BOPD

Gran Tierra Energy Inc. Announces 2024 Guidance and Operations Update

Retrieved on: 
Tuesday, January 23, 2024
Human rights, Total, Social, API, BOPD, Security, Public expenditure, VPI, Tax, GAAP, Investment, Safety, LTI, Depreciation, Transport, Capital, Economic development, Development, Base, Nature, Base case, High Impact, Growth, Bank

Costayaco: in this oil field, located in the northern Putumayo Basin, Gran Tierra plans to drill 3 to 5 development wells.

Key Points: 
  • Costayaco: in this oil field, located in the northern Putumayo Basin, Gran Tierra plans to drill 3 to 5 development wells.
  • Gran Tierra’s 2024 exploration drilling is planned to follow up on the encouraging results from the Company’s 2022 exploration program.
  • Gran Tierra remains focused on generating strong Free Cash Flow2, ongoing net debt5 reduction and shareholder returns via share buybacks.
  • Share Buybacks: During 2024, Gran Tierra plans to allocate up to approximately 50% of its Free Cash Flow to share buybacks in the Base Case.

Kolibri Global Energy Inc. Provides 2024 Guidance and Operations Update

Retrieved on: 
Monday, January 29, 2024
Energy, Natural Resources, Mining, Minerals, Oil, Gas, NGL, Adjustment, BOPD, Tax, Emery, GAAP, Tonne, Depreciation, Fracture, Organization, Management, News, WTI, Henry Hub, Growth

The average production, revenue, and Adjusted EBITDA guidance for 2024 shows significant growth from the latest 2023 forecast numbers, even with a $72 WTI price assumption.

Key Points: 
  • The average production, revenue, and Adjusted EBITDA guidance for 2024 shows significant growth from the latest 2023 forecast numbers, even with a $72 WTI price assumption.
  • As the Company executes this strategy going forward, it will consider the implementation of a shareholder return policy in 2024.
  • Wolf Regener, President and CEO, commented, “We are looking forward to another strong year of revenue and cash flow growth for the Company, based on our 2024 forecast.
  • Like many other operators, the Company's operations were impacted by the below-freezing temperatures in January 2024.

Trio Petroleum Corp Announces Commencement of Production of Two Wells - its HV-1 Confirmation Well and its HV-3A Discovery Well in the South Salinas Project

Retrieved on: 
Wednesday, January 3, 2024
API, Water, BOPD, Trio, Oil

The Company estimates both wells should be producing on pump in mid- to late-January.

Key Points: 
  • The Company estimates both wells should be producing on pump in mid- to late-January.
  • A pumping unit and temporary facilities are already installed at the HV-1 well site and are now being reinstalled at the HV-3A well site.
  • The HV-1 was drilled as a two-mile step-out from the previously drilled HV-3A well.
  • We look forward to providing additional announcements relating to the South Salinas Project, the McCool Ranch Field and other key developments as they arise.

Royale Energy Announces Operations Update on the Permian Basin Joint Development Agreement

Retrieved on: 
Wednesday, November 29, 2023
Permian, JDA, BOPD, Interest, MCFD, Royale, OTCQB, ROYL, SAN, Oil

SAN DIEGO, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (OTCQB: ROYL) is pleased to announce new progress on its Joint Development Agreement (JDA) with Ares Energy LTD, located in the Permian Basin, Texas.

Key Points: 
  • SAN DIEGO, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (OTCQB: ROYL) is pleased to announce new progress on its Joint Development Agreement (JDA) with Ares Energy LTD, located in the Permian Basin, Texas.
  • This project is a horizontal resource play in the Mississippian interval.
  • Royale and its investors have a 7% Working Interest in the third and fourth wells drilled on the 6,900 net acres project, located in Ector County, Texas.
  • We anticipate drilling one more well in 2023 and four to six more wells in 2024 on this project.

Evolution Petroleum Reports First Quarter Fiscal 2024 Results and Declares Quarterly Cash Dividend for the Fiscal 2024 Second Quarter

Retrieved on: 
Tuesday, November 7, 2023
BOE, International, Public expenditure, NGL, Chevrolet Corvette (C8), GAAP, Roosevelt County, New Mexico, Net income, Interest, Tax, Webcast, LOE, Central Time, BOPD, CO2, Natural gas, Barnett, Pharmaceutical industry, Video game, Airline, Security (finance), Cryptocurrency, Depreciation

Evolution reported $20.6 million of total revenue for the current quarter, a 13% increase from the prior quarter.

Key Points: 
  • Evolution reported $20.6 million of total revenue for the current quarter, a 13% increase from the prior quarter.
  • Lease operating costs (“LOE”) remained relatively flat at $11.9 million in the current quarter compared to $11.8 million in the prior quarter.
  • During the first quarter of fiscal 2024, the Company fully funded operations, development capital expenditures, and cash dividends through cash generated from operations and working capital.
  • As previously announced, Evolution Petroleum will host a conference call on Wednesday, November 8, 2023, at 10:00 a.m. Central Time to review its first quarter fiscal 2024 financial and operating results.

Gran Tierra Energy Inc. Announces Third Quarter 2023 Results Including the Highest Production Since the Second Quarter of 2019, Net Income of $7 Million and $36 Million of Free Cash Flow

Retrieved on: 
Tuesday, October 31, 2023
Gran Tierra Energy, Line of credit, Return on capital employed, NYSE, GTE, Total average, Prior, EBITDA, G&A, Transport, Quarter, Maintenance, TSX, Senior, Growth, Capital expenditure, BOPD, LSE, Lifting, Administration, Second, Video game, Security (finance), Oil, Tutoring, Life insurance, Duchy of Gascony, Operation

For per bbl amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed October 31, 2023.

Key Points: 
  • For per bbl amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed October 31, 2023.
  • Gran Tierra’s production in the Quarter was the Company’s highest quarterly average total production since second quarter 2019.
  • Net Income: Gran Tierra achieved net income of $7 million, compared to a net loss of $11 million in the Prior Quarter and net income of $39 million one year ago.
  • Free Cash Flow(2): During the Quarter, the Company generated free cash flow of approximately $36 million.

Royale Announces Operations Update on the Permian Basin Joint Development Agreement

Retrieved on: 
Wednesday, October 4, 2023
Permian, ROYL, Royale, OTCQB, JDA, Interest, BOPD, MCFD, SAN, Oil

SAN DIEGO, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (OTCQB: ROYL) is pleased to announce new progress on its Joint Development Agreement (JDA) with Ares Energy LTD, located in the Permian Basin, Texas. This project is a horizontal resource play in the Mississippian interval. Royale and its investors have a 5% Working Interest in the first two wells drilled and 7% Working Interest in the third and fourth wells drilled on the 6,900 net acres project located in Ector County, Texas.

Key Points: 
  • SAN DIEGO, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (OTCQB: ROYL) is pleased to announce new progress on its Joint Development Agreement (JDA) with Ares Energy LTD, located in the Permian Basin, Texas.
  • The third and fourth wells have been drilled and are currently being completed with production expected to begin in early October 2023.
  • As used in this press release, “BOPD” means barrels of oil per day, “MCFD” means thousand cubic feet per day.
  • We anticipate drilling one more well in 2023 and three to six more wells in 2024 on this project.

Trio Petroleum Corp To Present at LD Micro XVI Main Event Investor Conference on Tuesday, October 3rd at 3:00pm PT

Retrieved on: 
Wednesday, September 27, 2023
Trio, BOPD, Silviculture, Lithium, Rare-earth element

DANVILLE, CA, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today announced its President, Frank Ingriselli and its Director, Michael L. Peterson, will be presenting at the LD Micro XVI Main Event investor conference on Tuesday, October 3rd at 3:00pm PT. The event will be held in-person at the Luxe Sunset Boulevard Hotel in Los Angeles and will be available to live stream virtually.

Key Points: 
  • The well was then tested by swabbing for seven days during the September 8-18 timeframe.
  • A pumping unit is now being installed at the HV-1 well for further testing of the Brown Zone and temporary tanks and other facilities are also being installed at the well site.
  • Results of pumping will be announced when available.
  • The Brown Zone in the HV-1 well is mechanically isolated from the deeper Mid-Monterey Clay zone that we previously tested with results previously announced.

Trio Petroleum Corp Provides Update on Testing of the HV-1 Discovery Well

Retrieved on: 
Thursday, September 21, 2023
NYSE, BOPD, Rare-earth element

DANVILLE, CA, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today provided an update on the testing of the HV-1 discovery well at the Company’s South Salinas Project.

Key Points: 
  • DANVILLE, CA, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today provided an update on the testing of the HV-1 discovery well at the Company’s South Salinas Project.
  • The well was then tested by swabbing for seven days during the September 8-18 timeframe.
  • A pumping unit is now being installed at the HV-1 well for further testing of the Brown Zone and temporary tanks and other facilities are also being installed at the well site.
  • The Brown Zone in the HV-1 well is mechanically isolated from the deeper Mid-Monterey Clay zone that we previously tested with results previously announced.

Oil And Gas CAPEX Expected to Reach $980 Billion By 2028 Along with Significant Growth Forecasted

Retrieved on: 
Thursday, September 21, 2023
Well, Permian, Carbon, PALM, Occidental Petroleum, Happening, Investment, BOPD, Capital, NEWS, Transport, News, NYSE, Carbon Engineering, Yellow, Trio, FNM, Research, USD, FCF, Growth, Security (finance), MRO, NOT, Energy Independence and Security Act of 2007, COVID-19, Point, Bridge, Devon Energy, Water, CFO, DAC, Success, NDB, Marathon Oil, Partnership, Highlight, Form 10-K, Sale, Plant, NEVER, CAPEX, EBITDA, DVN, ANY, Annual report, Oil, Petroleum, Management, Occidental, Southwestern Energy

PALM BEACH, Fla., Sept. 21, 2023 /PRNewswire/ -- The oil and gas CAPEX market is expected to witness significant growth owing to factors, including strong profitability due to a trend toward reducing project costs and optimizing portfolios, which has led to divesting of low-margin fields, as well as a greater emphasis on investments in higher-margin growth opportunities.  Capital expenditure (CAPEX) refers to the funds utilized by a company/organization to acquire, upgrade, and maintain physical assets, such as property, plants, buildings, technology, or equipment. It is often used to undertake new projects or investments by a company. The global oil and gas CAPEX market considers the entire capital expenditure of international oil and gas operators annually.  According to a new market research report from Mordor Intelligence titled "Oil and Gas CAPEX Market Report (2023-2028)," the market is estimated at USD 797.58 billion in 2023. It is expected to register a CAGR of 4.27% during the forecast period.  The report said: "Investment in the upstream oil and gas industry grew after the rise in oil and gas demand amid the opening of the COVID-19 lockdowns. An expansion in demand recovered crude oil prices in 2022. In 2020, crude oil prices were about USD 41.96 per barrel, while in 2022, the prices reached more than USD 110 per barrel, resulting in a surge in investment in the oil & gas industry.  The CAPEX market is expected to witness noteworthy growth owing to factors such as strong profitability due to a trend toward reducing project costs and optimizing portfolios, leading to divesting of low-margin fields, as well as a greater emphasis on investments in higher-margin growth opportunities."  Active Mining Companies from around the markets with current developments this week include:  Trio Petroleum Corp. (NYSE: TPET), Devon Energy Corp. (NYSE: DVN), Occidental Petroleum Corporation (NYSE: OXY), Marathon Oil Corporation (NYSE: MRO), Southwestern Energy Company (NYSE: SWN).

Key Points: 
  • The global oil and gas CAPEX market considers the entire capital expenditure of international oil and gas operators annually.
  • The report said: "Investment in the upstream oil and gas industry grew after the rise in oil and gas demand amid the opening of the COVID-19 lockdowns.
  • The United States has always been at the forefront in the past and is also expected to dominate the region's oil and gas CAPEX market in the forecast period.
  • The country oil and gas projects accounts for approximately 70% of the total investments in North America during the forecast period.