US Energy Corp. announces its operating results
HOUSTON – US Energy Corp. announced its financial and operating results for the first quarter ended March 31.
US Energy produced volumes of 25,905 boe, an average of about 288 boe per day. Oil accounted for 84% of total production in the first quarter, and the company’s oil production was up about 21% from the fourth quarter.
The company’s production in the first quarter of 2021, particularly natural gas volumes from unused properties, was negatively affected by extreme winter conditions. All properties have since been put back into production.
Usio announces record financial results
SAN ANTONIO – Usio Inc. announced financial results for the first quarter, which ended March 31.
Revenue for the quarter ended March 31 increased 73% to $ 13.5 million, reflecting growth in each of our ACH, credit card and prepaid business lines, as well as a full quarter of revenues from Usio Output Solutions, acquired in December.
Excluding the sales results of Usio Output Solutions, organic growth was 24.6% compared to the same period last year.
Quantum Energy Partners provides an update on recent improvements to the ESG program
HOUSTON – Quantum Energy Partners has announced a series of enhancements to its long-standing environmental, social and governance initiatives.
Quantum hired Keila Hand to join its management team and lead ESG. Hand previously led Crown Holding’s Global Sustainably program.
In the past six months, Quantum has become a signatory of the Principles for Responsible Investment. Quantum will also incorporate recommendations from major agencies and non-governmental organizations.
Quantum has become a signatory of the Institutional Limited Partners Association’s new Diversity in Action initiative.
Quantum also reported on its continued collaboration with the Environmental Defense Fund on best practices in methane detection and reporting.
In 2020, Quantum and EDF collaborated to deliver the first Private Equity Methane Solutions Summit on methane mitigation options and best practices. A second summit will be co-organized by Quantum and EDF, focused on monitoring, quantification and target setting.
Quantum recently invested in two new companies that focus on ESG best practices and implementation across industries: Project Canary and FigBytes.
Contango announces its financial results
FORT WORTH, Texas – Contango Oil & Gas Co. reported its financial results for the first quarter. Strengths include:
• Production sales of 1,773 MBoe for the first quarter, or 19.7 MBoe per day, an increase from 1,720 MBoe, or 18.9 MBoe per day in the previous year quarter.
• Total operating expenses of $ 27.5 million for the quarter and operating expenses excluding production and ad valorem taxes of $ 23.9 million were about halfway through expectations.
• The net loss was $ 4.3 million compared to a net loss of $ 105.3 million (including $ 145.9 million of pre-tax write-downs) in the prior year quarter. Net income before taxes was $ 9.9 million for the current fiscal quarter, compared to a loss of $ 0.4 million for the same quarter last fiscal year.
• Recurring adjusted EBITDA of $ 23.8 million, compared to $ 14.9 million in the prior year quarter.
• Completion of the previously announced acquisition of Mid-Con Energy Partners LP on January 21. A total of 25,409,164 common shares of Contango were issued in consideration for the acquisition.
• Completed the previously announced acquisition of certain properties in the Big Horn Basin in Wyoming and Montana, in the Powder River Basin in Wyoming and in the Permian Basin in Texas and New Mexico for consideration of $ 53.2 million dollars, net of customary closing adjustments. The acquisition closed on February 1.
• The company added Karen Simon and Janet Pasque to its board of directors.
Vaalco Energy Inc.Announces First Quarter Results
HOUSTON – VAALCO Energy Inc. has released its operating and financial results for the first quarter. Strengths include:
• Reported strong first quarter net income of $ 9.9 million ($ 0.17 per diluted share) and adjusted net income of $ 8.7 million ($ 0.15 per diluted share).
• Generated Adjusted EBITDA of $ 18.0 million, more than five times over the fourth quarter.
• Sale of 619,000 barrels of oil in the first quarter, an increase of 113% from the fourth quarter.
• Produced 5,180 barrels of net crude oil interest per day, or 5,954 BOPD direct interest in the first quarter, up 11% from the fourth quarter.
• Closing of the transformational acquisition of Sasol’s direct stake in the Etame field off Gabon on February 25.
• Announcement of the signing of a non-binding letter of intent for a new floating storage and offloading unit with Omni Offshore Terminals Pte Ltd. on the Etame field.
• We entered into crude oil commodity swaps totaling 672,533 barrels at a dated weighted average Brent price of $ 66.51 per barrel for the period May to October.
• Maintained a debt-free balance sheet and a cash balance of $ 19.3 million, including $ 1.7 million in advances to joint ventures as at March 31.
Targa Resources Corp. to participate in investor conferences
HOUSTON – Targa Resources Corp. announced that company representatives will participate in virtual investor meetings on May 19 and 20 for the EIC investor conference.
Ring Energy Reports First Quarter 2021 Results
THE WOODLANDS, Texas – Ring Energy Inc. reported first quarter operating and financial results. Strengths include:
• Sold 7,960 barrels of oil equivalent per day, or 716,422 barrels of oil equivalent (85% oil), in the first quarter, production being strongly impacted by the violent winter storm in February and the temporary downtime linked to the completion of wells and the conversion of electric submersible pumps to rod pumps.
• Reported a net loss of $ 19.1 million, or $ 0.19 per share, and adjusted net income1 of $ 7.0 million, or $ 0.07 per share, in the first quarter.
• Generated adjusted EBITDA1 of $ 19 million for the first quarter.
• Free cash flow generation1 of $ 2.9 million in the first quarter, marking the sixth consecutive quarter of free cash flow generation.
• Further reduction in debt on the Company’s revolving credit facility of $ 7.5 million during the first quarter using a portion of free cash flow.
• Completion of nine CTRs during the first quarter of this year, seven on the northwest plateau and two on the central basin platform.
• Completed and put on production all four wells of the Company’s NWS Phase I drilling program during the first quarter, with all wells completed on schedule.
• Successfully completed drilling operations on the NWS Phase II drilling program, releasing the rig on April 29, with all three wells scheduled to be completed on time and on budget, and on line by now the end of May.
• The company completed the sale and exchange of certain oil and gas interests in Andrews County, Texas with Vin Fisher Operating Inc., effective January 1, with Ring receiving a net cash consideration of $ 2 million.
TPC Group announces a call for results
HOUSTON – TPC Group Inc. posted results for the quarter ending March 31 on its website at noon Friday. It will host a conference call for holders of its 10.5% and 10.875% senior secured notes, analysts and potential investors at 9 a.m. on Thursday.
Financial results and conference call details will be available to current Noteholders and potential investors who register in the Investors section of the TPC Group website, tpcgrp.com.
Yogi Bear’s Jellystone Park to open its first franchise in Utah
CINCINNATI – Yogi Bear’s Jellystone Park Camp-Resorts has signed its first franchise agreement in Utah.
Scott Nielson, founder of Nielson RV, brings the family camping and entertainment brand to Hurricane in Southeast Utah.
Nielson recently sold all three dealership locations to Camping World and is now focused on building a large Jellystone Park. Jellystone Park has over 75 locations across the United States and Canada. Guests choose from a variety of camping and glamping accommodation.
First advertised as the Glampers Inn RV Resort, the 52-acre development will be known as Yogi Bear’s Jellystone Park Camp-Resort in Hurricane Sand Hollow. It will showcase the full range of attractions and activities at Jellystone Park. Families will also enjoy the adjacent Hanalei Bay Water Park, as well as boat, mountain bike and dune buggy rentals.
Construction is expected to begin later this spring, and the first luxury cabins and RV sites are expected to be available this fall.
The new park is located off I-15, two hours north of Las Vegas and four hours south of Salt Lake City. It is adjacent to the Sand Hollow State Park and Reservoir.
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