CALGARY, ALBERTA -- (Marketwire) -- 03/14/13 -- Lone Pine Resources Inc. ("Lone Pine" or the "Company") (NYSE: LPR) (TSX: LPR) today announced financial and operational results for the fourth quarter and full year 2012.
Selected highlights for the fourth quarter of 2012 include:
-- Completed the Kaybob and Wild River non-core asset dispositions generating total gross proceeds of $93 million-- Reduced total long-term debt to $347 million at December 31, 2012, a 20% reduction from the September 30, 2012 balance-- Average net sales volumes of 70.6 MMcfe/d with oil and NGLs weighting of 28%-- Oil and NGLs net sales volumes of 3,305 bbls/d-- Adjusted EBITDA of $25.4 million and adjusted discretionary cash flow of $16.0 million-- Invested $14.9 million in the quarter, which included drilling 4 gross (2.8 net) wells, completing 5 gross (4.3 net) wells and bringing onstream 5 gross (4.3 net) wells
David M. Fitzpatrick, Interim Chief Executive Officer of Lone Pine, stated, "The fourth quarter of 2012 saw Lone Pine take important steps in its previously announced strategic process aimed at strengthening the Company's balance sheet and improving liquidity. In the period, we successfully completed two important non-core dispositions of natural gas weighted properties at attractive metrics. These divestitures, which were an important piece of a multi-step strategic process, have reduced leverage while further streamlining our asset portfolio.
Looking forward, we have presented an interim 2013 capital budget that is targeted at preserving financial flexibility for the first half of 2013 by closely matching our capital expenditure plan with expected cash flow from operations together with further non-core disposition proceeds. With an important core asset review ongoing, we have elected to provide a first half capital budget that will be revisited upon completion of that process. Despite the recent organizational changes at the Company, we remain firmly committed to this initiative and to creating long term value for our stockholders."
The Company has filed its Annual Report on Form 10-K for the year ended December 31, 2012 with the U.S. Securities and Exchange Commission and on SEDAR in Canada. Selected financial and operational information is outlined below and should be read in conjunction with the Annual Report on Form 10-K, which is available for review at www.sec.gov, at www.sedar.com, and on the Company's website at www.lonepineresources.com.
Financial and Operational Results
Lone Pine's adjusted EBITDA for the fourth quarter of 2012 of $25.4 million was 6% lower than the third quarter of 2012 and adjusted discretionary cash flow for the fourth quarter of 2012 of $16.0 million was 19% lower than the third quarter of 2012. Lone Pine reported an adjusted net loss in the fourth quarter of 2012 of $12.9 million or $(0.15) per diluted share compared to an adjusted net loss of $11.6 million or $(0.14) per diluted share in the third quarter of 2012.