Last $0.87 USD
Change Today +0.0615 / 7.62%
Volume 1.5K
CEQXF On Other Exchanges
Symbol
Exchange
Toronto
OTC US
As of 5:20 PM 03/3/15 All times are local (Market data is delayed by at least 15 minutes).

cequence energy ltd (CEQXF) Snapshot

Open
$0.84
Previous Close
$0.81
Day High
$0.87
Day Low
$0.84
52 Week High
06/27/14 - $2.84
52 Week Low
01/29/15 - $0.63
Market Cap
183.4M
Average Volume 10 Days
205.8
EPS TTM
--
Shares Outstanding
211.0M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for CEQUENCE ENERGY LTD (CEQXF)

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cequence energy ltd (CEQXF) Details

Cequence Energy Ltd. is engaged in the acquisition, exploration, development, and production of petroleum and natural gas reserves in Western Canada. The company’s principal properties are located in the Deep Basin area of Northwest Alberta; Peace River Arch area of Northwest Alberta; and Northeast British Columbia. It owns a total of approximately 566,010 gross acres of oil and natural gas leases with approximately 56% average working interest. The company was formerly known as Sabretooth Energy Ltd. and changed its name to Cequence Energy Ltd. in July 2009. Cequence Energy Ltd. was incorporated in 2000 and is based in Calgary, Canada.

31 Employees
Last Reported Date: 03/6/14
Founded in 2000

cequence energy ltd (CEQXF) Top Compensated Officers

Chief Executive Officer, President, Non Indep...
Total Annual Compensation: C$296.4K
Chief Financial Officer, Vice President of Fi...
Total Annual Compensation: C$228.8K
Vice President of Geology
Total Annual Compensation: C$228.8K
Vice President of Land
Total Annual Compensation: C$228.8K
Vice President of Geophysics
Total Annual Compensation: C$228.8K
Compensation as of Fiscal Year 2013.

cequence energy ltd (CEQXF) Key Developments

Cequence Energy Ltd. Provides Operational Update and Capital Budget for First Six Months of 2015

Cequence Energy Ltd. provided an operational update and a capital budget for the first six months of 2015. The company expects 2014 production to average approximately 11,000 boepd. Following the start-up of the expanded 13-11 facility at Simonette in January, production has reached a rate of 12,000 boepd. Since the sale of Ansell in July, 2014, Cequence has had an active drilling program in Simonette with two rigs running continuously on three separate Montney pad locations. Cequence is encouraged by the results of its recent drilling program which is utilizing enhanced fracture design characteristics on the Montney formation similar to the practices implemented by other area operators. To date, eight Montney wells have been completed and have initially performed at, or above expectations. Longer term production performance is expected to validate the enhanced completion techniques being utilized by Cequence. The first three wells from the 1-32 pad (completed in October) have a combined average 30 day IP rate of 3,300 boepd (83% natural gas). Three additional Montney wells have been successfully completed from the 1-32-61-26W5 pad in early January, bringing the total number of wells from this pad to six. The three most recent wells are currently being tied in to the 1-32 surface facility and are expected to be on production by early February. Cost performance has been improving with the three most recent wells drilled and completed for an average cost of $8.0 MM per well. Two Montney wells were successfully completed in early December from the 12-26-61-27W5 pad. The two wells have produced for 16 days on restricted cleanup at a combined rate of 1,750 boepd (92% natural gas). Two additional Montney wells (1.0 net) from the winter program have been drilled from the 15-15-61-26W5 pad and are scheduled to be completed in February. The company's Dunvegan well at 11-12 has been producing with an average 90 day IP rate of 1,300 boepd. One additional Dunvegan well (0.65 net) has been drilled from the 2-12-61-2W6 pad on budget and the completion is expected to commence in late January. The company has had excellent execution and has successfully completed 14 consecutive wells, including 350 frac stages, in the past twelve months. Simonette 13-11 Facility Expansion. The Company completed the expansion of its 100 mmcfd facility at Simonette (13-11) and chose to move the commissioning of the facility from December, 2014 to January, 2015 to avoid higher costs and potential service quality issues over the Christmas season. Commissioning of the plant involved a full one week shut down of the entire Simonette field beginning on January 6th with a systematic one week step-up restart which commenced on January 13th. As of January 20th, total corporate production based on field estimates has ramped to 12,000 boepd with approximately 2,500 boepd to be turned on or restarted by February. With the recent weakness in commodity prices, the company has decided to eliminate three wells from its first quarter of 2015 budget. As a result, budgeted capital expenditures for the first quarter have been reduced to $22 million from the previous $45 million. The company is forecasting funds flow to be approximately $12 million in the first quarter of 2015 based on estimates of AECO pricing of $2.70 CAD/GJ and WTI USD 50/bbl. March 31, 2015 net debt is budgeted to be approximately $85 million (1.8 times first quarter annualized funds flow).

Cequence Energy Ltd. Completes the Expansion of its 100 mmcfd Facility at Simonette

Cequence Energy Ltd. announced that the company completed the expansion of its 100 mmcfd facility at Simonette (13-11) and chose to move the commissioning of the facility from December, 2014 to January, 2015 to avoid higher costs and potential service quality issues over the Christmas season. Commissioning of the plant involved a full one week shut down of the entire Simonette field beginning on January 6th with a systematic one week step-up restart which commenced on January 13th. As of January 20th, total corporate production based on field estimates has ramped to 12,000 boepd with approximately 2,500 boepd to be turned on or restarted by February.

Cequence Energy Ltd. Reports Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Capital Expenditures Guidance for the Fourth Quarter of 2014 and First Quarter of 2015; Provides Production Guidance for the Full Year 2014

Cequence Energy Ltd. reported earnings and production results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported production revenue of $29,013,000 against $25,325,000 for the same period last year. Comprehensive income was $74,402,000 or $0.35 per basic and diluted share against loss of $517,000 or $0.00 per basic and diluted share for the same period last year. Funds flow from operations was $13,588,000 or $0.06 per basic and diluted share against $10,973,000 or $0.05 per basic and diluted share for the same period last year. Total capital expenditures were $92,795,000 against $17,944,000 for the same period last year. Net debt was $29.9 million at September 30, 2014. For the nine months, the company reported production revenue of $111,327,000 against $77,134,000 for the same period last year. Comprehensive income was $83,790,000 or $0.38 per diluted share against loss of $1,786,000 or $0.1 per diluted share for the same period last year. Funds flow from operations was $56,905,000 or $0.26 per diluted share against $36,457,000 or $0.18 per basic and diluted share for the same period last year. Total capital expenditures were $24,658,000 against $63,703,000 for the same period last year. For the quarter, the company production of natural gas was 49,515 Mcf/d against 52,848 Mcf/d a year ago. Crude oil production was 118 bbls/d against 134 bbls/d a year ago. Natural gas liquids production was 523 bbls/d against 542 bbls/d a year ago. The company achieved average production of 11,000 boepd. For the nine months, the company production of natural gas of 58,036 Mcf/d against 52,459 Mcf/d a year ago. Crude oil production was 125 bbls/d against 127 bbls/d a year ago. Natural gas liquids production was 598 bbls/d against 508 bbls/d a year ago. The company achieved record average production of 11,000 boepd. For the full year 2014, company expects 2014 net capital expenditures including dispositions to increase by $12 million to $35 million and for first quarter 2015 net capital expenditures to decrease by $13 million to $45 million. Based on lower cash flow from declining commodity prices, the company expects net debt to be approximately $93 million at the end of first quarter 2015, an increase from $82 million in previous guidance. Production guidance for 2014 is unchanged and Cequence expects the first quarter of 2015 to average 13,500 boepd with an exit production rate of 15,000 boepd.

 

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