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by Stockwatch Business Reporter
West Texas Intermediate crude for February delivery added $1.70 to $83.82 on the New York Merc, while Brent for March added $1.59 to $86.06 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.53 to WTI, down from a discount of $12.46. Natural gas for February lost one cent to $4.26. The TSX energy index added 5.32 points to close at 190.31.
Pat Carlson's Kiwetinohk Energy Corp. (KEC) added $2.50 to $12.50 on 95,500 shares, on its first day of trading on the TSX. The company -- whose name begins with a Cree word pronounced like "key-wheat-in-no," though investors understandably tend to use the abbreviation KEC -- is an Alberta Montney producer that also has carbon capture and renewable power projects. It went public this morning without an accompanying financing.
KEC's chief executive officer is 67-year-old Mr. Carlson, a familiar name in energy circles. He started out as a BP engineer in 1975 and got into energy start-ups in 1998. From 1998 to 2007, he co-founded and sold Passage Energy, Krang Energy and North American Oil Sands, all private companies, whose sales brought 65- to 200-per-cent returns for founding investors. Mr. Carlson then founded Seven Generations Energy in 2007 and decided to take it public for a change. After an $18-a-share IPO in 2014, the stock got to nearly $33 in 2016 and was still worth about $25 when Mr. Carlson retired in 2017. It entered a painful slump after that, getting as low as $1.15 in 2020, but was ultimately sold to ARC Resources Ltd. (ARX: $13.61) in April, 2021, in a deal that valued its shares at about $8.20.
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