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CALGARY, ALBERTA -- (Marketwired) -- 05/07/13 -- TransGlobe Energy Corporation ("TransGlobe" or the "Company") (TSX: TGL) (NASDAQ: TGA) is pleased to announce its financial and operating results for the three months ended March 31, 2013. All dollar values are expressed in United States dollars unless otherwise stated.
-- First quarter production averaged 18,001 Bopd (17,909 Bopd sales);-- First quarter funds flow of $36.0 million;-- First quarter earnings of $24.9 million (includes a $3.0 million unrealized gain on convertible debentures);-- Spent $18.2 million on exploration and development during the quarter;-- Drilled 11 wells in the quarter resulting in 8 oil wells and 3 dry holes;-- Two new Lower Nukhul discoveries in the Arta and East Arta Blocks have added to the appraisal location inventory;-- Collected $75.2 million in accounts receivable from the Egyptian Government during the quarter;-- Ended the quarter with $112.2 million in cash and cash equivalents; positive working capital of $278.0 million or $167.0 million net of debt (including convertible debentures).
A conference call to discuss TransGlobe's 2013 first quarter results presented in this news release will be held Tuesday, May 7, 2013 at 9:00 AM Mountain Time (11:00 AM Eastern Time) and is accessible to all interested parties by dialing 1-416-695-6616 or toll-free 1-800-766-6630 (see also TransGlobe's news release dated May 1, 2013). The webcast may be accessed at http://events.digitalmedia.telus.com/transglobe/050713/index.php.
FINANCIAL AND OPERATING RESULTS
(US$000s, except per share, price, volume amounts and % change)
Three months ended March 31----------------------------------------------------------------------------Financial 2013 2012 % Change----------------------------------------------------------------------------Oil and gas revenue 159,915 159,426 -Oil and gas revenue net of royalties 79,366 77,212 3Derivative gain (loss) on commodity contracts - (124) -Production and operating expense 14,532 11,966 21General and administrative expense 7,100 6,688 6Depletion, depreciation and amortization expense 11,180 11,749 (5)Income taxes 23,921 21,585 11Funds flow from operations 36,005 36,088 - Basic per share 0.49 0.49 Diluted per share 0.44 0.48Net earnings 24,878 10,975 127Net earnings - diluted 21,427 10,975 95 Basic per share 0.34 0.15 Diluted per share 0.26 0.15Capital expenditures 18,193 4,472 307Working capital 277,997 263,693 5Long-term debt 17,097 57,910 (70)Convertible debentures 93,842 105,835 (11)Common shares outstanding Basic (weighted average) 73,805 73,061 1 Diluted (weighted average) 82,228 75,333 9Total Assets 672,675 648,012 4--------------------------------------------------------------------------------------------------------------------------------------------------------Operating--------------------------------------------------------------------------------------------------------------------------------------------------------Average production volumes (Bopd) 18,001 16,795 7Average sales volumes (Bopd) 17,909 16,720 7Average price ($ per Bbl) 99.21 104.78 (5)Operating expense ($ per Bbl) 9.02 7.86 15--------------------------------------------------------------------------------------------------------------------------------------------------------
