ENP Newswire -
Release date- 15052014 -
First Quarter Highlights
Production was 2,796 boe/d (53% oil and NGL's), a 55% increase from the same period in 2013.
Oil and gas sales including royalty income were
Earnings before interest, taxes, depletion & depreciation, amortization and changes in commodity contracts ('EBITDA') was
Operating costs, including
Operating netback of
G&A costs of
Royalties were 6% of oil and gas revenue.
Total capital expenditures were
The annualized first quarter debt to cash flow ratio was 1.3: 1.
Credit Facility Update
Yangarra has entered into an amended and restated credit facility agreement with
Subsequent to the first quarter the Company announced a bought deal financing of
With the recently announced equity financing and credit facility increase, the Company is increasing its 2014 capital budget to
The revised budget is expected to result in annual production of 3,500 boe/d which would be a 59% increase from 2013. Funds flow from operations are expected to be
The Company has successfully drilled or participated in 8 gross (6.2 net) wells during the first quarter of 2014. The Company experienced 11 days of shut-in production (approximately 1,200 boe/d for the 11 days) due to the
Annual General Meeting of Shareholders
The Company's Annual General and Special Meeting of Shareholders is scheduled for
The Company's financial statements, notes to the financial statements and management's discussion and analysis have been filed on SEDAR (www.sedar.com) and are available on the Company's website (www.yangarra.ca).
President & CEO
Forward looking information
Certain information regarding Yangarra set forth in this news release, including management's assessment of future plans, operations and operational results may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
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