Oil, Gas and Consumable Fuels
Company Overview of Online Energy, Inc.
Online Energy Inc., a junior oil and natural gas company, engages in the exploration, production, and development of oil and natural gas properties in Alberta, Canada. It primarily holds interests in the greater Paddle River properties located in Leaman/Greencourt, Paddle River, and Niton with proved plus probable reserves of approximately 1,444 million barrels of oil equivalent of production per day. The company also has 100% working interest in the Ostracod oil project located in the greater Paddle River area. Online Energy Inc. is headquartered in Calgary, Canada. As of November 1, 2012, Online Energy, Inc. operates as a subsidiary of Madalena Ventures Inc.
707-7th Avenue SW
Calgary, AB T2P 3H6
Key Executives for Online Energy, Inc.
Chief Financial Officer and Director
Vice President of Operations
Vice President of Engineering
Compensation as of Fiscal Year 2013.
Online Energy, Inc. Key Developments
Online Energy, Inc. Announces Unaudited Financial Results for the Second Quarter and Six Months Ended June 30, 2012; Reports Production Results for the Second Quarter and Six Months Ended June 30, 2012; Provides Production Guidance for the Third Quarter, Fourth Quarter and Full Year of 2012
Aug 23 12
Online Energy, Inc. announced unaudited financial results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported net loss of CAD 668,580 or CAD 0.01 per basic and diluted share against CAD 423,194 or CAD 0.01 per basic and diluted share a year ago. Total capital expenditures for the Quarter were CAD 1,647,083.
For the six months, the company reported net loss of CAD 1,199,595 or CAD 0.03 per basic and diluted share against CAD 1,403,104 or CAD 0.04 per basic and diluted share a year ago. Capital expenditures were CAD 11,600,097 against CAD 110,390 a year ago. Total capital expenditures were CAD 4,443,755.
The company reported production results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported production crude oil of 78 bbls/d against 38 bbls/d for the same period last year. Production of natural gas was 1,482 mcf/d against 1,191 mcf/d for the same period last year. Production of natural gas liquids was 80 bbls/d against 78 bbls/d for the same period last year. Total - Boe/d was 406 against 315 for the same period last year.
For the six months, the company reported production crude oil of 81 bbls/d against 28 bbls/d for the same period last year. Production of natural gas was 1,540 mcf/d against 1,005 mcf/d for the same period last year. Production of natural gas liquids was 79 bbls/d against 67 bbls/d for the same period last year. Total - Boe/d was 417 against 263 for the same period last year.
The company provided production guidance for the third quarter, fourth quarter and full year of 2012. For the third quarter, the company has budgeted production of 450 boe/d.
For the fourth quarter, the company has budgeted production of 675 boe/d.
The Company anticipates the recently completed Paddle River 1-5-56-7W5M Ostracod horizontal oil well will commence production by September 15, 2012 at an initial rate of approximately 400 boe/d (80% oil and Ngls). The Company has budgeted that the 1-5 well will decline approximately 50% from its initial rate by December 31, 2012.
Online Energy, Inc. Provides Update on the Completion and Testing of Paddle River 1-5-55-7W5m Ostracod Horizontal Oil Well
Jul 27 12
Online Energy, Inc. provided an update on the completion and testing of its Paddle River 1-5-55-7W5M Ostracod horizontal oil well. The 1-5 well is the second Online 100% W.I. horizontal well on its Paddle River Ostracod oil project. It was drilled in March and reached a total depth of 3,089 metres, including a 1,254 metre horizontal trajectory. Completion operations, including a 14-stage multi-frac program, were recently completed. A total of 4,250 barrels of load fluid was pumped during the completion process. The well was subsequently production tested for a total of seven days. The well was swabbed-in for the first four days and was flowing for the final three days. During the seven day period, a total of 3,300 (78%) barrels of the water based load fluid was recovered. During the final three days of the test the well flowed I oil and associated solution gas at an average rate of 438 boe/d (73% oil). During the final 24 hours the well flowed at an average rate of 417 boe/d (70% oil). The well is currently shut-in. Operations to equip the well and tie-in the solution gas to existing online facilities will commence as soon as ground conditions permit. The Company anticipates the well will commence production by September 1, 2012 at an initial rate of approximately 400 boe/d (80% oil and Ngls).
Online Energy, Inc., Annual General Meeting, Aug 24, 2012
Jun 25 12
Online Energy, Inc., Annual General Meeting, Aug 24, 2012., at 14:00 Mountain Daylight. Location: Suite 3300, 421 - 7th Avenue S.W.. Agenda: To receive the financial statements for the fiscal year ended December 31, 2011, and the report of the auditors thereon; to fix the number of directors to be elected at five; to elect directors for the ensuing year; to appoint auditors for the ensuing year and to authorize the directors of the corporation to fix their remuneration; to approve the amended and restated stock option plan of the corporation; and to transact such other business as may properly come before the meeting or any adjournment or adjournments thereof.
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