CALGARY, ALBERTA -- (Marketwire) -- 03/20/13 -- Rock Energy Inc. (TSX: RE) ("Rock" or the "Company") is pleased to report its financial and operating results for the year and three months ended December 31, 2012.
Rock has filed its Annual Information Form (AIF), which includes Rock's reserves data and other oil and natural gas information for the year ended December 31, 2012. The AIF includes annual disclosure regarding reserves data and other oil and gas information as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. Copies of Rock's audited financial statements and related management's discussion and analysis and AIF for the year ended December 31, 2012 have been filed on the SEDAR website at www.sedar.com and may be obtained on Rock's website at www.rockenergy.ca.
Rock is a Calgary-based crude oil exploration, development and production company.
CORPORATE SUMMARY
-------------------------------------------------------------------------------------------------------------------------------------------------------- Three Three Months Months Year ended Year ended ended ended December December December DecemberFINANCIAL 31, 2012 31, 2011 31, 2012 31, 2011----------------------------------------------------------------------------Crude oil and natural gas revenue ($000) $ 46,567 $ 64,289 $ 12,802 $ 17,100Funds from operations ($000) (1) $ 13,592 $ 20,524 $ 3,160 $ 8,063 Per share - basic $ 0.35 $ 0.56 $ 0.08 $ 0.21 - diluted $ 0.35 $ 0.55 $ 0.08 $ 0.21Net income (loss) ($000) $ (12,210) $ (6,919) $ (6,348) $ (4,992) Per share - basic $ (0.31) $ (0.19) $ (0.16) $ (0.05) - diluted $ (0.31) $ (0.19) $ (0.16) $ (0.05)Capital expenditures ($000) $ 31,377 $ 61,864 $ 8,676 $ 5,720-------------------------------------------------------------------------------------------------------------------------------------------------------- As at As at December December 31, 2012 31, 2011----------------------------------------------------------------------------Working capital deficiency including bank debt and excluding derivative contracts ($000) $ 3,072 $ 31,028Common shares outstanding (000) 39,102 38,786Options outstanding (000) 2,738 2,531--------------------------------------------------------------------------------------------------------------------------------------------------------OPERATIONS Three Three Year Year Months Months ended ended ended ended December December December December 31, 2012 31, 2011 31, 2012 31, 2011----------------------------------------------------------------------------Average daily production Crude oil and natural gas liquids (bbls/d) 1,836 2,294 2,194 2,184 Natural gas (mcf/d) 3,246 5,026 2,904 5,108---------------------------------------------------------------------------- Total (boe/d) 2,377 3,132 2,678 3,035Average product prices Crude oil and natural gas liquids (Cdn$/bbl) $ 64.81 $ 68.52 $ 58.86 $ 77.86 Natural gas (Cdn$/mcf) $ 2.54 $ 3.77 $ 3.43 $ 3.12 Combined average (Cdn$/boe) $ 53.53 $ 56.24 $ 51.96 $ 61.23Field netback (Cdn$/boe) (1) $ 18.33 $ 22.81 $ 29.38 $ 29.38--------------------------------------------------------------------------------------------------------------------------------------------------------
