Board Change • Feb 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Dale Shwed was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 17
Vitesse Energy, Inc. (NYSE:VTS) entered into a definitive agreement to acquire Lucero Energy Corp. (TSXV:LOU) from M. Bruce Chernoff, FR XIII PetroShale Holdings L.P managed by First Reserve Management, L.P. and others for approximately $230 million. Vitesse Energy, Inc. (NYSE:VTS) entered into a definitive agreement to acquire Lucero Energy Corp. (TSXV:LOU) from M. Bruce Chernoff, FR XIII PetroShale Holdings L.P managed by First Reserve Management, L.P. and others for approximately $230 million on December 16, 2024. In this all-stock transaction, each outstanding common share of Lucero will be exchanged for 0.01239 of a share of Vitesse common stock, with approximately 8,175,000 shares of common stock expected to be issued at closing. After closing, existing Vitesse stockholders are expected to own approximately 80% and existing Lucero shareholders are expected to own approximately 20% of the Company on a fully diluted basis. Following closing, acquisition of Lucero is expected to be immediately accretive to Vitesse’s earnings, operating cash flow, free cash flow and net asset value. Upon closing, this acquisition strengthens Vitesse’s financial position with expected near-term Net Debt to Adjusted EBITDA ratio of ~0.3x. The transaction has been unanimously approved by the boards of directors of both companies. The transaction is subject to approved by the shareholders of both companies. The transaction is subject to approval of the Court of King's Bench of Alberta, the listing of shares of Vitesse’s stock to be issued in the transaction on NYSE and certain other approvals. The transaction is expected to close by the second quarter of 2025.
RBC Capital Markets Inc. acted as financial advisor and fairness opinion provider to Lucero Energy. Peters & Co., Limited acted as financial advisor and fairness opinion provider to Lucero Energy. Burnet, Duckworth & Palmer LLP acted as legal advisor to Lucero Energy. Davis Graham & Stubbs LLP acted as legal advisor to Lucero Energy. Blake, Cassels & Graydon LLP acted as legal advisor to Vitesse. Baker Botts L.L.P. acted as legal advisor to Vitesse. Evercore Partners Canada Ltd. acted as financial advisor and fairness opinion provider to Vitesse. Jefferies LLC acted as financial advisor to Vitesse. Buy Or Sell Opportunity • Dec 17
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to CA$0.42. The fair value is estimated to be CA$0.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: CA$0.01 (vs CA$0.02 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.01 (down from CA$0.02 in 3Q 2023). Revenue: CA$32.9m (down 25% from 3Q 2023). Net income: CA$4.66m (down 65% from 3Q 2023). Profit margin: 14% (down from 31% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 1.3% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Nov 07
Lucero Energy Corp. Maintains Production Guidance for the Year 2024 Lucero Energy Corp. maintained production guidance for the year 2024. For the year, the company expects annual average production of approximately 9,700 Boe/d (weighted as to 50% light oil, 25% NGL and 25% natural gas) with an exit (Q4 2024 average) production rate of approximately 10,300 Boe/d. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: CA$0.01 (vs CA$0.016 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.01 (down from CA$0.016 in 2Q 2023). Revenue: CA$38.3m (down 22% from 2Q 2023). Net income: CA$9.31m (down 12% from 2Q 2023). Profit margin: 24% (up from 22% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Jun 27
Lucero Energy Corp. to Report Q2, 2024 Results on Aug 08, 2024 Lucero Energy Corp. announced that they will report Q2, 2024 results on Aug 08, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: CA$0.01 (vs CA$0.028 in 1Q 2023) First quarter 2024 results: EPS: CA$0.01 (down from CA$0.028 in 1Q 2023). Revenue: CA$42.5m (down 22% from 1Q 2023). Net income: CA$9.24m (down 50% from 1Q 2023). Profit margin: 22% (down from 34% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Announcement • May 18
Lucero Energy Corp. Provides Production Guidance for the Year 2024 Lucero Energy Corp. provided production guidance for the year 2024. For the year, the company expects annual average production of approximately 10,100 Boepd and drive an exit production rate of approximately 10,300 Boepd, representing year-over-year production growth of 3% while maintaining the corporate production decline profile at approximately 30%. Price Target Changed • Apr 30
Price target increased by 7.4% to CA$0.87 Up from CA$0.81, the current price target is an average from 9 analysts. New target price is 35% above last closing price of CA$0.64. Stock is up 33% over the past year. The company is forecast to post earnings per share of CA$0.10 for next year compared to CA$0.09 last year. Major Estimate Revision • Apr 24
Consensus EPS estimates increase by 25% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from CA$0.08 to CA$0.10. Revenue forecast unchanged at CA$234.5m. Net income forecast to grow 160% next year vs 7.5% growth forecast for Oil and Gas industry in Canada. Consensus price target up from CA$0.81 to CA$0.86. Share price was steady at CA$0.65 over the past week. Reported Earnings • Mar 24
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: CA$0.09 (down from CA$0.12 in FY 2022). Revenue: CA$192.1m (down 24% from FY 2022). Net income: CA$59.3m (down 26% from FY 2022). Profit margin: 31% (down from 32% in FY 2022). The decrease in margin was driven by lower revenue. Combined production Oil equivalent production: 3.894 MMboe (3.969 MMboe in FY 2022) Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Lucero Energy Corp. to Report Q1, 2024 Results on May 16, 2024 Lucero Energy Corp. announced that they will report Q1, 2024 results After-Market on May 16, 2024 Announcement • Feb 29
Lucero Energy Corp., Annual General Meeting, May 23, 2024 Lucero Energy Corp., Annual General Meeting, May 23, 2024. Buying Opportunity • Dec 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be CA$0.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Dec 15
Lucero Energy Corp. Provides Production Guidance for the Year 2024 Lucero Energy Corp. provided production guidance for the year 2024. For the year, the company expects annual average production of approximately 10,100 Boepd and drive an exit production rate of approximately 10,300 Boepd, representing year-over-year production growth of 3% while maintaining the corporate production decline profile at approximately 30%. Announcement • Dec 14
Lucero Energy Corp. to Report Q4, 2023 Results on Mar 12, 2024 Lucero Energy Corp. announced that they will report Q4, 2023 results After-Market on Mar 12, 2024 Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: CA$0.02 (vs CA$0.045 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.02 (down from CA$0.045 in 3Q 2022). Revenue: CA$47.8m (down 25% from 3Q 2022). Net income: CA$13.3m (down 55% from 3Q 2022). Profit margin: 28% (down from 47% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 88% per year, which means it is significantly lagging earnings growth. Announcement • Nov 14
Lucero Energy Corp. Provides Production Guidance for the Year 2023 Lucero Energy Corp. provided production guidance for the year 2023. For the year, the company expects Average Production to be 10,600 Boepd (previously 10,500 Boepd). Exit Production to be 10,000 Boepd (previously 9,900 Boepd). Recent Insider Transactions • Oct 08
Insider recently sold CA$97k worth of stock On the 5th of October, Shane Manchester sold around 154k shares on-market at roughly CA$0.63 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Recent Insider Transactions Derivative • Sep 21
President exercised options to buy CA$1.5m worth of stock. On the 13th of September, Brett Herman exercised options to buy 2m shares at a strike price of around CA$0.67, costing a total of CA$1.5m. This transaction amounted to 20% of their direct individual holding at the time of the trade. Since June 2023, Brett has owned 11.04m shares directly. Company insiders have collectively bought CA$4.0m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Aug 27
Lucero Energy Corp. to Report Q3, 2023 Results on Nov 13, 2023 Lucero Energy Corp. announced that they will report Q3, 2023 results Pre-Market on Nov 13, 2023 Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: CA$0.02 (vs CA$0.039 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.02 (down from CA$0.039 in 2Q 2022). Revenue: CA$53.9m (down 22% from 2Q 2022). Net income: CA$10.6m (down 59% from 2Q 2022). Profit margin: 20% (down from 37% in 2Q 2022). Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 1.7% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 69% per year, which means it is significantly lagging earnings growth. Announcement • Jun 18
Lucero Energy Corp. Revises Production Guidance for the Year 2023 Lucero Energy Corp. revised production guidance for the year 2023. For the year, the company expects 2023 average production of 10,500 Boepd compared to previous guidance of 11,500 Boepd. The company also expects 2023 exit production of 9,900 Boepd compared to previous guidance of 12,000 Boepd. Announcement • May 11
Lucero Energy Corp. Provides Production Guidance for the Year 2023 Lucero Energy Corp. provided production guidance for the year 2023. For the year, the company expects Average Production to be greater than 11,500 Boepd (approx. 80% light oil and natural gas liquids). Exit Production to be greater than 12,000 Boepd (approx. 80% light oil and natural gas liquids). Reported Earnings • May 11
First quarter 2023 earnings released: EPS: CA$0.03 (vs CA$0.01 in 1Q 2022) First quarter 2023 results: EPS: CA$0.03 (up from CA$0.01 in 1Q 2022). Revenue: CA$60.6m (down 4.1% from 1Q 2022). Net income: CA$18.5m (up 214% from 1Q 2022). Profit margin: 31% (up from 9.3% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 30% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 11
Full year 2022 earnings released: EPS: CA$0.12 (vs CA$0.002 loss in FY 2021) Full year 2022 results: EPS: CA$0.12 (up from CA$0.002 loss in FY 2021). Revenue: CA$251.5m (up 48% from FY 2021). Net income: CA$80.5m (up CA$81.3m from FY 2021). Profit margin: 32% (up from net loss in FY 2021). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 2.5% decline forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Announcement • Dec 16
Lucero Energy Corp. Provides Production Guidance for the Years 2022 and 2023 Lucero Energy Corp. provided production guidance for the years 2022 and 2023. For the year 2022, the company annual average production of approximately 10,850 boepd (80% weighted to light oil & natural gas liquids) and drive an exit production rate of 11,000 boepd (80% light oil and natural gas liquids).For the year 2023, the company annual average production of approximately 11,500 boepd (80% weighted to light oil & natural gas liquids) and drive an exit production rate of 12,000 boepd (80% light oil and natural gas liquids), representing year-over-year production growth of 9% while maintaining the corporate production decline profile at less than 30%. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: CA$0.05 (vs CA$0.029 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.05 (up from CA$0.029 in 3Q 2021). Revenue: CA$76.4m (up 52% from 3Q 2021). Net income: CA$29.8m (up 99% from 3Q 2021). Profit margin: 39% (up from 30% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Canada are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 23
Price target decreased to CA$1.24 Down from CA$1.35, the current price target is an average from 5 analysts. New target price is 114% above last closing price of CA$0.58. Stock is up 147% over the past year. The company posted a net loss per share of CA$0.0019 last year. Announcement • Aug 06
Lucero Energy Corp. Re-Affirms Production Guidance for the Year 2022 Lucero Energy Corp. re-affirmed production guidance for the year 2022. The Company is maintaining previous 2022 production guidance which anticipates average production ranging between 10,500 - 11,000 boepd (approximately 80% light oil and natural gas liquids) and an exit rate of 11,000 boepd (approximately 80% light oil and natural gas liquids). Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: CA$0.04 (vs CA$0.007 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.04 (up from CA$0.007 in 2Q 2021). Revenue: CA$68.9m (up 108% from 2Q 2021). Net income: CA$25.8m (up CA$22.2m from 2Q 2021). Profit margin: 38% (up from 11% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 38%, compared to a 83% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Recent Insider Transactions Derivative • Jul 17
Independent Director exercised options to buy CA$50k worth of stock. On the 8th of July, David Rain exercised options to buy 84k shares at a strike price of around CA$0.72, costing a total of CA$61k. This transaction amounted to 6.2% of their direct individual holding at the time of the trade. Since December 2021, David has owned 1.35m shares directly. Company insiders have collectively bought CA$546k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Jun 17
Price target increased to CA$1.36 Up from CA$1.26, the current price target is an average from 4 analysts. New target price is 72% above last closing price of CA$0.79. Stock is up 172% over the past year. The company posted a net loss per share of CA$0.0019 last year. Recent Insider Transactions Derivative • Jun 04
Director exercised options to buy CA$395k worth of stock. On the 2nd of June, Jacob Roorda exercised options to buy 520k shares at a strike price of around CA$0.76, costing a total of CA$395k. This transaction amounted to 18% of their direct individual holding at the time of the trade. Since December 2021, Jacob's direct individual holding has increased from 2.17m shares to 3.44m. Company insiders have collectively bought CA$485k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: CA$0.01 (vs CA$0.24 loss in 1Q 2021) First quarter 2022 results: EPS: CA$0.01 (up from CA$0.24 loss in 1Q 2021). Revenue: CA$69.0m (up 95% from 1Q 2021). Net income: CA$5.89m (up CA$50.3m from 1Q 2021). Profit margin: 8.5% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 37%, compared to a 89% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • May 19
PetroShale Inc. Provides Production Guidance for the Year 2022 PetroShale Inc. provided production guidance for the year 2022. 2022E Average: 10,500 – 11,000 boepd (85% light oil and liquids) and 2022E Exit: 11,000 boepd (85% light oil and liquids). Announcement • Mar 31
PetroShale Inc., Annual General Meeting, May 19, 2022 PetroShale Inc., Annual General Meeting, May 19, 2022. Reported Earnings • Mar 18
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: CA$0.002 loss per share (up from CA$0.33 loss in FY 2020). Revenue: CA$169.6m (up 61% from FY 2020). Net loss: CA$828.0k (loss narrowed 99% from FY 2020). Oil sales price Average sales price/bbl: US$83.16 Gas sales price Average sales price/mcf: US$2.15 LNG sales price Average sales price/bbl: US$16.00 Combined production and costs Oil equivalent production: 3.85 MMboe (4.731 MMboe in FY 2020) Average production cost/Boe: US$11.83 (US$7.80/Boe in FY 2020) Revenue missed analyst estimates by 16%. Over the next year, revenue is forecast to grow 45%, compared to a 67% growth forecast for the oil industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • Feb 03
PetroShale Inc. announced that it has received CAD 54.5 million in funding On February 2, 2022, PetroShale Inc. closed the transaction. Announcement • Jan 16
Petroshale Inc. Provides Production Guidance for the Year 2022 PetroShale Inc. provided production guidance for the year 2022. For the period, the company expects with the strong performance of the company's underlying production base anticipates that the USD 45 million (CDN 57 million) 2022 capital budget will result in 2022 average production between 10,500-11,000 boepd (85% light oil & natural gas liquids) and exit guidance of 11,000 boepd (85% light oil and natural gas liquids) while improving the production decline profile below 25% by year end. Announcement • Jan 14
PetroShale Inc. announced that it expects to receive CAD 54.5 million in funding PetroShale Inc. announced a non-brokered private placement of 23,750,000 units at a price of CAD 0.40 per unit for gross proceeds of CAD 9,500,000 and brokered private placement on a commercially reasonable efforts basis of 112,500,000 common shares at a price of CAD 0.40 per share for gross proceeds of CAD 45,000,000; for aggregate proceeds of CAD 54,500,000 on January 13, 2022. Each unit will be comprised of one common share and one warrant entitling the holder to purchase one common share at a price of CAD 0.475 per share for a period of 5 years from the issuance date. All securities issued in connection with the private placements will be subject to a Canadian statutory hold period of four months plus one day from the respective date of closing. Completion of the transaction, is subject to certain conditions, including the approval of the TSX Venture Exchange, and is expected to occur on or about February 2, 2022 Recent Insider Transactions Derivative • Dec 15
Insider exercised options to buy CA$73k worth of stock. On the 9th of December, Antonio Izzo exercised options to buy 193k shares at a strike price of around CA$0.32, costing a total of CA$62k. This transaction amounted to 15% of their direct individual holding at the time of the trade. Since March 2021, Antonio's direct individual holding has increased from 774.06k shares to 1.27m. Company insiders have collectively bought CA$465k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Nov 24
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: CA$0.03 (up from CA$0.048 loss in 3Q 2020). Revenue: CA$48.1m (up 98% from 3Q 2020). Net income: CA$15.0m (up CA$24.1m from 3Q 2020). Profit margin: 31% (up from net loss in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Price Target Changed • Oct 23
Price target increased to CA$0.47 Up from CA$0.40, the current price target is provided by 1 analyst. New target price is 19% above last closing price of CA$0.40. Stock is up 264% over the past year. The company posted a net loss per share of CA$0.33 last year. Reported Earnings • Aug 20
Second quarter 2021 earnings released: EPS CA$0.01 (vs CA$0.12 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: CA$9.67m (down 46% from 2Q 2020). Net income: CA$3.58m (up CA$26.7m from 2Q 2020). Profit margin: 37% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Announcement • Aug 20
Petroshale Inc. Provides Production Guidance for the Year 2021 PetroShale Inc. provided production guidance for the year 2021. For the year, the company expected average annual 2021 production remaining between 10,500 Boe/d and 11,500 Boe/d. Price Target Changed • Jul 10
Price target increased to CA$0.40 Up from CA$0.35, the current price target is provided by 1 analyst. New target price is 31% above last closing price of CA$0.30. Stock is up 118% over the past year. Executive Departure • Jul 01
Independent Director Kenneth McCagherty has left the company On the 25th of June, Kenneth McCagherty's tenure as Independent Director ended after 7.6 years in the role. As of March 2021, Kenneth still personally held 360.28k shares (CA$67k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • May 24
First quarter 2021 earnings released The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: CA$14.6m (down 59% from 1Q 2020). Net loss: CA$44.4m (loss widened 157% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Announcement • May 21
PetroShale Inc. Provides Production Guidance for the Year 2021 PetroShale Inc. provided production guidance for the year 2021. The company expects to maintain production volumes between 10,500 Boe/d and 11,500 Boe/d on average during the year 2021. Recent Insider Transactions Derivative • Apr 10
Independent Director exercised options to buy CA$70k worth of stock. On the 7th of April, Kenneth McCagherty exercised options to buy 360k shares at a strike price of around CA$0.20, costing a total of CA$72k. This transaction amounted to 100% of their direct individual holding at the time of the trade. Since June 2020, Kenneth's direct individual holding has increased from 353.34k shares to 360.28k. Company insiders have collectively bought CA$105k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Apr 10
PetroShale Inc. announced that it has received CAD 24.149407 million in funding On April 8, 2021, PetroShale Inc. (TSXV:PSH) closed the transaction. The company issued 120,747,035 common shares for gross proceeds of CAD 24,149,407. The transaction included participation from FR XIII PetroShale Holdings L.P. for 50,000,000 shares and a company of which M Bruce Chernoff, Executive Chairman and a director of the company, is a significant shareholder, for 70,747,035 shares. The common shares issued will be subject to a hold period of four month plus one day. Reported Earnings • Mar 25
Full year 2020 earnings released: CA$0.33 loss per share (vs CA$0.08 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: CA$102.1m (down 15% from FY 2019). Net loss: CA$62.0m (down CA$77.3m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 30 percentage points per year, which is a significant difference in performance. Announcement • Mar 25
PetroShale Inc. Provides Production Guidance for the Year 2021 PetroShale Inc. provided production guidance for the year 2021. For the year, it is anticipated to result in average 2021 production between 10,500 and 11,500 Boe/d. Announcement • Mar 16
PetroShale Inc. to Report Fiscal Year 2020 Final Results on Mar 23, 2021 PetroShale Inc. announced that they will report fiscal year 2020 final results on Mar 23, 2021 Is New 90 Day High Low • Feb 12
New 90-day high: CA$0.24 The company is up 133% from its price of CA$0.10 on 13 November 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 24% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: CA$0.21 The company is up 126% from its price of CA$0.095 on 22 October 2020. The Canadian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 28% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: CA$0.21 The company is up 110% from its price of CA$0.10 on 14 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 25% over the same period. Reported Earnings • Nov 28
Third quarter 2020 earnings released: CA$0.049 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: CA$24.3m (down 36% from 3Q 2019). Net loss: CA$9.13m (down 283% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has fallen by 61% per year, which means it is performing significantly worse than earnings. Announcement • Nov 26
PetroShale Inc. Announces Executive Changes, Effective November 30, 2020 PetroShale Inc. announced that Mr. Caleb Morgret, PetroShale's current Chief Financial Officer (CFO), has advised PetroShale that he is relocating abroad with his family for personal reasons, and as such, has tendered his resignation effective November 30, 2020. The Company also announced that Mr. Scott Pittman has been appointed as CFO of PetroShale effective November 30, 2020. Mr. Pittman has over 15 years of senior financial management, commercial and investment banking experience. Most recently, Mr. Pittman served as the Chief Financial Officer of Chaparral Energy, an exploration and production company focused on Mid-Continent oil & gas exploration. Previously, he served as Chief Financial Officer and Vice President-Finance at two other production companies, and as a Vice President in commercial and investment banking at J.P. Morgan Securities Inc. for nine years. Prior to entering the energy industry, Mr. Pittman served as a Captain in the United States Marine Corps. Mr. Pittman holds a Bachelor of Business Administration from the University of Oklahoma and a Master of Business Administration from the University of Texas. Price Target Changed • Oct 23
Price target lowered to CA$0.23 Down from CA$0.28, the current price target is provided by 1 analyst. The new target price is 146% above the current share price of CA$0.095. As of last close, the stock is down 81% over the past year. Price Target Changed • Oct 17
Price target lowered to CA$0.27 Down from CA$0.30, the current price target is provided by 1 analyst. The new target price is 167% above the current share price of CA$0.10. As of last close, the stock is down 82% over the past year. Announcement • Aug 21
PetroShale Inc. Announces Chief Executive Officer Changes PetroShale Inc. announced that Mr. Jacob Roorda has been appointed CEO of PetroShale, effective August 24, 2020. He has been a Director of PetroShale since March 2012 and will succeed David Rain, who is currently acting as Interim CEO. Mr. Roorda is a professional engineer and brings more than 40 years of oil and gas experience in business development, operations and corporate finance. Most recently, Mr. Roorda was the founder and CEO of Todd Energy Canada, a private exploration and development company which successfully established a significant Montney natural gas production business in northeast British Columbia.