Advertisement
CALGARY, ALBERTA -- (Marketwired) -- 05/10/13 -- Southern Pacific Resource Corp. ("Southern Pacific" or the "Company") (TSX: STP) today announced its financial and operational results for the quarter ended March 31, 2013.
This press release provides, in the table below, corrected information for Southern Pacific's cash from operating activities before net changes in non-cash working capital and weighted average common shares outstanding. The unaudited condensed consolidated financial statements and related management's discussion and analysis for the period reflected the correct information and is unchanged, which should be reviewed in conjunction with this press release.
2013 FISCAL Q3 HIGHLIGHTS:
-- Total Company production including the capitalized production from STP- McKay Phase 1 and STP-Senlac was 3,794 barrels per day ("bbl/day") for the three months ended March 31, 2013, and for the first seven days of May has averaged 4,350 bbl/day based on field estimates;-- At STP-McKay, the Company continues to make progress in ramping up production. The project produced an average of 1,237 bbl/day during the quarter;-- As a result of successfully securing contracts directly with major refineries in the U.S. Gulf Coast at the beginning of 2013, the plant gate price relating to STP-McKay over this period averaged approximately $40.50/bbl, net of all transportation and diluent costs;-- At STP-Senlac, the Company averaged 2,557 bbl/day during the quarter. The Company has successfully placed the second of three well pairs on production relating to Pad K on April 24, 2013. The final well pair is expected to be placed on production in June;-- At STP-Senlac, Southern Pacific had sold approximately 47% of its oil by rail for the quarter, resulting in an overall plant gate price of $50.24/bbl, an improvement in the plant gate price of approximately $10.00/bbl as compared to the Western Canada Select ("WCS") price that was received on the remaining volumes from STP-Senlac during the quarter; and-- The Company has increased its senior secured first lien revolving credit facility to $100 million on May 9, 2013.-------------------------------------------------------------------------------------------------------------------------------------------------------- Three months ended(thousands, except per share and per Three months ended March 31, boe amounts) March 31, 2013 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Petroleum revenue, net of royalties $9,104 $21,598Cash from operating activities before net changes in non-cash working capital ($234) $16,502 Per share basic and diluted ($0.00) $0.05Net income (loss) ($16,350) $11,553 Per share basic and diluted ($0.04) $0.03Total assets $991,142 $919,850Combined average product prices ($ per boe) $50.24 $64.52Operating netback ($ per boe)(1) $23.36 $44.41Weighted average common shares outstanding basic 397,653 340,512 diluted 397,653 348,000Production(2) Heavy oil (bbl/day) 2,557 4,156--------------------------------------------------------------------------------------------------------------------------------------------------------1. Operating netback is a non-GAAP measure defined as petroleum sales less royalties and less operating costs.2. Total production excludes the capitalized production of 1,237 bbl/day from STP-McKay for the three months ended March 31, 2013, which commenced production ramp up in late October 2012.
