Advertisement
Financial and Operating Highlights for the Three and Six Months Ended December 31, 2012
(in thousands of United States dollars, except as otherwise noted; "net" production represents working-interest production before royalties)
---------------------------------------------------------------------------- Three months ended December 31,Financial 2012 2011 Change----------------------------------------------------------------------------Petroleum and natural gas revenues, net of royalties 27,350 55,241 (50%)Funds from operations (1) (2) 2,943 24,480 (88%) Per share - basic ($) 0.05 0.45 (90%) Per share - diluted ($) 0.05 0.45 (90%)Net income (loss) (2) 3,131 (2,423) n/a Per share - basic ($) 0.05 (0.04) n/a Per share - diluted ($) 0.05 (0.04) n/aCapital expenditures, excluding business acquisition 22,667 62,425 (64%)Cash and cash equivalentsRestricted cashWorking capital surplus, excluding the current portion of bank debt and derivatives (1)Short-term and long-term bank debtTotal assetsCommon shares, end of period (000s)-------------------------------------------------------------------------------------------------------------------------------------------------------- Six months ended December 31,Financial 2012 2011 Change----------------------------------------------------------------------------Petroleum and natural gas revenues, net of royalties 69,145 90,571 (24%)Funds from operations (1) (2) 17,034 42,241 (60%) Per share - basic ($) 0.27 0.80 (66%) Per share - diluted ($) 0.27 0.78 (65%)Net income (loss) (2) (3,083) 11,063 n/a Per share - basic ($) (0.05) 0.21 n/a Per share - diluted ($) (0.05) 0.20 n/aCapital expenditures, excluding business acquisition 41,598 93,781 (56%) December 31, June 30, 2012 2012 Change --------------------------------------Cash and cash equivalents 33,253 30,789 8%Restricted cash 19,298 6,555 194%Working capital surplus, excluding the current portion of bank debt and derivatives (1) 52,042 29,697 75%Short-term and long-term bank debt 99,440 27,986 255%Total assets 595,051 406,828 46%Common shares, end of period (000s) 86,499 61,898 40%---------------------------------------------------------------------------- Three months ended December 31,Operating 2012 2011 Change----------------------------------------------------------------------------Petroleum and natural gas production, before royalties (boepd) Petroleum 5,035 13,837 (64%) Natural gas 319 - n/a Total 5,354 13,837 (61%)Petroleum and natural gas sales, before royalties (boepd) Petroleum 4,815 14,155 (66%) Natural gas 319 - n/a Total 5,134 14,155 (64%)Realized sales prices ($/boe) Rancho Hermoso and LLA 23 - non- tariff 89.64 99.34 (10%) Rancho Hermoso - tariff 17.36 17.36 - LLA 23 88.54 - n/a Esperanza 33.87 - n/a Ecuador - tariff 39.53 - n/a Total 62.44 47.10 33%Operating netbacks ($/boe) (1) Rancho Hermoso - non-tariff 23.20 53.06 (56%) Rancho Hermoso - tariff 3.73 10.06 (63%) LLA 23 59.63 - n/a Esperanza 28.35 - n/a Ecuador - tariff 39.53 - n/a Total 19.01 24.32 (22%)---------------------------------------------------------------------------- Six months ended December 31,Operating 2012 2011 Change----------------------------------------------------------------------------Petroleum and natural gas production, before royalties (boepd) Petroleum 5,527 11,935 (54%) Natural gas 160 - n/a Total 5,687 11,935 (52%)Petroleum and natural gas sales, before royalties (boepd) Petroleum 6,068 12,182 (50%) Natural gas 160 - n/a Total 6,228 12,182 (49%)Realized sales prices ($/boe) Rancho Hermoso and LLA 23 - non- tariff 91.23 94.42 (3%) Rancho Hermoso - tariff 17.36 16.35 6% LLA 23 88.54 - n/a Esperanza 33.87 - n/a Ecuador - tariff 39.53 - n/a Total 65.27 44.59 46%Operating netbacks ($/boe) (1) Rancho Hermoso - non-tariff 30.60 52.14 (41%) Rancho Hermoso - tariff 5.11 9.49 (46%) LLA 23 59.63 - n/a Esperanza 28.35 - n/a Ecuador - tariff 39.53 - n/a Total 21.86 23.97 (9%)----------------------------------------------------------------------------(1) Non-IFRS measure. See "Non-IFRS Measures" section within MD&A.(2) Effective December 20, 2012, the Corporation completed a 10:1 consolidation of its common shares. Consequently, per share information presented above was restated to a post-consolidation basis for comparability.
