TORONTO, April 10, 2012 /CNW/ - PetroMagdalena Energy Corp. has
filed today its audited consolidated financial statements for the
year ended December 31, 2011, together with its Management's
Discussion and Analysis ("MD&A"), Forms 51-101 F1, F2, F3 and
F4, and its Annual Information Form, for the corresponding period.
These documents will be posted on the Company's website at
www.petromagdalena.com and at www.sedar.com under the Company's
SEDAR profile. Luciano Biondi, the Company's Chief Executive
Officer, stated: "We are pleased to see strong financials results
for the 2011 financial year, reflecting our focus on managing our
core portfolio of oil assets in the Llanos Basin. We have increased
the prospectivity of the portfolio with our most recent NI 51-101
reserves report and we are optimistic about our exploration
portfolio which includes significant activity in 2012 and
additional upside production potential not yet reflected in the
2011 year-end reserves. In particular, Azor-1X and Cernicalo-1ST
are now on production and we are currently testing Tijereto Sur. In
addition, later in 2012, we plan to drill two high potential
exploration wells at Copa A Norte and Copa C in the Cubiro block."
We met our production guidance for 2011 and increased our 2011
daily production exit rate by 76% over the 2010 rate. Production
increases combined with stronger realized oil and gas prices
contributed to significant revenue growth for PetroMagdalena in
2011 as demonstrated by the 174% year-over-year increase in our
fourth quarter revenues to $27.7 million. Together with our focus
on improving operating efficiencies, we reported our fourth
consecutive quarter of improved operating netback, which averaged
$61.33 per boe in the fourth quarter of 2011. With the increase in
2011 in our internally generated cash flows from our operations and
the Company's liquidity situation much improved from the end of
2010, we are favourably positioned to take advantage of the
exploration and development opportunities within our own portfolio
of assets, and are able to consider other meaningful investments
going forward." Financial and Operating Summary Fourth Quarter Year
(000s, except 2011 2011 per share and operational data) 2010 2010
Financial Revenue from $ $ $ $ oil and gas sales 27,747 10,125
86,196 44,440 Gross margin (3) 7,685 (617) 20,912 1,423 Net loss
(74,758) (41,695) (111,802) (54,655) Basic and (0.54) (0.81)
diluted loss per share (0.39) (0.51) Total assets 349,311 349,311
at period end 362,965 362,965 Total debt at 47,524 47,524 period
end 44,886 44,886 Operational Average daily production (boed) (1)
3,625 2,515 2,761 2,413 Total sales (boe) (2) 279,830 149,455
972,346 751,828 Operating netback ($/boe) (3) 61.33 21.55 55.84
35.92 (1) Company share, gross before deduction of ANH royalties
(2) Company share, net after deduction of ANH royalties (3) See
Additional Financial Measuresin the MD&A. Fourth Quarter 2011
Highlights -- Production: Total production averaged 3,625 barrels
oil-equivalent ("boe") per day ("boed") in the fourth quarter of
2011 as compared to 2,515 boed in the fourth quarter of 2010.
Fuelled by the discoveries at Cubiro, the Company's gross share of
production for the month of December 2011 averaged 4,181 boed, up
76% from the December 2010 monthly average rate of 2,374 boed. --
Revenues: Improvements in the Company's light oil marketing
strategy in 2011 combined with improved oil prices and production
growth, increased revenues in the fourth quarter of 2011 to $27.7
million, or 174% higher than the same period a year ago. --
Operating netback: The Company reported its fourth consecutive
quarter of improved operating netbacks, which averaged $61.33 per
boe in the fourth quarter of 2011. -- G&A expenses: Through
cost savings initiatives implemented in early 2011 and production
growth, the Company reduced G&A to approximately $12 per boe
sold in the fourth quarter of 2011 compared with an average of $25
per boe sold in 2010. Fiscal Year 2011 Highlights -- Reserves: A
successful exploration drilling program at Cubiro in 2011 was the
key driver behind a 4.0 MMbbl, or 43%, increase in the Company's 2P
oil reserves, a 394% reserve replacement, as per the December 31,
2011 Petrotech report compared with the December 31, 2010 report.
-- Production: The Company met its production guidance for 2011.
The Company's gross share of production for the year averaged 2,761
boed. -- Liquidity: The Company strengthened its balance sheet in
2011. Cash at December 31, 2011 stood at $14.1 million and the
working capital deficit has been reduced by $26.5 million since
December 31, 2010. As a result of production growth and netback
improvements in 2011, cash flow from operating netbacks amounted to
$54.3 million in 2011, increasing significantly over the course of
the year from $3.2 million in the fourth quarter of 2010 to $17.2
million in the fourth quarter of 2011. This provides the Company
with a strong internally generated source of cash flow to meet its
obligations as they become due and to re-invest in its annual work
program on its properties. -- Value creation: The Company continues
to take action to develop its portfolio and to reduce its risk
through joint venture relationships. In 2011, the Company announced
a strategic partnership with YPF S.A. to farm-out a portion of its
interests in Carbonera and Catguas and to explore further business
opportunities with respect to several of its other properties. In
addition, the Company also announced a farm-out arrangement with
respect to its Santa Cruz exploration property and executed a
conditional assignment agreement to increase the Company's working
interest in the Arrendajo ANH block where the Azor-1X discovery is
currently on production. Each of these farm-out/ farm-in
arrangements are subject to ANH approval. In December 2011, the
Company sold its working interest in the Cerrito gas property for
cash proceeds of $7.5 million. The net loss for the fourth quarter
of 2011 amounted to $74.8 million or $0.54 per share, bringing the
fiscal year 2011 net loss to $111.8 million or $0.81 per share. The
2011 net loss includes $49.7 million of write-downs related to the
Company's strategy with respect to its non-core oil and gas assets,
$36.1 million related to wells drilled in 2010 and 2011 that did
not ultimately result in proved reserves, a $6.5 million one-time
charge for the 2011-2014 Colombian equity tax and a $6.5 million
non-cash charge for stock options granted during the year. Capital
expenditure guidance for 2012 has been updated to a range of $70
million to $80 million, mainly as a result of the farm-in with
Interoil Colombia E&P Inc. on block LLA-47 and investments at
Cubiro to replace rental oil facilities to realize production cost
savings. The 2012 capital expenditure program is fully funded by
the Company's cash balances, cash flow from operations, a new $10
million local bank facility and farm-out arrangements. The Company
will provide further guidance on spending and the work plan after
the current first quarter exploration program is evaluated and
remains subject to final board approval. Reserves The total gross
proved and probable ("2P") light and medium oil reserves of the
Company, based on its working interests in five oil properties in
Colombia, increased by 4.0 MMbbl or 43% in 2011 to 13.3 MMbbl,
before deduction of ANH royalties, or 12.2 MMbbl net to the
Company, driven primarily by four discoveries on the Cubiro block:
Petirrojo, Copa B, Copa A Sur and Yopo. The total gross 2P
oil-equivalent reserves of the Company, based on its working
interests in six properties in Colombia, is approximately 24.7
MMboe before deduction of ANH royalties or 22.9 MMboe net to the
Company. The Company's interest in 2P oil-equivalent reserves
decreased by approximately 46% compared with December 2010 as a
result of the sale of Cerrito, and technical revisions at Carbonera
and Rio Magdalena. Gas volumes are expressed in billions of cubic
feet ("Bcf") and when expressed in oil equivalent were converted
using 6,000 cubic feet of gas equivalent to one barrel. The
reserves are based on an independent reserve and resource
assessment report prepared by Petrotech Engineering Ltd.
("Petrotech") following all industry standard procedures and in
conformity to the COGE guidelines, as reported in the Company's NI
51-101 Form F1, filed on SEDAR at www.sedar.com and available on
the Company's website at www.petromagdalena.com. The
following table summarizes the change in the Company's 2P reserves
from December 31, 2010 to December 31, 2011: Natural Gas L & M
Oil Natural Gas Liquids Oil Equivalent Gross Net Gross Net Gross
Net Gross Net (MMboe) (MMbbl) (MMbbl) (Bcf) (Bcf) (MMbbl) (MMbbl)
(MMboe) December 9.3 8.6 99.8 91.4 4.4 4.0 30.3 27.8 2010 December
13.3 12.2 52.3 48.9 2.7 2.5 24.7 22.9 2011 Reserve Changes, Net of
Production 4.0 3.6 (47.5) (42.5) (1.7) (1.5) (5.6) (4.9) (1) "Gross
reserves" are the Company's share of the reserve before deduction
of ANH royalties. (2) "Net reserves" are the Company's share of the
gross reserves after deduction of ANH royalties. In 2011, the
before-tax net present value of the future net revenues, discounted
at 10%, ("BTNPV10 future net revenues") from the Company's interest
in 2P oil reserves increased by 84% to $438.9 million. Overall, the
BTNPV10 future net revenues of the Company's oil-equivalent 2P
reserves increased to $539.9 million, approximately 37% higher
compared to the 2010 year-end assessment completed by Petrotech.
Improved oil prices contributed in part to this increase as the
December 31, 2011 oil price for West Texas Intermediate ("WTI")
closed at $98.83 per barrel compared with $91.40 per barrel a year
ago. However, the primary value driver was the Company's
shift in its focus in 2011 to its core oil properties. In
2011, the volume of 2P oil reserves increased to 54% of the total
gross boe reserves at December 31, 2011. More importantly, the
Company's 2P oil reserves increased to 81% of the total BTNPV10
future net revenues, up from 60% a year ago, principally as a
result of the successful exploration and development program at
Cubiro in 2011. At December 31, 2011, the Company's interest in the
Cubiro property's BTNPV10 future net revenues increased by 180% to
$383 million or 71% of the total BTNPV10 future net revenues. The
following table summarizes the BTNPV10 future net revenues as
reported in the Company's NI 51-101 Form F1 and the change from
December 31, 2010 to December 31, 2011: Natural Gas & ($
millions) L&M Oil Natural Gas Total Liquids December 2010 $
238.0 $ 156.0 $ 394.0 December 2011 $ 438.9 $ 101.0 $ 539.9 Change
$ 200.9 $ (55.0) $ 145.9 In 2011, the after-tax net present value
of the future net revenues, discounted at 10%, from the Company's
interest in 2P oil and gas reserves increased by 43% to $390.5
million. Production Update With average production at 3,850 boed in
the first quarter of 2012, the Company has had four consecutive
quarters of production growth, 68% higher than the same quarter in
2011 and 6% higher than in the fourth quarter of 2011. The
Company's production guidance for 2012 remains unchanged and is
expected to average between 4,300 to 4,700 boed for the year. This
guidance is based on an updated production profile of the Company's
thirteen producing oil fields and the ten development wells planned
to be drilled from now to the end of the year. It does not include
production volumes for any exploration wells currently in process.
The disruptions experienced at Cubiro in the first quarter
temporarily delayed the Company's production schedule but did not
result in any significant impact on the annual production guidance
for 2012. Production has averaged approximately 4,200 boed since
the blockade ended in mid-March 2012. Cernicalo-1ST on Production -
Cubiro Block, Llanos Basin: The Cernicalo-1ST, a sidetrack of the
Cernícalo 1 exploration well in Polygon B of the Cubiro Block, was
put on production on February 25, 2012 from the Guadalupe and C7
formations. The Guadalupe is producing 23.9 degree API oil
and the C7 is producing 28 degree API oil. Over the last seven days
of March 2012, the well produced at a combined average rate of 510
boed (Company share - 357 boed), with a water cut of 57%. The
structure is on trend with the Barranquero field to the north and
the Tijereto Sur-1X exploration well to the south. Copa 4
Development well - Cubiro Block, Llanos Basin: Copa 4, a
development well in the Copa field was spud on March 31, 2012 and
is currently drilling at 4,650 feet measured depth (MD) in the
Carbonera Formation. The well is expected to be completed within
the next two weeks in the Carbonera C5. This is the same interval
in Copa-1 that has already produced 290,000 Bbls and is expected to
produce to an ultimate total recovery of 497,000 bbls from this
well. Exploration Update Alondra-1X Exploration well - Cubiro
Block, Llanos Basin: The Alondra-1X exploration well, spudded on
March 28, 2012, reached total depth (TD) of 6,513 feet MD on April
5, 2012 in the Guadalupe Formation and found the top of the
Carbonera C7 sand at 5,989 feet MD. The Alondra-1X was abandoned
based on LWD logs, and on April 9, 2012, a sidetrack was started
targeting a different structural compartment on the same prospect.
At the present depth of 2,685 feet MD, results from the Alondra-1ST
are expected in mid-April 2012. The well is in Polygon B of the
Cubiro Block, where PetroMagdalena has a 70% working interest. The
Alondra prospect is on trend with, and 3.4 kilometres north of, the
Barranquero Field. Santa Cruz -1X Exploration well - Santa Cruz
Block, Catatumbo Basin: The testing program continues in the Santa
Cruz-1X well. During operations, it was determined that a cement
squeeze was required to ensure zone isolation over the Barco
Formation and the Company expects that additional cement squeezes
will be required, making the testing period longer than what was
originally anticipated. Results from these tests are now expected
for the end of April 2012. The Santa Cruz-1X well, located on the
Santa Cruz Block in the Catatumbo Basin in North Eastern Colombia,
was drilled to a TD of 11,550 feet MD. Data related to well
seismic, geological age dating and logs, indicate that the well
drilled the main fault plane at the level of the Leon-Guayabo
formations. In the footwall of the main inverse fault, a normal
section was found including sediments from the Carbonera to the
Catatumbo formations. Laboratory analysis of cuttings is in
progress and an interpretation effort will continue, to review the
geological model. PetroMagdalena has a 70% working interest in the
Santa Cruz-1X well and is the operator of the Santa Cruz Block.
Cantaclaro-1X Exploration well - Carbonera Block, Catatumbo
Basin: The Cantaclaro-1X exploration well on the Carbonera Block,
spudded on March 15, 2012, was drilled to the top of the target La
Luna Formation at a depth of 4,560 feet MD. Intermediate 9-5/8 inch
casing has been set and the next operation is to install
underbalanced drilling equipment. The La Luna target formation will
then be drilled, highly deviated, and the well is estimated to
reach TD at the base of the La Luna Formation at a measured depth
of 5,480 feet MD. Simultaneous underbalanced drilling and testing
is planned to resume in five days. PetroMagdalena has signed an MOU
to farm-out 60% of the Carbonera block to YPF as part of a $23
million work program, subject to ANH approval. Conference Call
Management will hold a conference call today at 9:00 a.m. (Eastern
Time) to discuss the 2011 fourth quarter and year end results and
to provide an operational update. Analysts and interested investors
are invited to participate as follows: Toronto & International:
(647) 427-7450 North America: (888) 231-8191 Conference ID:
66765074 A playback of this conference call will be available by
dialling 416-849-0833 with the above conference ID number until
April 24, 2012. PetroMagdalena is a Canadian-based oil and gas
exploration and production company, with working interests in 19
properties in five basins in Colombia. Further information can be
obtained by visiting our website at www.petromagdalena.com. All
monetary amounts in U.S. dollars unless otherwise stated. This news
release contains certain "forward-looking statements" and
"forward-looking information" under applicable Canadian securities
laws concerning the business, operations and financial performance
and condition of PetroMagdalena. Forward-looking statements and
forward-looking information include, but are not limited to,
statements with respect to estimated production and reserve life of
the various oil and gas projects of PetroMagdalena; the estimation
of oil and gas reserves; the realization of oil and gas reserve
estimates; the timing and amount of estimated future production;
costs of production; success of exploration activities; and
currency exchange rate fluctuations. Except for statements of
historical fact relating to the company, certain information
contained herein constitutes forward-looking statements.
Forward-looking statements are frequently characterized by words
such as "plan," "expect," "project," "intend," "believe,"
"anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are based on
a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. Many of these assumptions are based on
factors and events that are not within the control of
PetroMagdalena and there is no assurance they will prove to be
correct. Factors that could cause actual results to vary materially
from results anticipated by such forward-looking statements include
changes in market conditions, risks relating to international
operations, fluctuating oil and gas prices and currency exchange
rates, changes in project parameters, the possibility of project
cost overruns or unanticipated costs and expenses, labour disputes
and other risks of the oil and gas industry, failure of plant,
equipment or processes to operate as anticipated. Although
PetroMagdalena has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. PetroMagdalena undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change except as required
by applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements. Statements concerning
oil and gas reserve estimates may also be deemed to constitute
forward-looking statements to the extent they involve estimates of
the oil and gas that will be encountered if the property is
developed. Boe may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an
energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead. Estimated values of future net revenue disclosed do not
represent fair market value. Neither 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 news release. Glossary
_____________________________________________________________________
|1P: Proven reserves |G&A: General and Administrative | |
|Expenses |
|_________________________________|___________________________________|
|2P: Proven + Probable reserves |MMCF: Million Cubic Feet |
|_________________________________|___________________________________|
|3P: Proven + Probable + Possible |MD: Measured Depth | |reserves |
|
|_________________________________|___________________________________|
|ANH: Agencia Nacional de |MMBBLS: Million Barrels of Oil |
|Hidrocarburos | |
|_________________________________|___________________________________|
|API: American Petroleum Institute|MMBTU: Millions British Thermal
| | |Unit |
|_________________________________|___________________________________|
|BOE: Barrels of Oil Equivalent | |
|_________________________________|___________________________________|
|BOFD: Barrels of Fluid Per Day |NPV: Net Present Value |
|_________________________________|___________________________________|
|BOPD: Barrels of Oil Per Day |PSI: Pounds per Square Inch. The | |
|unit of pressure. |
|_________________________________|___________________________________|
|BOEPD: Barrels of Oil Equivalent |TD: Total Depth of the well |
|Per Day | |
|_________________________________|___________________________________|
|BS&W: Basic Sediments and Water |TVD: True Vertical Depth of
the | | |well |
|_________________________________|___________________________________|
|E&PC: Exploration & Production |TVDSS: True Vertical Depth
Sub Sea | |Contract | |
|_________________________________|___________________________________|
|ESP: Electric Submersible Pump |WI: Working Interest |
|_________________________________|___________________________________|
|FOB: Freight on Board |WTI: West Texas Intermediate Oil | | |Price
Index |
|_________________________________|___________________________________|
PetroMagdalena Energy Corp. CONTACT: Michael DaviesChief
Financial Officer(416) 360-7915Belinda LabatteInvestor Relations
Representative(647) 436-2152
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