Top 5 Oil and Gas Stocks on the TSX and TSXV (Updated April 2024)

Year-to-date gain: 222.7 percent; market cap: C$396.4 million; share price: C$1.07

Sintana Energy, an oil and gas exploration and development company, operates across five highly prospective onshore and offshore petroleum exploration licenses in Namibia and Colombia.

Share prices saw early year tailwinds after the company released two updates on exploration activity in Namibia’s Orange Basin. During the exploration campaign of Petroleum Exploration License 83 (PEL 83) two significant light oil discoveries were made in January.

February saw more share price growth when Sintana was listed on the TSX Venture 50 ranking as the top energy performer.

In mid-March Sintana announced the results of its warrant exercise activity, revealing an approximate 99 percent exercise rate, which generated an additional C$22.5 million in cash resources for the company. A few days later the company reported a third light oil discovery for the quarter in the Orange Basin.

Shares rose to a quarterly high of C$0.58 at the end of March.

Year-to-date gain: 31.8 percent; market cap: C$8.6 billion; current share price: C$31.57

MEG is an energy company with a focus on in situ thermal oil production in Alberta's southern Athabasca oil region. Utilizing innovative enhanced oil recovery projects, including steam-assisted gravity drainage extraction methods, the company aims to increase oil recovery responsibly while reducing carbon emissions.

Shares of MEG spent the three-month session trending higher reaching a Q1 high of C$31.48 at the end of March.

In late February MEG reported its fourth-quarter and full-year 2023 financial and operating results. Included in the results was record annual bitumen production and increased funds flow from operations.

MEG's production outlook for 2024 remains positive, with plans to optimize operations and enhance capital efficiency. Additionally, the company announced a capital allocation strategy focused on debt reduction and returning capital to shareholders.

On March 6, the energy company launched a share buyback program, aiming to repurchase up to 24,007,526 common shares between March 11, 2024, to March 10, 2025. This initiative is part of the company's strategy to enhance shareholder returns and reduce debt.

Year-to-date gain: 29.4 percent; market cap: C$912.9 million; current share price: C$11.79

Obsidian Energy is an intermediate-sized oil and gas producer, with a portfolio of assets that yield approximately 32,000 barrels of oil equivalent per day. The company's primary operations are in the Peace River, Cardium, and Viking regions of Alberta, Canada.

In early January, Obsidian released its full year 2023 results which included a 6 percent year-over-year increase. Later in the month the Calgary-based company provided the results of a 2023 independent reserves evaluation.

“We replaced 124 percent of 2023 production on a proved developed producing (PDP) basis, 157 percent on a total proved (1P) basis and 217 percent on a total proved plus probable (2P) basis,” the statement read.

In February Obsidian announced the completion of the first half 2024 capital program, highlighting ongoing development in the Willesden Green/Pembina assets in Cardium and exploration and appraisal activity in the Clearwater and Bluesky formations in Peace River.

Additionally, Optimization of Viking wells drilled in late 2023 yielded strong production results.

“Current production has surpassed 36,500 barrels of oil equivalent per day (boe/d) based on field estimates. Despite production impacts from January's cold weather, operations have resumed normalcy, with production slightly exceeding planned targets year-to-date, aided by strong initial rates from wells brought online in February,” the company said.

In March, Obsidian successfully completed a previously announced offer to purchase 2 million of its outstanding senior unsecured notes.

Share reached a quarterly high on March 31 and were trading for C$11.26.

Year-to-date gain: 23.94 percent; market cap: C$99.4 million; current share price: C$1.76

Condor Energies concentrates on the exploration, development, and production of natural gas resources across Turkey, Kazakhstan, and Uzbekistan. Notably, the company is currently building Central Asia's inaugural liquefied natural gas facility.

Furthermore, in mid-2023, it disclosed the procurement of a lithium brine mining license in Kazakhstan.

In late January Condor secured a natural gas allocation from the Government of Kazakhstan for its maiden modular liquefied natural gas (LNG) production facility. The gas allocation will be instrumental in liquefying feed gas to produce up to 350 tonnes per day of LNG, equivalent to about 210,000 gallons per day, the company said.

Condor shares rose to a quarterly high of C$2.76 on February 20.

In March, the energy company began a production enhancement operation for eight natural gas-condensate fields in Uzbekistan. Gas output will be directed to the domestic market through state entity agreements. Condor has agreed to cover project costs and receive a share of the generated revenues. The production increase plans will be facilitated through several measures including artificial lift and drilling programs, exploring deeper horizons, and conducting seismic reprocessing.