Vertex Resource Group Ltd. reports its financial and operational results for the fourth quarter and year ending December 31, 2018. The results for the three months and year ending December 31, 2018 were highlighted by improvements in revenue, gross profit, EBITDA and net income as compared to the corresponding periods of 2017. Net income increased as a result of improved EBITDA and the bargain purchase gain from the three acquisitions completed in 2018 (which are discussed in more details in the MD&A and the Company's Annual Information Form filed on SEDAR at www.sedar.com), offset by increases in amortization and finance costs.
Quorum Software, the leader in digital transformation for the oil and gas industry, announced today that it has entered into a definitive agreement to acquire Calgary-based Entero Corporation, a trusted leader in energy software solutions for the upstream and midstream sectors. With over 125 customers throughout North America, Entero furthers Quorum's mission to invest in customer-oriented innovation and expand its comprehensive product portfolio to cover the energy value chain, from engineering to accounting and finance in upstream and across the full range of midstream processes through to distribution. This acquisition expands Quorum's 15-plus year presence and leadership in the Canadian Midstream segment by adding geo-specific and Upstream expertise and products, augmenting products such as myQuorum Land Canada.
Quorum, a portfolio company of Silver Lake Partners and Silver Lake Kraftwerk, did not disclose deal terms or any financial details.
"With Entero's history of innovation and world-class customer base we are excited to add Entero to our team and significantly grow our Canadian presence. We also plan to double down on the recent MOSAIC™ success in the U.S., as it and the myQuorum Upstream suite are highly complementary," said Perry Turbes, President and CEO of Quorum. "Quorum's modern energy software suite, combined with the functionality of MOSAIC and Entero ONE, now form the industry's most comprehensive upstream and midstream management software portfolio. Through innovation, integration and breadth of coverage, we constantly strive to eliminate the barriers that prevent customer growth and profitability. Today, no other software vendor delivers our scope of capabilities across both upstream and midstream planning, accounting, finance, operations, transportation and logistics. These solutions are delivering the modern energy workplace through timely insight, accuracy and efficiency."
"Quorum's proven leadership in the energy space makes it clear that they are the right company to leverage our technology and people. The combined company will provide customers with richer product options and deliver on our promise to help customers connect volume to value," said Mike Lake, President of Quorum Entero MOSAIC. "By joining forces with Quorum, we have the opportunity to bring together the most comprehensive product portfolio that tracks asset performance from plan to end of life. It's a powerful combination, and we're looking forward to bringing these two strong teams together."Quorum's acquisition of Entero expands the myQuorum product portfolio in the following areas:
- Reserves Management, Budget and Planning, Capital Management, and Petroleum Economics: Combining the Canadian leader in Reserves & Economics and the U.S. leader in Upstream solutions creates significant opportunity to the North American market to unseat legacy providers with next-generation capabilities.
- MOSAIC is the leading Canadian Economics and Reserves solution with 60% market share.
- Quorum is the leading U.S. Upstream solution with 85% of the largest E&P operators.
- Liquids Logistics and Scheduling: Combining the natural gas marketing & operations (Quorum) leader with the liquids marketing & operations (Entero) leader creates a unique, fully-integrated multi-commodity marketing and multi-modal operational solution for gas, NGLs, and crude.
- E1 customers manage operations through 95 percent of the major North American fractionation sites.
Together, Quorum and Entero account for the majority of the top-20 midstream operators in Canada and the U.S.
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BNK Petroleum Inc. has announced that its total proved reserves as of the end of 2018 is 33.8 million barrels of oil equivalent (BOE), an increase of 26% over the previous year. Its proved plus probable reserves are an estimated 53.3 million BOEs.
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The decision by the National Energy Board to approve continued work on the Trans Mountain Pipeline Expansion was welcomed by its owner, the Canadian government, while opponents have suggested that any attempt to restart construction will end with court challenges.
The National Energy Board (NEB) has delivered its Reconsideration report to the Government of Canada, with an overall recommendation that the Trans Mountain Expansion Project (Project) is in the Canadian public interest and should be approved.