‘Tis the season for second-quarter financial results.
Last week Baytex Energy Corp. (TSX:BTE, Forum), a Calgary-based oil and gas company that operates in Canada and the United States, released its Q2 2021 financial results for the quarter ended June 30.
The company highlighted production of 81,162 boe/d — which translates to 81 per cent oil and natural gas liquids —, and represents a 3 per cent increase from the same period last year.
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Baytex Energy also delivered adjusted funds flow of $175 million, a 12 per cent increase from $157 million from Q1 2021.
Thanks to a strong first half of the year, the company said it is increasing its production guidance to 79,000 and 80,000 be/d, up from its previous production guidance of 77,000 to 79,000 boe/d.
Meanwhile exploration and development expenditures continue to be in the $285 million to $315 million range.
Just like Baytex Energy, Suncor Energy Inc (TSX:SU, Forum), one of Canada’s largest integrated energy companies, released its Q2 2021 financial results on July 28. According to the press release, the company generated C$$2.4 billion in funds from operations during Q1 compared to $488 million in the same quarter last year.
Suncor also had a successful quarter at its Syncrude and Buzzard operations as well as all of its refineries. Over the quarter the company had refinery utilization of roughly 94 per cent.
The company also put itself in a strong position with four industry partners by representing 90 per cent of Canada’s oil sands production, which falls in line with Suncor’s future growth strategy by accelerating its greenhouse gas emissions reduction targets, growing its business in low GHG fuels, electricity and hydrogen, sustaining and optimizing its base business and transforming its GHG footprint to be a net-zero company by 2050.
Headquartered in Vancouver, BC, Reconaisance Energy Africa Ltd. (TSXV:RECO, Forum) announced on July 30 that it had begun a 450km 2D seismic program and acommunity water well drilling campaign in the Kavango basin of NE Namibia.
According to the announcement, the seismic program is the first seismic acquisition program to ever be done in the Kavango Basin. Following the success of the first two drilled statigraphic wells which confirmed an active conventional petroleum system within the basin, this program is intended to delineate potential traps and hydrocarbon reservoirs.
At least 95 per cent of the program will be done on existing roads over 10 seismic lines. The first line, which is near the village of Koro, has now moved into full acquisition.
As always, the technology space continues to buzz thanks to companies like Datametrex AI Ltd. (TSX-V: DM, Forum).
The Toronto-based technology company announced on August 4 that it had bid on a C$40 million artificial intelligence contract in Canada and that it had passed through to the second round in the Canadian AI bid.
"Canada is an important market for the Company's AI business and we are pleased to enter into this bidding process on this contract supporting expansion of artificial intelligence in Canada while continuing our global roll-out activities and the introduction of even further technologically advanced Ai to the market,” Marshall Gunter, CEO of Datametrex, said in a press release.
KONTROL Technologies Corp. (NEO:KNR, Forum) announced on August 4 that it had enetred into an exclusive reseller agreement with Marshall Communications, a subsidiary of Mission Solutions Group, for the sale of its Smart-Suite products through NASA SEWP-V and NIH CIO-CSS contract vehicles. The products will help facility and building managers better faciliate building operations and mangement.
"We are pleased to get this Smart-Suite capability out to the market as it can help building and property managers operate their facilities in a much-more efficient and effective manner," Damon Walsh, CEO ff Marshall Communications, said in a press release. "We're also pleased to help Kontrol expand its operations into the U.S. market space."
Closing out the technology sector is Fobi AI Inc. (TSXV:FOBI, Forum), a Vancouver-based technology company that has developed a proprietary platform that harnesses the power of AI to deliver retail insights to brands and brick and mortar businesses.
Fobi AI announced on July 29 that its Fobi Wallet Pass had once again been chosen for bdG Sports' invite-only global event at the Baha Mar Convention Center in Nassa Bahamas, which will take place between November 22 and 27.
The company's platform will be usedfor ticketing, admission, and fan engagement both live and at home. Fobi will earn significant revenue from this event through the event license, ticket fees and fan activations both live and at home, including nationally televised and digital audiences across the United States during the designated time frame.
Shifting gears into the healthcare sector, Therma Bright Inc. (TSXV:THRM, Forum) announced on July 29 that it had applied to list its shares on the OTCQ market in addition to full eligibilty through the Depositry Trust Company.
Therma Bright is developing its smart-enabled AcuVid COVID-19 Rapid Antigen Saliva Test and currently traes on the OTC Pink Sheets under ticker symbol THRBF. An uplisting to the OTCQB markets would give the company visibility to high-quality investors.
To be eligible for an uplisting, companies must meet high financial standards, follow best practice corporate governance and have professional third-party sponsor introduction among other things.
Antibe Therapeutics Inc. (TSX:ATE, Forum)revealed on August 3 that it had to pause its Otenaproxesul study because a pre-specified safety threshold was exceeded.
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A total of 42 subjects were enrolled on either a 75 mg or 100 mg daily dose of otenaproxesul. out of the 42 subjects, 35 completed the 28-day drug administration period, with seven subjects having been administered the drug for 21 days. Three participants in the 100 mg cohort demonstrated liver transaminase elevations which were five times higher than normal. As a result of this, the study was paused.
Closing out this week's Buzz on the Bullboards is Nanaimo, BC-based cannabis licensed producer Tilray Inc. (NASDAQ: TLRY, Forum). The company announced that its subsidary SweetWater Brewing Company will be expanding across the state of Michigan, effectively making it the 11th largest craft brewer dipping its toes in the Great Lake states.
Thanks to the expansion, SweetWater's craft brews, which are distributed by O&W Inc., are now available to buy on draft and in cans at local restaurants, bars, grocery chains, liquor stores and other similar establishments.
"SweetWater's latest venture into Michigan is an exciting one, and we're thrilled new brew drinkers can now embrace our motto "Don't Float the Mainstream!" with us," Brian Miesieski, Chief Marketing Officer at SweetWater, said in a release. "By September, SweetWater beers are expected to be available in every state east of Colorado. We're working hard to make it a reality for craft beer lovers from coast to coast to have the chance to enjoy an always fresh, and always tasty brew with the stand-out, high-quality beer SweetWater is known to deliver."
For previous editions of Buzz on the Bullboards: click here.