Encana Corp. spinoff PrairieSky Royalty Ltd. posted a C$23.9 million profit (C$1.00/share) from May 27 to June 30 in its first financial report. Funds from operations were C$31 million (C24 cents/share), while revenues totaled C$37.2 million. Production averaged 15,664 boe/d, weighted 46% natural gas, 44% crude oil and 10% liquids. Working capital at the end of 2Q2014 was C$57.4 million. PrairieSky's C$1.46 billion market debut on the Toronto Stock Exchange was better than expected and the biggest in Canada in 14 years (see Shale Daily, May 29). The Calgary operator was created from 5.2 million acres of legacy land in Encana's Clearwater portfolio that stretches from Southern Alberta to the U.S. border.
Range Resources Corp. has submitted plans to the Pennsylvania Department of Environmental Protection (DEP) to close and reclaim a water impoundment about 40 miles south of Pittsburgh in Amwell, PA. Regulators said the impoundment, permitted in 2010, may be linked to a brine water spill in April (see Shale Daily, June 12). The company said it has been in discussions with the DEP for months about reclaiming the impoundment.