Petromin Resources Ltd. is a progressive international Petroleum
and Natural Gas Exploration and Production company listed Tier 1 on the
Toronto Venture Stock Exchange.
The Company is currently focused on developing 655 sq km of coalbed methane (CBM)
land in Western China along the Southern Junggar Basin (in China).
Alongside significant international resource development initiatives in China and Kuwait,
the Company’s core operations include five oil and gas producing properties in Alberta
Canada along the Western Canada Sedimentary Basin.
Petromin is leading the way in technologically innovative methods designed to significantly improve reserves of existing oil pools (EOR) and to enhance the recovery of coalbed methane (ECBM) while significantly minimizing greenhouse gas (GHG) emissions.
LA PRAIRIE, QUEBEC--(Marketwired - Feb. 2, 2015) -
The management of Vantex Resources Ltd. (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALP:VAX) announces that it has acquired from Hecla Mining Company (Hecla) a 100% interest in a mining block consisting of 27 mining cells located in Bousquet Township as well as receiving a $ 75,000 cash payment in consideration of the totality of the royalty Vantex held in the Heva property.
The Heva property was sold to Aurizon Mines before the merger with Hecla (see press release of 27 February 2008).
This new block, integrated with the other blocks recently acquired by Vantex, will form the Lac Bousquet property and will consist of 79 cells covering an area of about 1,500 hectares.
Many gold showings of importance are present on the Lake Bousquet property. These showings are associated with a splay of the Cadillac Fault, one of the most prolific gold faults in the world, and consist of a swarm of quartz veins contained in sediments or in felsic intrusives along the fault.
Several gold intersections obtained in drilling and channel sampling with gold grades of 3.73 g/t Au over 5.5 m and 5.91 g/t to the 3.0 m were intersected on the property.
The presence of gold-bearing structures associated with the CadillacFault and hydrothermal alteration give an excellent gold potential to this property. Moreover, the immediate gold producers near Vantex are IAMGOLD (Westwood Mine) and Agnico-Eagle (La Ronde Mine). There are also many former gold producers in the area such as the Doyon and Mouska mines. More than 12 M oz of gold were produced within a radius of 10 km from the property,
A comprehensive geological compilation and a ground magnetic survey will be made on this new project in the coming weeks.
Read more at http://www.stockhouse.com/news/press-releases/2015/02/02/vantex-acquires-27-mining-claims-in-the-bousquet-township-and-receives-a-75-000#ws510DeilFB7RCYw.99
[aggressive junior explorer to soon release results of this survey;
good results are highly anticipated]
LA PRAIRIE, QUÉBEC--(Marketwired - Nov. 20, 2014) - Following the acquisitions of the Blackfly and Nomar properties, the management of Vantex Resources Ltd. (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALP:VAX) will start in the coming days, a ground magnetic survey and a compilation of the historical data available on these projects.
These properties that comprise 40 claims, are located in the prolific Bousquet mining camp and overlap the Cadillac-Larder Lake Fault. They include many gold showings and previous works show promising gold potential.
Like many small Canadian mining exploration companies, Vantex faces a depressed mining market, new mining regulations and a constant drop of metal prices that makes financing, exploration and the development of mining projects very challenging.
The management of the Company wants to use this downturn to acquire quality gold properties and eventually joint venture them with willing partners, to develop them.
CALGARY, Nov. 13, 2014 /CNW/ - (TSX: TBE) – Twin Butte Energy Ltd. ("Twin Butte" or the "Company") is pleased to provide it's 2015 capital plan and report its financial and operational results for the three months ended September 30, 2014.
Highlights are as follows:
Reinforced the financial sustainability of the Company's dividend with the total payout ratio for the year to date being 96%. The Company's guidance for 2015 demonstrates dividend sustainability at forecast $US80 WTI. Twin Butte has declared $139.4 million ($0.52 per share) in dividends since January 2012 and maintained a cumulative total payout ratio of 92.5% since that time.
Approved a $160 million 2015 capital budget, which based on a $US 80.00 WTI oil price maintains production, grows cash flow by 10%, delivers a $0.192 per share dividend, and holds the total payout ratio to under 100%.
Record third quarter funds flow of $53.7 million, ($0.15 per share) an increase of 54% from third quarter 2013 and an increase of 11% from the second quarter of 2014. Operating cost reductions and higher medium and light oil weighting more than offset reduced realized pricing in the quarter leading to the record funds flow.
Average third quarter production of 20,981 boe/d, an increase of 29% from third quarter 2013, while liquids weighting increased to 90% from 88% over the same periods. Light and medium oil represented 37% of production in the quarter compared to 3% in the third quarter of 2013.
Completed an organic net capital expenditure program of $43.9 million including the drilling of 39 gross (36.7 net) wells at a 97% success rate. The majority of the third quarter capital was focused on horizontal drilling activity with 70% of the wells being drilled in the Company's medium oil Provost area.
Successfully drilled, completed and brought on stream the first of Twin Butte's Provost Sparky multi-frac horizontal wells, at costs below initial expectation and at rates above average competitor wells. This de-risking has established a new long term drilling inventory.
Certain selected financial and operational information for the three and nine months ended September 30, 2014 and 2013 is outlined below and should be read in conjunction with Twin Butte's condensed interim financial statements for the three and nine months ended September 30, 2014 and 2013 and accompanying management's discussion and analysis filed with the Canadian securities regulatory authorities which may be accessed through the SEDAR website (www.sedar.com) and also the Company's website.
Read more at http://www.stockhouse.com/news/press-releases/2014/11/13/twin-butte-energy-announces-sustainable-2015-dividend-model-and-2014-third#ZkDHI011IVXCwEXZ.99
Canadian crude producers are being cushioned from falling global prices by a drop in the loonie and narrower discounts for heavy oil shipped to key U.S. markets.
Brent crude, the global benchmark, has fallen about 15 per cent over the past 30 days, and U.S. West Texas intermediate has also tumbled sharply. But in Canada, the average price in Canadian dollars received by producers was actually slightly higher in the past month than over the previous 4 1/2 years, Toronto-Dominion Bank economist Leslie Preston said in a report Monday.
CP Video Nov. 10 2014, 6:15 AM EST
Video: Business Forecast: Oil prices could yield gains for TSX
The reason is tied to favourable moves in the currency market, along with a reduced discount for Canadian heavy oil against WTI as more Alberta oil finds its way to U.S. refineries in need of heavy crude.
“It is a bit like the cleanest dirty shirt,” Ms. Preston said in an interview. “The reality is we are better off now because we were worse off two years ago, when we were in the worst phase of discounting and the Canadian dollar was at parity.”
The Canadian Association of Petroleum Producers estimates that a 1-cent decline in the Canadian dollar would be equivalent to a $1-per-barrel rise in the oil price. Since the June peak, the benchmark Canadian heavy Western Canada Select has dropped $12 (U.S.) a barrel, but the loonie has fallen 5 cents against the greenback, cancelling out nearly half the crude price drop.
“It has been partially mitigated but it has not offset the total decline that is out there,” CAPP vice-president Greg Stringham said. Heavy oil accounts for nearly 70 per cent of Canada’s exports so far this year, and like all Canadian production, it is priced in relation to the leading U.S. benchmark, WTI.
Oil prices continued to sink Monday. WTI fell to $77.40 (U.S.) a barrel, down $1.25 on the day and off nearly $30 since its peak in June. The leading international benchmark, Brent, fell more than $1 to $82.34, and has fallen $33 since June.
Canadian heavy oil producers have seen their prices improve relative to WTI, thanks to the expansion of rail and pipeline capacity out of Alberta, and the commission of a heavy-oil processing unit at BP PLC’s Whiting refinery in Indiana.
There has been surging demand for Canada’s extra-thick crude on the U.S. Gulf Coast, home to the world’s largest refining complex, said Jackie Forrest, vice-president of energy research at ARC Financial Corp. in Calgary. The region has capacity to soak up as much as 2.7 million barrels a day of heavy oil, Ms. Forrest said.
But consumption has been held back, averaging just 1.8 million b/d so far this year, amid a pullback in deliveries from traditional suppliers in Venezuela and Mexico, and protracted delays building pipelines such as TransCanada Corp.’s Keystone XL.
“So that gap is the opportunity for Canada, because that’s actually refineries that would prefer to take heavy crude that just can’t get it,” Ms. Forrest said. “That’s translated into stronger prices back here in Western Canada as well for heavy crudes compared to light crudes.”
Discounts for Western Canada Select, the key oil sands benchmark, have shrunk to an average of about $19 (U.S.) this year from roughly $24 a year ago, for example.
Prices are expected to more closely track the U.S. benchmark as more production heads south from Alberta through expanded rail networks and new pipeline connections. “There’s still a very big market for Canadian heavy crude in the Gulf Coast despite the growth of tight oil,” she said, referring to the boom in unconventional light oil production in the United States.
Ms. Preston, the TD economist, said lower prices won’t stall Canadian production growth until later this decade because supply coming on stream now was planned several years ago. “We still expect over the next couple of years production to grow year over year by 5 to 6 per cent … but I would expect to see a hit to corporate profits and government revenues over the next couple quarters.”
While some companies have shelved high-cost projects, those decision were taken prior to the slump in prices and had more to do with market access, cost inflation and a renewed emphasis on high-return projects rather than growth for growth’s sake.
The cash crunch is more likely to impede production from unconventional tight oil plays, like Alberta’s Duvernay, where the investment cycle is shorter, than in the long-lead-time, capital-intensive oil sands projects.