CWEGF Stock Recent News

CALGARY, Alberta, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Crew Energy Inc. (TSX: CR; OTCQB: CWEGF) ("Crew" or the "Company") is pleased to announce that at its special meeting (the "Meeting") of the holders (the "Crew Shareholders") of common shares of Crew (the "Crew Shares") held this morning, the Crew Shareholders passed a special resolution (the "Arrangement Resolution") approving the previously announced plan of arrangement under Section 193 of the Business Corporations Act (Alberta) pursuant to which each Crew Shareholder will transfer their Crew Shares to Tourmaline Oil Corp. ("Tourmaline") in exchange for 0.114802 of a common share of Tourmaline for each one (1) Crew Share held (the "Arrangement").

Tourmaline Oil Corp (TSX:TOU), Canada's largest natural gas producer, has agreed to acquire Crew Energy Inc (TSX:CR) for C$1.3 billion (US$947 million), including debt, as part of ongoing consolidation in the oil and gas sector. The all-stock deal is valued at roughly $6.69 per share, representing a 72% premium over Crew's closing price on Friday, as stated by Crew in a Monday announcement.

Tourmaline Oil said on Monday it will acquire Crew Energy in a C$1.3 billion ($947.52 million) deal, which includes debt.

CALGARY, Alberta, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Crew Energy Inc. (TSX: CR; OTCQB: CWEGF) ("Crew" or the "Company"), a growth-oriented natural gas weighted producer operating in the world-class Montney play in northeast British Columbia (“NE BC”), is pleased to announce our operating and financial results for the three and six month periods ended June 30, 2024. Crew's Financial Statements and Notes, as well as Management's Discussion and Analysis (“MD&A”) are available on Crew's website and filed on SEDAR+ at sedarplus.ca.

CALGARY, Alberta, May 24, 2024 (GLOBE NEWSWIRE) -- Crew Energy Inc. (TSX: CR; OTCQB: CWEGF) (“Crew” or the “Company”), a growth-oriented, liquids rich natural gas producer operating in the world-class Montney play in northeast British Columbia (“NE BC”), is pleased to announce the voting results for the election of directors at our Annual General and Special Meeting of shareholders held on May 23, 2024 (the "Meeting"). Each of the seven nominees proposed by Crew and as set forth in the Information Circular – Proxy Statement provided to shareholders in connection with the Meeting were elected as directors, with common shares represented at the Meeting voting in favour of individual nominees as follows:

Crew Energy Inc.'s Q3 results were impacted by weak natural gas prices, with over 78% of its oil-equivalent output consisting of natural gas. The company reported lower revenue and net profit compared to the previous year but maintained a strong cash flow profile. Despite the current challenges, Crew Energy is positioned to benefit from future increases in natural gas prices, with a favorable forward curve.

Crew Energy Inc. is a Canadian gas-oriented producer with a target price range of $6.5-9.25 and a median of $7.63. The company has drilling locations in the Montney shale and plans to focus on liquids-rich sections of its acreage base. The Canadian gas market has tightened, potentially boosting gas prices and benefiting Crew Energy.

Crew Energy is a natural gas producer in Canada. Existing hedges allow for a "soft landing" and the company remains profitable and free cash flow positive. Crew Energy plans to spend almost C$200M in the second semester to push its production higher.

Crew Energy Inc (TSX:CR)'s fourth-quarter production beat expectations, owing to performance from its newer wells at Groundbirch and Septimus, according to broker Stifel GMP.  Combined with exploration and development capex for 2022 which was 2% lower than the guidance C$7.50 midpoint, Crew's year-end net debt of $150 million was $15 million below its forecast.

Crew Energy Inc. is a financially strong company with good cash flow thanks to hedging. I think Crew Energy is on track to beat estimates handily.