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Energy Summary for May 25, 2022

2022-05-25 20:18 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 56 cents to $110.33 on the New York Merc, while Brent for July added 47 cents to $114.03 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.00 to WTI, down from a discount of $17.00. Natural gas for June added 17 cents to $8.97. The TSX energy index added 5.31 points to close at 265.01.

Tony Marino's Tenaz Energy Corp. (TNZ) added 17 cents to $2.36 on 329,500 shares, after making its first big move since last year's reorganization. It will buy the AIM-listed SDX Energy for $34.3-million in shares. SDX is an oil producer in Egypt and Morocco, with forecast 2022 production of 3,300 to 3,550 barrels a day (about triple than Tenaz's Alberta-focused production of 1,200 to 1,300 barrels a day).

The deal keeps a promise that Tenaz has been repeasting since last summer. That was when the above Mr. Marino and his people (who previously worked together at international oil and gas producer Vermilion Energy Inc. (VET: $27.79)) recapitalized an Alberta oil junior called Altura Energy, changing its name to Tenaz and vowing to take it on a global shopping spree. They laid out a "vision and strategy" of turning Tenaz into a dividend-paying intermediate producer (like Vermilion). Both the dividend and the intermediate status are still a long way off, but now the shopping is under way.

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