MARKET ACTIVITY/TRADING NOTES FOR DAY ENDING THURSDAY, FEBRUARY 5, 1998 (3)
OIL & GAS PRICE REFERENCES
Charts:
oilworld.com
oilworld.com
NYMEX Reference quotewatch.com
INDEXES
The Toronto Stock Exchange 300 Composite Index gained 0.8% or 52.33 to 6814.96. In comparison, the Oil & Gas Composite Index gained 1.0% or 61.58 to 6375.39. Of the sub-components, the Integrated Oil's gained 1.3% or 111.22 to 8833.75. The Oil & Gas Producers rose 0.7% or 40.32 to 5596.65. The Oil & Gas Services Index climbed 2.0% or 54.86 to 2760.10.
INDEX CHARTS
TSE 300.......... canoe.quote.com
O&G Composite. chart.canada-stockwatch.com
Integrated Oil's.... chart.canada-stockwatch.com
O&G Producers.. chart.canada-stockwatch.com
O&G Services..... chart.canada-stockwatch.com
NEW PHLX OIL SERVICE SECTOR
bigcharts.com.
lonestar.texas.net
MOST ACTIVES (Top21 - Spec15 - Serv 9 companies in bold print)
Petro-Canada, Renaissance Energy, Canrise Resources, Poco Petroleums, Remington Energy and Talisman Energy were among the top 50 most active issues on the TSE.
Denbury Resources gained $0.95 to $29.00 and Petro-Canada $0.85 to $26.35.
Percentage gainers included Pan East Petroleum. 10.5% to $1.90, Profco Resources 7.8% to $1.10 and Rider Resources 6.7% to $4.00.
On the downside, Imperial Oil fell $1.05 to $83.80, Berkley Petroleum $0.55 to $4.15, Canrise Resources $0.50 to $5.40, Canadian Occidental Petroleum $0.50 to $29.90 and Tri Link Resources $0.50 to $16.00.
Percentage losers included Canrise Resources 8.5% to $5.40, Bitech Petroleum 8.3% to $3.30, Black Rock Ventures 7.7% to $1.20, Cavell Energy 6.8% to $1.10, Benson Petroleum 6.7% to $1.40 and Barrington Petroleum 5.8% to $4.05.
There were no new 52-week highs and Chauvco Resources International reached a new 52-week low.
Among service and industry related companies, Precision Drilling was among the top 50 most active traded issues on the TSE.
Precision Drilling gained $0.75 to $27.00, Prudential Steel $0.75 to $15.50 and Shaw Industries A $0.70 to $44.00.
Percentage gainers included Iner-Tech Drilling 9.5% to $11.50.
On the downside, NQL Drilling fell $0.75 to $11.50.
Percentage losers included Petro Well Energy 7.2% to $1.16, NQL Drilling 6.1% to $11.50, Peak Energy 5.6% to $3.40 and Kelman Technologies 5.3% to $1.80.
ATCO I reached a new 52-week high.
No new 52-week lows.
Over on the Alberta Stock Exchange, HEGCO Canada, Green River Petroleum, Colony Energy, Northline Energy, Bearcat Explorations, Stampede Oils, Stellarton Energy, Ionic Energy, Dalton Resources, Oxbow Exploration, Colt Energy and Esker Resources were among the top 30 most active issues.
Green River Petroleum gained $0.55 to $1.20, Colony Energy $0.20 to $1.70, Tier One Energy $0.20 to $1.25, Raptor Capital $0.16 to $0.56, Request Seismic $0.15 to $1.30, Del Mar Energy $0.10 to $0.60, Draig Energy $0.10 to $1.25, Niko Resources $0.10 to $4.50, Scarlet Exploration $0.10 to $1.30 and Stellarton Energy $0.10 to $4.30.
Percentage gainers included Raptor Capital 40.0% to $0.56, Rockport Energy 25.0% to $0.25, GreenRiver Petroleum 22.4% to $1.20, Del Mar Energy 20.0% to $0.60, High Point Energy 20.0% to $0.30, Tier One Energy 19.0% to $1.25, Belair Energy 18.2% to $0.39, Oilexco 16.7% to $0.35, Dundee Pettroleum 15.0% to $0.35, Colony Energy 13.3% to $1.70 and Request Seismic 13.0% to $1.30.
On the downside, HEGCO Canada fell $0.76 to $2.44, Sunburst Oil & Gas $0.20 to $0.85, Petro-Reef Resources $0.18 to $0.50, Clayoquot Resources $0.15 to $0.80, Proprietary Energy $0.15 to $2.15, Global Link International $0.12 to $1.03, Palmetto Resources $0.10 to $1.10 and Red Sea Oil $0.10 to $3.40.
Percentage losers included Petro-Reef Resources 26.5% to $0.50, HEGCO Canada 23.8% to $2.44, Sunburst Oil & Gas 19.0% to $0.85, Tappit Resources 18.0% to $0.41, Ironwood Petrolem 17.5% to $0.33, Clayoquot Resources 15.8% to $0.80, Global Link International 10.4% to $1.03, Circle Energy 9.1% to $0.40 and Q Energy 9.1% to $0.30.
Esker Resources and Newquest Energy reached new 52-week highs.
Bison Resources and Circle Energy reached new 52-week lows.
NEW LISTINGS
Progress Energy Ltd. announced that our Class A and Class B shares commenced trading on The Alberta Stock Exchange. Progress also announces that on December 30, 1997 we completed our initial public offering of units of Class A and B shares. Each unit consisted of 200 Class A shares and 90 Class B shares. 13,010 units were sold for gross proceeds to Progress of $13,010,000. Jennings Capital Inc. acted as agent for the offering.
Progress Energy is an oil and gas company that was recently formed to participate in oil and gas exploration and development in Canada. Progress currently produces 360 barrels of light sweet oil per day from our core properties in southeast Saskatchewan and southwest Manitoba.
BUY - HOLD - SELL - RESEARCH - ANALYSTS - MISC.
Anderson Exploration (AXL- $14.85) BUY
Largest Exploration Budget Ever
Anderson has budgeted $505 million in capital expenditures for 1998, planning 570 wells. Of this, Anderson will drill 190 exploratory wells, its most ever. Anderson is currently levered 65% to natural gas, the most of any senior Canadian producer. Should the company make any corporate or property acquisitions, it will prioritize additional gas leverage. Now in its second fiscal quarter, the company is on track to meet its targeted production averages of 590 mmcf/d of natural gas and 38,500 bbls/d of liquids. We are forecasting CFPS of $2.70 this year. The debt/cash flow is currently 1.7X. Our stock price target is $18.00.
KERM'S WATCHLIST OF COMPANIES IN THE NEWS
Ranger Oil announced the award of a 25 percent interest in Block 19 offshore Angola.
Block 19 covers approximately 1.2 million acres and lies in offshore Kwanza Basin in water depths ranging from 300 to 1,800 meters. In the last two years several giant Tertiary oil discoveries have been announced offshore Angola, in nearby Blocks 14 and 17. Block 19 is prospective for both Tertiary and Pinda horizons. Initial activity will include a seismic survey with the first exploratory well anticipated in 1999.
Fred Dyment, President and Chief Executive Officer, said, ''This award expands Ranger's exposure in the deep water Tertiary play in Angola, the most exciting oil exploration play in the world today, and complements our existing exploration and development activities on Block 4 in that country.''
Expanding on this news further, here are comments made by United Meridian Corp. (NYSE/UMC). The company announced that the government of the Republic of Angola has awarded it a participation in the deepwater Block 19 concession group with a 20% interest.
The 1.2 million-acre block, located squarely in the exploration fairway offshore Angola, is approximately 30 miles south of Block 17 where major oil companies have recently reported oil discoveries believed to contain recoverable oil reserves in excess of three billion barrels.
''With the award of Block 19, UMC holds interests in approximately 3.5 million acres, the equivalent of 700 blocks in the Gulf of Mexico, throughout the high-potential, West African deepwater turbidite deposition oil play,'' said John B. Brock, UMC chairman and chief executive officer. ''Our net position in Block 19 alone is about the equivalent of 48 Gulf OCS blocks.
''Because of our reputation as a proven international oil finder and our access to attractive opportunities worldwide, we continually are able to add aggressively sought-after concessions such as Block 19 to out international exploration portfolio,'' Brock continued. ''Existing seismic data strongly suggest that Block 19 is geologically on trend with recent, large discoveries on Blocks 14 and 17, all of which are located within the Congo Basin. We look forward to this initial venture with Sonangol and the government of Angola and to exploring the potential of this Block with their distinctive work force and experience,'' Brock concluded.
UMC's partners in the Block include Sonangol, the national oil company of Angola (20%), Ranger Oil (25%), the operator Petrofina (30%), and an Israeli company (5%).
Windsor Energy Corp. announced that the California Coastal Commission has approved the Windsor Energy - MacPherson Oil joint venture for drilling at Hermosa Beach.
Hermosa Beach sits on top of the Wilmington Torrance oil field that has produced over 2.5 billion barrels of oil and is currently producing in excess of 100,000 barrels of oil per day.
Oil was discovered under the town of Hermosa Beach in 1905 but since 1932 no production has been permitted even though all of the surrounding towns have been producing oil from this field. As previously disclosed, it is estimated that there will be 30 million barrels of oil of primary recovery. After development of the project, peak production could reach over 8,000 barrels of light sweet crude per day. The production will be a block away from a crude oil pipeline connection that delivers to a nearby refinery. Windsor is accustomed and experienced in producing in sensitive areas in a safe and environmentally friendly manner. This is evident from its Rincon Ventura operation, 80 miles north of Hermosa Beach.
On January 29, 1998 Windsor announced a U.S. $170 million (Can $248 million) agreement with Stanton Capital Corporation. An information update follows that further clarifies the agreement.
In summary, upon completion of this transaction, Windsor Energy Corporation will have, both directly and indirectly through Windsor International S.A., the following:
- US$120 million (or approximately Cdn$175 million) in cash
- oil and gas properties in California, Wyoming (unrisked reserves
potential 253mm to 500mm BOE), East Texas (unrisked reserves
potential 20 mm BOE) and Arkansas
- approximately 20 percent of Q Energy Limited
- 50 percent of the common equity of Winfield Energy Corporation
- US$15 million (or approximately Cdn$22 million) of 8 percent
preferred shares of Winfield Energy Corporation
- no debt
Windsor is a Calgary, Alberta, and Dallas, Texas based international exploration and production company traded on the Toronto Stock Exchange (TSE:WNS) and the American Stock Exchange (AMX:WNS). There are 27,455,200 shares currently issued and outstanding (32,874,477 shares on a fully diluted basis).
|
