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by Stockwatch Business Reporter
West Texas Intermediate crude for September delivery lost $1.65 to $94.70 on the New York Merc, while Brent for September lost 66 cents to $103.20, with both benchmarks notching their third weekly decline in a row (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.75 to WTI, unchanged. Natural gas for August added 37 cents to $8.30. The TSX energy index lost 2.91 points to close at 214.09.
A long-time chief executive officer in the oil patch is stepping down. Alberta Cardium producer Bonterra Energy Corp. (BNE), down three cents to $8.55 on 397,700 shares, announced this morning that its founder, George Fink, will retire as president and CEO on Sept. 6. He will remain on the board and says he has no current plans to trim his 14-per-cent equity ownership (4.6 million of Bonterra's 36 million shares).
The 82-year-old Mr. Fink founded Bonterra in 1998, as a spinout of his Comaplex Resources (a gold miner that he ultimately sold for $10.32 a share to Agnico-Eagle in 2010). Bonterra did its IPO in mid-1988 at 20 cents. It converted to an income trust in 2001 -- one of the first oil and gas companies in Canada to do so -- and converted back to a corporation in 2008. The stock peaked at $65.99 in 2014. If an investor did nothing over this time but sit on a $20,000 investment from the IPO, his position would have then been worth over $6.5-million and he would have received over $3-million in dividends. (As an aside, such calculations used to show up frequently on the website not of Bonterra, but rather of Pine Cliff Energy Inc. (PNE: $1.59). Mr. Fink is Pine Cliff's long-time chairman.)
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