Quattro Releases 1st Quarter Financials, Increasing Oil Production by 150%

CALGARY, Alberta, June 14, 2016  -- Quattro Exploration and Production Ltd. (QXP.V) ("Quattro" or the "Company") is pleased to report its financial results for the quarter ended March 31st, 2016, reporting a CDN $0.01 per share profit, exiting the 1st quarter with an additional 165 barrels per day of oil production.
 
The Company’s production averaged 1,646 boe/d in the first quarter with oil production increasing 150% to 465 barrels per day, as a result of the closing of its acquisition at Superb, Saskatchewan.  The acquisition as announced closed on January 29th, at a time when oil and natural gas prices were selling at their lowest levels in 10 years.  The acquisition is a highly underdeveloped reservoir with Quattro estimating that the remaining recoverable resource is in excess of 12 million barrels** currently producing only 240 barrels per day. Despite low commodity prices, the Company’s focus on increasing oil production contributed to the following results;
Read more: Quattro Exploration & Production Ltd ( QXP )

Penn West Announces $1.1 Billion In Asset Sales, Including The Sale Of Its Saskatchewan Assets For $975 Million 

Transforms Penn West Into A Leading Alberta Oil Producer
 
CALGARY, June 10, 2016  - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE.BC) ("Penn West", the "Company", "we", "us" or "our") is pleased to announce that it has entered into a definitive agreement for the sale of all of its Saskatchewan assets, including its Dodsland Viking area, for cash consideration of $975 million, subject to normal closing adjustments. The Saskatchewan assets are split approximately evenly between medium and heavy oil properties in the West and the Dodsland light-oil properties in the East. The purchaser is Teine Energy Ltd., a Viking producer backed by the Canada Pension Plan Investment Board.
 
This transaction, together with additional Alberta asset dispositions for proceeds of approximately $140 million, is expected to close in the second quarter. The total cash consideration from asset dispositions to date in 2016 is approximately $1.3 billion, reducing our pro forma Net Debt to approximately $600 million from $2.1 billion at year-end 2015. As a result, we expect to be comfortably in compliance with all of our financial covenants at the end of the second quarter and the remainder of 2016.
Read more: Penn West Petroleum ( PWT )

Calfrac announces CDN$200 million debt-with-warrants financing

CALGARY, June 10, 2016 - Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX–CFW) announced today that it has closed a debt-with-warrants financing with Alberta Investment Management Corporation ("AIMCo"). 
 
AIMCo, on behalf of certain of its clients, has provided Calfrac aCDN$200 million second lien senior secured term loan facility (the "Term Loan"). The Term Loan will mature on September 30, 2020, and will bear interest at the rate of 9% per annum, paid quarterly. Amortization payments equal to 1% of the original principal amount are payable annually, in equal quarterly installments, with the balance due on the final maturity date. Calfrac may elect to pay interest "in kind" or defer payment of interest for up to eight quarterly periods over the term of the loan, with such "in kind" or deferred interest then carrying a 12% per annum interest rate. The proceeds from the Term Loan were made available in a single draw, and amounts borrowed under the Term Loan that are repaid or prepaid will not be available for reborrowing.
Read more: Calfrac Well Services Ltd ( CFW )

New Concept Energy, Inc. Reports First Quarter 2016 Results

DALLAS -- New Concept Energy, Inc. (NYSE MKT: GBR), (the “Company” or “NCE”), a Dallas-based oil and gas company, today reported a net loss for the three months ended March 31, 2016 of $296,000 or ($0.15) per share, compared to net income of $314,000 or $0.16 per share for the three months ended March 31, 2015.
 
In March 2015 the Company recorded a $738,000 recovery of a note receivable which had been fully reserved in a prior year.
 
For the three months ended March 31, 2016, the Company recorded oil and gas revenues of $219,000 as compared to $172,000 for the comparable period of 2015. The increase in oil and gas revenue for the three months ended March 31, 2016 was $47,000. The increase is due to the production of more gas in 2016 than 2015. During 2016 the Company has reduced the production of oil from wells that were unprofitable due to the market price of oil.
Read more: New Concept Energy Inc ( GBR )

MCW Energy Group's 2,500 BBL/Day Scale-Up Oil Sands Project Validated by Two Independent Feasibility Reports for Cost-Efficiency, Profitability

TORONTO, ON--(Jun 7, 2016) -MCW Energy Group Limited ("MCW"), (TSX VENTURE: MCW) (http://ir.mcwenergygroup.com/quote-tsx) (MCWEF) (http://irmcwenergygroup.com/quote-otc),  a company involved in the development and implementation of oil sands technologies, today announced details of two recently commissioned feasibility reports by independent mining consultants, JT Boyd Company and energy advisory firm, Nexant, Inc., which have confirmed the viability of MCW's plans in order for the Company to move forward with its 2,500 bbl/day scale-up extraction plant project in Utah, now in the funding stage.
 
The JT Boyd Report confirmed very attractive mining costs for the Asphalt Ridge oil sands ore, based on a detailed economic analysis of all major mining functions (drilling, blasting, overburden removal, oil sands mining and mine reclamation, maintenance). Based upon three separate scenarios, mining costs are estimated to range between $ 5.35 and $ 5.76 per ton of oil sands ore. Low mining costs are due, in part, to the fact that MCW's oil sands resource is directly at, or just beneath the surface so that minimal overburden (non-ore material) removal is required. These low mining costs, combined with low processing costs by MCW's proprietary, closed-loop, solvent-based process will result in significantly lower per barrel production costs than the costs for traditional hot water-based oil sands extraction technologies.
Read more: MCW Energy Group Limited ( MCW )