Page 17 - NorthAmOil Week 33

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM revenues during the second quarter of 2020 some of our debt with attractive pricing,
compared to $1.4mn during the second giving us added flexibility to fund working
Ensign Natural Resources quarter of 2019. The $827,000 decrease in capital and other general corporate purposes
net revenues was primarily due to a $684,000
as needed during this time of economic
announces purchase of reduction related to a $30.26 per barrel uncertainty.”
decrease in the average oil price from $54.98
CITGO PETROLEUM CORPORATION, August 17,
acreage and a reduction in per barrel during the second quarter of 2019 2020
to $24.72 per barrel during the second quarter
its future midstream rates of 2020, and a $142,000 reduction related to SERVICES
a 2,600 barrel decrease in oil sales volumes.
Ensign Natural Resources announced today The 2,600 barrel decrease in sales volumes
the purchase of Eagle Ford shale (EFS) was primarily related to lower sales on the Patriot Environmental
and Edwards acreage in South Texas from Albers, BSU, Veverka D leases related to
Newpek. The Newpek acquisition includes natural production declines, partially offset acquires Transwater
approximately 5,700 net acres in Bee, DeWitt, by sales from the Zimmerman well that was
Karnes, and Live Oak counties and current completed at the beginning of 2020. Patriot Environmental, a premier installer
net production of approximately 2,200 barrels The company reported a net loss of and provider of geosynthetic lining materials
of oil equivalent per day. This acquisition $(1.1mn) or $(0.10) per share of common in the United States, announces that it has
increases Ensign’s current ownership in the stock during the first six months of 2020 acquired Transwater, of Midland, Texas.
leases and wells it acquired from Pioneer compared to a net loss of $(87,000) or $(0.01) Transwater, Inc. is a leading provider of
Natural Resources USA in 2019. per share of common stock during the first water monitoring solutions for the oil and gas,
Ensign concurrently announced that six months of 2019. The $994,000 decrease mining, solid waste, and related industries,
it reduced its future gathering, processing in net income was primarily due to a $1.0mn that improve operations and the environment.
and transportation rates with the company’s decrease in revenues, and a $41,000 decrease The company pioneered the use of remotely
primary midstream provider. in gain on sale of assets, partially offset by a piloted boats with sonar capabilities to
“We have been focused on securing $65,000 decrease in depreciation, depletion, measure the remaining capacity of freshwater
incremental gains and improving our margins and amortisation costs, and a $39,000 and produced water ponds. The company
during this unprecedented downturn in decrease in production costs and taxes. has developed stationary remotely monitored
the energy market,” said Brett Pennington, TENGASCO, August 13, 2020 sensors for monitoring water levels, water
president and chief executive officer of Ensign. quality, and even H2S gas concentrations.
“We believe these transactions will strengthen Cody Smithson, president of Patriot
the asset and our relationship with key DOWNSTREAM Environmental said: “We are thrilled to be
partners in the value chain, while lowering able to bring the Transwater platform into
future gathering costs and increasing free cash CITGO reports second- the Patriot Environmental suite of services.
flow. The commitment and support of our Coming together as a team, we can bring
equity sponsors have allowed us to be nimble quarter 2020 results incredible value and scale to the industries we
and capture value during these challenging work in. Randy and his team at Transwater
times.” CITGO Petroleum Corporation today have developed a game changing line of
ENSIGN NATURAL RESOURCES, August 18, reported a net loss of $5mn for the second products and services that compliment what
2020 quarter of 2020, which includes the benefit we do perfectly.”
from the reversal of a previously recorded Randy Smith, Transwater’s founder and
Tengasco announces lower of cost or market (LCM) inventory president added: “Transwater has a great
group of clients who are constantly striving to
adjustment discussed further below. During
second-quarter 2020 the same period, CITGO reported EBITDA ensure they maintain and protect their critical
water assets. We developed our customer base
of $203mn and, excluding the impact of the
financial results LCM inventory and other similar adjustments, by listening to their industry needs and then
creating and implementing products that
adjusted EBITDA1 of $(132)mn.
Tengasco announced today its financial The economic effects of the COVID-19 give our customers peace of mind. We are
results for the quarter ended June 30, 2020. pandemic continued to drive the company’s excited to grow our client base and continue
The company reported a net loss of $554,000 second quarter results and impacted the to develop innovative technologies as a part of
or $0.05 per share of common stock during industry as a whole. With prices increasing Patriot Environmental.”
the second quarter of 2020 compared to a net during the second quarter, the company Transwater’s primary market is oil and
income from continuing operations of $9,000 recovered in full the previously recognized gas, and more specifically the exploration
or $0.00 per share of common stock during LCM inventory charge of approximately and production (E & P) companies. In the
the second quarter of 2019. The $563,000 $332mn. past few years, water has become a valuable
decrease in net income was primarily due to “We knew the industry would feel the full and expensive asset for E & P Producers.
an $827,000 decrease in revenues, partially impact of COVID-19 in the second quarter,” Transwater’s TransWatch suite of products
offset by a $223,000 decrease in production said president and CEO Carlos Jordá, “so we can provide real-time remote monitoring and
costs and taxes, and a $41,000 decrease in adjusted cash spending according to plan, providing remote chemical analysis of those
depreciation, depletion, and amortisation aggressively managed expenses, and fine- valuable fresh or produced water assets.
costs. tuned our operations. Within this challenging PATRIOT ENVIRONMENTAL, August 18, 2020
The company recognised $563,000 in environment, we were also able to refinance

Week 33 20•August•2020 www. NEWSBASE .com P17