Corporate Profile
Metalore has been active in mining exploration for over sixty-five years and in Natural Gas development for over fifty years. The company participated in the early development of the Provost gas field in Alberta
from 1956 through 1961 and has been the major player in developing the Norfolk gas field in Southwestern Ontario since 1964, pioneering technologically advanced completion and fracturing techniques. The Ontario Natural Gas operations constitute the “core business” of the Company and is its principal source of revenue.
The Company has protected the equity of shareholders for the past forty years by financing all exploration and development costs with cash flow from operations.
Overall Performance
Metalore manages a portfolio of petroleum and natural gas leases throughout Charlotteville Township, Norfolk County, Ontario. The Company has consistently located its wells on ultra-wide spacing patterns to minimize the year to year decline in deliverability and maximize the longevity of production – which can be verified by its 50-year production record. Historically, Metalore sold the majority of its production at forwarding “strip contract” prices which were substantially higher than NYMEX (New York Mercantile Exchange) prices at the time of delivery. As of November 2018, the Company sells its natural gas to Enbridge Gas Inc under their standard “Gas Producers Agreement”. Management of the Company has also established a record of discovering and outlining precious metal deposits: Brookbank, Fox Ear, Cherbourg and Irwin, in the Thunder Bay District of Ontario. The majority of interests in these resources were sold in 1998, subject to joint venture participations (and/or royalty payments) which were reactivated in 2020 with fresh exploration.