MARKET ACTIVITY/TRADING NOTES FOR DAY ENDING FRIDAY, FEBRUARY 13, 1998 (5)
NORTH AMERICAN RIG COUNT
Canada Rig Count Up 7 To 511 For The Week
There were 171 rigs under contract in the Gulf of Mexico as of Feb. 13, down one from the previous week, Offshore Data Services said.
The utilization rate for rigs working in the Gulf, based on a total fleet of 177, was 97.2 percent.
The number of working rigs in the European/Mediterranean area fell by one to 106 rigs under contract out of a total fleet of 110, a utilization rate of 96.4 percent.
The worldwide rig count went up one to 585 out of a total fleet of 608, with a utilization rate of 96.2 percent.
Separately, Baker Hughes reported the number of rigs exploring for oil and natural gas in the United States stood at 972 as of Feb. 13, down two from the previous week, and 112 above the year-ago total of 860.
The number of rigs drilling on land fell by seven to 811, while rigs working offshore rose five to 139. The number of rigs active in inland waters remained at 22.
Among the individual states, the biggest changes occurred in Louisiana, up eight, and in Colorado, Oklahoma and Texas, each down three.
The Gulf of Mexico rig count rose four to 137.
The number of rigs searching for gas fell two to 582, the number of rigs searching for oil remained at 385, while the number of miscellaneous drilling projects remained at five.
There were 251 rigs drilling directionally, 68 drilling horizontally and 653 drilling vertically.
In Canada, the number of working rigs rose seven to 511 versus 411 one year ago.
The weekly rig count reflects the number of rigs exploring for oil and gas, not those producing oil and gas.
For table data, go here bakerhughes.com
INDEXES
Friday
The Toronto Stock Exchange 300 Composite Index fell 0.1% or 8.67 to 6972.01.
In comparison, the Oil & Gas Composite Index fell 0.8% or 48.82 to 6339.29. Among the sub-components, the Integrated Oil's lost 1.4% or 128.65 to 8906.11. The Oul & Gas Producers fell 0.6% or 35.39 to 5531.06. The Oil & Gas Service's climbed 0.7% or 20.06 to 2743.59.
Week
The Toronto Stock Exchange 300 Composite Index gained 1.8% or 124.88. In comparison, the Oil & Gas Composite Index fell 1.1% or 67.68. Among the sub-components, the Integrated Oil's gained 0.0% or 2.65. The Oil & Gas Producers fell 1.5% or 85.88. The Oil & Gas Service's gained 1.1% or 30.98.
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
HOT STOCKS
Seven Seas Petroleum Inc. (SEV/AMEX - SVS.U/TSE) successfully completed drilling operations on the Tres Pasos No. 2-E well, the seventh well drilled on the Emerald Mountain project in Colombia, South America. Shares gained $4.20 to $25.00. For the week, shares climbed $8.00.
Pinnacle Resources (PNN/TSE) traded over 1 million shares for the third consecutive day, closing up $0.05 to $13.85. In review of trading volume, Pinnacle hasn't had 3 consecutive trading days of 1 million plus trading in over a year. Shares in the company are sharply down from a 52-wk high of $24.55.
In the U.S., strength was evident in the oil drilling and equipment stocks, led by Varco International (VRC), which parlayed better than expected earnings into a gain of $3.00 to $24.75.
MOST ACTIVES
Gulf Canada Resources, Anderson Exploration, Pinnacle Resources, Westfort Energy, United Tri-Star and Petro-Canada were among the top 50 most active traded issues on the TSE.
Top net gainers included Seven Seas Petroleum (U), up $4.20 to $25.00 and Pacalta Resources $0.55 to $10.50.
Percentage gainers included Seven Seas Petroleum (U), up 20.2% to $25.00, Westfort Energy 12.9% to$1.58, Black Sea Energy 10.0% to $1.54, United Tri-Star 10.0% to $1.10, Torrington Resources 9.1% to $4.20, Carmanah Resources 7.5% to $5.70, Pacalta Resources 5.5% to $10.50, Magin Energy 5.3% to $2.00 and Canadian 88 Energy 5.0% to $5.30.
On the downside, Imperial Oil fell $0.95 to $84.05, Renaissance Energy $0.95 to $27.85, Shell Canada A $0.90 to $22.80, Baytex Energy $0.75 to $13.65, Petro-Canada $0.65 to $26.10 and Paramount Resources $0.55 to $13.70.
Percentage losers included Optima Petroleum 15.6% to $1.90, Pendaires Petroleum 5.3% to $9.00, Baytex Energy 5.2% to $8.25, Sands Petroleum AB 5.2% to $8.25, Purcell Energy 4.8% to $1.00 and Southward Energy 4.8% to $1.00.
52-Week Highs included Seven Seas Petroleum (U), Torex Resources and Westfort Energy.
52-Week Lows included Camberly Energy, Kappa Energy and Sands Petroleum (new listing).
In review of oil & gas service companies, as well as those with close ties to the industry, none were included among the top 50 most active issues on the TSE.
Top net gainers included IPSCO, up $1.50 to $62.50, Computalog $0.60 to $20.70, Tesco $0.60 to $20.50 and Enerflex Systems $0.50 to $36.50.
Percentage gainers included Inter-Tech Drilling 9.5% to $1.15.
There were no net losers.
Percentage losers included PeBen Oilfield, down 5.4% to $4.35.
No new 52-week highs.
Computer Modeling reached a new 52-week low.
Over on the Alberta Stock Exchange, HEGCO Canada, Bearcat Explorations, Brigadier Energy, Stampede Oils, Green River Petroleum, Raptor Capital, Burner Exploration, Parkcrest Exploration, ICE Drilling, Red Sea Oil, Oilexco, Tessex Energy, Cubacan Exploration, Colony Energy, Dalton Reources, Hampton Court, Circle Energy and Colt Energy were among the top 30 most active traded issues.
Net gainers included Solid Resources, up $0.45 to $7.00, Stellarton Energy $0.20 to $4.30, Total Energy Services $0.15 to $2.40, Belfast Petroleum $0.10 to $2.50, Grantham Resources $0.10 to $0.30, Request Seismic $0.10 to $1.20 and Canex Energy $0.07 to $0.27.
Percentage gainers included Grantham Resources 50.0% to $0.30, Canex Energy 35.0% to $0.27, Aspen Energy 20.0% to $0.30, Orion Resources 20.0% to $0.42 and Circle Energy 14.3% to $0.48.
On the downside, Hawk Oil A fell $0.19 to $0.90, Bolt Energy $0.10 to $0.60, Colony Energy $0.10 to $1.50, Doreal Energy $0.10 to $1.60, Red Sea Oil $0.10 to $3.00, Sunburst Oil & Gas $0.10 to $0.90 and Underbalanced Drilling $0.10 to $2.15.
Percentage losers included Hawk Oil A 17.4% to $0.90, Bolt Energy 14.3% to $0.60, Brigadier Energy12.5% to $0.35, PanOil Resources 12.5% to $0.35, Tessex Energy 11.1% to $0.40, Sunburst Oil & Gas 10.0% to $0.90, Scimitar Hydrocarbons 9.1% to $0.50 and Alliance Energy 8.5% to $0.65.
There were no new 52-week highs.
Trego International reached a new 52-week low.
Kerm's top 21 - Spec 15 - Serv 9 companies in bold print.
An excellent summary of most actives covering all four of the Canadian Stock Exchanges can be found at quote.yahoo.com
STOCK EXCHANGE NOTES
Pending New Listing - Questor Technology Inc. (QST/ASE) announced that it has completed the closing of its initial public offering for an aggregate of 84,700 units comprised of one common share and one common share purchase warrant at $1.25 per unit pursuant to a prospectus dated November 14, 1997 filed with the Alberta Securities Commission. Questor had previously completed the initial closing of the offering for 857,600 units on January 21, 1998 for net proceeds of $937,964. Global Securities Corporation acted as agent in connection with this offering.
The aggregate net proceeds to Questor from this closing of $96,682.58 together with the net proceeds of $937,964 from the initial closing will be used to invest in the manufacture and marketing of Questor's Turbo Flare Units, the development of other technology, the evaluation of potential acquisitions of technology, the repayment of debt and for use as working capital.
Questor is engaged in the business of developing environmental technologies for use by the oil and natural gas industry.
The common shares of Questor are conditionally approved for listing on The Alberta Stock Exchange under the trading symbol ''QST'', subject to filing certain documents.
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