Wolverine Energy and Infrastructure Inc WEIIF

Wolverine Energy and Infrastructure Inc. is a Canada-based diversified energy and infrastructure service company. Its operations are based in Western Canada and the United States. It services both conventional and renewable energy sectors by providing specialized equipment rental and infrastructure services, including production testing services and rentals, oilfield and energy rentals, heavy equipment rentals, civil/infrastructure construction, and environmental clearing. Its operations include Energy Services USA, Energy Services Canada and Infrastructure Canada. The Energy Services USA operation includes rentals and production testing. It offers a range of tubular and oilfield equipment rentals and sales, from down-hole and surface oilfield equipment to well control and pipe handling equipment. The Energy Services Canada operation includes production testing, water management and surface rentals. The Infrastructure Canada operation includes construction and heavy equipment.

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Wolverine Energy and Infrastructure Inc

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Post by wimboon May 30, 2018 7:12am

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PetroMaroc has cash of $270,000 at March 31

2018-05-29 06:29 ET - News Release

Mr. Dennis Sharp reports

Q1 2018 RESULTS PUBLISHED

PetroMaroc Corp. PLC has released its financial and operating results for the first quarter of 2018.

Commenting, Dennis Sharp, chief executive officer of PetroMaroc, said: "During the quarter the company repaid the principal and interest of the $11.09-million secured debentures in full, following which, the company is debt free. Subsequent to the quarter-end, the company disposed of its residual 4,658,705 Sound Energy PLC ordinary shares, with the cash proceeds totaling $3.3-million. PetroMaroc continues to retain a material upside with its ownership of the Sidi Moktar net profit interests. Sound Energy's near-term Sidi Moktar work commitments include acquiring and processing 500 kilometres of 2-D seismic and a short well test of the Koba-1 well, with the additional optional work program commitments including two exploration wells with a minimum Liassic objective and acquisition and processing 150 square kilometres of 3-D seismic. The Sound Energy work program is well conceived and PetroMaroc remains wholly supportive of management's efforts and strategy.

"Following repayment of the secured debentures, cash balances held and the material upside of the Sidi Moktar net profits interests, the company is now carefully considering potential accretive business development opportunities."

PetroMaroc today filed its financial statements for the quarter ended March 31, 2018, together with its management's discussion and analysis in respect of the company's financial results for the quarter ended March 31, 2018. These documents are available on the PetroMaroc website or under the company's profile on SEDAR.

Highlights

Financial:

General and administrative costs in the first quarter of 2018 totalled $210,000, a 20-per-cent decrease in comparison with the first quarter of 2017 ($270,000).
Cash as at March 31, 2018, was $270,000 ($770,000 as at Dec. 31, 2017).
The company's $11.09-million secured debentures, principal and interest due and payable in full on Jan. 31, 2018, as issued on Dec. 31, 2016, were repaid in full during the quarter subsequent to the aggregated outstanding obligations under the Series 1 10 per cent secured convertible redeemable debentures and the Series 2 15 per cent secured redeemable debentures, owing under the debentures on Jan. 31, 2018, which were $9,783,218, comprising $2,425,866 in respect of the Series 1 debentures and $7,357,352 in respect of the Series 2 debentures. The company satisfied the obligations owing under the debentures by transferring to the holders of the debentures an aggregate of 11,284,801 ordinary shares of Sound Energy PLC, and a cash payment of $272,729.

Subsequent to the quarter-end:

In April, 2018, the company disposed of two million Sound Energy PLC ordinary shares, at an average price of 45 pence per share, with the cash proceeds totalling $1,611,740.
In May, 2018, the company disposed of 2,658,705 Sound Energy PLC ordinary shares, at an average price of 37 pence per share, with the cash proceeds totalling $1,704,510.

As at May 29, 2018, the company's cash balance is $3.4-million.

Operations:

Sidi Moktar onshore:
- The company retains a 10-per-cent net profit interest in any future cash flows from the Kechoula structure within the Sidi Moktar licences, and the company retains a 5-per-cent net profit interest in any future cash flows from structures within the Sidi Moktar licences other than the Kechoula structure.
Zag onshore:
- The company committed to its percentage share of further geophysical studies and the drilling of one exploration well, subject to receiving and approving a satisfactory proposal from San Leon Morocco Ltd., as per the terms of the first extension period as set out in the petroleum agreement dated June 18, 2009, between Office National des Hydrocarbures et des Mines (ONHYM), the operator and Longreach Oil and Gas Ventures Ltd. Following the joint venture not completing the minimum work commitment of the first extension period, a 12-month extension to the first extension period was agreed by the joint venture to May, 2016. During the 12-month extension the company continued to seek a mutually agreed technical, commercial and financial proposal to reduce its financial exposure insofar as possible. In the first quarter of 2017, ONHYM advised the operator and the company that the bank guarantee had been deemed forfeited, and in addition, that the joint venture should pay the residual penalty ($770,000 ($600,000 (U.S.)) net to the company), to ONHYM. The company has accrued $770,000 ($600,000 (U.S.)) based on its working interest in the joint venture but challenges its obligation to pay such amount and has notified ONHYM that a force majeure has occurred pursuant to the Zag petroleum agreement due to financial, commercial and operational challenges on the licence over a number of years. The company will seek to work with ONHYM and the operator to expedite a mutually agreed resolution, however, reserves the right to preserve its rights, which may include legal arbitration.
- Previously capitalized costs, which were impaired in 2014, continue to remain impaired.

Notice of annual and special meeting of shareholders

The company will hold its annual and special meeting of shareholders on Monday, June 25, 2018, beginning at 10:30 a.m. Toronto time at 77 King St. West, Suite 3000, Toronto, Ont., M5K 1G8, to:

Receive the consolidated financial statements of the corporation for the fiscal year ended Dec. 31, 2017, and the auditor's report thereon;
To reappoint Deloitte LLP as the auditor of the corporation for the ensuing year and authorize the directors to fix its remuneration;
To elect directors for the ensuing year;
To consider, and if deemed advisable, to pass, a special resolution approving the continuance of the corporation under the Canada Business Corporations Act;
To consider, and if deemed advisable, to pass, an ordinary resolution approving the new bylaw No. 1 of the corporation;
To consider, and if deemed advisable, to pass, a special resolution approving the name change of the corporation to PetroMaroc Corp.;
To consider, and, if deemed advisable, to confirm and ratify the rolling stock option plan of the corporation.

The corporation will consider any other business that may properly come before the meeting. The record date for determining the holders of the corporation's common share who are entitled to notice of, and to vote at, the annual and special meeting is the close of business on May 22, 2018.

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