Hi,
I've been experimenting with a few different formats to provide my commentary and updates on the Canadian junior companies I follow and have decided to go the You Tube route. Over the next few weeks, I will start posting updates via You Tube which will be able to be accessed from this blog and my website. Please give me your feedback at stateside@statesidereport.com.
Stateside
Sunday, February 6, 2011
Sunday, January 2, 2011
Happy Holidays to All Fellow Investors
Here's to a healthy and prosperous new year! My focus during the first few months of 2011 will be identifying undervalued juniors in the oil and gas sector. This group has lagged most other commodities and I've already identified several opportunities I will share with you in the January issue of "Under the Rocks".
Thursday, December 9, 2010
Map of EPL/PV - Iron Range Project - New Claim?
Below is a link to a map of the Iron Range Project that has generated quite a bit of excitement over the last few weeks as a result of a potential Sullivan Mine-like discovery hole #10 drilled by Eagle Plains/Providence Capital. You'll notice that Active Growth (ACK) has a large claim only 5 km's from the discovery hole. Another claim only 2 km's from the discovery hole is RUMORED (by a poster on one of the boards who was trying to secure this claim) to have been secured this morning by Fjordland Exploration (FEX). Again, this is a rumor only that has not been confirmed by the company so please do your own due diligence before considering a position in FEX.
Note - the map says Fieldex but it should say Fjordland (FEX)
Right-click the link and then "open in new window"
http://www.statesidereport.com/Iron_Range_Map.pdf
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Note - the map says Fieldex but it should say Fjordland (FEX)
Right-click the link and then "open in new window"
http://www.statesidereport.com/Iron_Range_Map.pdf
************************
Friday, November 19, 2010
Gold ready to go ballistic ........some have fallen off of the bull
With gold heading higher today, King World News interviewed legendary trader Jim Sinclair. When asked about the action in gold Sinclair stated, “We have to be right in front of a major move in gold. Today the gold market had all of the indications of what would be considered by the old-time traders (Bert Seligman & Jesse Livermore) as a major turn. This would be a sign to them that the bulls are gaining strength in the market, and given any excuse it will rise violently.”
November 18, 2010
Sinclair continues:
“The strategy now would not be to run after spikes and strength, but to begin to take in those periods which will certainly come, of weakness that exist during the day. This is really the first time since we came off of the high, that it’s starting to show a character of wanting to make a new high.
The chorus of complaints about the Fed and their adoption of QE, I call that the backfire of MOPE. You have so many of the new guys convinced that yes, the economy is recovering but not really that fast, and there is no inflation anywhere. Then why in the world is Bernanke going to a $600 billion project which is a rescue plan that comes up during a period of crisis? They can’t understand it.
The other thing is the belief that the financial institutions balance sheets have made such great progress. The bottom line is he (Bernanke) sees what they don’t see. The stumped recovery we’ve had is in fact an economy headed down.
Getting back to gold, this is late 1979. It’s got all of the characteristics of late 1979. If people will go back and look at the long chart they’ll see that there was one violent flip right before it took off and never looked back. And it’s getting very close to that point now. I think what you have seen is a major shake of the tree right before gold takes off.”
Well there you have it from Jim Sinclair, who’s father was business partners with legendary Jesse Livermore. The green light has been given to the upside by one of the great ones, so sit back and enjoy the show.
Eric King
KingWorldNews.com
November 18, 2010
Sinclair continues:
“The strategy now would not be to run after spikes and strength, but to begin to take in those periods which will certainly come, of weakness that exist during the day. This is really the first time since we came off of the high, that it’s starting to show a character of wanting to make a new high.
The chorus of complaints about the Fed and their adoption of QE, I call that the backfire of MOPE. You have so many of the new guys convinced that yes, the economy is recovering but not really that fast, and there is no inflation anywhere. Then why in the world is Bernanke going to a $600 billion project which is a rescue plan that comes up during a period of crisis? They can’t understand it.
The other thing is the belief that the financial institutions balance sheets have made such great progress. The bottom line is he (Bernanke) sees what they don’t see. The stumped recovery we’ve had is in fact an economy headed down.
Getting back to gold, this is late 1979. It’s got all of the characteristics of late 1979. If people will go back and look at the long chart they’ll see that there was one violent flip right before it took off and never looked back. And it’s getting very close to that point now. I think what you have seen is a major shake of the tree right before gold takes off.”
Well there you have it from Jim Sinclair, who’s father was business partners with legendary Jesse Livermore. The green light has been given to the upside by one of the great ones, so sit back and enjoy the show.
Eric King
KingWorldNews.com
Thursday, November 4, 2010
Strategic reserves for rare metals mulled
Molybdenum juniors will react like the REE juniors have over the past year. I may be early but I am right. I sent out a report on 5 Moly juniors to research. There has been very little price movement yet in these 5 stocks as they are trading in deep bear market territory. Not for long.
stateside
Strategic reserves for rare metals mulled
China Daily, November 4, 2010
A worker takes a break from shoveling tailings out of a channel sluicing crushed mineral ore containing rare earths on the edge of Baotou in the Inner Mongolia autonomous region on Sunday.
A worker takes a break from shoveling tailings out of a channel sluicing crushed mineral ore containing rare earths on the edge of Baotou in the Inner Mongolia autonomous region on Sunday.[China Daily]
Chinese authorities may establish strategic reserves of 10 rare metals to stabilize their supply and prices, a move analysts said reflects the country's growing concern over scarce resources.
The 10 metals are rare earths, tungsten, antimony, molybdenum, tin, indium, germanium, gallium, tantalum and zirconium, the Shanghai Securities News reported, citing unnamed sources.
The move is aimed at achieving a balance between market supply and demand as well as maintaining price stability, the report said. It is the first time the government has considered strategic reserves for these metals, except for rare earths, tungsten and indium, it said.
Rare metals, which are regarded as "vitamins for the economy", are essential to China's development. Construction of reserve systems will help ensure economic security, analysts said.
"A sound reserve system is like a reservoir, which can help us better use the resources," said an industry insider who did not want to be named.
China is rich in some rare metals, such as rare earths, tungsten, and antimony, but it has not exploited these resources properly. The country can better manage these resources with a reserve system, he said.
China has to import some rare metals such as tantalum for the long term. A reserve can protect the domestic market when there is a shortage in supply or price fluctuations in overseas markets, he said.
Many industry insiders have long called for a formal and comprehensive system to store the rare metals.
A number of countries, like the United States and Japan, have already built their reserve systems for rare metals. China may learn from these countries' experiences to build its own mechanism, they said.
Some analysts said the country's existing oil reserves system, which is formed from national reserves and stockpiling by enterprises, can also offer some lessons in that regard.
"The government and key enterprises in the industry should work together to protect the scarce resources," said Han Xiaoping, chief information officer of domestic energy portal China5e.com.
China's State Bureau of Material Reserve operates under the National Development and Reform Commission (NDRC). It is taking charge of formulating strategies for reserves and managing the State purchase of mineral reserves.
China will sell 50,000 tons of zinc from the country's stockpiles to increase domestic supplies as an energy-saving drive curbs output and boosts prices.
The country will also auction ingots from State reserves on Nov 9, the NDRC said in a statement. These reserves were bought from domestic smelters between February and May last year.
Analysts said the move was probably made to help offset reduced production as China is limiting power supplies to smelters.
stateside
Strategic reserves for rare metals mulled
China Daily, November 4, 2010
A worker takes a break from shoveling tailings out of a channel sluicing crushed mineral ore containing rare earths on the edge of Baotou in the Inner Mongolia autonomous region on Sunday.
A worker takes a break from shoveling tailings out of a channel sluicing crushed mineral ore containing rare earths on the edge of Baotou in the Inner Mongolia autonomous region on Sunday.[China Daily]
Chinese authorities may establish strategic reserves of 10 rare metals to stabilize their supply and prices, a move analysts said reflects the country's growing concern over scarce resources.
The 10 metals are rare earths, tungsten, antimony, molybdenum, tin, indium, germanium, gallium, tantalum and zirconium, the Shanghai Securities News reported, citing unnamed sources.
The move is aimed at achieving a balance between market supply and demand as well as maintaining price stability, the report said. It is the first time the government has considered strategic reserves for these metals, except for rare earths, tungsten and indium, it said.
Rare metals, which are regarded as "vitamins for the economy", are essential to China's development. Construction of reserve systems will help ensure economic security, analysts said.
"A sound reserve system is like a reservoir, which can help us better use the resources," said an industry insider who did not want to be named.
China is rich in some rare metals, such as rare earths, tungsten, and antimony, but it has not exploited these resources properly. The country can better manage these resources with a reserve system, he said.
China has to import some rare metals such as tantalum for the long term. A reserve can protect the domestic market when there is a shortage in supply or price fluctuations in overseas markets, he said.
Many industry insiders have long called for a formal and comprehensive system to store the rare metals.
A number of countries, like the United States and Japan, have already built their reserve systems for rare metals. China may learn from these countries' experiences to build its own mechanism, they said.
Some analysts said the country's existing oil reserves system, which is formed from national reserves and stockpiling by enterprises, can also offer some lessons in that regard.
"The government and key enterprises in the industry should work together to protect the scarce resources," said Han Xiaoping, chief information officer of domestic energy portal China5e.com.
China's State Bureau of Material Reserve operates under the National Development and Reform Commission (NDRC). It is taking charge of formulating strategies for reserves and managing the State purchase of mineral reserves.
China will sell 50,000 tons of zinc from the country's stockpiles to increase domestic supplies as an energy-saving drive curbs output and boosts prices.
The country will also auction ingots from State reserves on Nov 9, the NDRC said in a statement. These reserves were bought from domestic smelters between February and May last year.
Analysts said the move was probably made to help offset reduced production as China is limiting power supplies to smelters.
Sunday, October 31, 2010
Five Moly Stocks Profiled in "Under the Rocks"
I'll be sending out a report on Monday profiling 5 Moly Jr's who will be the benefactors of China's decision on Friday to restrict production of Moly. This news will provide the same spark for the Moly Jr's as it did for the REE Jr's when the Chinese announced they were restricting REE production. The report will profile one producer, one pure exploration play and three companies with substantial moly deposits already delineated. Make sure you're on the distribution list.
stateside
stateside
Wednesday, October 27, 2010
Covenant sets 2010-2011 exploration budget at $3-million
Covenant sets 2010-2011 exploration budget at $3-million
2010-10-26 13:53 ET - News Release
Mr. Frank Port reports
NI 51-101 TECHNICAL REVIEW OF OIL AND GAS LEASES IN MONTANA
Covenant Resources Ltd. has publicly released a technical review for its recently acquired oil and gas leases in the Sweetgrass Arch area of Montana, consisting of 41,500 net acres in Toole and Pondera counties.
The report, prepared by MHA Petroleum Consultants LLC, an independent qualified reserves evaluator, meets National Instrument 51-101 disclosure standards and is available on SEDAR.
The Sweetgrass Arch of northwest Montana is part of an active oil and gas district (Alberta basin). The area surrounding the company's leases has produced economic oil and gas pools, as well as a series of new discoveries, and is presently being actively explored by Texas-based Quicksilver Resources, Newfield Exploration Co. and Rosetta Resources, among others. Recent activity in the region reflects continued strong interest in those parts of Montana, North Dakota and Saskatchewan that cover the Bakken shale oil field. The Bakken formation hosts one of the largest contiguous deposits of oil and natural gas in the United States, according to the U.S. Geological Survey.
The company anticipates a 2010-2011 work program with an estimated budget of $2.5-million to $3-million to explore its leases. The proposed program would include a minimum eight-well drill program, to be based on newly acquired seismic data and directed at depths considered mostly favourable to host oil resources. The company will continue to seek and evaluate additional North American oil and gas properties with production potential in order to achieve its goal of becoming a mid-tier oil and gas company.
We seek Safe Harbor.
2010-10-26 13:53 ET - News Release
Mr. Frank Port reports
NI 51-101 TECHNICAL REVIEW OF OIL AND GAS LEASES IN MONTANA
Covenant Resources Ltd. has publicly released a technical review for its recently acquired oil and gas leases in the Sweetgrass Arch area of Montana, consisting of 41,500 net acres in Toole and Pondera counties.
The report, prepared by MHA Petroleum Consultants LLC, an independent qualified reserves evaluator, meets National Instrument 51-101 disclosure standards and is available on SEDAR.
The Sweetgrass Arch of northwest Montana is part of an active oil and gas district (Alberta basin). The area surrounding the company's leases has produced economic oil and gas pools, as well as a series of new discoveries, and is presently being actively explored by Texas-based Quicksilver Resources, Newfield Exploration Co. and Rosetta Resources, among others. Recent activity in the region reflects continued strong interest in those parts of Montana, North Dakota and Saskatchewan that cover the Bakken shale oil field. The Bakken formation hosts one of the largest contiguous deposits of oil and natural gas in the United States, according to the U.S. Geological Survey.
The company anticipates a 2010-2011 work program with an estimated budget of $2.5-million to $3-million to explore its leases. The proposed program would include a minimum eight-well drill program, to be based on newly acquired seismic data and directed at depths considered mostly favourable to host oil resources. The company will continue to seek and evaluate additional North American oil and gas properties with production potential in order to achieve its goal of becoming a mid-tier oil and gas company.
We seek Safe Harbor.
Tuesday, October 19, 2010
The "Father" of the Bakken joins Covenant
Covenant Resources names Findley executive director
2010-10-19 10:09 ET - News Release
Mr. Frank Port reports
BAKKEN DISCOVERY PIONEER JOINS COVENANT AS EXECUTIVE DIRECTOR
Covenant Resources Ltd. has appointed Richard (Dick) Findley, a geologist with more than 35 years of experience in the oil and gas industry, as executive director. Mr. Findley is credited with the discovery of Elm Coulee field in Richland county, Montana, which led to intense exploration interest in the Bakken formation (part of the Williston Basin), now considered one of the largest contiguous deposits of oil and natural gas in the U.S.
Mr. Findley is a member of the American Association of Petroleum Geologists and in 2006 received the Outstanding Explorer Award for his efforts in discovering Elm Coulee field. The same year he was also awarded the Michel Halbouty Medal by Texas A&M University, where he earned his BSc (1973) and MSc (1975) degrees.
Mr. Findley is president of Prospector Oil Inc. and American Eagle Energy Inc. and has held board and advisory positions with various other companies. In 1983, he formed Prospector Oil to build an independent company focused on the Williston Basin and Northern Rockies. He also served as chairman of Ryland Oil Company, a pioneer in Bakken formation exploitation in Saskatchewan and North Dakota, prior to its recent acquisition by oil and gas producer Crescent Point Energy Inc.
"As we commence an exploration program on our Alberta basin, Sweetgrass Arch prospect, having Dick join our team at this time is very significant," said Frank Port, president. "Dick's level of expertise and track record of success will benefit all shareholders as we continue to expand our footprint into the Williston Basin."
2010-10-19 10:09 ET - News Release
Mr. Frank Port reports
BAKKEN DISCOVERY PIONEER JOINS COVENANT AS EXECUTIVE DIRECTOR
Covenant Resources Ltd. has appointed Richard (Dick) Findley, a geologist with more than 35 years of experience in the oil and gas industry, as executive director. Mr. Findley is credited with the discovery of Elm Coulee field in Richland county, Montana, which led to intense exploration interest in the Bakken formation (part of the Williston Basin), now considered one of the largest contiguous deposits of oil and natural gas in the U.S.
Mr. Findley is a member of the American Association of Petroleum Geologists and in 2006 received the Outstanding Explorer Award for his efforts in discovering Elm Coulee field. The same year he was also awarded the Michel Halbouty Medal by Texas A&M University, where he earned his BSc (1973) and MSc (1975) degrees.
Mr. Findley is president of Prospector Oil Inc. and American Eagle Energy Inc. and has held board and advisory positions with various other companies. In 1983, he formed Prospector Oil to build an independent company focused on the Williston Basin and Northern Rockies. He also served as chairman of Ryland Oil Company, a pioneer in Bakken formation exploitation in Saskatchewan and North Dakota, prior to its recent acquisition by oil and gas producer Crescent Point Energy Inc.
"As we commence an exploration program on our Alberta basin, Sweetgrass Arch prospect, having Dick join our team at this time is very significant," said Frank Port, president. "Dick's level of expertise and track record of success will benefit all shareholders as we continue to expand our footprint into the Williston Basin."
Sunday, October 17, 2010
Covenant appoints Murray as chairman
Covenant appoints Murray as chairman
2010-10-15 11:03 ET - News Release
Mr. Frank Port reports
BRUCE MURRAY APPOINTED CHAIRMAN OF THE BOARD
Covenant Resources Ltd. has appointed director Bruce James Murray, a native Calgarian with 29 years of varied business and oil and gas experience, as its new chairman of the board.
"We are pleased that Bruce has accepted this nomination," said Frank Port, chief executive officer. "His leadership, depth and scope of industry expertise and operations knowledge will be important drivers for success in the future."
Mr. Murray has worked with both senior and junior oil and gas companies since earning his bachelor of commerce degree from the University of Calgary in 1979. He was president and director of the Toronto Stock Exchange-listed Tenergy Ltd. from 2005 until it was sold for $92-million to First Reserve and Quintanna Oil and Gas in early 2006, and was previously chief operating officer and director of TSX-listed Purcell Energy Ltd., which he co-founded. Approximately two-thirds of Purcell's assets were sold to Prairie Schooner Petroleum and Crescent Point Energy Ltd. for more than $150-million in 2005. The remaining assets were spun into two exploration companies, one of which was Tenergy Ltd.
2010-10-15 11:03 ET - News Release
Mr. Frank Port reports
BRUCE MURRAY APPOINTED CHAIRMAN OF THE BOARD
Covenant Resources Ltd. has appointed director Bruce James Murray, a native Calgarian with 29 years of varied business and oil and gas experience, as its new chairman of the board.
"We are pleased that Bruce has accepted this nomination," said Frank Port, chief executive officer. "His leadership, depth and scope of industry expertise and operations knowledge will be important drivers for success in the future."
Mr. Murray has worked with both senior and junior oil and gas companies since earning his bachelor of commerce degree from the University of Calgary in 1979. He was president and director of the Toronto Stock Exchange-listed Tenergy Ltd. from 2005 until it was sold for $92-million to First Reserve and Quintanna Oil and Gas in early 2006, and was previously chief operating officer and director of TSX-listed Purcell Energy Ltd., which he co-founded. Approximately two-thirds of Purcell's assets were sold to Prairie Schooner Petroleum and Crescent Point Energy Ltd. for more than $150-million in 2005. The remaining assets were spun into two exploration companies, one of which was Tenergy Ltd.
Tuesday, October 5, 2010
Covenant appoints four members to advisory board
As shown below, Covenant is buiding a team that rivals mid-tier energy companies. I would strongly encourage you to look into this group further as this is a ground floor opportunity that doesn't come along very often.
Covenant appoints four members to advisory board
2010-10-05 11:03 ET - News Release
Mr. Frank Port reports
COVENANT RESOURCES LTD. APPOINTS ADVISORY BOARD
Covenant Resources Ltd. has appointed the following members to Covenant's advisory board to assist in the oil and gas operations, and general corporate development of Covenant.
W. Milton Cox
Mr. Cox has 25 years of executive experience in resource investment management, corporate restructuring, finance, mining, and international oil and gas. From 1982 to present, he has been president and chief executive officer of CodeAmerica Investments LLC, a multifarious mineral resource investment and management company with interests in mining and oil and gas production worldwide. Mr. Cox previously was the president and CEO of Diamond Oil and Gas which was sold in 1998; it held property and production in Canada and the United States. He holds a bachelor and MBA as well as a BSc petroleum geology certificate. Mr. Cox is also a certified gemologist with the Gemological Institute of America and is a member of the ASME International Petroleum Technology Institute.
Tom Lantz
Mr. Lantz is a professional engineer, possessing more than 30 years of experience in oil and gas reservoir, and operations engineering. Before joining the company, Mr. Lantz served as vice-president operations for a wholly owned subsidiary of Ryland Oil Corporation, prior to being bought out by Crescent Point Energy Corp. From 1998 through 2006, Mr. Lantz was employed as an asset manager for Halliburton Energy Services, during which time he led the efforts for several highly successful development programs for Halliburton's clients, including the initial development of the Elm Coulee oil field. He served as U.S. operations manager for Enerplus Resources after it acquired a major interest in the Elm Coulee field from Lyco Oil Corporation.
Asif Khan, founder and CEO of FrontierAlt Investment Management Corp.
Mr. Khan has over 18 years of financial services and capital markets industry experience. Prior to FrontierAlt Capital Corp., he was senior vice-president of Strategic Nova Mutual Funds Inc. from 1998 until it was sold in 2002. Mr. Khan was a member of the product development team at Strategic Nova and at Goodman & Company Investment Counsel Ltd. He has been involved in the oil and gas and mining sector since 1998 and has been involved in raising of capital for over 60 junior resource companies.
David Tkachuk
Mr. Tkachuk was appointed to the Senate of Canada in 1993 and is deputy chair of the transport and communications committee. He is also a member of the Energy and Environment, Banking, Trade and Commerce, and the National Security and Defence committees and served on the Agriculture and Forestry committee. As a senator from Saskatchewan for nearly two decades Mr. Tkachuck has been representing the province and Canadians in Ottawa on a variety of legislative and public policy fronts.
"The addition of these high-profile professional members to Covenant's advisory board substantially adds to the expertise to Covenant's management team and is the next step in developing into a mid-tier oil and gas company," said Frank Port, Covenant chairman, president and chief executive officer.
Covenant appoints four members to advisory board
2010-10-05 11:03 ET - News Release
Mr. Frank Port reports
COVENANT RESOURCES LTD. APPOINTS ADVISORY BOARD
Covenant Resources Ltd. has appointed the following members to Covenant's advisory board to assist in the oil and gas operations, and general corporate development of Covenant.
W. Milton Cox
Mr. Cox has 25 years of executive experience in resource investment management, corporate restructuring, finance, mining, and international oil and gas. From 1982 to present, he has been president and chief executive officer of CodeAmerica Investments LLC, a multifarious mineral resource investment and management company with interests in mining and oil and gas production worldwide. Mr. Cox previously was the president and CEO of Diamond Oil and Gas which was sold in 1998; it held property and production in Canada and the United States. He holds a bachelor and MBA as well as a BSc petroleum geology certificate. Mr. Cox is also a certified gemologist with the Gemological Institute of America and is a member of the ASME International Petroleum Technology Institute.
Tom Lantz
Mr. Lantz is a professional engineer, possessing more than 30 years of experience in oil and gas reservoir, and operations engineering. Before joining the company, Mr. Lantz served as vice-president operations for a wholly owned subsidiary of Ryland Oil Corporation, prior to being bought out by Crescent Point Energy Corp. From 1998 through 2006, Mr. Lantz was employed as an asset manager for Halliburton Energy Services, during which time he led the efforts for several highly successful development programs for Halliburton's clients, including the initial development of the Elm Coulee oil field. He served as U.S. operations manager for Enerplus Resources after it acquired a major interest in the Elm Coulee field from Lyco Oil Corporation.
Asif Khan, founder and CEO of FrontierAlt Investment Management Corp.
Mr. Khan has over 18 years of financial services and capital markets industry experience. Prior to FrontierAlt Capital Corp., he was senior vice-president of Strategic Nova Mutual Funds Inc. from 1998 until it was sold in 2002. Mr. Khan was a member of the product development team at Strategic Nova and at Goodman & Company Investment Counsel Ltd. He has been involved in the oil and gas and mining sector since 1998 and has been involved in raising of capital for over 60 junior resource companies.
David Tkachuk
Mr. Tkachuk was appointed to the Senate of Canada in 1993 and is deputy chair of the transport and communications committee. He is also a member of the Energy and Environment, Banking, Trade and Commerce, and the National Security and Defence committees and served on the Agriculture and Forestry committee. As a senator from Saskatchewan for nearly two decades Mr. Tkachuck has been representing the province and Canadians in Ottawa on a variety of legislative and public policy fronts.
"The addition of these high-profile professional members to Covenant's advisory board substantially adds to the expertise to Covenant's management team and is the next step in developing into a mid-tier oil and gas company," said Frank Port, Covenant chairman, president and chief executive officer.
Monday, September 27, 2010
Report on the Toronto Resource Show to come out this weekend
Hi,
If anyone would like a copy of my Toronto Resource show recap with tidbits I picked up from several companies, please email me at stateside@statesidereport.com and I will send it out by Sunday night. If you are already on my email list, no need to send another request.
Vince
If anyone would like a copy of my Toronto Resource show recap with tidbits I picked up from several companies, please email me at stateside@statesidereport.com and I will send it out by Sunday night. If you are already on my email list, no need to send another request.
Vince
Wednesday, September 22, 2010
Covenant receives permits for Sweetgrass Arch wells
Covenant receives permits for Sweetgrass Arch wells
2010-09-22 12:13 ET - News Release
Mr. Frank Port reports
COVENANT RESOURCES LTD. COMPLETES PERMITTING FOR FIRST TWO WELLS IN MONTANA
The operator (Robinson Oil Company LLC) of Covenant Resources Ltd.'s 41,500-net-acre Sweetgrass Arch prospect located in Montana, has completed permitting of the first two wells to be drilled in this project, the Kinyon 14-2 and the Hellinger 15-2.
These wells will be drilled to total depth of 1,950 feet and are targeting oil accumulations in the Madison group as well as the underlying Bakken formation in Toole county, Montana. This will be the start of the exploration that Covenant undertakes on its recently acquired Alberta basin properties in Montana (Sweetgrass Arch).
These initial prospects were generated by utilizing proprietary 2-D and 3-D seismic data in conjunction with comprehensive geologic interpretation of well control data in the area. These two wells will test a prominent structural closure on top of the Rierdon, along with other prospective multiple pay zones. This will be the start of the exploration that Covenant undertakes on these recently acquired Alberta basin properties in Montana.
"This is our first entry into Montana, there is a significant opportunity for growth within this basin both through land acquisition and at the bit," said Frank Port, Covenant chairman, president and chief executive officer. "We will continue to seek opportunity to increase our footprint within the Williston basin in Montana, North Dakota and Saskatchewan."
2010-09-22 12:13 ET - News Release
Mr. Frank Port reports
COVENANT RESOURCES LTD. COMPLETES PERMITTING FOR FIRST TWO WELLS IN MONTANA
The operator (Robinson Oil Company LLC) of Covenant Resources Ltd.'s 41,500-net-acre Sweetgrass Arch prospect located in Montana, has completed permitting of the first two wells to be drilled in this project, the Kinyon 14-2 and the Hellinger 15-2.
These wells will be drilled to total depth of 1,950 feet and are targeting oil accumulations in the Madison group as well as the underlying Bakken formation in Toole county, Montana. This will be the start of the exploration that Covenant undertakes on its recently acquired Alberta basin properties in Montana (Sweetgrass Arch).
These initial prospects were generated by utilizing proprietary 2-D and 3-D seismic data in conjunction with comprehensive geologic interpretation of well control data in the area. These two wells will test a prominent structural closure on top of the Rierdon, along with other prospective multiple pay zones. This will be the start of the exploration that Covenant undertakes on these recently acquired Alberta basin properties in Montana.
"This is our first entry into Montana, there is a significant opportunity for growth within this basin both through land acquisition and at the bit," said Frank Port, Covenant chairman, president and chief executive officer. "We will continue to seek opportunity to increase our footprint within the Williston basin in Montana, North Dakota and Saskatchewan."
Wednesday, September 8, 2010
COVENANT RESOURCES SIGNS DEFINITIVE AGREEMENT FOR ACQUISITION OF 41,500 ACRES IN THE ALBERTA BASIN, MONTANA
Covenant signs definitive deal for Montana leases
2010-09-08 13:31 ET - News Release
Mr. Frank Port reports
COVENANT RESOURCES SIGNS DEFINITIVE AGREEMENT FOR ACQUISITION OF 41,500 ACRES IN THE ALBERTA BASIN, MONTANA
Covenant Resources Ltd. wishes to announce the signing of a Definitive Agreement with Damont Energy Inc. ("Damont") for the acquisition of oil and gas leases in Montana.
Pursuant to the Letter of Intent announced on August 11, 2010, the Definitive Agreement has been executed by the parties for Covenant to acquire Damont's right, title and interest in 41,500 net acres of oil and gas leases in "The SweetGrass Arch" Prospect located in Toole and Pondera Counties, Montana. The SweetGrass Arch (Alberta Basin) prospect has significant gas potential as well as Bakken oil potential.
The cost of the acquisition is $3,822,222 through the issuance of 19,111,110 shares of Covenant at a deemed price of $0.20 per share. A finder's fee of $228,000 is to be paid by Covenant via the issue of 1,140,000 shares of the Company to ABC Capital Holdings Ltd. for identifying this property. All the shares will be subject to a 3 year time release escrow, whereby 15% is to be released every 6 months. The effective date of the acquisition is August 01, 2010.
2010-09-08 13:31 ET - News Release
Mr. Frank Port reports
COVENANT RESOURCES SIGNS DEFINITIVE AGREEMENT FOR ACQUISITION OF 41,500 ACRES IN THE ALBERTA BASIN, MONTANA
Covenant Resources Ltd. wishes to announce the signing of a Definitive Agreement with Damont Energy Inc. ("Damont") for the acquisition of oil and gas leases in Montana.
Pursuant to the Letter of Intent announced on August 11, 2010, the Definitive Agreement has been executed by the parties for Covenant to acquire Damont's right, title and interest in 41,500 net acres of oil and gas leases in "The SweetGrass Arch" Prospect located in Toole and Pondera Counties, Montana. The SweetGrass Arch (Alberta Basin) prospect has significant gas potential as well as Bakken oil potential.
The cost of the acquisition is $3,822,222 through the issuance of 19,111,110 shares of Covenant at a deemed price of $0.20 per share. A finder's fee of $228,000 is to be paid by Covenant via the issue of 1,140,000 shares of the Company to ABC Capital Holdings Ltd. for identifying this property. All the shares will be subject to a 3 year time release escrow, whereby 15% is to be released every 6 months. The effective date of the acquisition is August 01, 2010.
Sunday, August 22, 2010
Fours days of energy presentations
The 2010 Enercom conference is being held Monday - Thursday this week. You can listen to all of the webcasts for free at the like here.
I'm looking forward to hearing from Brigham Exploration on their N. Dakota Bakken play, Rosetta Resources for their Alberta Basin Bakken play which will impact Covenant Resources (CVA), Mountainview Resources (MVW), Blacksteel Energy (BEY) and Primary Petroleum (PIE), and Gastem and Talisman for the Utica Shale play.
I'm looking forward to hearing from Brigham Exploration on their N. Dakota Bakken play, Rosetta Resources for their Alberta Basin Bakken play which will impact Covenant Resources (CVA), Mountainview Resources (MVW), Blacksteel Energy (BEY) and Primary Petroleum (PIE), and Gastem and Talisman for the Utica Shale play.
Thursday, August 12, 2010
Update on Covenant - 41,000 net acres in the Alberta Basin Bakken
Good Evening,
Just wanted to provide a quick update on news released by Covenant Resources late this afternoon. I mentioned in my last update that we should be hearing about a property acquisition soon and today was the day. The press release is shown below. I'll have a more complete update out in the next week but wanted to note a few key points. If you have some time, please listen to the Rosetta Resources 2ndQ conference call at the following link;
http://ir.rosettaresources.com/eventdetail.cfm?eventid=84092
In it, you'll hear how they have been testing their verticals in their Alberta Basin Bakken play and have determined that they believe they can access more than one of the Three Forks, Bakken and possibly Banff formations all with one horizontal frac which greatly improves the potential economics of the play. They also indicated that acreage on the Canadian side of the play went for nearly $1,800/acre at the last crown sale. Covenant just added 41,000 net acres that they feel are prospective for the bakken. Shares are trading at $.20/share for a current market cap of $4 million.
http://www.covenantresources.com/pr/aug11.php
Covenant Resources announcing signing of LOI for Acquisition of Oil and Gas Properties
August 11, 2010 - Vancouver, British Columbia
Mr. Frank Port, President and CEO of Covenant Resources Ltd. (the "Company") (CNSX:CVA), wishes to announce the signing of a Letter of Intent ("LOI") with Damont Energy Inc. for the acquisition of oil and gas leases in Montana.
The LOI outlines the terms of the acquisition of all of Damont's right, title and interest in 41,500 net acres of oil and gas leases in "The SweetGrass Arch" Prospect located in Toole and Pondera Counties, Montana. The cost of the acquisition will be approximately $3.8 million, based on the issuance of approximately 19,000,000 shares of Covenant at a deemed price of $0.20 per share. Upon completion of due diligence and final negotiations, a definitive purchase agreement will later be entered into.
The Company is a junior natural resource exploration company focused on the acquisition, exploration, and development of economically viable natural resources. The Company continues to seek additional natural resource opportunities including properties that may lead to oil and gas exploration or any other opportunities that may fall under "natural resources" sector.
The Company Trades on the CNSX under the trading symbol "CVA".
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please refer to the Company's prospectus and engineering report available on SEDAR (www.sedar.com).
On Behalf of the Board of Directors
Mr. Frank Port
President, Chief Executive Officer, and Director
Again, I'll have an update out providing additional details later in the week.
Sincerely,
Vince Marciano
Just wanted to provide a quick update on news released by Covenant Resources late this afternoon. I mentioned in my last update that we should be hearing about a property acquisition soon and today was the day. The press release is shown below. I'll have a more complete update out in the next week but wanted to note a few key points. If you have some time, please listen to the Rosetta Resources 2ndQ conference call at the following link;
http://ir.rosettaresources.com/eventdetail.cfm?eventid=84092
In it, you'll hear how they have been testing their verticals in their Alberta Basin Bakken play and have determined that they believe they can access more than one of the Three Forks, Bakken and possibly Banff formations all with one horizontal frac which greatly improves the potential economics of the play. They also indicated that acreage on the Canadian side of the play went for nearly $1,800/acre at the last crown sale. Covenant just added 41,000 net acres that they feel are prospective for the bakken. Shares are trading at $.20/share for a current market cap of $4 million.
http://www.covenantresources.com/pr/aug11.php
Covenant Resources announcing signing of LOI for Acquisition of Oil and Gas Properties
August 11, 2010 - Vancouver, British Columbia
Mr. Frank Port, President and CEO of Covenant Resources Ltd. (the "Company") (CNSX:CVA), wishes to announce the signing of a Letter of Intent ("LOI") with Damont Energy Inc. for the acquisition of oil and gas leases in Montana.
The LOI outlines the terms of the acquisition of all of Damont's right, title and interest in 41,500 net acres of oil and gas leases in "The SweetGrass Arch" Prospect located in Toole and Pondera Counties, Montana. The cost of the acquisition will be approximately $3.8 million, based on the issuance of approximately 19,000,000 shares of Covenant at a deemed price of $0.20 per share. Upon completion of due diligence and final negotiations, a definitive purchase agreement will later be entered into.
The Company is a junior natural resource exploration company focused on the acquisition, exploration, and development of economically viable natural resources. The Company continues to seek additional natural resource opportunities including properties that may lead to oil and gas exploration or any other opportunities that may fall under "natural resources" sector.
The Company Trades on the CNSX under the trading symbol "CVA".
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please refer to the Company's prospectus and engineering report available on SEDAR (www.sedar.com).
On Behalf of the Board of Directors
Mr. Frank Port
President, Chief Executive Officer, and Director
Again, I'll have an update out providing additional details later in the week.
Sincerely,
Vince Marciano
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