development. Discussions regarding commercial agreements and securing of additional sectoral permits are ongoing and anticipated later this year prior to a definitive construction decision.
The Josemaria project is progressing through basic engineering with procurement of long-lead equipment, including securing key items of crushing and processing. Study work is ongoing, including updating of cost estimates to be reflective of current conditions and evaluation of potential scope changes compared to plans envisaged in the Josemaria Resources 2020 Feasibility Study ("NI 43-101 Technical Report, Feasibility Study for the Josemaria Copper-Gold Project, San Juan Province, Argentina" dated November 5, 2020 (the "Josemaria Resources 2020 Feasibility Study")). Lundin Mining aims to complete an updated Technical Report for the project in the fourth quarter of 2022. While this work has not yet concluded, the Company expects the initial capital expenditure estimate of the project to be greater than $4 billion. Effective post-closing, the Company intends to spend up to $300 million to advance the project ahead of a construction decision in the second half of 2022, including engineering, commitments for long lead items, preconstruction activities and drilling. As part of the updated Technical Report, Lundin Mining plans to complete new Mineral Reserve and Resource estimates. Approximately 20,600 meters of drilling have been completed on the project since the most recent 2020 Josemaria Resources mineral estimates and 35,000 meters of additional drilling are planned to be completed ahead of the new estimates.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel."
Kirill Klip, TNR's Chief Executive Officer commented, "Our 7% NPR holding on the Batidero I and II properties of the Josemaria Project held by Lundin Mining represents future growth potential for our royalty portfolio. We are also investigating potential new acquisitions while our main focus remains on the development of the Shotgun Gold Project in Alaska. The essence of our business model is to have industry leaders like Ganfeng Lithium, McEwen Mining and Lundin Group as operators on the projects that will potentially generate royalty cash flows to contribute and develop a significant long-term value for our shareholders."
Vital Energy Earns $9 Million In 2021 - $0.11c EPS
Vital Energy Inc. (Audited Year End Results). All Information Can Be Found On Sedar.
Ticker Symbol: VUX
Price: $0.39
Common Shares: 82,249,971
Warrants: Nil
Options: 1,250,000 @ $0.25
Market Cap: $32 million
Insider Holdings: 55,311,353 or 67.3% of the float
*Note* Q1 2022 Results (January – March) will be out end of May 2022.
Financials (Ending December 31, 2021)
ASSETS
Cash: $1,456,841
Short Term Investments: $205,022
Receivables: $2,050,711
Prepaid Expenses: $17,146
Deposits: $564,101
Exploration & Evaluation Assets: $66,273
Right Of Use Assets: $190,725
Property & Equipment: $11,731,118
Total Assets: $16,281,937
LIABILITIES
Accounts Payable & Accrued Liabilities: $792,568
Contract Liabilities: $1,288,648
Portion Of Lease Liability: $49,773
Portion Of Decommissioning Liability: $258,574
Bank Loan: $60,000
Lease Liability: $143,254
Decommissioning Liability: $1,552,428
Total Liabilities: $4,145,245
Asset/Debt Ratio – 3.93:1
2021 Performance
Revenue: $15,066,687
Net Income: $8,945,770
Earnings per Share: $0.11
2021 Reserves (51-101) Available On Sedar – Oil Pricing under $70 & Gas Under $4
Light Oil – 537,400 Barrels NET
Heavy Oil – 306,900 Barrels NET
Natural Gas – 493,700 Barrels NET
Natural Gas Liquids – 2,100 Barrels NET
Total Net Barrels: 1,340,100
Management Discussion and Analysis Highlights
Overall Performance
Highlights
· The Company reported net income of $8,945,770 in 2021 as compared to a net loss of $7,564,554 in 2020.
· Revenue was $15,066,687 in 2021 as compared to 2020 revenue of $4,940,701, an increase of $10,125,986.
· The 2021 realized oil price was $71.33 as compared to $36.22 in 2020.
· Production increased to 579 boe/d in 2021 from 373 boe/d in 2020 with the increase being mainly attributable to improvements in operations at Sullivan Lake and the commencement of production of three new horizontal wells at Lampman.
· The Company exited the 2021 year with production of 809 boe/d.
· A loan payable of $3,800,643 was repaid in the year
Properties
In Q3 2021, the Company completed three horizontal wells at Lampman with production from all wells commencing in September. In the first nine months of 2021, the Company completed a review of their other properties. As a result, workovers were performed at eleven (11) wells including 3 wells at Gull Lake, 3 wells at Pennant, 4 wells at Baxter Lake, and 1 well at Standard Hill. The Company also replaced the desulfurization tower at Sullivan Lake with a desulfurization tower with increased capacity. This assisted in the resumption of operations and allowed the Company to maintain a stable production.
Core Properties
Lampman
The Company purchased a quarter section of crown land in Saskatchewan in Q3 2020. In order to confirm the Frobisher reservoir quality and the potential in the deeper Winnipegosis zone, a vertical pilot hole 1-4- 6-5-W2 was designed and drilled. The results indicated the Frobisher reservoir was promising and the Winnipegosis zone was uneconomic. The pilot hole was abandoned in the deeper section and was plugged back. This existing vertical well bore was utilized to drill Hz C7-4-6-5W2 in the Frobisher zone from 1-4 to 7-4 (second event for the pilot well 1-4). The other two Frobisher horizontal wells were drilled in July 2021 from the same surface pad as the pilot hole and were completed in August 2021. The Company produced 709 bbl/d of sweet light oil (API ranging from 32.5 -36.0) from these multiple well projects in Q4 2021.
Sullivan Lake
The successful appraisal development well, 10-1, was drilled in the Banff limestone reservoir in December 2019 and two additional horizontal wells were drilled in 2020 and all are now on production. The 10-1well was shut down for several months in 2020 and 2021 because of the Covid-19 pandemic and low crude oil prices. In addition, gas with small amounts of H2S was discovered. As the Sullivan Lake desulfurization tower was replaced with a larger desulfurization tower with more capacity, the Company believes it has resolved the long-standing production and operating issues. This area produced 37,630 boe in 2021 and produced 99 boe/d in Q4 2021. The Company has built production facilities at Sullivan Lake with a capacity of 300 boe/d.
Gull Lake
In one of the Company’s core areas of operations, Gull Lake, Saskatchewan, Vital is the designated operator and maintains a 50% working interest. The property is covered with 3D seismic data and has 9 wells producing, or capable of producing, crude oil from the Roseray , Cantuar and Upper Shaunavon formations. This project has a salt-water disposal facility and a gas collection pipeline system. In the Company’s opinion, future drilling opportunities remain on these lands. At Gull Lake, Vital’s net daily oil and natural gas production for the year ended December 31, 2021 was 209 boe/d (2020 – 223 boe/d). The decrease in production was attributable to natural declines in the property. In order to better evaluate the oil development potential, the Company has utilized the 3D seismic survey which covers all of its Gull Lake lands. As of December 31, 2021, the reserves evaluator, Trimble Engineering, assigned 160,400 (2020 – 216,200) boe of proven oil and natural gas reserves net to the Company and 79,400 (2020 – 116,700) boe of probable oil reserves net to the Company.
Pennant
Vital is the Operator and maintains a 100% working interest in 12 contiguous sections of land. To date one (1) vertical well and six (6) horizontal wells have been drilled. Four of the horizontal wells and the vertical well have had production. The Company has commenced abandonment and reclamation work on some well sites. 3D seismic coverage on about 35% of Vital’s lands indicates the potential for additional drilling locations. The company’s crude oil production was 34 bbls/d in 2021 as compared to 17 bbls/d in 2020 when the property was shut-in for a considerable time period due to depressed oil prices.
Non-core Properties
Baxter Lake
The Company performed remedial work in 2021 to reactivate certain wells in the Baxter Lake area as oil prices have improved.
Ante Creek
The Company purchased 2.5 sections of crown land in Alberta in Q1 2021 and is currently working on a detailed geology study and development plan. This may allow the drilling of up to 25 horizontal Montney development wells.
Pembina
The Company purchased a quarter section of crown land in Alberta in Q2 2021 and is currently working on a detailed geology study and development plan. This may allow the drilling of up to 4 horizontal Cardium development wells.
Hume
The Company purchased 2 LDS of crown land in Saskatchewan in Q4 2021 and is currently working on a detailed geology study and development plan. This may allow the drilling of up to 2 horizontal Frobisher development wells.
Outlook
The company plans to continue to acquire crown lands from upcoming crown land sales. The company will continue to optimize production from the existing properties and from the plan to drill 4 to 6 wells in 2022.
Wescan Energy arranges $500,000 loan
2022-04-27 16:48 ET - News Release
Mr. Greg Busby reports
WESCAN ENERGY ANNOUNCES LOAN TRANSACTION AND OPERATIONS UPDATE
Wescan Energy Corp., further to its previous press release, has now entered into an agreement for a loan transaction providing for an additional infusion of capital in the amount of $500,000 to further assist with its upcoming drilling program at Provost, Alta. The loan is from a company controlled by a major shareholder of the company, who is an insider by virtue of owning greater than 10% of the issued and outstanding shares of the Company. The commercial terms of the Loan has been set at an interest rate based on the current prime rate plus 5.80% per annum (0.75% per month) until the Loan is fully repaid. The Loan will be repaid from the expected revenue from the spud date of the new well at Provost, with fifty percent (50%) of the revenue being used for the purposes of repaying the Loan. The Loan is unsecured and matures one year from the date that the loan agreement was entered into. Finalization of the Loan is subject to approval of the TSX Venture Exchange.
The Company is pleased to further announce that it has made significant progress with the preliminary groundwork including surveying and construction of the drilling location, land acquisition(s) and the securing of a purchase order for both the surface and intermediate casing for the well. Ongoing discussions with all other field related services in preparation of the new well have commenced and are being negotiated and finalized.
Furthermore, as previously stated in the Company's press release on March 31, 2022, WesCan stated that is was proceeding with a series of well repairs at Provost, Alberta. It was expected that the Company would repair up to 5 wells along with the available resources including rig availability, however, as a result of the overall costs being lower than originally budgeted for, 3 additional wells were repaired (8 gross wells) within the time period and successfully completed shortly after county road bans were lifted. As a result, the workovers have added approximately 67 barrels of oil per day increasing gross production to approximately 85-90 bbls/day. There are 2 additional wells that require flowline repairs that have been deferred for an extended period of time due to previously low commodity prices. The Company now expects to proceed with these repairs during the summer months providing more favorable ground conditions to conduct such operations. Further updates will be announced in due course.
Once again, WesCan will also be reviewing production optimization schemes and overall field operational efficiencies at the Company's wholly owned facilities as a result of the recent increase in overall production and in the event of the successful drilling and completion of the new well.
We seek Safe Harbor.
Cobra Venture Corporation Q1 2022 Financial Results ( Ending February 28, 2022 )
All information can be found on www.sedar.com
TSXV: CBV | OTCQB: CBVTF
Price: $0.25 CDN // $0.21 USD
Common Shares: 15,903,748
Options: 1,390,000
Insider Holdings: 3,899,954 – 24.5%
Market Cap: $3,975, 937 CDN | $3,339,787
Website: http://www.cobraventure.com/
Q1 2022 Balance Sheet
ASSETS
Cash & Equivalents: $2,281,124 - $0.143c per share
Receivables: $174,432
Marketable Securities: $21,378
Prepaid Expenses: $37,651
Investments: $350,000
Property & Equipment: $644,787
Total Assets: $3,509,372
LIABILITIES
Accounts Payable: $55,690
Decommissioning Liabilities: $87,206
Total Liabilities: $142,896
Q1-Q4 2021 Performance
Oil/Gas Revenue: $1,589,972
Net Income: $113,322
Q1 2022 Performance
Oil/Gas Revenue: $373,996
Net Income $35,212
*NOTE* - Cash from Q4 2021 to Q1 2022 increased by $123,793. However, funds were used to increased production. See MD&A production and operation costs.
2022 Q1 Management Discussion Highlights
Direct costs for the three-month period ended February 28, 2022, were $211,391 compared to $157,055 in the comparative three-month period ended November 30, 2021. The costs increased in comparison to the comparative period due to increased production. The overall direct costs as a percentage of revenue has returned to pre-pandemic levels during the three months ended February 28, 2022, of 56.5% of sales compared to 73.5 during the period ended November 30, 2020.
Gull Lake, Saskatchewan
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 well.
San Joaquin Basin Project, California
As initially discussed in August 2019, Cobra entered into a participation agreement (the “Agreement”) with Makk Energy Ltd., a private oil and gas company controlled by Murray Rodgers, a Director of Cobra and QC Energy LLC, a private oil and gas company based in Denver, Colorado. Pursuant to the Agreement, Cobra has a nonoperating 25% working interest in the subject project. In early 2020, the joint venture group undertook an initiative to attract a strategic partner to fund leasing and drilling activity in the project area. While these initiatives were initially promising (with technical due diligence being concluded with favourable outcomes), the recent outbreak of Covid-19 pandemic, combined with the significant declines in the oil equity markets, has resulted in a pullback of interest in the project. The joint venture partners will continue to pursue new sources of capital for this project while working within the current global and local uncertainties surrounding oil and gas investments.
MARKETABLE SECURITIES
Investments are marketable securities comprised of 475,076 (November 30, 2021 – 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 February 28, 2022, the Company had 350,000 shares (November 30, 2021 - 350,000) of Star Valley Drilling Ltd, a privately owned company, valued at $350,000 (November 30, 2021 - $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.
Updated Due Diligence Report:
TNR Gold Corp – TSXV:TNR & OTCQB:TRRXF
Price: $0.06 CDN & $0.05 USD
Common Shares: 189,722,780
Insider Holdings: 57,797,200 or 30.5%
Note: Does not include recent private placements, which the CEO of TNR took majority positions, $271,000 of a possible $300,000.
Website: https://tnrgoldcorp.com/
Recent company video (April 11th 2022):
https://ca.proactiveinvestors.com/companies/news/979427/tnr-gold-says-elon-musk-is-catalyst-for-mariana-lithium-royalty-sale-979427.html
About TNR Gold Corp.
TNR Gold is working to become the green energy metals royalty and gold company.
Over the past 26 years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe. With the company's expertise, resources and industry network, it identified the potential of the Los Azules copper project in Argentina and now holds a 0.4-per-cent NSR royalty on the project, which is being developed by McEwen Mining Inc. (TNR holds a 0.04-per-cent NSR royalty on behalf of a shareholder).
In 2009, TNR founded International Lithium Corp., a green energy metals company that was made public through the spinout of TNR's energy metals portfolio in 2011. International Lithium held interests in lithium projects in Argentina, Ireland and Canada.
TNR retains a 2.0-per-cent NSR Royalty on the Mariana lithium project in Argentina with Ganfeng Lithium International Co. Ltd. (TNR holds a 0.2-per-cent NSR royalty on behalf of a shareholder). Ganfeng's subsidiary, Litio Minera Argentina, has a right to repurchase 1.0 per cent of the NSR royalty on the Mariana project, of which 0.9 per cent relates to the company's NSR royalty interest. The company would receive $900,000 on the completion of the repurchase. The project is currently being advanced by Ganfeng Lithium.
TNR also holds a 7-per-cent net profit interest holding on the Batidero I and II properties with Josemaria Resources Inc. Josemaria Resources is part of the Lundin Group, a portfolio of companies producing a variety of commodities in over 20 countries worldwide.
TNR provides significant exposure to gold through its 90-per-cent holding in the Shotgun gold porphyry project in Alaska. The project is located in southwestern Alaska near the Donlin gold project, which is being developed by Barrick Gold and Novagold Resources Inc.
The company's strategy with the Shotgun gold project is to attract a joint venture partnership with one of the gold major mining companies. The company is actively introducing the project to interested parties.
At its core, TNR provides significant exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun gold porphyry project) and Argentina (the Los Azules copper project and the Mariana lithium project) and is committed to the continued generation of in-demand projects while diversifying its markets and building shareholder value.
White Tundra webinar on Wescan Energy is now available, starts at 1:25:00
Apr 16 - Deep dive into Razor Energy || Wescan Energy
https://www.whitetundra.ca/events
Join Zoom Meeting
https://zoom.us/j/93305097430?pwd=MytGM3o4bk1DVUU1cGRvbUtjQytLZz09
Meeting ID: 933 0509 7430
Passcode: 084947
459,000 shares purchased so far through share buyback:
Recent filings
Filed 2022-04-12 13:43
Tx date 2022-04-01 $SSA
Spectra Products Inc. Spectra Products Inc.
1 - Issuer
Direct Ownership
Common Shares
38 - Redemption, retraction, cancellation, repurchase $6,360
+159,000 vol
$0.04 each 459,000
Filed 2022-04-12 13:43
Tx date 2022-03-29 $SSA
Spectra Products Inc. Spectra Products Inc.
1 - Issuer
Direct Ownership
Common Shares
38 - Redemption, retraction, cancellation, repurchase $240.00
+6,000 vol
$0.04 each 300,000
Filed 2022-04-12 13:41
Tx date 2022-03-25 $SSA
Spectra Products Inc. Spectra Products Inc.
1 - Issuer
Direct Ownership
Common Shares
38 - Redemption, retraction, cancellation, repurchase $2,800
+70,000 vol
$0.04 each 294,000
Filed 2022-04-12 13:40
Tx date 2022-03-21 $SSA
Spectra Products Inc. Spectra Products Inc.
1 - Issuer
Direct Ownership
Common Shares
38 - Redemption, retraction, cancellation, repurchase $5,920
+148,000 vol
$0.04 each 224,000
Filed 2022-04-12 13:36
Tx date 2022-03-18 $SSA
Spectra Products Inc. Spectra Products Inc.
1 - Issuer
Direct Ownership
Common Shares
38 - Redemption, retraction, cancellation, repurchase $3,040
+76,000 vol
$0.04 each 76,000
Filed 2022-04-12 13:32
Tx date 2022-03-15 $SSA
Spectra Products Inc. Spectra Products Inc.
1 - Issuer
Direct Ownership
Common Shares
00 - Opening Balance-Initial SEDI Report
I think the Q1 numbers for Cobra are going to be a lot better than the market expects. If you compare Q3 to Q4, the company had a $75k loss and then ended up with a $113k profit, call it $190k profit in Q4 with $75 oil average. Revenue went from $900k to $1.6 mil. Q1 is from December-February, so I would expect at least a $300k profit or 2 cents EPS. But if they got another well or two producing, it could be a lot more.
Magnum plans LH drilling for late spring
2022-04-07 14:19 ET - News Release
Mr. Douglas Mason reports
MAGNUM GOLDCORP INC. ANNOUNCES 2022 LH PROPERTY EXPLORATION PLANS AND ISSUES STOCK OPTIONS
Magnum Goldcorp Inc. has provided its 2022 plans to further explore the company's LH property located near Silverton, B.C.
With a 2-year Multi-Year Area Based (MYAB) work permit in hand for its LH Property, the Company is planning a diamond drill program to further explore its LH Property, commencing in late Spring once snow conditions and weather conditions permit access.
The planned drill program will continue evaluation of an interpreted pyrrhotite-bearing vein system, interpreted to comprise multiple en echelon veins identified in both underground workings and previous drilling (see News Releases dated Nov. 25, 2019, Feb 8, 2018, Aug. 18, 2015). Highly anomalous gold results, up to 20.76 g/t over 11.0 m, were documented in the 2015 drill program from a total of 11 drill holes drilled at a shallow to moderate angle to the vein system. A follow-up program in 2017, comprising 5 holes drilled at a moderate to high angle to the vein system, documented slightly lower gold grades, up to 1.59 g/t over 11.97 m. A third drill program in 2019, comprising 4 drill holes drilled at a moderate to high angle to the vein system, returned up to 5.15 g/t over 5.58 m. True widths for mineralized intervals documented to date vary between approximately 0.5 to 9.00 m for multiple veins to vein segments comprising an interpreted en echelon system.
The pyrrhotite-bearing veins and vein segments return strong magnetic signatures, spatially associated with the underground workings developed along the vein system, as well as the 2015 drill intercepts. Drill intercepts from 2017 and 2019 are associated with less intense magnetic signatures and were interpreted to have tested a pyrrhotite mineralized halo, rather than the vein system itself. Evaluation of results from the 2019 airborne magnetic drone survey has identified several magnetic highs. Given a strong correlation between pyrrhotite content and gold grade, these magnetic high are interpreted to represent gold-bearing intervals along the vein system and comprise the targets for the 2022 drill program.
The LH Property is a gold exploration property consisting of 19 contiguous crown granted claims and 7 mineral claims, located approximately 7 km south of Silverton, British Columbia, on the east side of Slocan Lake. Access to the LH Property is via Highway 6 for 1.1 km 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 5 km.
Stock Option Grants
In accordance with the terms of the Company's stock option plan, the Company has granted 3,200,000 incentive stock options to certain directors, officers, employees and consultants, at an exercise price of $0.05 per share for a term of 5 years.
We seek Safe Harbor.
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.