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CALGARY, ALBERTA -- (Marketwire) -- 03/13/13 -- Sure Energy Inc. (TSX"SHR) ("Sure Energy" or the "Company") is pleased to announce results for the year ended December 31, 2012.
The Company's MD&A, Financial Statements and Notes, and AIF can be viewed or downloaded at www.sureenergyinc.com or www.sedar.com.
During 2012, Sure Energy accomplished the following:
-- Increased oil & liquids production from 50 percent of total production in 2011 to 59 percent in 2012-- Funds Flow from Operations in 2012 was $11.74 million ($0.19/share)-- At Hatton, commenced development of heavy oil project with two successful development wells and one water disposal well, commenced 20 square kilometre 3D seismic program and increased 100 percent working interest land base to 12,640 acres.-- Operational initiatives reduced corporate operating costs from $14.26/BOE in the fourth quarter of 2011 to $13.04/BOE in the fourth quarter of 2012.-- Sold lands in Virginia Hills with Beaverhill Lake rights for $9.0 millionHIGHLIGHTS Three Months Ended Year Ended December 31, December 31, 2012 2011 2012 2011----------------------------------------------------------------------------($000 except share and per share amounts)FinancialPetroleum and Natural Gas Revenues 6,002 8,907 24,271 25,364Funds Flow from Operations (1) 3,287 4,672 11,743 13,381 Per Share, Basic and Diluted 0.05 0.10 0.19 0.28Income (loss) (1,577) (1,381) (6,878) (694) Per Share, Basic and Diluted (0.03) (0.03) (0.11) (0.01)Capital Expenditures 3,306 8,146 20,522 38,308Total Assets 82,015 81,048Net Debt(1) 30,693 22,668Shareholders' Equity 44,324 50,165Common Shares Outstanding Basic 60,580,630 60,548,630 Diluted 66,096,464 64,884,464 Fully Diluted with Performance Rights and Warrants 71,426,464 70,214,464Weighted Average Common Shares Outstanding Basic and Diluted 60,580,630 48,809,500 60,575,472 48,604,089Share Trading High 0.69 1.69 1.50 1.99 Low 0.49 1.10 0.49 1.10 Close 0.58 1.44 0.58 1.44Trading Volume 2,826,659 1,936,968 10,043,381 11,848,550-------------------------------------------------------------------------------------------------------------------------------------------------------- Three Months Ended Year Ended December 31, December 31,HIGHLIGHTS 2012 2011 2012 2011----------------------------------------------------------------------------OperationsProduction Natural Gas (Mcf/d) 2,905 3,479 3,033 3,653 Oil (bbls/d) 551 843 620 557 Heavy Oil (bbls/d) 125 31 68 8 NGLs (bbls/d) 41 41 40 46---------------------------------------------------------------------------- BOE/d 1,201 1,495 1,234 1,220----------------------------------------------------------------------------% Oil and NGLs 60 61 59 50--------------------------------------------------------------------------------------------------------------------------------------------------------Average Selling Price Natural Gas ($/Mcf) 3.51 3.47 2.52 3.91 Oil ($/bbl) 80.65 94.14 83.13 92.33 Heavy Oil ($/bbl) 67.48 79.32 69.51 79.32 NGLs ($/bbl) 54.01 70.92 58.77 68.89 BOE ($/BOE) 54.34 64.76 53.74 56.98Operating Netback ($/BOE) (1) 34.89 39.05 30.98 35.86Funds Flow Netback ($/BOE) (1) 29.76 33.97 26.00 30.06--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Please refer to Management's Discussion and Analysis for a definition of Additional GAAP measures.
