Backstabbed
3 years ago
$TNEN - FANTASTIC NEWS - True North Energy Corp. Announces Appointment of CEO and New Strategy
Press Release | 04/01/2021
DALLAS, TX / ACCESSWIRE / April 1, 2021/ True North Energy Corp. (OTC PINK:TNEN)
True North Energy Corp.("TNEN") is pleased to announce that effective March 22, 2021, Nicolò Golia Bedendo was appointed Chief Executive Officer and a Director of the Company to embark on a diversification strategy, Fintech Banking, offering technologically more advanced services than those of traditional banks, higher levels of personalization and interconnections with other payment sectors.
Mr. Bedendo plans to pursue this strategy through new subsidiaries to be formed for operations in the European and US markets.
In conjunction with this geographical division, Mr. Michele Antonicelli, a noteholder of $400,000 in the Company, has agreed to waive payment of this existing debt to allow for equity opportunities for capital raises benefiting the new to be formed US subsidiaries.
Mr. William Simmons, whom Mr. Bedendo replaces, said, "Mr. Bedendo is an ideal candidate to take the Company to the next level and explore the fintech strategy." Mr. Simmons is retiring from his role as CEO and President and will remain on the Company's Board of Directors.
About True North Energy Corporation Traditionally, TNEN engaged in the identification, acquisition and development of oil and gas properties, through its subsidiary, TN Energy Corp, a Texas Corporation, the company holds overriding royalty interests on oil and gas properties located in Colorado and Oklahoma. TNEN expanded with the acquisition of Box 23 Ltd. and its 51 % subsidiary, 3 Store Web S.r.l., which served as a seller of SIM cards and services in Italy, which ceased operations after the cancellation of its contract with the SIM card supplier. With the appointment of Mr. Bedendo, TNEN embarks in a diversified strategy to pursue the Fintech banking industry both domestically and abroad.
JackAskSlap
3 years ago
$TNEN Oil Advances Most in a Month With Key Oil Spreads Surging
By: Bloomberg | June 21, 2021
(Bloomberg) -- Oil jumped by the most in a month amid a weaker dollar and as key timespreads surged with expectations for further supply declines at the biggest storage hub in the U.S.
Futures in New York climbed 2.8% on Monday to the highest since 2018 and its global counterpart Brent neared the key, psychological $75-a-barrel mark. U.S. equities rose and the dollar dipped, boosting the appeal of commodities priced in the currency. Investors are watching commentary from Federal Reserve officials this week after St. Louis’s James Bullard said interest rates may need to rise in 2022.
U.S. oil timespreads strengthened, indicating a tighter market. West Texas Intermediate crude’s prompt spread -- a gauge of market health -- moved into the deepest backwardation structure since 2018. Spreads further along the curve rallied to the strongest in about seven years. Data-provider Genscape Inc. reported a 2.6 million-barrel-drop in stockpiles at Cushing, Oklahoma, last week, according to people with knowledge of the report. Inventories at the hub are already at the lowest since March 2020.
“The stars have aligned here in favor of the bulls in a big way,” said John Kilduff, a partner at Again Capital LLC.
U.S. crude futures are up more than 10% so far this month as major economies emerge from restrictions and lockdowns after the rollout of Covid-19 vaccinations. Consumption has rebounded, especially in the U.S., Europe and parts of Asia. By August, global oil demand may exceed the record 100.8 million barrels a day reached in August 2019 due to pent-up demand for leisure activities, according to Citigroup Inc. Meanwhile, Bank of America Corp. said futures may hit $100 a barrel next year.
“With continued expectations of fairly significant rebound in demand in the second half and a very well-disciplined OPEC+, it looks like, at least for the time being, we’re probably going to get more tightness,” said Bart Melek, head of commodity strategy at TD Securities.
Beyond WTI’s prompt spread, other calendar spreads rallied, signaling longer-term strength. WTI’s September contract traded more than $1 above its October contract, the deepest backwardation -- where near-dated prices are more expensive than later-dated ones -- since 2014.
Traders are also watching the status of discussions between Iran and other nations. So far, nuclear talks have been inconclusive between world powers and Iran -- which has elected a new hardline president -- allaying prospects for a swift revival of the Islamic Republic’s crude exports.
Diplomats adjourned a sixth round of meetings with significant gaps remaining to mend the Iranian nuclear accord, the third time since talks began in April that negotiators have missed self-imposed deadlines to rejuvenate the agreement. Ebrahim Raisi, the president-elect, also ruled out a meeting with U.S. President Joe Biden.
The failure to clinch a deal puts additional pressure on other members of the OPEC+ coalition, which meets next week to consider restoring more oil output.