Tuscany Announces Significant Increases in Revenue, Cash Flow and Production for Q1 2014
29 Maio 2014 - 10:00AM
Marketwired
Tuscany Announces Significant Increases in Revenue, Cash Flow and
Production for Q1 2014
CALGARY, ALBERTA--(Marketwired - May 29, 2014) - Tuscany Energy
Ltd. (TSX-VENTURE:TUS) is pleased to report significant increases
in production revenue, cash flow and production volumes for the
first quarter ended March 31, 2014 from those of the first quarter
of the prior year.
Production revenues
increased to $4.1 million in 2014 from $1.3 million in the prior
year. Cash flow totaled $1.8 million or 9 cents per share compared
with $0.3 million or 2 cents per share in 2013.
Corporate
Summary
Three months ended March 31, |
|
2014 |
|
|
2013 |
|
($ Thousands, unless otherwise indicated) |
|
|
|
|
|
|
Financial |
|
|
|
|
|
|
|
Production revenue |
$ |
4,057 |
|
$ |
1,287 |
|
|
Cash flow from operations * |
|
1,835 |
|
|
297 |
|
|
|
per share, diluted |
|
0.09 |
|
|
0.02 |
|
|
Net loss for the period |
|
(220 |
) |
|
(432 |
) |
|
|
per share, diluted |
|
(0.01 |
) |
|
(0.03 |
) |
|
Capital expenditures, net of dispositions |
|
1,449 |
|
|
770 |
|
|
Net debt * |
|
(7,074 |
) |
|
(150 |
) |
|
Total assets |
|
34,847 |
|
|
24,246 |
|
|
Total shares outstanding at period end |
|
19,331 |
|
|
14,992 |
|
Operations |
|
|
|
|
|
|
|
Production |
|
|
|
|
|
|
|
|
Oil (Bopd) |
|
553 |
|
|
274 |
|
|
|
Gas (Mcfd) |
|
732 |
|
|
162 |
|
|
|
BOEd (6 Mcf = 1 Bbl) |
|
675 |
|
|
301 |
|
|
Product Prices |
|
|
|
|
|
|
|
|
Oil ($/Bbl) |
$ |
74.08 |
|
$ |
50.65 |
|
|
|
Gas ($/Mcf) |
$ |
5.62 |
|
$ |
2.61 |
|
* See non-GAAP
measures in Tuscany's MD&A for the three months ended March 31,
2014
Production volumes
in Q1 2014 increased to average approximately 675 BOED from 301
BOED for Q1 2013. Production growth continued in April 2014, with
the Company's production averaging in excess of 750 BOED, resulting
in production revenues of approximately $1.6 million for the
month.
These improved
financial and operating results resulted from the acquisition of
Diaz Resources Ltd. in July 2013, together with increased oil
production from the Evesham and Macklin areas, where Tuscany has
drilled 5 heavy oil wells (4.2 net wells) since the Diaz
acquisition.
Tuscany plans an
active development program at Evesham and Macklin during the summer
months, to benefit from higher prevailing heavy oil prices. In
addition the Company is formulating plans for its first well on the
Sparky project in the Macklin area which is anticipated to commence
in the fall of 2014.
Tuscany has filed
its Interim Financial Statements and MD&A for the three months
ended March 31, 2014 on SEDAR and its website.
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 foregoing, this news release contains
forward-looking information and statements' pertaining to Tuscany's
drilling plans. 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 planned
drilling involves known and unknown risks, uncertainties and other
factors that may cause actual drilling plans to differ materially
from those anticipated.
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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