Charbone Hydrogen (TSXV:CH) offers a compelling investment opportunity in the US$89 billion green hydrogen market, leveraging a decentralized approach for scalable plant deployment and focusing on environmentally friendly production to reduce carbon footprints.
Charbone Hydrogen (TSXV:CH,OTCQB:CHHYF,FWB:K47) is the only publicly listed green hydrogen firm in Canada looking to expand across North America (US and Canada) with a pipeline of new projects. This is an opportune time for Charbone as the world races to find effective solutions to meet its net-zero ambitions by 2050. Green hydrogen could be a perfect fit as a potentially low-emitting fuel source. There is an increasing realization of the potential of hydrogen in serving as a low-emissions substitute for fossil fuels in residential as well as industrial use cases.
The Government of Canada has laid out its hydrogen policy, aiming to meet nearly 30 percent of its energy requirement in 2050 by hydrogen, as well as become one of the top three clean hydrogen producers globally. The presence of abundant hydroelectric power, favorable government policies, and a progressive tax regime should boost hydrogen production in the country. The 2023 federal budget includes more than $17 billion in tax credits over the next five years to help fund clean energy projects, including hydrogen.
Green hydrogen: key element to decarbonize the world
The US Department of Energy expects to produce 10 million metric tons (MMT) of hydrogen annually by 2030 and eventually reach 50 MMT by 2050. According to US Deputy Secretary of Energy David Turk, 50 MMT of hydrogen could power every bus, train, plane and ship in the US.
Charbone stands to benefit from rapid adoption of hydrogen as an alternative to fossil fuels. Moreover, Charbone’s focus solely on “green hydrogen” should further its position among investors looking for opportunities to invest in sustainable energy solutions. Green hydrogen is produced when the energy used to power electrolysis comes from renewable sources like wind, water, solar or nuclear. Charbone has clearly stated its intentions to leverage hydropower and nuclear energy to produce hydrogen.
Carbone forged strong partnerships to execute its business model.
The company plans to construct 16 hydrogen projects across North America (six in Canada and 10 in the US) over the next four years. The first of which is under construction at Sorel-Tracy in Quebec. The Sorel-Tracy facility is located on a 40,000-square-meter land parcel along Quebec Highway 30, known as the “Steel Highway” because of the numerous steel mills and process plants operating along the highway.
The construction of Phase 1 of its Sorel-Tracy facility is being done in partnership with EBC, one of the largest construction companies in Quebec. EBC has a proven track record of designing and building facilities in Canada and the US. The partnership agreement gives EBC the right of first refusal to construct additional Sorel-Tracy phases, as well as one or all of Charbone’s facilities within the North American market.
In addition, Charbone has entered into several other strategic partnerships all aimed to expand its footprint in North America. The company entered into a special consultancy agreement with Enki GéoSolutions for potential partnership proposals as a co-operator and distributor of an emerging form of clean and renewable hydrogen, known as white or natural hydrogen.
In June 2024, Carbone executed a supply agreement for a complete containerized electrolyzer system ready for shipment to its flagship green hydrogen site in the City of Sorel-Tracy, Quebec. The electrolyzer has a higher capacity than originally planned and will significantly enhance initial operational capacity estimates. The company also acquired its first tube trailer for the transport and bulk delivery of compressed green hydrogen produced from the City of Sorel-Tracy, Quebec flagship project to local and domestic customers.
This partnership allows Charbone to sell hydrogen produced at the Sorel-Tracy facility to Superior Propane, a subsidiary of Superior Plus. Such supply agreements ensure that Charbone can generate cash flow immediately following the commencement of production.
Carbone Hydrogen entered into an off-take partnership with Superior Plus on the supply and
distribution of green hydrogen.
Another such supply agreement was signed in November 2023 with NEK Community Broadband, which ensures the supply of green hydrogen in the Northeast Kingdom of the state of Vermont (USA). NEK Broadband is building a high-speed broadband infrastructure and plans to install a hydrogen fuel cell backup system for a reliable power supply.
Further advancing its goal of US expansion, Charbone signed a memorandum of understanding in December 2023 with Michigan’s Oakland County Economic Development Department to set up Charbone’s first green hydrogen facility in the United States. Oakland County is home to major automakers, and a green hydrogen facility in their proximity will support the effort of producing environmentally friendly mobility options.
Being the only publicly listed green hydrogen player in Canada, Charbone offers investors a unique opportunity to participate in the rise of green hydrogen as a potential low-emitting alternative to fossil fuels.
Dave Gagnon has been chairman and chief executive officer of Charbone Hydrogen Corporation since April 21, 2022. He has been a climate tech entrepreneur for the last 25 years, and was the first entrepreneur in Canada to start a wind turbine company and offer a new alternative energy solution in North America. Gagnon also worked with an institutional investor that manages several public pension plans, Caisse de depot et placement du Quebec, where he gained deep knowledge of the financial markets.
Benoit Veilleux was appointed as the CFO of Charbone on August 15, 2022. Veilleux has over 15 years of experience in corporate accounting and finance. He began his professional career at KPMG in 2003, where he managed and coordinated audit teams for public companies until 2010. Since then, he has worked with a number of companies including Air Liquide Canada and the Hypertec Group.
Daniell Charette has been the chief operating officer of Charbone since February 2019. He brings over 25 years of experience in running and managing renewable energy companies. He has worked in senior leadership roles with several renewable companies including NEG Micon A/S, Vestas and Brookfield Power. He has served on various association boards and councils, including the Canadian Wind Energy Association, Association Québécoise des Producteurs d’Énergie Renouvelable, and Latin Wind Energy Association.
Francois Vitez is a hydropower and energy storage expert with more than 24 years of experience in the development, engineering and construction management as well as operations and maintenance of hydropower and energy storage projects in North America and internationally. He is a board member and chair of the Value of Hydropower committee at Waterpower Canada, vice-chair of the Energy Storage Association of Canada, board member of the California Energy Storage Association, and member of the International Hydropower Association.
Patrick Cuddihy is a seasoned operations leader with over 20 years of experience at Air Liquide Canada, to its hydrogen operations team. Patrick brings a wealth of expertise in managing industrial gas production and distribution, having held senior roles including network sales director for Quebec Region, general manager for Pacific Region, director of procurement services, and director of logistics and assets for the Eastern Region.
(TheNewswire)
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Brossard (Québec) TheNewswire - le 9 octobre 2024 - CORPORATION CHARBONE HYDROGÈNE (TSXV: CH OTCQB: CHHYF, FSE: K47 ) (« Charbone » ou la « Société »), la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert, est ravie d'annoncer un ajout clé à son équipe des opérations de gaz industriels alors qu'elle se prépare pour la production à son projet phare à Sorel-Tracy, au Québec .
Renforcer les opérations terrain avec un nouveau leadership
Charbone est heureuse d'accueillir Patrick Cuddihy , un leader des opérations chevronné avec plus de 20 ans d'expérience chez Air Liquide Canada, au sein de son équipe des opérations hydrogène. Patrick apporte une richesse d'expertise dans la gestion de la production et de la distribution de gaz industriels, ayant occupé des postes de direction, notamment comme Directeur des ventes réseau – région du Québec, Directeur général – région du Pacifique, Directeur des services d'approvisionnement et Directeur de la logistique et des actifs – région de l'Est .
Son sens opérationnel sera déterminant dans la transition de Charbone d'un développement de projet à la production à grande échelle. Travaillant en étroite collaboration avec l'équipe de direction de Charbone, Patrick soutiendra les opérations et la gestion de la production d'hydrogène vert aux États-Unis et au Canada .
" La vaste expérience de Patrick dans le domaine des gaz industriels, en particulier dans les opérations et la gestion de la chaîne d'approvisionnement, renforcera considérablement notre équipe alors que nous passons de la planification à l'exécution , a déclaré Dave Gagnon, Chef de la direction chez Charbone. " Alors que nous nous préparons à générer nos premiers revenus, nous nous concentrons sur l'augmentation de la valeur des actionnaires grâce à des opérations efficaces et à une croissance stratégique . "
Expansion des opérations et de la main-d'œuvre
La production d'hydrogène vert de Charbone devrait débuter plus tard cette année à son usine de Sorel-Tracy, avec un deuxième site près de Detroit, Michigan prévu d'ici la fin de 2024. Dans le cadre de sa stratégie d'expansion plus large, la Société augmente également ses effectifs et cible de nouvelles opportunités de marché dans des régions clés, notamment New York, l'Ontario, la Pennsylvanie, l'Illinois, le Wisconsin et la Californie.
De plus, Charbone a été invité à participer à deux demandes d'informations (RFI) à grande échelle, démontrant une fois de plus la demande croissante de solutions d'hydrogène vert. D'ici 2030, la société vise à exploiter 16 installations de production d'hydrogène vert en Amérique du Nord.
Invitation au webinaire : Key Insights for Hydrogen Investing
Rejoignez Charbone au webinaire gratuit d'Investing News Network (INN) aujourd'hui, le 9 octobre, où la société discutera du marché en croissance rapide de l'hydrogène et des principales opportunités pour les investisseurs. Ne manquez pas cet événement plein d'énergie ! Inscrivez-vous ici .
À propos de Charbone Hydrogène Corporation
Charbone est une compagnie intégrée de production d'hydrogène vert axé sur la création d'un réseau nord-américain d'usines de production. En utilisant des énergies renouvelables, Charbone produit du dihydrogène (H2) respectueux de l'environnement pour les utilisateurs industriels, institutionnels, commerciaux et de la mobilité future. Charbone est présentement la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert avec ses actions listées sur la Bourse de croissance TSX (TSXV: CH); les marchés OTC (OTCQB: CHHYF); et la Bourse de Francfort (FSE: K47). Apprenez-en davantage sur www.charbone.com .
Énoncés prospectifs
Le présent communiqué de presse contient des énoncés qui constituent de « l'information prospective » au sens des lois canadiennes sur les valeurs mobilières (« déclarations prospectives »). Ces déclarations prospectives sont souvent identifiées par des mots tels que « a l'intention », « anticipe », « s'attend à », « croit », « planifie », « probable », ou des mots similaires. Les déclarations prospectives reflètent les attentes, estimations ou projections respectives de la direction de Charbone concernant les résultats ou événements futurs, sur la base des opinions, hypothèses et estimations considérées comme raisonnables par la direction à la date à laquelle les déclarations sont faites. Bien que Charbone estime que les attentes exprimées dans les déclarations prospectives sont raisonnables, les déclarations prospectives comportent des risques et des incertitudes, et il ne faut pas se fier indûment aux déclarations prospectives, car des facteurs inconnus ou imprévisibles pourraient faire en sorte que les résultats réels soient sensiblement différents de ceux exprimés dans les déclarations prospectives. Des risques et des incertitudes liés aux activités de Charbone peuvent avoir une incidence sur les déclarations prospectives. Ces risques, incertitudes et hypothèses comprennent, sans s'y limiter, ceux décrits à la rubrique « Facteurs de risque » dans la déclaration de changement à l'inscription de la Société datée du 31 mars 2022, qui peut être consultée sur SEDAR à l'adresse www.sedar.com; ils pourraient faire en sorte que les événements ou les résultats réels diffèrent sensiblement de ceux prévus dans les déclarations prospectives.
Sauf si les lois sur les valeurs mobilières applicables l'exigent, Charbone ne s'engage pas à mettre à jour ni à réviser les déclarations prospectives.
Ni la Bourse de croissance TSX ni son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n'acceptent de responsabilité quant à la pertinence ou à l'exactitude du présent communiqué.
Contacts
Pour de plus amples informations, veuillez contacter :
Dave B. G agnon | ||
Chef de la direction et président du conseil d'administration | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau: +1 438 844-7170 | ||
Courriel: dg@charbone.com | ||
Daniel Charette | ||
Chef de l'exploitation | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau : +1 438 800-4946 | ||
Courriel: dc@charbone.com | ||
Benoit Veilleux | ||
Chef de la direction financière et secrétaire corporatif | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau: +1 438 800-4991 | ||
Courriel: bv@charbone.com |
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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Brossard, Quebec TheNewswire - October 9, 2024 Charbone Hydrogen Corporation (TSXV: CH; OTCQB: CHHYF; FSE: K47) (the "Company" or "CHARBONE"), North America's only publicly traded pure-play green hydrogen company, is excited to announce a key addition to its industrial gases operations team as it prepares for production at its flagship project in Sorel-Tracy, Quebec.
Strengthening Field Operations with New Leadership
CHARBONE is pleased to welcome Patrick Cuddihy , a seasoned operations leader with over 20 years of experience at Air Liquide Canada, to its hydrogen operations team. Patrick brings a wealth of expertise in managing industrial gas production and distribution, having held senior roles including Network Sales Director – Quebec Region, General Manager – Pacific Region, Director of Procurement Services, and Director of Logistics and Assets – Eastern Region.
His operational acumen will be instrumental as CHARBONE transitions its first project deployment to full-scale production. Working closely with CHARBONE's executive team, Patrick will support the operation and the management of green hydrogen production projects across the U.S. and Canada.
" Patrick's extensive experience in industrial gases, particularly in operations and supply chain management, will significantly strengthen our team as we move from planning to execution," said Dave Gagnon, Chief Executive Officer and Chairman of the Board, Charbone Hydrogen. "As we prepare to generate our first revenues, we are focused on increasing shareholder value through efficient operations and strategic growth."
Expanding Operations and Workforce
CHARBONE's green hydrogen production is set to commence later this year at its Sorel-Tracy facility, with a second site near Detroit, Michigan planned by the end of 2024. As part of its broader expansion strategy, the Company is also growing its workforce and targeting new market opportunities in key regions, including New York, Ontario, Pennsylvania, Illinois, Wisconsin, and California.
Additionally, CHARBONE has been invited to participate in two large-scale Requests for Information (RFIs), further demonstrating the growing demand for green hydrogen solutions. By 2030, the Company aims to operate 16 green hydrogen production facilities across North America.
Webinar Invitation: Key Insights for Hydrogen Investing
Join CHARBONE at the Investing News Network's (INN) Free Webinar today, October 9th, where the Company will discuss the fast-growing hydrogen market and key opportunities for investors. Don't miss this high-energy event!
About Charbone Hydrogen Corporation
CHARBONE is an integrated green hydrogen company focused on creating a network of modular green hydrogen production facilities across North America. Using renewable energy, CHARBONE produces eco-friendly dihydrogen (H2) for industrial, institutional, commercial, and future mobility users. CHARBONE is currently the only publicly traded pure-play green hydrogen company, with shares listed on the TSX Venture Exchange (TSXV: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47). Learn more at www.charbone.com
Forward-Looking Statements
This news release contains statements that are "forward-looking information" as defined under Canadian securities laws ("forward-looking statements"). These forward-looking statements are often identified by words such as "intends", "anticipates", "expects", "believes", "plans", "likely", or similar words. The forward-looking statements reflect management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Corporation's Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.
Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Contacts Charbone Hydrogen Corporation | ||||
Dave B. Gagnon | ||||
Chief Executive Officer and Chairperson of the Board | ||||
Telephone: | +1 438 844-7170 | |||
Email: | ||||
Daniel Charette | ||||
Chief Operating Officer | ||||
Telephone: | +1 438 800-4946 | |||
Email: | ||||
Benoit Veilleux | ||||
Chief Financial Officer and Corporate Secretary | ||||
Telephone: | +1 438 800-4991 | |||
Email: | ||||
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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Brossard (Québec) TheNewswire - le 3 octobre 2024 - CORPORATION CHARBONE HYDROGÈNE (TSXV: CH OTCQB: CHHYF, FSE: K47 ) (« Charbone » ou la « Société »), la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert, est heureuse d'avoir conclu une entente de consultation spécial avec Enki GéoSolutions Inc. pour conseiller l'équipe de direction de Charbone sur des propositions de partenariat potentielles en tant que co-opérateur et distributeur de cette forme émergente d'hydrogène propre et renouvelable, connue sous le nom d'« hydrogène blanc ou hydrogène naturel ».
Charbone est ravi d'accueillir M. Stephan Séjourné, P.Geo., un géologue d'exploration de premier plan au Québec et président d'Enki GéoSolutions Inc., au sein de son équipe scientifique. M. Séjourné est un géologue québécois bien connu et très respecté, qui a travaillé comme consultant indépendant dans l'industrie pétrolière, avant de fonder Enki GéoSolutions pour mettre à profit son expérience à d'autres ressources naturelles. Il s'est intéressé à l'hydrogène naturel en 2017 et a récemment dirigé, avec l'INRS-ETE, une série de six rapports de recherche inédits sur l'hydrogène naturel au Québec préparés et financés par le gouvernement du Québec .
M. Séjourné fournira des conseils scientifiques à l'équipe de direction de Charbone sur les décisions de collaboration sur l'hydrogène blanc. Avec un futur réseau d'au moins 16 usines stratégiquement situées partout au Canada et aux États-Unis, Charbone rationalisera le processus de réception, de purification, de compression et de distribution de lhydrogène pour répondre à la demande croissante. Cette capacité permettra à Charbone de devenir un acteur clé de la chaîne d'approvisionnement en hydrogène propre, en proposant des solutions qui stimulent à la fois l'innovation et l'efficacité .
" M. Séjourné est un géologue de renommée mondiale qui apporte une formidable expérience scientifique complémentaire à l'équipe de direction de l'entreprise, tandis que le secteur de l'hydrogène naturel offre des possibilités incroyablement passionnantes et qui pourrait changer notre pensée face à cette source d'énergie , a déclaré Dave Gagnon, Chef de la direction chez Charbone. " Notre objectif, comme toujours, est de maximiser notre portefeuille, nos revenus et notre valeur pour les actionnaires . "
La production d'hydrogène vert de Charbone devrait débuter plus tard cette année à son usine de Sorel-Tracy, au Québec, et prévoit lancer un deuxième site près de Détroit, au Michigan, d'ici la fin de l'année. La Société développe également activement ses effectifs et cible d'autres marchés à fort potentiel, notamment New York, l'Ontario, la Pennsylvanie, l'Illinois, le Wisconsin et la Californie. De plus, Charbone a été invité à proposer des projets dans le cadre de deux demandes d'informations (RFI) à grande échelle. D'ici 2030, la société vise à établir 16 installations de production d'hydrogène vert en Amérique du Nord.
À propos de Charbone Hydrogène Corporation
Charbone est une compagnie intégrée de production d'hydrogène vert axé sur la création d'un réseau nord-américain d'usines de production. En utilisant des énergies renouvelables, Charbone produit du dihydrogène (H2) respectueux de l'environnement pour les utilisateurs industriels, institutionnels, commerciaux et de la mobilité future. Charbone est présentement la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert avec ses actions listées sur la Bourse de croissance TSX (TSXV: CH); les marchés OTC (OTCQB: CHHYF); et la Bourse de Francfort (FSE: K47). Apprenez-en davantage sur www.charbone.com .
Énoncés prospectifs
Le présent communiqué de presse contient des énoncés qui constituent de « l'information prospective » au sens des lois canadiennes sur les valeurs mobilières (« déclarations prospectives »). Ces déclarations prospectives sont souvent identifiées par des mots tels que « a l'intention », « anticipe », « s'attend à », « croit », « planifie », « probable », ou des mots similaires. Les déclarations prospectives reflètent les attentes, estimations ou projections respectives de la direction de Charbone concernant les résultats ou événements futurs, sur la base des opinions, hypothèses et estimations considérées comme raisonnables par la direction à la date à laquelle les déclarations sont faites. Bien que Charbone estime que les attentes exprimées dans les déclarations prospectives sont raisonnables, les déclarations prospectives comportent des risques et des incertitudes, et il ne faut pas se fier indûment aux déclarations prospectives, car des facteurs inconnus ou imprévisibles pourraient faire en sorte que les résultats réels soient sensiblement différents de ceux exprimés dans les déclarations prospectives. Des risques et des incertitudes liés aux activités de Charbone peuvent avoir une incidence sur les déclarations prospectives. Ces risques, incertitudes et hypothèses comprennent, sans s'y limiter, ceux décrits à la rubrique « Facteurs de risque » dans la déclaration de changement à l'inscription de la Société datée du 31 mars 2022, qui peut être consultée sur SEDAR à l'adresse www.sedar.com; ils pourraient faire en sorte que les événements ou les résultats réels diffèrent sensiblement de ceux prévus dans les déclarations prospectives.
Sauf si les lois sur les valeurs mobilières applicables l'exigent, Charbone ne s'engage pas à mettre à jour ni à réviser les déclarations prospectives.
Ni la Bourse de croissance TSX ni son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n'acceptent de responsabilité quant à la pertinence ou à l'exactitude du présent communiqué.
Contacts
Pour de plus amples informations, veuillez contacter :
Dave B. G agnon | ||
Chef de la direction et président du conseil d'administration | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau: +1 438 844-7170 | ||
Courriel: dg@charbone.com | ||
Daniel Charette | ||
Chef de l'exploitation | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau : +1 438 800-4946 | ||
Courriel: dc@charbone.com | ||
Benoit Veilleux | ||
Chef de la direction financière et secrétaire corporatif | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau: +1 438 800-4991 | ||
Courriel: bv@charbone.com |
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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Brossard, Quebec TheNewswire - October 3, 2024 Charbone Hydrogen Corporation (TSXV: CH; OTCQB: CHHYF; FSE: K47) (the "Company" or "CHARBONE"), North America's only publicly traded pure-play green hydrogen company, is pleased to have entered into a special consultancy agreement with Enki GéoSolutions Inc. to advise CHARBONE executive team on potential partnership proposals as a co-operator and distributor of this emerging form of clean and renewable hydrogen, known as "white hydrogen or natural hydrogen".
CHARBONE is thrilled to welcome Mr. Stephan Séjourné, P.Geo., a leading Quebec exploration geologist and President of Enki GéoSolutions Inc., to its scientific team . Mr. Séjourné is a well-known and highly respected Quebec exploration geologist who initially worked as an independent consultant in the petroleum industry, before founding Enki GéoSolutions to apply his experience to other resources. He turned his attention to Natural Hydrogen in 2017 and recently spearheaded, with the INRS-ETE, a series of six groundbreaking research reports on Natural Hydrogen in Quebec prepared for and funded by the Quebec government.
Mr. Séjourné will provide scientific advice to CHARBONE's executive team on white hydrogen collaboration decisions. With a future network of at least 16 strategically located facilities throughout Canada and the U.S., CHARBONE will streamline the process of receiving, purifying, compressing, and distributing hydrogen to meet the growing demand. This capability will allow CHARBONE to become a key player in the clean hydrogen supply chain, offering solutions that drive both innovation and efficiency.
"Mr. Séjourné is a world-class recognized geologist who brings tremendous complementary scientific experience to the Company executive team, while the Natural Hydrogen sector has incredibly exciting possibilities and may change how we think about that source of energy," said Dave Gagnon, Chief Executive Officer and Chairman of the Board, Charbone Hydrogen. "Our goal as always, is to maximize our portfolio, our revenues and our shareholder value ."
CHARBONE's green hydrogen production is set to begin later this year at its Sorel-Tracy, Quebec facility, with plans to launch a second site near Detroit, Michigan by year-end. The Company is also actively expanding its workforce and targeting additional high-potential markets, including New York, Ontario, Pennsylvania, Illinois, Wisconsin, and California. Additionally, CHARBONE has been invited to propose projects in two large-scale Requests for Information (RFIs). By 2030, the Company aims to establish 16 green hydrogen production facilities across North America.
About Charbone Hydrogen Corporation
CHARBONE is an integrated green hydrogen company focused on creating a network of modular green hydrogen production facilities across North America. Using renewable energy, CHARBONE produces eco-friendly dihydrogen (H2) for industrial, institutional, commercial, and future mobility users. CHARBONE is currently the only publicly traded pure-play green hydrogen company, with shares listed on the TSX Venture Exchange (TSXV: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47). Learn more at www.charbone.com
Forward-Looking Statements
This news release contains statements that are "forward-looking information" as defined under Canadian securities laws ("forward-looking statements"). These forward-looking statements are often identified by words such as "intends", "anticipates", "expects", "believes", "plans", "likely", or similar words. The forward-looking statements reflect management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Corporation's Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.
Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Contacts Charbone Hydrogen Corporation | ||||
Dave B. Gagnon | ||||
Chief Executive Officer and Chairperson of the Board | ||||
Telephone: | +1 438 844-7170 | |||
Email: | ||||
Daniel Charette | ||||
Chief Operating Officer | ||||
Telephone: | +1 438 800-4946 | |||
Email: | ||||
Benoit Veilleux | ||||
Chief Financial Officer and Corporate Secretary | ||||
Telephone: | +1 438 800-4991 | |||
Email: | ||||
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
TSX VENTURE COMPANIES
BULLETIN V2024-2937
ROUTE 109 RESOURCES INC. ("RTE")
formerly BMEX GOLD INC. ("BMEX")
BULLETIN TYPE: Name Change
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
Pursuant to a resolution passed by the Directors of the Company on August 26, 2024 , the Company has changed its name as follows. There is no consolidation of capital.
Effective at the opening Friday, October 4, 2024 , the common shares of Route 109 Resources Inc. will commence trading on TSX Venture Exchange, and the common shares of Bmex Gold Inc. will be delisted. The Company is classified as a 'Mineral Exploration/Development' company.
Capitalization: Unlimited shares with no par value of which |
16,615,889 shares are issued and outstanding |
Escrow: Nil shares |
Transfer Agent: Computershare Investor Services Inc. |
Trading Symbol: RTE ( New ) |
CUSIP Number: 779291103 ( New ) |
_______________________________________
24/10/02 - TSX Venture Exchange Bulletins
TSX VENTURE COMPANIES
BULLETIN V2024-2938
ARCPOINT INC. ("ARC")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing a disposition of all of the Company's equity interest in its wholly owned subsidiary ARCpoint Franchise Group LLC (the "Subsidiary") into a new joint venture (the "JV") with an arm's length party (the "JV Partner").
Pursuant to the terms of the transaction, the Company will contribute all of its equity interest in the Subsidiary to the JV in return for a 29.5% interest in the JV. The JV Partner will contribute all its business to the JV in return for a 70.5% interest in the JV.
For further details, please refer to the Company's news release dated August 20, 2024 .
_______________________________________
BULLETIN V2024-2939
BMEX GOLD INC. ("BMEX")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
Financing Type: | Non-Brokered Private Placement |
Gross Proceeds: | $1,201,244.40 |
Offering: | 5,009,996 Flow-Through (FT) Listed Shares with 5,009,996 warrants attached. |
Offering Price: | $0.15 per FT and NFT Listed Share |
Warrant Exercise Terms: | $0.20 per Listed Share for a 2-year period |
Non-Cash Commissions: | N/A |
Public Disclosure: | Refer to the company's news release(s) dated July 26, 2024, August 6, 2024, |
_______________________________________
BULLETIN V2024-2940
CMC METALS LTD. ("CMB")
BULLETIN TYPE: Warrant Term Extension
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has consented to the extension in the expiry date of the following warrants:
Private Placement: | |
# of Warrants: 4,103,571 | |
Original Expiry Date of Warrants: | September 27, 2024 (as to 2,161,557 warrants). |
October 12, 2024 (as to 1,942,013 warrants). | |
New Expiry Date of Warrants: | September 27, 2025 (as to 2,161,557 warrants). |
October 13, 2025 (as to 1,942,013 warrants). | |
Exercise Price of Warrants: | $0.20 (unchanged) |
These warrants were issued pursuant to a private placement of 8,207,139 shares with 4,103,570 share purchase warrants attached, which were accepted for filing by the Exchange effective November 14, 2022 .
_______________________________________
BULLETIN V2024-2941
Charbone Hydrogen Corporation ("CH")
BULLETIN TYPE: Shares for Debt
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's proposal to issue 1,800,000 common shares at a deemed price of $0.10 per common share to settle outstanding debt of $180,000 .
Number of Creditors: | 5 Creditors |
For more information, please refer to the Company's news releases dated November 17, 2023 , July 24, 2024 , and September 18, 2024 .
CORPORATION CHARBONE HYDROGÈNE (« CH »)
TYPE DE BULLETIN : Émission d'actions en règlement d'une dette
DATE DU BULLETIN : Le 2 octobre 2024
Société du groupe 2 de TSX Croissance
Bourse de Croissance TSX a accepté le dépôt de la documentation de la société en vertu de l'émission proposée de 1 800 000 actions ordinaires à un prix réputé de 0,10 $ par action en règlement d'un montant de dette total de 180 000 $.
Nombre de créanciers : | 5 créanciers |
Pour plus d'informations, veuillez-vous référer aux communiqués de presse émis par la société le 17 novembre 2023, le 24 juillet 2024, et le 18 septembre 2024.
_______________________________________
BULLETIN V2024-2942
CIELO WASTE SOLUTIONS CORP. ("CMC") ("CMC.WT")
BULLETIN TYPE: Private Placement-Non-Brokered, Convertible Debenture/s
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
Financing Type: | Non-Brokered Private Placement | ||
Offering: | $2,130,000 principal amount of convertible debentures convertible into | ||
Conversion Price: | $0.40 per common share | ||
Maturity date: | 24 months from the date of issuance | ||
Interest rate: | 12% per annum | ||
Warrant Exercise Terms: | $0.70 per common share for a 2-year period , subject to an acceleration right | ||
Commissions in Securities: | Shares | Warrants | |
Finders (Aggregate) | N/A | 5,250 | |
Commission Terms: Each non-transferable warrant is exercisable at $0.70 for | |||
Disclosure: | Refer to the company's news releases dated February 22, 2024, March 11, | ||
_______________________________________
BULLETIN V2024-2943
COSA RESOURCES CORP. ("COSA")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing an asset purchase agreement dated July 26, 2024 (the "Agreement") between the Company and an arm's length party (the "Vendor") to acquire 100% ownership of two mineral claims totaling 6,049 hectares in the Athabasca basin, Saskatchewan (the "Property").
Under the terms of the Agreement, the Company shall issue 250,000 shares of the Company as consideration (the "Consideration Shares"). The Vendor has agreed to voluntary resale restrictions whereby 50% of the Consideration Shares will become free trading six months after closing.
For further details, please refer to the Company's news releases dated July 29, 2024 and August 6, 2024 .
_______________________________________
BULLETIN V2024-2944
FOUNDERS METALS INC. ("FDR")
BULLETIN TYPE: Property-Asset or Share Purchase Amending Agreement
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to the amendment of the arm's length option agreement of the Antino Project (the "Property") between the Company, Nana Resources N.V. ("Nana"), and Lawa Gold N.V. ("Lawa"). The Property consists of the Antino gold project in southeastern Suriname. Lawa in the legal and beneficial owner of the Property; Nana is the legal and beneficial owner of Lawa.
Pursuant to the terms of the amending agreement, the Company will issue a total of 1,615,000 shares to Nana, of which 475,000 shares were already issued at a price of $0.20 per share on March 27, 2023 , and 1,140,000 shares will be issued at a price of $2.69 per share. The Company will also pay a total of $1,650,000 USD in order to complete the first option stage to acquire 51.0% of the Property. The Company has already completed a minimum of $6,000,000 USD in exploration expenditures on the Property under the first option stage. The Company can further acquire 19.0% interest in the Property with a payment of $1,500,000 USD , issuing 95,000 shares of the Company, and incurring a minimum of $10,000,000 USD in exploration expenditures on the Property, within 2 years of the completion of the first stage option. Lastly, the Company can acquire an additional 5.0% interest in the Property, for a total of 75.0% interest, if the Company incurs a minimum $10,000,000 USD in exploration expenditures within 3 years of completion of the second stage option.
No finder's fees were payable.
For further details, please refer to the Company's news releases dated September 6, 2024 , and October 1, 2024 .
_______________________________________
BULLETIN V2024-2945
GPM METALS INC. ("GPM")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
Financing Type: | Non-Brokered Private Placement | ||
Gross Proceeds: | $2,500,000 | ||
Offering: | 41,666,668 Listed Shares with 20,833,334 warrants attached | ||
Offering Price: | $0.06 per Listed Share | ||
Warrant Exercise Terms: | $0.10 per warrant for a 2-year period | ||
Non-Cash Commissions: | Shares | Warrants | |
Finders (Aggregate) | N/A | N/A | |
Public Disclosure: | Refer to the company's news release(s) dated August 19, 2024 and September | ||
_______________________________________
BULLETIN V2024-2946
GR SILVER MINING LTD. ("GRSL")
BULLETIN TYPE: Private Placement -Non-Brokered
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
Financing Type: | Non-Brokered Private Placement | ||
Gross Proceeds: | $2,369,174.08 | ||
Offering: | 14,807,338 Listed Shares with 7,403,667 warrants attached | ||
Offering Price: | $0.16 per Listed Share | ||
Warrant Exercise Terms: | $0.22 per Listed Share for a two-year period | ||
Non-Cash Commissions: | Shares | Warrants | |
Finders | 0 | 696,180 | |
Commission Terms: Each non-transferable warrant is exercisable at $0.22 for | |||
Public Disclosure: | Refer to the company's news releases dated September 9, 2024, September | ||
_______________________________________
BULLETIN V2024-2947
OCEANIC IRON ORE CORP. ("FEO")
BULLETIN TYPE: Shares for Debt
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
Debt Settled: | $92,633.75 |
Securities Issued: | 597,630 Listed Shares |
Issue Price: | $0.155 per Listed Share |
Disclosure: | Refer to the company's news release dated October 1, 2024. |
______________________________________
BULLETIN V2024-2948
SUN SUMMIT MINERALS CORP. ("SMN")
BULLETIN TYPE: Halt
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
Effective at 6:30 a.m. PST , Oct. 02, 2024 , trading in the shares of the Company was halted, pending news; this regulatory halt is imposed by Canadian Investment Regulatory Organization, the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.
_______________________________________
BULLETIN V2024-2949
SUN SUMMIT MINERALS CORP. ("SMN")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
Effective at 9:00 a.m. PST , Oct. 02, 2024 , shares of the Company resumed trading, an announcement having been made.
_______________________________________
BULLETIN V2024-2950
VOLT CARBON TECHNOLOGIES INC. ("VCT")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
Financing Type: | Non-Brokered Private Placement | ||
Gross Proceeds: | $250,025.04 | ||
Offering: | 5,556,112 Flow-Through Shares | ||
Offering Price: | $0.045 per Flow-Through Share | ||
Warrant Exercise Terms | N/A | ||
Non-Cash Commissions: | Units | Warrants | |
Finders (Aggregate): | N/A | 311,150 | |
Commission Terms: Each non-transferrable warrant is exercisable at $0.05 for | |||
Public Disclosure: | Refer to the company's news release(s) dated July 22, 2024, August 13, | ||
_______________________________________
BULLETIN V2024-2951
WESTERN EXPLORATION INC. ("WEX")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: October 2, 2024
TSX Venture Tier 2 Company
Financing Type: | Non-Brokered Private Placement |
Gross Proceeds: | $1,699,999.38 |
Offering: | 1,603,773 Listed Shares with 801,886 warrants attached |
Offering Price: | $1.06 per Listed Share |
Warrant Exercise Terms: | $1.36 per warrant for period of 24 months |
Public Disclosure: | Refer to the company's news releases dated September 18, 2024 and |
_______________________________________
SOURCE TSX Venture Exchange
View original content: http://www.newswire.ca/en/releases/archive/October2024/02/c6695.html
News Provided by Canada Newswire via QuoteMedia
Coelacanth Energy Inc. (TSXV: CEI) ("Coelacanth" or the "Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2024. All dollar figures are Canadian dollars unless otherwise noted.
| FINANCIAL RESULTS | Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30 | September 30 | |||||||||||||||||
| ($000s, except per share amounts) | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||
| Oil and natural gas sales | 2,362 | 679 | 248 | 9,192 | 2,459 | 274 | ||||||||||||
| Cash flow used in operating activities | (3,730 | ) | (2,553 | ) | 46 | (954 | ) | (3,830 | ) | (75 | ) | |||||||
| Per share - basic and diluted (1) | (0.01 | ) | (0.01 | ) | - | (-) | (0.01 | ) | (100 | ) | ||||||||
| Adjusted funds flow (used) (1) | (207 | ) | (773 | ) | (73 | ) | 1,133 | (2,083 | ) | (154 | ) | |||||||
| Per share - basic and diluted | (-) | (-) | - | - | (-) | - | ||||||||||||
| Net loss | (2,464 | ) | (1,869 | ) | 32 | (5,994 | ) | (5,823 | ) | 3 | ||||||||
| Per share - basic and diluted | (-) | (-) | - | (0.01 | ) | (0.01 | ) | - | ||||||||||
| Capital expenditures (1) | 15,760 | 31,176 | (49 | ) | 19,545 | 39,957 | (51 | ) | ||||||||||
| Adjusted working capital (1) | 47,264 | 23,516 | 101 | |||||||||||||||
| Common shares outstanding (000s) | ||||||||||||||||||
| Weighted average - basic and diluted | 530,212 | 426,476 | 24 | 529,605 | 425,685 | 24 | ||||||||||||
| End of period - basic | 530,267 | 426,670 | 24 | |||||||||||||||
| End of period - fully diluted | 617,214 | 469,781 | 31 | |||||||||||||||
| (1) See "Non-GAAP and Other Financial Measures" section. | ||||||||||||||||||
| OPERATING RESULTS (1) | Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30 | September 30 | |||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||
| Daily production (2) | ||||||||||||||||||
| Oil and condensate (bbls/d) | 221 | 39 | 467 | 268 | 46 | 483 | ||||||||||||
| Other NGLs (bbls/d) | 33 | 7 | 371 | 36 | 12 | 200 | ||||||||||||
| Oil and NGLs (bbls/d) | 254 | 46 | 452 | 304 | 58 | 424 | ||||||||||||
| Natural gas (mcf/d) | 3,450 | 929 | 271 | 3,702 | 1,208 | 206 | ||||||||||||
| Oil equivalent (boe/d) | 829 | 201 | 313 | 921 | 259 | 256 | ||||||||||||
| Oil and natural gas sales | ||||||||||||||||||
| Oil and condensate ($/bbl) | 89.68 | 99.00 | (9 | ) | 90.88 | 93.73 | (3 | ) | ||||||||||
| Other NGLs ($/bbl) | 31.39 | 28.07 | 12 | 33.20 | 33.97 | (2 | ) | |||||||||||
| Oil and NGLs ($/bbl) | 82.10 | 88.43 | (7 | ) | 84.00 | 81.69 | 3 | |||||||||||
| Natural gas ($/mcf) | 1.41 | 3.60 | (61 | ) | 2.16 | 3.58 | (40 | ) | ||||||||||
| Oil equivalent ($/boe) | 30.99 | 36.85 | (16 | ) | 36.41 | 34.83 | 5 | |||||||||||
| Royalties | ||||||||||||||||||
| Oil and NGLs ($/bbl) | 15.52 | 20.08 | (23 | ) | 19.73 | 22.51 | (12 | ) | ||||||||||
| Natural gas ($/mcf) | 0.06 | 0.79 | (92 | ) | 0.23 | 0.82 | (72 | ) | ||||||||||
| Oil equivalent ($/boe) | 5.02 | 8.26 | (39 | ) | 7.44 | 8.82 | (16 | ) | ||||||||||
| Operating expenses | ||||||||||||||||||
| Oil and NGLs ($/bbl) | 10.07 | 18.92 | (47 | ) | 10.10 | 17.68 | (43 | ) | ||||||||||
| Natural gas ($/mcf) | 1.68 | 3.17 | (47 | ) | 1.68 | 2.95 | (43 | ) | ||||||||||
| Oil equivalent ($/boe) | 10.07 | 18.98 | (47 | ) | 10.10 | 17.68 | (43 | ) | ||||||||||
| Net transportation expenses (3) | ||||||||||||||||||
| Oil and NGLs ($/bbl) | 2.36 | 2.40 | (2 | ) | 2.30 | 1.86 | 24 | |||||||||||
| Natural gas ($/mcf) | 0.76 | 1.40 | (46 | ) | 0.72 | 1.36 | (47 | ) | ||||||||||
| Oil equivalent ($/boe) | 3.91 | 7.05 | (45 | ) | 3.65 | 6.76 | (46 | ) | ||||||||||
| Operating netback (loss) (3) | ||||||||||||||||||
| Oil and NGLs ($/bbl) | 54.15 | 47.03 | 15 | 51.87 | 39.64 | 31 | ||||||||||||
| Natural gas ($/mcf) | (1.09 | ) | (1.76 | ) | (38 | ) | (0.47 | ) | (1.55 | ) | (70 | ) | ||||||
| Oil equivalent ($/boe) | 11.99 | 2.56 | 368 | 15.22 | 1.57 | 869 | ||||||||||||
| Depletion and depreciation ($/boe) | (14.89 | ) | (21.33 | ) | (30 | ) | (14.71 | ) | (18.24 | ) | (19 | ) | ||||||
| General and administrative expenses ($/boe) | (12.51 | ) | (47.09 | ) | (73 | ) | (13.90 | ) | (46.70 | ) | (70 | ) | ||||||
| Share based compensation ($/boe) | (13.81 | ) | (34.70 | ) | (60 | ) | (12.72 | ) | (32.12 | ) | (60 | ) | ||||||
| Finance expense ($/boe) | (2.71 | ) | (9.61 | ) | (72 | ) | (1.72 | ) | (5.27 | ) | (67 | ) | ||||||
| Finance income ($/boe) | 9.54 | 37.32 | (74 | ) | 10.03 | 29.26 | (66 | ) | ||||||||||
| Unutilized transportation ($/boe) | (9.94 | ) | (28.44 | ) | (65 | ) | (5.96 | ) | (10.95 | ) | (46 | ) | ||||||
| Net loss ($/boe) | (32.33 | ) | (101.29 | ) | (68 | ) | (23.76 | ) | (82.45 | ) | (71 | ) | ||||||
| (1) See "Oil and Gas Terms" section. | ||||||||||||||||||
| (2) See "Product Types" section. | ||||||||||||||||||
| (3) See "Non-GAAP and Other Financial Measures" section. | ||||||||||||||||||
| Selected financial and operational information outlined in this news release should be read in conjunction with Coelacanth's unaudited condensed interim financial statements and related Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2024, which are available for review under the Company's profile on SEDAR+ at www.sedarplus.com. | ||||||||||||||||||
OPERATIONS UPDATE
In Q3 2024, Coelacanth started the construction of its planned $80.0 million infrastructure project that includes over 35 kilometers of pipelines and a facility to handle current behind pipe volumes and future expansions. Ultimately the facility will be able to handle approximately 16,000 boe/d of which Coelacanth has approximately 4,400 boe/d tested but shut-in at the 5-19 Two Rivers East pad. The infrastructure is expected to be operational by mid-April 2025. Funding for this project is from cash on hand of approximately $64 million at the inception of the project plus up to $27.0 million from a mid-stream company that will fund the pipeline connection to its area gathering lines upon achievement of certain project milestones.
An additional four Montney wells are currently being completed and tested on the 5-19 pad which will add additional capacity to be brought on once the facility is operational. Debt financing of $52.0 million was secured subsequent to the quarter through two revolving bank credit facilities with $35.0 million currently being invested in the four new Montney wells noted plus a water disposal well.
Although the construction and start-up of the Two Rivers East project is a huge step in Coelacanth's development, we believe we are just scratching the surface on what the potential of this large Montney asset base may ultimately be able to perform.
We look forward to reporting updates on the Two Rivers East project in the upcoming quarters.
OIL AND GAS TERMS
The Company uses the following frequently recurring oil and gas industry terms in the news release:
| Liquids | |
| Bbls | Barrels |
| Bbls/d | Barrels per day |
| NGLs | Natural gas liquids (includes condensate, pentane, butane, propane, and ethane) |
| Condensate | Pentane and heavier hydrocarbons |
| Natural Gas | |
| Mcf | Thousands of cubic feet |
| Mcf/d | Thousands of cubic feet per day |
| MMcf/d | Millions of cubic feet per day |
| MMbtu | Million of British thermal units |
| MMbtu/d | Million of British thermal units per day |
| Oil Equivalent | |
| Boe | Barrels of oil equivalent |
| Boe/d | Barrels of oil equivalent per day |
Disclosure provided herein in respect of a boe may be misleading, particularly if used in isolation. A boe conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent has been used for the calculation of boe amounts in the news release. This boe conversion rate is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
NON-GAAP AND OTHER FINANCIAL MEASURES
This news release refers to certain measures that are not determined in accordance with IFRS (or "GAAP"). These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered alternatives to, or more meaningful than, financial measures that are determined in accordance with IFRS as indicators of the Company's performance. Management believes that the presentation of these non-GAAP and other financial measures provides useful information to shareholders and investors in understanding and evaluating the Company's ongoing operating performance, and the measures provide increased transparency to better analyze the Company's performance against prior periods on a comparable basis.
Non-GAAP Financial Measures
Adjusted funds flow (used)
Management uses adjusted funds flow (used) to analyze performance and considers it a key measure as it demonstrates the Company's ability to generate the cash necessary to fund future capital investments and abandonment obligations and to repay debt, if any. Adjusted funds flow (used) is a non-GAAP financial measure and has been defined by the Company as cash flow from (used in) operating activities excluding the change in non-cash working capital related to operating activities, movements in restricted cash deposits and expenditures on decommissioning obligations. Management believes the timing of collection, payment or incurrence of these items involves a high degree of discretion and as such may not be useful for evaluating the Company's cash flows. Adjusted funds flow (used) is reconciled from cash flow from (used in) operating activities as follows:
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30 | September 30 | |||||||||||
| ($000s) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Cash flow used in operating activities | (3,730 | ) | (2,553 | ) | (954 | ) | (3,830 | ) | ||||
| Add (deduct): | ||||||||||||
| Decommissioning expenditures | 790 | 925 | 1,266 | 1,677 | ||||||||
| Change in restricted cash deposits | 2,139 | - | 2,985 | (784 | ) | |||||||
| Change in non-cash working capital | 594 | 855 | (2,164 | ) | 854 | |||||||
| Adjusted funds flow (used) (non-GAAP) | (207 | ) | (773 | ) | 1,133 | (2,083 | ) | |||||
Net transportation expenses
Management considers net transportation expenses an important measure as it demonstrates the cost of utilized transportation related to the Company's production. Net transportation expenses is calculated as transportation expenses less unutilized transportation and is calculated as follows:
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30 | September 30 | |||||||||||
| ($000s) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Transportation expenses | 1,055 | 654 | 2,426 | 1,250 | ||||||||
| Unutilized transportation | (757 | ) | (525 | ) | (1,504 | ) | (773 | ) | ||||
| Net transportation expenses (non-GAAP) | 298 | 129 | 922 | 477 | ||||||||
Operating netback
Management considers operating netback an important measure as it demonstrates its profitability relative to current commodity prices. Operating netback is calculated as oil and natural gas sales less royalties, operating expenses, and net transportation expenses and is calculated as follows:
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30 | September 30 | |||||||||||
| ($000s) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Oil and natural gas sales | 2,362 | 679 | 9,192 | 2,459 | ||||||||
| Royalties | (383 | ) | (152 | ) | (1,878 | ) | (623 | ) | ||||
| Operating expenses | (767 | ) | (350 | ) | (2,549 | ) | (1,249 | ) | ||||
| Net transportation expenses | (298 | ) | (129 | ) | (922 | ) | (477 | ) | ||||
| Operating netback (non-GAAP) | 914 | 48 | 3,843 | 110 | ||||||||
Capital expenditures
Coelacanth utilizes capital expenditures as a measure of capital investment on property, plant, and equipment, exploration and evaluation assets and property acquisitions compared to its annual budgeted capital expenditures. Capital expenditures are calculated as follows:
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30 | September 30 | |||||||||||
| ($000s) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Capital expenditures - property, plant, and equipment | 396 | 15,785 | 973 | 22,344 | ||||||||
| Capital expenditures - exploration and evaluation assets | 15,364 | 15,391 | 18,572 | 17,613 | ||||||||
| Capital expenditures (non-GAAP) | 15,760 | 31,176 | 19,545 | 39,957 | ||||||||
Capital Management Measures
Adjusted working capital
Management uses adjusted working capital as a measure to assess the Company's financial position. Adjusted working capital is calculated as current assets and restricted cash deposits less current liabilities, excluding the current portion of decommissioning obligations.
| ($000s) | September 30, 2024 | December 31, 2023 | ||||
| Current assets | 49,905 | 87,616 | ||||
| Less: | ||||||
| Current liabilities | (14,235 | ) | (28,754 | ) | ||
| Working capital | 35,670 | 58,862 | ||||
| Add: | ||||||
| Restricted cash deposits | 10,001 | 6,784 | ||||
| Current portion of decommissioning obligations | 1,593 | 1,943 | ||||
| Adjusted working capital (Capital management measure) | 47,264 | 67,589 |
Non-GAAP Financial Ratios
Adjusted Funds Flow (Used) per Share
Adjusted funds flow (used) per share is a non-GAAP financial ratio, calculated using adjusted funds flow (used) and the same weighted average basic and diluted shares used in calculating net loss per share.
Net transportation expenses per boe
The Company utilizes net transportation expenses per boe to assess the per unit cost of utilized transportation related to the Company's production. Net transportation expenses per boe is calculated as net transportation expenses divided by total production for the applicable period.
Operating netback per boe
The Company utilizes operating netback per boe to assess the operating performance of its petroleum and natural gas assets on a per unit of production basis. Operating netback per boe is calculated as operating netback divided by total production for the applicable period.
Supplementary Financial Measures
The supplementary financial measures used in this news release (primarily average sales price per product type and certain per boe and per share figures) are either a per unit disclosure of a corresponding GAAP measure, or a component of a corresponding GAAP measure, presented in the financial statements. Supplementary financial measures that are disclosed on a per unit basis are calculated by dividing the aggregate GAAP measure (or component thereof) by the applicable unit for the period. Supplementary financial measures that are disclosed on a component basis of a corresponding GAAP measure are a granular representation of a financial statement line item and are determined in accordance with GAAP.
PRODUCT TYPES
The Company uses the following references to sales volumes in the news release:
Natural gas refers to shale gas
Oil and condensate refers to condensate and tight oil combined
Other NGLs refers to butane, propane and ethane combined
Oil and NGLs refers to tight oil and NGLs combined
Oil equivalent refers to the total oil equivalent of shale gas, tight oil, and NGLs combined, using the conversion rate of six thousand cubic feet of shale gas to one barrel of oil equivalent.
The following is a complete breakdown of sales volumes for applicable periods by specific product types of shale gas, tight oil, and NGLs:
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30 | September 30 | |||||||||||
| Sales Volumes by Product Type | 2024 | 2023 | 2024 | 2023 | ||||||||
| Condensate (bbls/d) | 33 | 4 | 36 | 6 | ||||||||
| Other NGLs (bbls/d) | 33 | 7 | 36 | 12 | ||||||||
| NGLs (bbls/d) | 66 | 11 | 72 | 18 | ||||||||
| Tight oil (bbls/d) | 188 | 35 | 232 | 40 | ||||||||
| Condensate (bbls/d) | 33 | 4 | 36 | 6 | ||||||||
| Oil and condensate (bbls/d) | 221 | 39 | 268 | 46 | ||||||||
| Other NGLs (bbls/d) | 33 | 7 | 36 | 12 | ||||||||
| Oil and NGLs (bbls/d) | 254 | 46 | 304 | 58 | ||||||||
| Shale gas (mcf/d) | 3,450 | 929 | 3,702 | 1,208 | ||||||||
| Natural gas (mcf/d) | 3,450 | 929 | 3,702 | 1,208 | ||||||||
| Oil equivalent (boe/d) | 829 | 201 | 921 | 259 | ||||||||
FORWARD-LOOKING INFORMATION
This document contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "should", "believe", "intends", "forecast", "plans", "guidance" and similar expressions are intended to identify forward-looking statements or information.
More particularly and without limitation, this news release contains forward-looking statements and information relating to the Company's oil and condensate, other NGLs, and natural gas production, capital programs, and adjusted working capital. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the availability of capital to undertake planned activities, and the availability and cost of labour and services.
Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs, and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty, and environmental legislation. The forward-looking statements and information contained in this document are made as of the date hereof for the purpose of providing the readers with the Company's expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Coelacanth is an oil and natural gas company, actively engaged in the acquisition, development, exploration, and production of oil and natural gas reserves in northeastern British Columbia, Canada.
Further Information
For additional information, please contact:
Coelacanth Energy Inc.
Suite 2110, 530 - 8th Avenue SW
Calgary, Alberta T2P 3S8
Phone: (403) 705-4525
www.coelacanth.ca
Mr. Robert J. Zakresky
President and Chief Executive Officer
Mr. Nolan Chicoine
Vice President, Finance and Chief Financial Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230803
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About BPH Energy Limited:
BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.
The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.
BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.
BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).
Source:
BPH Energy Limited
Contact:
David Breeze
admin@bphenergy.com.au
www.bphenergy.com.au
T: +61 8 9328 8366
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Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) ("Alvopetro" or the "Company") announces the annual rolling grants of long-term incentive compensation to officers, directors and employees under Alvopetro's Omnibus Incentive Plan. A total of 251,000 stock options, 213,000 restricted share units ("RSUs") and 68,000 deferred share units ("DSUs") were granted on November 15, 2024 . Of the total grants, 163,000 RSUs and 68,000 DSUs were granted to directors and officers, with no stock options granted to any director or officer. Each stock option, RSU and DSU entitles the holder to purchase one common share. Each stock option granted has an exercise price of C$4.89 being the volume weighted average trading price of Alvopetro's shares on the TSX Venture Exchange for the five (5) consecutive trading days up to and including November 15, 2024 . All stock options, RSUs and DSUs granted expire on November 15, 2029 .
Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil . Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil , building off the development of our Caburé and Murucututu natural gas fields and our strategic midstream infrastructure.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Abbreviations:
C$ = Canadian dollar
SOURCE Alvopetro Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/November2024/15/c7591.html
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