Other Financial and Operating Highlights are:
These assets also include processing facilities adjacent to our Woodrush oilfield 120 km. north of Ft.
CORPORATE SUMMARY – FIRST QUARTER ENDED
|OPERATIONS||Three months ended |
|Oil and natural gas liquids (bbls/d)||164||232||-29%|
|Natural gas (mcf/d)||2,292||885||159%|
|Realized sales prices|
|Oil and natural gas liquids ($/bbl)||93.51||82.94||13%|
|Natural gas ($/mcf)||6.80||3.85||77%|
|Oil operations ($/bbl)||22.41||32.24||-30%|
|Natural gas operations ($/mcf)||3.13||2.99||5%|
|Oil operations ($/bbl)||55.53||34.63||60%|
|Natural gas operations ($/BOE)||13.85||2.05||575%|
|General and administrative expenses ($/BOE)(1)||17.05||28.79||-41%|
(1)Excluding interest and financing charges
|FINANCIAL (CA$ thousands, except per share)||Three months ended |
|Cash flow (1)||387||-212||283%|
|Cash flow per share (basic)||0.002||-0.001||275%|
|Cash flow per share (diluted)||0.002||-0.001||275%|
|Net income (loss)||-2,982||-1,210||146%|
|Basic ($/common share)||-0.019||-0.008||136%|
|Diluted ($/common share)||-0.019||-0.008||136%|
|Weighted average common shares outstanding (thousands)|
|Bank debt, net of working capital||10,062||8,910||13%|
(1)See “Non-GAAP Financial Measures” in the Company’s Management’s Discussion and Analysis.
(2)Reserves are defined as the Company’s working interest share of gross reserves less royalty interest reserves.
Disclosures Regarding Reserve Estimates: The reserve estimates assume available funding for development of the properties. Disclosed values do not necessarily represent fair market value. A conversion ratio for Cubic Feet Equivalent of gas of 6 thousand cubic feet to 1 bbl is used in the above tables and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Prospective Resources are defined as “those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity”. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. These estimates represent the likely size of the resource, if present, and have not been adjusted for risk of failure.
Statements Regarding Forward-Looking Information: This news release contains statements about oil and gas production and operating activities that may constitute "forward-looking statements" or “forward-looking information” within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by
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