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Criticality Unveils State-of-the-Art Extraction and Purification Facility in Eastern North Carolina

Wednesday March 13 th 2019

WILSON, N.C., March 12, 2019 /PRNewswire/ – Criticality, LLC, an integrated agricultural hemp company, welcomed more than 100 government officials, industry and agricultural leaders, and media to the grand opening and ribbon cutting ceremony of its new, 55,000-square-foot facility on March 12. Following the ceremony, attendees received a first-hand look of the state-of-the-art operation. The facility, located in Wilson, North Carolina, will be used for the extraction and processing of industrial hemp—much of which is grown locally—under the state’s industrial hemp pilot program.

(PRNewsfoto/Criticality)

During the ceremony, Criticality CEO Brian Moyer emphasized the importance of the company’s science-based approach to the extraction, refinement and formulation of high-quality, transparently-sourced industrial hemp-derived products.

“This facility was designed to follow good manufacturing practices and is designed to operate in compliance with dietary supplement standards,” said Moyer. “This is critical as we develop expertly-crafted and responsibly-produced CBD products—both products we have on the market currently and those being developed in our innovation pipeline—that provide consumers with a natural path to improved well-being.”

Moyer, along with several guest speakers including the City of Wilson Mayor Bruce Rose and the Wilson Chamber of Commerce President Ryan Simons and Chair Anita Jones, discussed the positive economic impact the facility is expected to have on the community.

“We anticipate the facility’s opening will generate nearly 90 well-paying jobs within the first five years of operation. We expect these positions will offer employee benefit options and salaries averaging $44,000-plus annually,” said Moyer.

According to the U.S. Census Bureau, the median household income in Wilson County, N.C. is $42,095.

“Additionally, Criticality is committed to providing support to the hemp farmers we work with—many located in Eastern North Carolina—to cultivate and harvest the crop. We help them to address challenges that are unique to hemp, in turn, supporting a crop that is marketable on a larger scale,” added Moyer.

The cannabidiol (CBD) oil extracted at the facility will be incorporated into the company’s CBD products. Criticality’s product line “Korent” features both CBD oils and THC-free CBD e-liquids in various flavors and concentrations. Korent products are available for sale at select retailers, as well as online at korenthemp.com.

About Criticality
Criticality is an integrated North Carolina-based agricultural hemp company that takes a science-based approach to the extraction, refinement and formulation of high-quality, transparent industrial hemp derived products. Criticality partners with Pyxus International, Inc. (NYSE: PYX), a provider of responsibly produced, independently verified, sustainable and traceable agricultural products, ingredients and services, to source, process and produce industrial hemp and hemp products under North Carolina’s Industrial Hemp Pilot Program.

About Pyxus International, Inc.
Pyxus International Inc. (NYSE: PYX) is a global agricultural company with 145 years’ experience delivering value-added products and services to businesses and customers. Driven by a united purpose—to transform people’s lives, so that together we can grow a better world—Pyxus International, its subsidiaries and affiliates, are trusted providers of responsibly sourced, independently verified, sustainable and traceable products and ingredients. For more information, visit www.pyxusintl.com.

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SOURCE Criticality

Afficient Academy Opens Franchise Learning Center in San Jose Evergreen, California

Sunday March 10 th 2019

SAN JOSE, Calif., March 10, 2019 /PRNewswire-PRWeb/ – Afficient Academy Inc., a technology empowered After School learning program company devoted to developing a new generation of education programs that enable students to excel, is pleased to announce opening of franchise learning center in San Jose Evergreen, California on March 10th, 2019. This franchise learning center is expected to serve the residents of Evergreen and surrounding neighborhoods.

Shirley Lin, the franchise owner at the new Evergreen location says ” We are highly confident that Afficient Academy’s technology based education products can really help our students in the community not only in building a strong foundation in subjects like math and English, but also teach self-learning skills and become independent learners, which is an essential skill for all the students to have in this age”. Shirley Lin got her MA in Education and MA in Linguistics before she started her teaching experience. She and her team have been providing diversified and prosperous programs In MorningLight Education Center in Evergreen starting from 2004. When she learnt about Afficient Academy, its philosophy and staggering success of its students, she was highly impressed and interested to open the Afficient Academy franchise learning center. This Afficient Academy Learning Center is located at 2932 Aborn Square Rd, San Jose CA 95121.

“By leveraging modern technology, Afficient Academy’s programs make learning highly engaging and efficient with excellent outcome,” said Dr. Jiayuan Fang, the Founder and CEO of Afficient Academy. “We can share our proven Afficient Methodology at our learning centers with students everywhere.”

Afficient Academy’s programs assist students to not only achieve a strong foundation but also advance ahead of their school grade level by mastering the skills abilities required to achieve excellent results efficiently. In the past few years, literally hundreds of students have been benefitted through Afficient’s methodology of learning. They have learnt advanced concepts, mastered the desired skills using Afficient Academy’s intelligent computerized programs and advanced beyond their grade levels. Afficient Academy, which currently has six corporate owned learning centers in the South Bay Area, is expanding its business so that similar results can be achieved by students all over the country and beyond.

Looking ahead, through its franchise operations, Afficient Academy aims to partner with prospective entrepreneurs to start their own franchise learning centers and facilitate in enhancing the skills and confidence of children in subjects like math and English in communities around them. It is offering opportunities to open new learning centers in all the strategic markets around the country. Motivated and passionate individuals with entrepreneurial mindset may contact Afficient Academy for its low capital investment educational franchise opportunities.

About Afficient Academy

Afficient Academy, Inc. was founded in 2014 in Silicon Valley California. Its patented methodology is significantly improving learning experiences and effectiveness. With the state-of-the-art approach to building a solid foundation first, the personalized and intelligent computerized programs help students to achieve outstanding results efficiently.

To learn more about Afficient Academy visit: https://www.afficienta.com

For more information about available franchise opportunities, please email: franchise(at)afficienta.com

Afficient Academy, Inc. 1054 S. De Anza Blvd. Ste 201, San Jose, CA 95129

 

SOURCE Afficient Academy

Frankly Announces Director Compensation

Friday March 8 th 2019

NEW YORK, March 8, 2019 /PRNewswire/ – Frankly Inc. (TSX VENTURE: TLK) (Frankly), a leader in transforming media companies by enabling them to publish and monetize their digital content across all platforms, has entered into shares for services agreements with the three independent directors on its Board, Tom Rogers, Steven Zenz and Samuel Hyun, covering the first three quarters of 2019.  Under the agreements, which remain subject to TSXV approval, the directors may elect to receive their scheduled compensation each quarter in cash or Frankly common shares, the number of which will be computed based on the closing price of Frankly shares at the end of such quarter.  Separately, Frankly has issued Restricted Stock Units (RSUs) to its three independent directors as follows: Tom Rogers 13,476, Steven Zenz 10,546, and Samuel Hyun 7,568, all of which are subject to vesting on March 31, 2019, and, upon vesting, each RSU is convertible into one Frankly common share. 

About Frankly

Frankly provides a complete suite of solutions that give publishers a unified workflow in the creation, management, publishing and monetization of all content to any device maximizing audience value and revenue.  Frankly brings publishers and their audiences the solutions to meet the dynamic challenges of a diverse content multiscreen world. The company is headquartered in New York with offices in Atlanta.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Frankly Media

ShaMaran Announces Financial and Operating Results for the Year Ended December 31, 2018

VANCOUVER, March 8, 2019 /CNW/ – ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSX VENTURE: SNM) (OMX: SNM) is pleased to announce its financial and operating results for the year ended December 31, 2018. Unless otherwise stated all currency amounts indicated as “$” in this news release are expressed in thousands of United States dollars. View PDF version.

HIGHLIGHTS

  • ShaMaran agreed with Marathon Oil KDV B.V. and TAQA Atrush B.V. to acquire 7.5% additional Atrush interest.
  • 11% increase in Gross 2P reserves announced in February 2019.
  • Bonds refinanced: In July 2018 issued $240 million of new ShaMaran bonds with 5-year term and retired old bonds maturing November 2018.  $50 million of ShaMaran bonds repaid in February 2019.
  • 2018 revenues of $69.6 million with strong operational cash flows.
  • Atrush average daily production rates:
    • 2018 annual average of 22.1 Mbopd.
    • 2018 fourth quarter average of 27.4 Mbopd.
    • Current production at approximately 30 Mbopd.
  • Heavy oil extended well test (“HOEWT”) expected to commence in March 2019 with a goal to eventually reclass contingent resources to proven reserves.
  • Process underway to procure early production facilities (“EPF”) and to debottleneck current facilities to increase Atrush production capacity to 50 Mbopd in the second half of 2019.
  • Agreement for Atrush oil sales amended to reduce discount to Brent from $15.73 per barrel to $15.43 per barrel.

Chris Bruijnzeels, President and CEO of ShaMaran, commented “During 2018 we have been able to further strengthen ShaMaran and prepare the Company for future growth. The July bond refinancing and the subsequent repayment in February 2019 has placed ShaMaran on a solid financial footing and the agreements to acquire an additional 7.5 percent interest in Atrush puts the Company on track to further increase cash flows. We are making good progress to close this acquisition.  With the HOEWT, EPF and debottlenecking activities we have a solid plan to increase Atrush production capacity to 50Mbopd in 2019, and another increase in proved and probable reserves confirms the value we see in Atrush. We are determined to look for more ways in 2019 to continue building value in ShaMaran.”

Atrush Operations 

  • ShaMaran entered into agreements on December 26, 2018 to acquire jointly with TAQA Atrush B.V. (“TAQA”) the 15% interest in the Atrush Block (“the Marathon Acquisition”) held by Marathon International Oil Company (“MIOC”).  Following close of these agreements ShaMaran’s working interest in Atrush will increase from 20.1% to 27.6%. The parties to the agreements are currently in the process of obtaining the consent of the Kurdistan Regional Government (“KRG”).

  • YTD 2019 average production was 26 thousand barrels of oil per day (“Mbopd”), coming mainly from four wells: Atrush-2, (“AT-2″) Chiya Khere-5 “CK-5″), Chiya Khere-7 (“CK-7″) and Chiya Khere-8 (“CK-8″). The Chiya Khere-10 (“CK-10″) well was offline for 18 days for an intervention to replace an electric submersible pump and the Atrush facilities were shut-in for 7 days in February during maintenance of the export pipeline. Currently Atrush is producing around 30 Mbopd.

  • Fourth quarter average production was 27.4 Mbopd, significantly up from the 21.7 Mbopd average third quarter production. The increase was due to successful resolution of processing capacity restrictions caused by high salt concentrations produced from two wells.

  • Annual production for the year 2018 was 22.1 Mbopd, which was below guidance mainly due to salt-related processing restrictions negatively impacting production during the second and third quarters. Processing capacity constraints associated with salt production and low ambient temperatures during the winter months have been addressed. The Atrush Production Facilities can now consistently operate at, or above, the 30.0 thousand barrels of liquids per day (“Mblpd”) design rate during normal operations.

  • The average lifting costs in the fourth quarter was $7.84 per barrel, down from $7.92 per barrel in the third quarter mainly due to the higher average production in the fourth quarter. Lifting costs averaged $7.41 per barrel over the year 2018 compared to $8.52 per barrel in the year 2017. The 2018 average lifting costs were above guidance due to lower production than planned and additional costs related to mitigating salt related problems.

  • Revenue from oil sales in the fourth quarter was $14.5 million, up from $13.2 million reported in the third quarter due to the higher fourth quarter production and despite lower average netback oil prices over the same period which decreased from $59.72 per barrel to $52.58 per barrel.  The Company reported $69.6 million of revenue from oil sales for the year 2018.

  • Three wells were successfully drilled in the year 2018. The CK-7 and CK-10 production wells started production near the end of July 2018. The Chiya Khere-9 (“CK-9) water disposal well was completed and tested according to schedule during November 2018 and is now online and used for disposal of Atrush produced water.

  • In December 2018 the Atrush 3 (“AT-3″) well was re-completed as a heavy oil production well. Following the AT-3 re-completion the CK-11 production well was spudded at the start of January 2019.

  • Heavy oil extended well test (“HOEWT”) facilities have been installed and heavy oil production from AT-3 is expected to commence in March 2019. This test aims to progress development planning for the significant volumes of heavy oil currently classified as Atrush contingent resources.

  • The procurement process for Atrush early production facilities (“EPF”) is underway and it is expected that these facilities, as well as ongoing debottlenecking of the existing Production Facilities, will deliver 50.0 Mblpd processing capacity in the second half of 2019.

Financial and Corporate 

  • The Company issued new $240 million senior unsecured bonds with 5-year term to July 5, 2023 and 12% semi-annual coupon interest and bonds due to mature in November 2018 were retired. On December 31, 2018 the Company deposited cash of $14.4 million to the bondholders’ Debt Service Retention Account and, on January 5, 2019, paid the first semi-annual interest payment of $14.4 million to ShaMaran bondholders. Refer to the discussion under “Borrowings” section below.

  • Amendments were approved to the terms of the Company’s $240 million senior bonds on February 1, 2019. On February 8, 2019 the Company repaid $50 million of bonds plus accrued interest reducing its bonds currently outstanding to $190 million.

  • Atrush related cash inflows in the year ending December 31, 2018:
    • $69 million for entitlement share of Atrush PSC profit oil and cost oil for October 2017 through September 2018 oil deliveries. A further $10.9 million has been received in the year to date 2019 relating to October and November 2018 oil sales.
    • $2.3 million of Atrush Exploration Costs receivable1 on October 2017 through September 2018 oil sales. A further $0.5 million was received in the year to date 2019 relating to October and November 2018 oil sales.
    • $15.6 million in payments of principal plus interest on the Atrush Development Cost Loan and the Atrush Feeder Pipeline Cost loans for invoices from January to December 2018 and an additional $2.6 million has been collected in the year to date 2019.

  • An amended Atrush oil sales agreement was concluded between Atrush co-venturers and the KRG in the fourth quarter which reduced the oil price discount from the previous $15.73 per barrel to $15.43 per barrel with effect from October 1, 2018. The KRG purchases oil exported from the Atrush field by pipeline at the Atrush block boundary based upon the Dated Brent oil price minus an oil price discount for quality and all local and international transportation costs.

Reserves and Resources

  • In February 2019, the Company reported estimated reserves and contingent resources for the Atrush field as at December 31, 2018. Total Field Proven plus Probable (“2P”) Reserves on a property gross basis for Atrush increased from 102.7 million barrels (“MMbbl”) reported as at December 31, 2017 to 106 MMbbl which, when 2018 Atrush production of 8 MMbbl is included, represents an increase of 11 percent. Total Field Unrisked Best Estimate Contingent Oil Resources (“2C”)2 on a property gross basis for Atrush decreased from the 2017 estimate of 296 MMbbl to 268 MMbbl. Total discovered oil in place in the Atrush Block is a low estimate of 1.5 billion barrels, a best estimate of 2 billion barrels and a high estimate of 2.6 billion barrels.

OUTLOOK

Operations

The Company provides the following guidance for 2019:

  • Atrush field gross production is expected to range from 30 Mbopd to 35 Mbopd and will depend mainly on the timing of the installation of additional production facilities;
  • Atrush lifting costs are estimated to range from $6.30 per barrel to $7.90 per barrel. Atrush lifting costs are mainly fixed costs and therefore we expect the dollar per barrel estimates to decrease with increasing levels of production; and
  • Atrush gross capital expenditures for 2019 is estimated at $137 million which includes:
    • debottlenecking to increase existing production capacity beyond 30.0 Mbopd;
    • re-completing the Chiya Khere-6 well to initially monitor the heavy oil well during the HOEWT, and then later produce from the medium oil interval;
    • completing drilling, testing and completion activities at CK-11;
    • drilling, testing and completing three additional production wells;
    • expansion of processed oil storage capacity to reduce impact of export pipeline shutdowns on Atrush production rates;
    • installation of a desalter vessel at the Processing Facilities to reduce the operating costs associated with the short-term salt mitigation measures;
    • construction of the Chamanke-D drilling location to enable addition of future production wells; and
    • installation of an EPF and debottlenecking of existing Production Facilities overall Atrush oil processing capacity to 50.0 Mblpd in the second half of 2019.

Following the 2019 drilling program, the extended well testing in AT-3 and increased production, the Company expects to further assess the significant undeveloped Atrush resource base with the potential to grow to approximately 100.0 Mblpd production. Management expects that investment decisions for further phases of development can be made by early 2020.

——————————–

FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2018

Atrush production operations and work on the Atrush development program continued throughout the year 2018. 

Financial Results

The Company has reported in 2018 a net income of $1.9 million which was primarily driven by the gross margin on Atrush oil sales, interest income on Atrush cost loans and interest on cash held in short term deposits offset by finance cost, the substantial portion of which was expensed borrowing costs on the Company’s bonds, and routine general and administrative expenses.

Statement of Comprehensive Income
(Audited, expressed in thousands of United States Dollars)


 

Consolidated Balance Sheet
(Audited, expressed in thousands of United States Dollars)

Total assets increased in the year 2018 by $63.3 million due to increases of $51 million in borrowings, of $10.3 million in accounts payable and accrued expenses and $2.3 million comprehensive income generated in the year and offset by a decrease of $0.3 million in pension and other non-current liabilities.

The book value of property, plant equipment assets increased during the year ended December 31, 2018 by $11.0 million which was due to additions of $12.5 million in Atrush development costs, $4.9 million in capitalised borrowing costs and a one-time cost reclass to PPE from EE of $21.8 million net of depletion and depreciation costs of $28.2.  The decrease by $21.3 million in the book value of intangible assets during 2018 resulted from the one time reclass to PPE of $21.8 million net of $0.5 million of additions. Loans and receivables decreased by $15.7 million due to collecting $14.3 million of Atrush Development Cost and Feeder Pipeline Cost loan balances and $2.3 million of Atrush Exploration Cost Receivables, net of increases by $0.5 million of accounts receivables on Atrush oil sales and a $0.4 million increase in the Feeder Pipeline loan balance due to a final contribution in March 2018.

Consolidated Cash Flow Statement
(Audited, expressed in thousands of United States Dollars)

The increase by $87.2 million in the cash position of the Company in the year 2018 was due to cash inflows of $51.4 million from operating activities after GA and other cash expenses, $49.9 net cash received on bond refinancing and $18.0 million of principal and interest payments on KRG loans and the Exploration Cost Receivables and $0.7 million of interest generated on cash deposits which were offset by cash outflows of $15.6 million on bond coupon interest and call premiums, $12.9 million on Atrush development activities, $3.9 million of negative cash adjustments on accounts receivables, payables and other working capital items and $0.4 million of loans provided to the KRG.

OTHER

This information is information that ShaMaran Petroleum Corp is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 5:30 p.m. ET on March 8, 2019.

ABOUT SHAMARAN

ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration company with a 20.1% direct interest in the Atrush oil discovery. As announced in ShaMaran’s December 27, 2018 news release, the Company has signed agreements with Marathon Oil KDV B.V. and TAQA Atrush B.V to increase the Company’s interest in the Atrush Block to 27.6%. Currently, certain conditions to close remain outstanding.  

ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ First North Exchange (Stockholm) under the symbol “SNM”. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Pareto Securities AB is the Company’s Certified Advisor on NASDAQ First North, +46 8 402 5000, certifiedadviser.se@paretosec.com.

The Company’s consolidated financial statements, notes to the financial statements and management’s discussion and analysis have been filed on SEDAR (www.sedar.com) and are also available on the Company’s website (www.shamaranpetroleum.com).

The Company plans to publish on May 8, 2019 its financial and operational results for the three months ended March 31, 2019.

FORWARD LOOKING STATEMENTS

This news  release contains statements and information about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “outlook”, “budget” or the negative of those terms or similar words suggesting future outcomes. The Company cautions readers regarding the reliance placed by them on forwardâ€�looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. 

Actual results may differ materially from those projected by management. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.

Reserves and resources: ShaMaran Petroleum Corp.’s reserve and contingent resource estimates are as at December 31, 2018 and have been prepared and audited in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101″) and the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”). Unless otherwise stated, all reserves estimates contained herein are the aggregate of “proved reserves” and “probable reserves”, together also known as “2P reserves”. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

Contingent resources: Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. There is no certainty that it will be commercially viable for the Company to produce any portion of the contingent resources.

BOEs: BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf per 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

SOURCE ShaMaran Petroleum Corp.