Palm Beach, FL – April 19, 2022 – FinancialNewsMedia.com News Commentary – Oil sands, the workhorse of Alberta’s — and Canada’s — crude oil production growth, achieved a record production year in 2021. A steady turnaround in crude oil prices, improved market access, and the tried-and-true resilience of oil sands producers combined to drive the increase in output. With 2022 barely out of the starting blocks, the oil sands players have provided production guidance for this year that, if fulfilled, could set the oil sands on track for another year of record output. A recent RBN article mentioned the latest production guidance estimates and what these could mean for the availability of oil pipeline export capacity from Western Canada. It said: “With benchmark crude oil prices reaching seven-year highs in the past two weeks, the remarkable turnaround in crude oil prices has not gone unnoticed by Alberta’s oil sands producers. Seeking to capitalize on their corporate resilience, lower cost structures, and the improved market conditions, these producers are starting to gear up for increased output. This apparent oil sands renewal comes after what has been several years of very tumultuous conditions for Western Canada’s most important industry. We have documented the enormous ups and downs of the oil sands sector in RBN blogs, covering a gamut of factors that have helped to forge that aforementioned resilience. In the past few years, issues such as enormous price discounts for Western Canadian Select (WCS), the flagship heavy oil price marker, due to insufficient export pipeline capacity eventually resulted in production curtailments being imposed by the Alberta provincial government at the start of 2019. These fell most heavily on the shoulders of oil sands producers.” Active Companies in news today include: Petroteq Energy Inc. (OTCPK: PQEFF), Occidental (NYSE: OXY), Camber Energy, Inc. (NYSE American: CEI), W&T Offshore, Inc. (NYSE: WTI), VAALCO Energy Inc. (NYSE: EGY).
The article continued: “By late 2020 and early 2021, prospects for the oil sands were definitely on the upswing — and so were oil prices. The Alberta provincial government effectively scrapped its oil production curtailment policy at the end of 2020, and it became clear that, month by month, oil sands production would recover from the depths of 2020 and was poised to set a new monthly production record sometime late in 2021 (see Levitating). An individual monthly record for oil sands output was achieved in November 2021, and prospects for Canadian oil producers — and not just those in the oil sands — improved still further with the opening of the longed-for and long-delayed Enbridge Line 3 Replacement (L3R) project in October 2021, yielding some spare oil pipeline export capacity from Western Canada. The turnaround for oil sands producers, and Western Canada’s oil industry as a whole, has been remarkable. When you combine the L3R infrastructure improvement and WCS prices that have been routinely trading above $70/bbl of late, it’s no wonder that oil sands producers have been keeping their collective foot on the production accelerator.”
Petroteq Energy Inc. (OTCPK: PQEFF) BREAKING NEWS – PETROTEQ ENERGY EMPHASIZES THE IMPORTANCE OF DEVELOPING USA OIL SANDS RESERVES – Petroteq Energy Inc. (“Petroteq” or the “Company”), an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, provides a corporate update and continuously emphasizes the importance of developing and extraction of US oil sands reserves.
The global need for energy continues to grow and has shown no signs of slowing down. While other alternative energy sources will also contribute, but today they cannot match the production oil as the most cost- effective solution. The need for more oil is more than just transportation fuel, as vehicular demand and air travel requirements grow, but oil is the primary building block for plastics of all kinds, automotive industry, pharmaceuticals, cosmetics, pesticides, fertilizers, paint, to name a few. This is of particular importance to the US, as the need for energy independence has become more evident from the geopolitical upsets now facing the global market. The significant oil reserves, which have not been untapped yet, are located in Utah, where Petroteq has accumulated significant oil reserves available for development.
Petroteq Energy has developed a proprietary technology to extract oil from its reserves in Utah since 2015, and has demonstrated the viability of its patented process to produce at an attractive economic level, comparable to conventional oil reservoir production, and to deliver a high quality product. The Company’s facility has been designed to operate at 500 barrels per day and has designed the next generation oil sands plant with 5,000 barrels capacity. All engineering aspects of 5,000 barrels plant have been confirmed by an independent third party as commercially viable and technically sufficient to achieve the desired plant performance within a budget. Petroteq management believes this design is solely unique to the patented Petroteq process, to achieve oil extraction from sands in an eco-friendly method, and can be seen as a true green energy technology.
The Petroteq technology is unique because it uses no water, produces no emissions, and uses a facility that has a small land footprint. Its patented solvent washes the sand of oil and is almost 100% recycled for continued use with no negative environmental impact. The cleaned sand can be utilized economically for the broad range in residential and commercial use.
Petroteq’s CEO and CTO, Vladimir Podlipsky, PhD commented, “Our management team is pleased that it has unlocked an economically feasible process that is eco-friendly, and I believe positions our Company to contribute solving the global energy crisis. Our intentions are to continue evolving toward future expansion and revenue growth, regardless of the on-going takeover-bid from Viston United Swiss AG. The Management continues to handle business as usual, while making an utmost effort to maximize shareholder’s value.” CONTINUED… Read this full press release for PQEFF by visiting: https://www.financialnewsmedia.com/news-pqe/
In other developments and news of note in the markets this week:
Occidental (NYSE: OXY) will announce its first quarter 2022 financial results after close of market on Tuesday, May 10, 2022, and will hold a conference call to discuss results on Wednesday, May 11, 2022, at 1 p.m. Eastern/12 p.m. Central.
The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast at oxy.com/investors. Participants may pre-register for the conference call at https://dpregister.com/sreg/10164495/f1e7ad6d38
First quarter 2022 financial results will be available through the Investor Relations section of the company’s website. A recording of the webcast will be posted on the website several hours after the call is completed.
Camber Energy, Inc. (NYSE American: CEI) announced earlier this year its majority-owned subsidiary, Viking Energy Group, Inc. (“Viking”), acquired on February 9, 2022 a 51% interest in two entities that own the intellectual property rights to fully developed, patent pending, ready-for-market proprietary Electric Transmission and Distribution Open Conductor Detection Systems. The purchase price for the interests acquired by Viking is up to $21,000,000, with $5,000,000 payable in shares of Viking on closing (i.e. $250,000 in common stock and $4,750,000 in preferred stock).
The systems are designed to detect a break in a transmission line, distribution line, or coupling failure, and to immediately terminate the power to the line before it reaches the ground. The technology will dramatically increase public safety and reduce the risk of causing an incendiary event, and is designed to be integral component within a much-needed, worldwide grid hardening and stability initiative by electric utilities to improve resiliency and reliability of existing infrastructure.
W&T Offshore, Inc. (NYSE: WTI) recently announced that it has acquired the remaining working interests in the oil and gas producing properties purchased earlier this year from an undisclosed private seller. The assets are located in Federal shallow waters in the central region of the Gulf of Mexico at Ship Shoal 230, South Marsh Island 27/Vermilion 191, and South Marsh Island 73 fields. The transaction had an effective date and closing date of April 1, 2022. Cash consideration of approximately $17.5 million was paid to the seller using cash on hand.
Key highlights of the transaction are as follows: Adds internally-estimated proved reserves of approximately 1.4 million barrels of oil equivalent (Boe) (70% oil) and proved and probable, or 2P, reserves of 2.0 million Boe (75% oil) as of December 31, 2021 assuming strip pricing as of March 2, 2022; Estimated net sales rate of approximately 900 Boe per day (~80% oil); Adds an average of 20% working interest in over 50 gross producing wells currently operated by the Company across three shallow water fields; and Provides additional upside from additional pay sands in existing well bores and potential opportunities for future drilling.
VAALCO Energy Inc. (NYSE: EGY) recently announced the successful drilling of the Avouma 3H-ST development well that was drilled from the Avouma platform in the Etame field, offshore Gabon.
Highlights: Successfully drilled the Avouma 3H-ST development well with a lateral of 268 meters in high-quality Gamba sands at the top of the structure; Encountered premium Gamba sands with 28% porosity and one Darcy of permeability; Confirms extension of Avouma reservoir and is forecasted to increase the overall recovery from the field, potentially allowing for additional wells at Avouma; Currently completing the Avouma 3H-ST well with initial production expected in the next few weeks; and Following completion, the drilling program will continue with the spudding of the ETBSM-1HB ST2 development well from the Avouma platform.
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