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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery added 72 cents to $56.79 on the New York Merc, while Brent for May added 84 cents to $66.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.91 to WTI, unchanged. Natural gas for April lost nine cents to $2.77. The TSX energy index added 1.78 points to close at 153.39.
Jim Evaskevich's Alberta Cardium producer, Yangarra Resources Ltd. (YGR), lost one cent to $2.80 on 192,500 shares, on top of the nine cents it lost on Friday after releasing its year-end financials. They more or less contained the same information that Yangarra announced when it released its 2019 guidance in January and its year-end reserve report in February. What they did not contain was an eagerly awaited update on how 2019 is going so far. Yangarra has previously declared that it plans to produce 13,000 to 14,000 barrels of oil equivalent a day this year, a roughly 43-per-cent increase from the 9,425 barrels a day that it produced in 2018, which itself was a 64-per-cent increase from the 5,740 barrels a day that it produced in 2017. It plans to achieve the 2019 increase by drilling 24 wells within what it calls the halo Cardium. (The halos, as their name suggests, encircle the massive conventional Cardium oil fields that have been under development for decades.) This became a core area for Yangarra in August, 2016. As of January, 2019, Yangarra had drilled a total of 60 halo wells. A new presentation on Yangarra's website updates that number to 65, but the company has yet to release any news on flow rates since about well 50.
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