Energy Prospectus

Petroleum economist

Sale of midstream assets Riley announced that it has sold it Dovetail Midstream assets to Targa Northern Delaware LLC for $111 million in cash, with the right to earn up to an additional $60 million contingent on achieving certain volume-based performance thresholds over a five-year period. The Dov...

Petroleum economist

LONDON, Nov. 25, 2025 /PRNewswire/ -- TFG Asset Management UK LLP, a holder of 19.8% of the voting rights in Kolibri Global Energy Inc., or the Company, notes the result of today's special meeting of Kolibri's shareholders. TFG Asset Management is pleased with the overwhelming support of shareholde...

Petroleum economist

THOUSAND OAKS, Calif. – Kolibri Global Energy Inc. (the “Company” or “Kolibri”) (TSX: KEI, NASDAQ: KGEI) announced the results of the special general meeting of shareholders of the Company held in Westlake Village, California on November 25, 2025. At the meeting, which was requisitioned by TFG Asset...

Petroleum economist

Hemisphere is a small-cap Canadian oil producer, using polymer flooding to produce heavy oil from the Atlee Buffalo field in Alberta. Hemisphere has an ongoing polymer pilot at Marsden. Summary Hemisphere reported some disappointments in its Q3 results. Production was slightly below expectation, but...

Petroleum economist

SM Energy and Civitas confirmed in November their intention to merge their operations. Areas of operations SM Energy is operating light tight oil fields in the Permian, Midland, the Austin Chalk basin and in the Uinta basin in Colorado. Civitas produces oil and gas in from the Denver-Julesburg (=DJ)...

Petroleum economist

Peyto Exploration is a mid-cap Canadian gas producer, operating conventional gas fields in the Deep Basin in Alberta. Summary Peyto Exploration reported good Q3 results. Production was as pre-announced. The balance sheet is a decent shape. Peyto is profitable. Q3 profits were above expectation due t...

Petroleum economist

Logan is a young, small Canadian gas producer, which came into existence in early 2023 as a spin-off from Spartan Delta. In July 2023 Logan became an independent company, formally acquiring the Spartan Delta Montney assets located in the Simonette, Pouce Coupe, and the Flatrock areas. In 2024 Logan ...

Petroleum economist

Kolibri is a small company producing oil and gas from the shallow zones of the Tishomingo Field in Central Oklahoma. The deeper zones are operated by Exxon. Summary Kolibri reported decent Q3 results. The results were in line with expectation. Q3 production was slightly below expectation. Kolibri ha...

Petroleum economist

Strathcona is a Canadian midcap with heavy oil and bitumen. WEF owns 79.6% of Strathcona. WEF will sell 5% of its share in Nov 2025 and 8% in 2026, in order to increase the public float to 33.4%. Summary Strathcona reported mixed Q3 results. After completing its third major divestment in Q3, Strathc...

Petroleum economist

Riley Exploration is a small US oil company, producing conventional oil and gas from 58,000 acres in the NW shelf of the Permian in west-Texas and New Mexico. Riley will acquire in Q3 2025 the assets from Silverback in NM. Summary Riley Exploration reported mixed Q3 results. Q3 production was above ...

Petroleum economist

Gulfport is an US gas company, producing gas from the Marcellus and Utica Shale (Ohio) and from the SCOOP (Oklahoma). Gulfport came out from Chapter 11 in mid-2021. Summary Gulfport reported good Q3 results. Production was slightly above expectation, but it has limited potential for growth. The bala...

Petroleum economist

I think this merger is bad news for SM Energy.
Civitas has a lack of reserves and too much debt.

Petroleum economist

SM Energy is a mid-size US oil and gas company, operating light tight oil fields in the Permian, Midland, and the Austin Chalk basins. SM Energy paid in 2024 $ 2.0 B for the acquisition of the XCL assets in the Uinta basin in Colorado. SM Energy/Civitas merger At the time of the Q3 results, also a r...

Petroleum economist

MEG Energy said Friday its special shareholders meeting to vote on Cenovus Energy's takeover proposal has been rescheduled to November 6 to allow time to disclose more information on asset sales. MEG Chairman James McFarland adjourned an investor meeting Thursday in Calgary after hours of delay, de...

Petroleum economist

"Cenovus Energy said Monday it improved its bid for MEG Energy offering each MEG shareholder the option to receive C$30/share or 1.255 Cenovus common shares for each MEG common share, and won the backing of MEG's largest shareholder, Strathcona Resources. Earlier this month, Cenovus had raised...

Petroleum economist

Dan, I think that Whitecap had a good Q3. Q3 was the first complete quarter after the merger of Whitecap and Veren and modelling as such was a bit tricky. The production mix was a bit leaner as I had expected. The Q3 production beat my expectation. The Q4 and 2026 production outlook look a bit conse...

Petroleum economist

Marcellus shale in the Appalachian basin. Summary EQT reported a bit mixed Q3 results. Q3 production was at the high end of the guidance. Production increased due to the Olympus acquisition. The balance sheet is semi-OK. EQT can do with a reduction of the long-term debt. Q3 profits were lower than a...

Petroleum economist

Matador is a mid-size US oil company, producing oil and gas from the Delaware basin in Texas and New Mexico. Summary Matador reported mixed Q3 results. Q3 production was above expectation but only due to more gas. After 2026 production growth can continue. The balance sheet is in a reasonable shape,...

Petroleum economist

CALGARY, Alberta, Oct. 21, 2025 -- Cenovus Energy Inc. today announced that the special meeting of holders of common shares of MEG Energy Corp. related to Cenovus’s proposed acquisition of MEG has been postponed, pursuant to Cenovus exercising its contractual postponement right, from October 22, 20...

Petroleum economist

Cap on shares • CDS & Co/TFG Asset Management UK has filed a resolution which puts a cap on the total number of Kolibri Global shares at 37.5 M. • The resolution will be voted on at a shareholder meeting on the 25th of November, New shares planned • Kolibri filed on the 10th of June a Form F-1....

Petroleum economist

Matador is a mid-size US oil company, producing oil and gas from the Delaware basin in Texas and New Mexico. The share price has fallen YTD with -23.5%. Matador will report next week its Q3 results. Production • Matador reported a Q2 production of 209 K BoE/d. • More wells are expected to come onstr...

Petroleum economist

This week's gas injection of 80 bcf into the UGS's was a pretty normal number. Another week or two and gas injection numbers should start to fall.

Petroleum economist

To me SM Energy is one of the most mysterious shares at the moment. The share price has fallen -41.9% in 2025, making it one of the worst performers. This week SM Energy had a Price Earnings (PE) ratio of only 3.7. It seems to be unloved, unwanted for no apparent reason I decided to have a close loo...

Petroleum economist

CALGARY, Alberta, Oct. 14, 2025 -- Cenovus Energy Inc. today announced that it has acquired an aggregate of 21,723,540 common shares of MEG Energy Corp. through the facilities of the Toronto Stock Exchange or other Canadian alternative exchanges or markets. Immediately following the acquisition of ...

Petroleum economist

Oil prices are determined apart by the balance of supply and demand. Over supply leads to low prices and vice versa. Oil supply however is also dictated by oil prices. Low prices will reduce future supply and vice versa. Oil prices therefore are a dynamic system of action/reaction. Oil supply quanti...

Petroleum economist

MEG Energy offer Strathcona stopped its bid to acquire MEG Energy. Whether Cenovus will succeed in acquiring MEG Energy I do not know. MEG shareholder still may decide that they are better off as a stand-alone company (I believe that is the case). This will be revealed on the 22nd of October. What ...

Petroleum economist

CALGARY, AB, Oct. 10, 2025 /CNW/ - Strathcona Resources Ltd. today announced: (i) the termination of its take-over bid (the "Offer") for MEG Energy Corp. ("MEG"), (ii) a meeting of shareholders to approve a special distribution of $10.00 / share, and (iii) a corporate update. As...

Petroleum economist

The effect of a sale of the assets as described above will have a minimal impact on Ring Energy: • Ring reserves, inclusive the recent Lime Rock acquisition, are approx. 146 M BoE. The 1.3 M BoE reserves on offer thus equate to 1.3/146= 0.9% of the total reserves. • Ring production is 19.5-20.0 K Bo...

Petroleum economist

A merger of Civitas Resources and SM Energy as a merger of equals would be bad news for SM Energy shareholders. Civitas Resources and SM Energy are far from equals. I cannot think of any reason why SM Energy would consider a merger with Civitas Resources. Proven reserves • The Civitas Resources prov...

Petroleum economist

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Petroleum economist

Dan, I am struggling to see that Inplay is in 2025 in a position to commit to further acquisitions. The C$ 206 M cash payment in February 2025 for the Perbima acquisition is still straining the balance sheet. The long-term debt at the end of C$ 240 M is too high (almost four times the C$ 63 M in lat...

Petroleum economist

The world is wondering if Strathcona will increase their bid for MEG Energy again. Personally, I think this will not happen, but I can be wrong. If the Cenovus bid for MEG Energy succeeds (this is far from certain, it needs a 2/3 majority) than Strathcona will make a handsome (book) profit on its ME...

Petroleum economist

MEG issued a lengthy press release on an increased Cenovus bid. Highlights are below. The full press release can be found on the MEG Energy site. “CALGARY, October 8, 2025 – MEG Energy Corp. today announced that it has entered into an amending agreement with Cenovus Energy Inc. to amend the arrangem...

Petroleum economist

Kolibri Global Energy Inc. provided a lengthy corporate update. Below is a summary with some additional data. Redrill of one of the two Barnes wells • The Barnes 6-31-3H well was drilled. After reaching full depth the drill pipe of the drilling assembly became stuck in the wellbore. Attempts to reco...

Petroleum economist

Enbridge CEO: Canada must remove barriers to energy industry investment O ct. 02, 2025 8:14 PM, Enbridge Inc. (ENB), Canada "absolutely" can be an energy superpower, but excessive regulations and lengthy approvals are making the country less competitive, and it will fail to attract the ne...

Petroleum economist

Working gas in storage was 3,561 Bcf as of Friday, September 26, 2025, according to EIA estimates. This represents a net increase of 53 Bcf from the previous week. Stocks were 21 Bcf higher than last year at this time and 171 Bcf above the five-year average of 3,390 Bcf. At 3,561 Bcf, total working...

Petroleum economist

Berkshire Hathaway Inc. to Acquire OxyChem OMAHA and HOUSTON, October 2, 2025 – Berkshire Hathaway (NYSE: BRK) and Occidental (NYSE: OXY) today announced a definitive agreement for Berkshire Hathaway to acquire Occidental’s chemical business, OxyChem, in an all-cash transaction for $9.7 billion, su...

Petroleum economist

A second west coast oil pipeline is far from a slam dunk. Prime minister Crawley published in September 2025 a list of five Canadian projects of national interest: • LNG Canada Phase 2 – Kitimat, BC • Darlington New Nuclear Project – Bowmanville, ON • Contrecoeur Terminal Container Project – Contrec...

Petroleum economist

Oct. 01, 2025 6:44 PM - Alberta's provincial government said Wednesday it will develop and submit a formal application to Canada's federal Major Projects Office for a new bitumen pipeline to carry as much as 1 million bbl/day to the British Columbia coast, even though no private company has committ...

Petroleum economist

Occidental may sell Oxychem petrochemical business for ~$10 billion, which would make the deal Berkshire's largest since 2022, The Wall Street Journal reported Tuesday. A deal for the OxyChem unit, which generated nearly $5 billion in sales in the 12 months ended in June, would be Warren Buffett's ...

Petroleum economist

Looking at the 84 oil and gas companies that I track, the most salient fact of the share prices YTD in 2025 (period 1st January - 29th of September) is the difference in performance between Canadian and US shares: Canadian shares on average are up 13.8%, whilst US shares are down -8.2%. On average s...

Petroleum economist

The Waterous Energy Fund (WEF) controlled by Adam Waterous is the major shareholder of Greenfire Resources. The WEF assets can be split in (1) a holding in Strathcona Resources and (2) a holding in Greenfire Resources. The value of the two assets and the gain/loss performance to date however are wil...

Petroleum economist

GreenFire is a Canadian oil producer, extracting bitumen from the Hangingstone area in Alberta. GreenFire was listed on the stock exchange in 2023. In late 2024 the Waterous Energy Fund (WEF) acquired a 43.3% stake, expanding it in 2024/2025 to 55.9%. WEF ousted the existing management and replaced ...

Petroleum economist

There is no obvious need for a lot more UGS’s. The role of the UGS’s is to absorb the difference between a fluctuating demand and a relatively flat supply. The gas demand for both more LNG and for AI power will be fairly constant over the year and will have a limited seasonal swing. Therefore there ...

Petroleum economist

Cenovus presentation on MEG acquisition PowerPoint presentations are nowadays the favored way of communicating in relation to the MEG acquisition. After MEG Energy board presentation on the 17th of September and Strathcona presentation on the 18th of September, Cenovus on the 19th of September now ...

Petroleum economist

A fill of 90 bcf of gas of the UGS's in this time of the year is very normal. It is close to the 5-year average. Fills of the UGS at similar rates will continue for some more weeks until fills will revert to drawdowns in mid-November. Until that time in November I do not expect any major changes in ...

Petroleum economist

EQT is one of the largest US gas producers, producing 6,500 MM scfe/d of gas and associated liquids in the Appalachian basin. Like other US gas producers EQT profits are highly dependent on the gas prices in the US market. High gas prices lead to high profits and low gas prices lead to low profits. ...

Petroleum economist

Both MEG Energy and Strathcona Resources issued new presentations on the acquisition of MEG Energy. MEG Energy placed on the 15th of September a presentation on their website with claims on the bids from Cenovus and Strathcona detailing a bit further the claims they made in their earlier press relea...

Petroleum economist

Cancelation fee I found out trom the Form 51-102F3 Material Report filed by Cenovus with SEDAR on the 2nd of September that the MEG board has agreed to a C$ 242 M termination fee to be paid to Cenovus if the merger between MEG Energ and Cenovus would fail to materialize. To quote the Form 51-102F3:...

Petroleum economist

The MEG Energy board announced today that it has reaffirmed its recommendation to vote for the Cenovus bid and recommends that MEG Shareholders reject the revised unsolicited Strathcona bid. Details of the announcement can be found on the MEG Energy website. The announcement is very long and I summa...

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