Tuscany Announces Record Production and Revenues for Q3 2013
29 Novembro 2013 - 12:00PM
Marketwired
Tuscany Announces Record Production and Revenues for Q3 2013
CALGARY, ALBERTA--(Marketwired - Nov 29, 2013) - Tuscany Energy
Ltd. (TSX-VENTURE:TUS).
Tuscany is pleased
to report that its revenue for Q3 2013 totaled a record $3.7
million, compared with $1.6 million for the same period in 2012.
Cash flow from operations for the quarter totaled $1.5 million.
This was the seconded highest quarterly cash flow in the Company's
history and up from the $244,000 reported in Q3 2012.
Tuscany's production
for the third quarter of 2013 averaged 613 BOEd compared with 308
BOEd for Q3 2012 and Tuscany's production in October exceeded 750
BOEd.
Two significant
events impacted the Company in Q3 2013. During the quarter Tuscany
completed the acquisition of Diaz Resources Ltd. and commenced
development of two of its heavy oil properties in Saskatchewan.
The combination of
the Diaz acquisition and three new wells increased the September
production rate to a record 790 BOEd. Tuscany anticipates a normal
decline from the initial rates from the new wells but is very
pleased with the results so far.
Outlook
Heavy oil prices
recovered in Q3 2013 to average $86.39 per Bbl. However at the time
of writing this press release the heavy oil differential has
commenced its seasonal low cycle and the Company's netback for oil
is decreasing. The Company believes it will average approximately
$60 per Bbl in Q4 2013 and that the price will recover in the
spring of 2014.
As a result of the
current low heavy oil price, the Company will delay major capital
expenditures until early 2014. The Company plans to achieve sound
2014 growth by drilling additional wells in the spring in order to
tie in new production at a time of the higher anticipated oil
prices.
Corporate Summary
|
|
Three months ended |
|
Nine months ended |
|
|
|
September 30 |
|
|
September 30 |
|
($ Thousands, unless otherwise indicated,
unaudited) |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
Financial |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net of royalties |
$ |
3,722 |
|
$ |
1,632 |
|
$ |
6,608 |
|
$ |
5,759 |
|
Cash flow from operations |
|
1,477 |
|
|
244 |
|
|
2,098 |
|
|
1,941 |
|
|
per share, diluted * |
|
0.08 |
|
|
0.02 |
|
|
0.13 |
|
|
0.13 |
|
Net earnings (loss) |
|
(83 |
) |
|
9 |
|
|
(960 |
) |
|
(464 |
) |
|
per share, diluted * |
|
0.00 |
|
|
0.00 |
|
|
(0.06 |
) |
|
(0.03 |
) |
Comprehensive earnings (loss) for the period |
|
(82 |
) |
|
(52 |
) |
|
(959 |
) |
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital: expenditures |
|
(2,688 |
) |
|
(1,059 |
) |
|
(3,936 |
) |
|
(4,236 |
) |
|
dispositions |
|
19 |
|
|
370 |
|
|
19 |
|
|
446 |
|
Net capital expenditures |
|
(2,669 |
) |
|
(689 |
) |
|
(3,917 |
) |
|
(3,790 |
) |
|
|
|
|
|
|
|
|
|
|
` |
|
|
Working capital (net debt) |
|
(8,139 |
) |
|
(63 |
) |
|
(8,139 |
) |
|
(63 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
37,023 |
|
|
25,626 |
|
|
37,023 |
|
|
25,626 |
|
Total shares outstanding at period end |
|
18,315 |
|
|
15,365 |
|
|
18,315 |
|
|
15,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
(Bopd) |
|
457 |
|
|
301 |
|
|
329 |
|
|
337 |
|
|
|
Gas (Mcfd) |
|
937 |
|
|
43 |
|
|
438 |
|
|
62 |
|
|
|
BOEd
(6 Mcf = 1 Bbl) |
|
613 |
|
|
308 |
|
|
402 |
|
|
347 |
|
|
Product Prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
($/Bbl) |
$ |
86.39 |
|
$ |
63.74 |
|
$ |
72.26 |
|
$ |
66.46 |
|
|
|
Gas ($/Mcf) |
$ |
2.44 |
|
$ |
2.02 |
|
$ |
2.43 |
|
$ |
2.18 |
|
* Adjusted to
account for the 8 to 1 common share consolidation effective July
15, 2013
Tuscany has filed on
SEDAR and its website its Interim Financial Statements and MD&A
for the nine months ended September 30, 2013.
ADVISORY:
Certain of the statements contained herein including, without
limitation, management's assessment of future plans and operations,
drilling plans and the timing thereof, the effect of production
from new wells at Macklin and Evesham, expected future oil prices
and impact thereof, method of financing continuing exploration and
development timing of completion of new facilities and the effect
thereof, may be forward-looking statements. Words such as "may",
"will", "should", "could", "anticipate", "believe", "expect",
"intend", "plan", "potential", "continue" and similar expressions
may be used to identify these forward-looking statements. These
statements reflect management's beliefs at the date of this press
release and are based on information available to management at
that time. Forward-looking statements involve significant risk and
uncertainties.
A number of factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements including, but not
limited to, risks associated with oil and gas exploration,
development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity prices,
currency fluctuations, environmental risks, competition from other
producers, inability to retain drilling rigs and other services,
incorrect assessment of the value of acquisitions, failure to
realize the anticipated benefits of acquisitions, delays resulting
from or inability to obtain required regulatory approvals and
ability to access sufficient capital from internal and external
sources and the risk factors outlined under "Risk Factors" in the
Company's Annual Information Form. As a consequence, actual results
may differ materially from those anticipated in the forward-looking
statements. Readers are cautioned that the foregoing list of
factors is not exhaustive. Additional information on these and
other factors that could affect Tuscany's operations and financial
results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com) or at Tuscany's website
(www.Tuscanyenergy.com). Although the forward-looking statements
contained herein are based upon what Management believes to be
reasonable assumptions, including but not limited to assumptions as
to the price of oil and natural gas, interest rates, exchange rates
and the regulatory and legal environment in which Tuscany operates,
the recoverability and production characteristics of Tuscany's
reserves, Tuscany's capital expenditures program and future
operations and other matters, there is no assurance that actual
results will be consistent with these forward-looking statements.
Investors should not place undue reliance on forward-looking
statements. These forward-looking statements are made as of the
date hereof and the Company assumes no obligation to update or
review them to reflect new events or circumstances except as
required by applicable securities laws.
Where amounts
are expressed on a barrel of oil equivalent (boe) basis, natural
gas volumes have been converted to barrels of oil at six thousand
cubic feet (mcf) per barrel (bbl). Boe figures may be misleading,
particularly if used in isolation. A boe conversion of six thousand
cubic feet per barrel is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. References to oil in
this discussion include crude oil and natural gas liquids
(NGLs).
NEITHER THE
TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
Robert W. Lamond, President & CEOTUSCANY ENERGY
LTD.Telephone: (403) 269-9889(403) 269-9890Charles A. Teare,
Executive Vice President & CFOTUSCANY ENERGY LTD.Telephone:
(403) 269-9889(403)
269-9890http://www.tuscanyenergy.com/default.aspx
Tuscany Energy Ltd. (TSXV:TUS)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Tuscany Energy Ltd. (TSXV:TUS)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024