Tuscany Reports Increased Production, Revenues and Cash Flow for 2013
28 Março 2014 - 12:03PM
Marketwired
Tuscany Reports Increased Production, Revenues and Cash Flow for
2013
CALGARY, ALBERTA--(Marketwired - Mar 28, 2014) - Tuscany Energy
Ltd. (TSX-VENTURE:TUS) is pleased to report improved operating
results for 2013, with especially positive results for the last
quarter ended December 31, 2013. Increased production volumes,
revenues and cash flow resulted from the acquisition of Diaz
Resources Ltd, effective July 15, 2013, and the drilling of heavy
oil development wells during the last half of the year.
Corporate Summary |
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Three months ended |
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Year ended |
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December 31 |
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December 31 |
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2013 |
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2012 |
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2013 |
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|
2012 |
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($ Thousands, unless otherwise indicated) |
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Financial |
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Revenue, net of royalties |
$ |
2,982 |
|
$ |
1,703 |
$ |
9,590 |
|
$ |
7,462 |
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|
Cash flow from operations * |
|
1,309 |
|
|
796 |
|
3,387 |
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|
2,737 |
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per share, diluted |
|
0.07 |
|
|
0.05 |
|
0.20 |
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|
0.18 |
|
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Net earnings (loss) |
|
(2,012 |
) |
|
103 |
|
(2,973 |
) |
|
(361 |
) |
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per share, diluted |
|
-0.11 |
|
|
0.01 |
|
-0.18 |
|
|
-0.02 |
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Capital: expenditures |
|
1,098 |
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|
511 |
|
5,034 |
|
|
4,747 |
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dispositions |
|
60 |
|
|
255 |
|
79 |
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|
701 |
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Net capital expenditures |
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1,038 |
|
|
256 |
|
4,955 |
|
|
4,046 |
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Acquisition of Diaz |
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- |
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- |
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10,673 |
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- |
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Working capital (net debt) * |
|
(7,423 |
) |
|
380 |
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(7,423 |
) |
|
380 |
|
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Total assets |
|
34,317 |
|
|
24,178 |
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34,317 |
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24,178 |
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Total shares outstanding at period end |
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19,332 |
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15,365 |
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19,332 |
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|
15,365 |
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Operations |
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Production |
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Oil (Bopd) |
|
536 |
|
|
325 |
|
382 |
|
|
334 |
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|
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Gas (Mcfd) |
|
995 |
|
|
284 |
|
578 |
|
|
118 |
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BOEd (6 Mcf = 1 Bbl) |
|
702 |
|
|
372 |
|
478 |
|
|
354 |
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Product Prices |
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Oil ($/Bbl) |
$ |
61.06 |
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$61.84 |
$ |
68.14 |
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$65.33 |
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Gas ($/Mcf) |
$ |
3.14 |
|
|
$2.68 |
$ |
2.73 |
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|
$2.48 |
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Reserves (proved plus probable, forecast costs and
prices) |
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2013 |
|
2012 |
|
Gas (MMcf) |
|
1,589.8 |
|
210.2 |
|
Oil (MBbl) |
|
1,988.5 |
|
1,484.9 |
|
BOE (Thousands) |
|
2,253.6 |
|
1,520.0 |
Net present value of future net revenue, before
tax, |
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discounted at 10% ($ millions) |
$ |
39.3 |
$ |
29.1 |
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Undeveloped land holdings (net acres) |
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Alberta |
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51,302 |
|
9,793 |
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Saskatchewan |
|
23,467 |
|
10,684 |
Total net acreage |
|
74,769 |
|
20,477 |
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*Non-GAAP measures. |
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Tuscany reduced its
net debt from $8.1 million at the end of the third quarter of 2013,
to $7.4 million at December 31, 2013.
The Company plans an
increased heavy oil development program through 2014, with an
active program of development wells at Macklin and Evesham,
Saskatchewan as well as initial wells on two of the Company's
additional low risk heavy oil prospects.
Tuscany plans to
propose a two for one share split of the Company's common shares at
its upcoming annual general meeting to be held on April 30,
2014.
The Company's
annual report, MD&A and financial statements for the year ended
December 31, 2013 have been filed on Tuscany's SEDAR profile at
www.sedar.com and are available on Tuscany's web site
www.tuscanyenergy.com
Detailed reserve
information is contained in Tuscany's Statement of Reserves Data
and Other Oil and Gas Information for the year ended December 31,
2013, which is available on Tuscany's SEDAR profile at
www.sedar.com. It should not be assumed that the estimates of net
present value of future net revenue presented above represent the
fair market value of the reserves, as there is no assurance that
the forecast prices and costs assumptions contained therein will be
attained and variances could be material
ADVISORY:
This news release contains certain forward-looking information and
statements within the meaning of applicable securities laws. The
use of any of the words "expect", "anticipate", "continue",
"estimate", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify
forward-looking information or statements. In particular, but
without limiting the forgoing, this news release contains
forward-looking information and statements pertaining to the
following: the volumes and estimated net present value of Tuscany's
oil and gas reserves; and Tuscany's drilling plans.
The estimates of
Tuscany's reserves and the net present value of the future net
revenue attributable thereto provided herein are estimates only and
there is no guarantee that the estimated reserves will be recovered
or that the forecast prices and costs assumptions such estimates
are based upon will be attained. In addition, forward-looking
statements or information are based on a number of material
factors, expectations or assumptions of Tuscany which have been
used to develop such statements and information but which may prove
to be incorrect. Although Tuscany believes that the expectations
reflected in such forward-looking statements or information are
reasonable, undue reliance should not be placed on forward- looking
statements because Tuscany can give no assurance that such
expectations will prove to be correct. In addition to other factors
and assumptions which may be identified herein, assumptions have
been made regarding, among other things: that Tuscany will continue
to conduct its operations in a manner consistent with past
operations; results from drilling and development activities; the
continued and timely development of infrastructure in areas of new
production; the accuracy of the estimates of Tuscany's reserve
volumes; continued availability of debt and equity financing and
cash flow to fund Tuscany's current and future plans and
expenditures; the impact of increasing competition; the general
stability of the economic and political environment in which
Tuscany operates; the general continuance of current industry
conditions; the timely receipt of any required regulatory
approvals; the ability of Tuscany to obtain qualified staff,
equipment and services in a timely and cost efficient manner;
drilling results; the ability of the operator of the projects in
which Tuscany has an interest in to operate the field in a safe,
efficient and effective manner; the ability of Tuscany to obtain
financing on acceptable terms; future commodity prices; currency,
exchange and interest rates; regulatory framework regarding
royalties, taxes and environmental matters in the jurisdictions in
which Tuscany operates; and the ability of Tuscany to successfully
market its oil and natural gas products.
The forward-looking
information and statements included in this news release are not
guarantees of future performance and should not be unduly relied
upon. Such information and statement, including the assumptions
made in respect thereof, involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information or statements including, without
limitation: changes in commodity prices; changes in the demand for
or supply of Tuscany's products; unanticipated operating results or
production declines; changes in tax or environmental laws, royalty
rates or other regulatory matters; changes in development plans of
Tuscany or by third party operators of Tuscany's properties,
increased debt levels or debt service requirements; inaccurate
estimation of Tuscany's oil and gas reserve volumes; limited,
unfavourable or a lack of access to capital markets; increased
costs; a lack of adequate insurance coverage; the impact of
competitors; and certain other risks detailed from time-to-time in
Tuscany's public disclosure documents, (including, without
limitation, those risks identified in this news release).
Furthermore, the forward-looking statements contained in this
news release are made as at the date of this news release and the
Company does not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise, except as
may be 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 on the basis of
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.
Given that the value ratio based on the current price of crude oil
as compared to natural gas is significantly different from the
energy equivalency of 6 mcf: 1 bbl, using a conversion on a 6 mcf:
1 bbl basis may be misleading as an indication of value. 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.
Tuscany Energy Ltd.Robert W. LamondPresident & CEO(403)
269-9889(403) 269-9890Tuscany Energy Ltd.Donald K. ClarkVice
President Operations(403) 269-9889(403)
269-9890www.tuscanyenergy.com
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