An oil pump jack pumps oil in a field near Calgary on July 21, 2014. Energy companies can be burdened by the high costs of operating in Alberta, a mature oil and gas production region.TODD KOROL/Reuters
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Calgary-based Delphi Energy Corp. (DEE-T) said it is selling its working interests in producing properties, facilities and infrastructure and undeveloped land in the greater Hythe area for $12-million. The assets it is selling produced an average of about 1,050 barrels of oil equivalent per day. It also includes total undeveloped land in the greater Hythe area of 78,508 net acres. The company said it will use the proceeds to reduce its debt. So far the company said it has sold raised $62-million by selling assets and will continue to focus on its large-scale Montney project at Bigstone.
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Vancouver-based Long Harbour Exploration Corp. (LHC-X) said it is changing its name to Lancaster Capital Corp., effective Oct. 19, and has named Leigh Curyer as its new chief executive officer, replacing Howard Louie immediately. Mr. Curyer is the co-founder and CEO of NexGen Energy Ltd. The company has also completed its non-brokered private placement raising gross proceeds of $259,500 by issuing of 5,190,000 units 5 cents per unit. The company's trading symbol will not change.
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Ur-Energy Inc. (URE-T;URG-A) reported production of 172,282 pounds of uranium in the third quarter from its Lost Creek plant in south-central Wyoming and posted sales of 150,000 lbs at an average price of $56.39 per pound during the quarter. That was below estimates of 206,450 lbs by analysts at Cantor Fitzgerald, and below the company's forecast of 210,000 lbs. "We do note however that declining grades are to be expected as well fields mature," Cantor Fitzgerald said as it maintained its "buy" rating but reduced its target price to $2.45 from $2.60.
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Winnipeg-based New Flyer Industries Inc. (NFI-T), which makes heavy-duty transit buses in Canada and the United States, said at the end of the third fiscal quarter ended Sept. 27 its backlog of new bus orders (firm and options) totalled 1,133 equivalent units. In the quarter the company delivered 625 equivalent units, up 4 units compared to a year ago.