John Stephenson

John is the founder of Granite Point Research a firm providing institutional quality equity research on underfollowed public companies.

[John Stephenson @JohnStephe72050]

CanCambria Reports Q2/26 Results: Loss Narrows, Kiskunhalas Work Program Approved. Bottom Line: CanCambria Energy reported a net loss of $0.85 million, down 20% yearover-year (Y/Y) and 18% sequentially. Operating expenses of $1.17 million were little changed Y/Y but the mix shifted with consulting fees falling 46% Y/Y to $111,000 as concession tender work rolled off. Higher stock-based compensation ($469,000 versus $353,000) and investor relations expenses ($374,000 versus $302,000) absorbed most of the savings. The approval of the Company’s operational plan by the Hungarian authority was the key milestone during the quarter. Operationally, we view the quarter as positive but note that a cash position of $0.54 million leaves limited runway. Read the Report: https://t.co/98vHY4VspN

[John Stephenson @JohnStephe72050]

TotalEnergies Flags ~US$200 Million Estimated Investment Value per Block in Liberia’s First Offshore Oil Contracts in Over a Decade. Bottom Line: TotalEnergies (NYSE and Euronext, TTE – not covered) reports an investment value of US$200 million per block in four production sharing contracts (PSCs) signed in September 2025 and ratified by Liberia’s National Legislature in December 2025, covering ~12,700 square kilometers in Liberia’s southern offshore basin, which marks the country’s first upstream petroleum agreements in more than ten years, according to Businessfront (link ). The four blocks in the Liberia Basin (LB-6, LB-11, LB-17, and LB-29) carry a combined signature bonus of US$16 million. The shift of global majors into offshore frontiers such as Liberia’s offshore blocks was highlighted in our FOCUS report Tectonic Shift: Exploration Moves Offshore (link ). We believe that this development represents a positive readthrough for BluEnergies Ltd. Read the Report: https://t.co/Axsz1d6tCr

[John Stephenson @JohnStephe72050]

CanCambria Energy Provides Updated Contingent Resource Evaluation for Flagship Deep Gas Project. Bottom Line. CanCambria Energy announced a significant increase in the value of the Company’s independent contingent resource evaluation on a before tax NPV10 basis from $1.762 billion to $2.04 billion (~16%). The updated resource evaluation covers the Company’s 100% working interest BA-IX Mining Plot and Kiskunhalas Concession Area (“KCA”), in southern Hungary. The primary driver for the increased estimates were a higher estimated long-term European natural gas price of $12/MMBtu (from $10/MMBtu previously). We view this development positively and have increased our target price to $2.25 following some minor tweaks to our model. Read the report. https://t.co/lcZQe1bzJk

[John Stephenson @JohnStephe72050]

Resource Report: Monthly Oil & Gas Perspectives - July 2026 Edition. Bottom Line: WTI prices rallied in July, up 21.8% while Brent crude prices rallied 23.6% in July with both contracts higher on a year-to-date basis. Hostilities with Iran were reignited as both the U.S. and Iran accused the other of violating the terms of the recently signed memorandum of understanding. Read the Report: https://t.co/xnImvSWK2f

[John Stephenson @JohnStephe72050]

BluEnergies Announces Closing of Non-Brokered Private Placement of Units for Gross Proceeds of C$20,700,000. Wow, that was fast. After announcing on July 21 , 2026 that BluEnergies was upsizing its previously announced non-brokered private placement, the Company closed its offering, issuing 9,202,027 units at a price of C$2.25 per unit for gross proceeds of C$20,704,560.75. This extremely strong demand underscores the unique opportunity set that BluEnergies has in the Harper Basin, offshore Liberia. This substantial raise underscores our bullish thesis on the stock. We reiterate our rating and price target. Read the Report: https://t.co/Ksmhw0Q8jM

[John Stephenson @JohnStephe72050]

Yesterday I had the pleasure of appearing on BNN Bloomberg's Market Call show with Christine Lee. Here is the full episode with my top picks: https://t.co/OvyPlhvG2W

[John Stephenson @JohnStephe72050]

BluEnergies Announces Upsize of Non-Brokered Private Placement of Units for Gross Proceeds of Up to C$20,700,000. BluEnergies announced that, further to its news release dated July 9, 2026 it has increased the size of its previously announced non-brokered private placement as a result of strong investor demand. The offering now consists of up to 9,200,000 units of the Company at a price of C$2.25 per Unit for aggregate gross proceeds of up to C$20,700,000, an increase from the previously announced maximum of up to 4,500,000 Units (gross proceeds of up to C$10,125,000). This strong uptake from the market reflects the unique value proposition that BluEnergies represents. We view this development as positive and reiterate our rating and price target. Read the Report: https://t.co/ppPPfXFVn3

[John Stephenson @JohnStephe72050]

Deluge: Pipeline Proposals Shift into Overdrive: A flurry of pipeline announcements could be a catalyst to transform Canada’s oil & gas sector after years of sluggish production growth. The Canadian and Alberta governments reached an agreement to work together to build a 1 million barrel per day crude oil pipeline to Canada’s West Coast. A few days later, Alberta and Ontario proposed a 3,300-kilometre 500,000 b/d pipeline route to lessen Canada’s reliance on foreign markets. Alberta has a stated goal of doubling production to 8 million b/d in the next decade, which we believe is possible with strong investor support. Proposed pipeline capacity would provide sufficient offtake should Alberta’s production goals be attained, but the Northern Shield Energy Corridor (the Alberta-Ontario project) will likely need to be supported by provincial and federal governments on strategic or political grounds to be advanced. Read the Report: https://t.co/s310DfTvcd

[John Stephenson @JohnStephe72050]

CanCambria Provides Update on Its High-Impact Oil Play – Significant Opportunity for Value Creation. CanCambria Energy provided a technical and commercial update highlighting near-term catalysts at its high-impact oil play in southern Hungary. Ten oil field prospects have been identified across an 80,000-acre fairway where adjacent oil fields have collectively produced ~160 million barrels of oil equivalent (BOE) with mean field size of ~15 million boe. The Company estimates that each oil field target’s mean prospective net revenue could be up to US$567 million — a potential multi-billion-dollar resource potential. CanCambria is planning a proprietary 3D seismic acquisition for the second half of 2026 with initial drilling anticipated in the first half of 2027. This is a positive development that provides the Company with near-term catalysts which complement its longer-term flagship deep tight-gas resource development. Read the Report: https://t.co/Gm0ujf5oN8

[John Stephenson @JohnStephe72050]

Highwood Announces Normal Course Issuer Bid. Highwood Asset Management Ltd. (HAM – TSXV) announced that the TSX Venture Exchange has accepted the Company’s notice of its intention to make a normal course issuer bid (NCIB) over the next year (July 7, 2026 – July 6, 2027) purchasing up to ~10% of its public float. Concurrent with this announcement the Company has entered into an automatic share purchase plan (an ASPP) with RBC Dominion Securities (the Broker), to allow for the purchase of its common shares. We believe that this action represents a strong vote of confidence in the value of HAM’s shares by the Board, and we reiterate our Buy rating and $9.50 target price. Read the Report: https://t.co/I5W7OKoopR

[John Stephenson @JohnStephe72050]

BluEnergies Announces Operational Update. BluEnergies’ work program with TotalEnergies is on schedule and progressing well with the objective of confirming and enhancing drillable prospects with their Blocks (LB-26, LB-30 and LB-31) in the Harper Basin, offshore Liberia. The work program consists of the reprocessing of 6,167 square kilometers of 3-D seismic data and a Sea Bottom Survey. The reprocessing of the seismic data is over 50% complete, while the Sea Bottom Survey (comprised of a Multi Beam Echo Sounder Survey and Seabed Geochemical Sampling & Heat Flow Measurements) is progressing well with completion expected by 4Q 2026. We view these developments as positive and reiterate our rating and price target. Read the Report: https://t.co/tVTIYwNAJY

[John Stephenson @JohnStephe72050]

Resource Report: Monthly Oil & Gas Perspectives: June 2026 Edition. WTI prices fell in June, down 20.4% while Brent crude prices fell 20.8% in June but both contracts are higher on a year-to-date basis. The signing of the memorandum of understanding and the cessation of hostilities have seen crude prices retreat from their highs but crude prices are still higher than before the conflict began. We believe however that crude prices have overshot to the downside given the observed strength in the products markets. https://t.co/lmYKW2s8qs

[John Stephenson @JohnStephe72050]

Highwood Asset Management Ltd. (HAM – TSXV) closed (June 30) its previously announced sale of its Wilson Creek assets to Obsidian Energy (OBE – TSX, not covered) for total consideration of up to $112 million. The $112 million is comprised of $105 million in cash, which was reduced to $98 million after interim closing adjustments and up to $7 million in contingent consideration (paid 3Q2026, 4Q2026, 1Q2027 and 2Q2027 based on WTI prices). The cash proceeds were used to pay down the Company’s debt, leaving approximately $15 million on Highwood’s reduced ($75 million) credit facility. The increased financial flexibility offers Highwood the ability to pursue development of organic opportunities, acquisitions and return of capital to shareholders. We view the debt reduction as positive, and we are raising our target price to $9.50. Read the Report: https://t.co/P3aZbUdtrH

[John Stephenson @JohnStephe72050]

BluEnergies: AGM Takeaways. Yesterday we attended BluEnergies’ AGM. All the Company’s resolutions were approved by shareholders. We believe that BluEnergies’ partnership with TotalEnergies will continue to surface value for shareholders over time. We reiterate our Buy rating and $4.75 target price. Read the Report: https://t.co/z3T8nlVZ9n

[John Stephenson @JohnStephe72050]

CanCambria Achieves Key Milestones in Kiskunhalas Joint Venture Process. CanCambria’s Raiffeisen Bank International AG (“RBI”)-led farmout of up to a 50% interest in its drill-ready Ba-IX licence is advancing with prospective strategic partners identified and technical due diligence complete. Commercial negotiations are now underway with an expected closing in 2026. The timeline has run longer than we expected, due to several macroeconomic, industry and domestic factors beyond CanCambria’s control, but the process is progressing and drawing industry interest. If a joint venture is concluded, drilling could commence in the first quarter of 2027. We view this development as positive and reiterate our Buy rating and $2.05 target price. Read the Report: https://t.co/82dYAKMPz5

[John Stephenson @JohnStephe72050]

Resource Report: Monthly Oil & Gas Perspectives: May 2026 Edition: WTI prices plunged in May, down 16.9% while Brent crude prices fell 19.3% in May but both contracts remain sharply higher on a year-to-date basis. The on again, off again war has introduced short-term volatility in crude oil prices, but those prices have been buffeted by the release of strategic petroleum reserves. Those reserves are finite and once the releases begin to trail off, prices could move sharply higher. We believe that we will be in for a multi-year replenishment cycle that will put a multi-year risk premium on crude. Read the Report: https://t.co/Js6NVtblyS

[John Stephenson @JohnStephe72050]

Highwood Announces Sale of Wilson Creek Assets: Highwood Asset Management Ltd. (HAM – TSXV) announced it has entered into a definitive asset purchase and sale agreement with Obsidian Energy Ltd. (OBE – TSX; Not Covered) to sell its Wilson Creek Assets for up to $112 million ($105 million in cash and up to $7 million of WTI-contingent payments). The transaction has an effective date of April 1, 2026, and is expected to close on or about June 30, 2026, subject to customary closing conditions and regulatory approvals. Net proceeds will be used to reduce the Company’s outstanding debt and for general corporate purposes, taking net debt to ~$15.0 million post closing. We view this transaction as NAV accretive and are reviewing our target price with a bias to the upside. Read the Report: https://t.co/eeKfzvTVBR

[John Stephenson @JohnStephe72050]

CORRECTION: BluEnergies Announces 2Q FY2026 Results: Cash on Hand Surges: Cash on hand surged to ~$6.11 million on March 31, 2026, from ~$2.13 million at the beginning of the quarter. The February 10, 2026, acceleration of the RTO warrants triggered the exercise of all 7.98 million outstanding warrants at $0.75, delivering ~$6.0 million of proceeds and clearing the warrant overhang entirely. We believe this strong cash balance provides BluEnergies with ample financial flexibility to fund its share of the minimum work expenditure commitment under reconnaissance license RL-003 — a US$5.0 million gross program with the Liberia Petroleum Regulatory Authority (LPRA), of which BluEnergies holds a 35% share. We reiterate our Buy rating and $4.75 target price. Read the Report: https://t.co/81cmE00hDY

[John Stephenson @JohnStephe72050]

Tectonic Shift: Exploration Moves Offshore: A tectonic shift in the oil and gas industry is underway as explorers increasingly focus on offshore fields. This structural change is occurring as a bid to book reserves as the reserve lives of the super majors have plummeted. Rising breakeven costs of shale oil plays and falling prices for offshore coupled with the possibility of massive discoveries is propelling this structural shift toward offshore exploration. Offshore Africa is set to lead global exploration activity accounting for around 40% of planned high-impact exploration wells in 2026. Block awards in offshore West Africa have been growing at an accelerating pace in the last few years with Liberia, Sierra Leone, and Côte d’Ivorie experiencing the most rapid growth in activity. BluEnergies Ltd. (BLU – TSXV) a first mover to West Africa in 2024 represents a unique value proposition as the only publicly listed pure play junior in the region with a world class partner (TotalEnergies – TTE NYSE and Euronext – not covered). Read the Report: https://t.co/fx3C9BEsAm

[John Stephenson @JohnStephe72050]

BluEnergies Announces 2Q FY2026 Results: Cash on Hand Surges: Cash on hand surged to ~$6.11 million on March 31, 2026, from ~$2.13 million at the beginning of the quarter. The February 10, 2026, acceleration of the RTO warrants triggered the exercise of all 7.98 million outstanding warrants at $0.75, delivering ~$6.0 million of proceeds and clearing the warrant overhang entirely. We believe this strong cash balance provides BluEnergies with ample financial flexibility to fund its share of the minimum work expenditure commitment under reconnaissance license RL-003 — a US$1.6 million gross program with the Liberia Petroleum Regulatory Authority (LPRA), of which BluEnergies holds a 35% share. We reiterate our Buy rating and $4.75 target price. Read the Report: https://t.co/Adf7NcEAgU