PetroMagdalena announces filing of first quarter 2012 results
2012年5月30日 - 5:52PM
PR Newswire (Canada)
TORONTO, May 31, 2012 /CNW/ - PetroMagdalena Energy Corp. filed on
May 30, 2012 its unaudited interim condensed consolidated financial
statements and Management's Discussion and Analysis ("MD&A")
for the three months ended March 31, 2012. 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 continuing
to build on our success from 2011. In the first quarter of 2012, we
have growth in production, revenues and operating netback compared
with both the fourth quarter and the first quarter of last year.
Continued exploration success led to two new discoveries in the
first quarter of 2012 and as we commence the development phase of
our 2012 drilling campaign, we remain on track to achieve our 2012
production guidance. We experienced blockades in the Llanos Basin
this year, yet we are encouraged with our progress in developing
closer working relationships with the community, its leaders and
the regional and central government to promote improved relations
going forward. We continue to work for sustainable solutions in the
area." Financial and Operating Summary First Quarter 2012 2011
Financial Revenue from oil and gas sales $ 31,012 $ 20,837 Gross
margin (3) 12,027 4,987 Net loss (4) (10,152) (10,333) Basic and
diluted loss per share (0.07) (0.08) Total assets at period end
343,559 387,193 Total debt (5) at period end 57,874 12,030
Operational Average daily production (boed) (1) 3,847 2,294 Total
sales (boe) (2) 299,614 256,532 Operating netback ($/boe) (3) 74.66
52.27 (1) Company share, gross before deduction of ANH royalties
(2) Company share, net after deduction of ANH royalties (3) See
Additional Financial Measures in the MD&A. (4) 2012 includes
$17.5 million of costs for exploratory wells at Santa Cruz,
Arrendajo and Cubiro that did not discover proved reserves. (5)
Includes amounts due within one year and obligation under finance
lease. First Quarter 2012 Highlights Production: The Company is
maintaining its guidance of an average gross production of 4,300 to
4,700 boed for 2012. The Company's gross share of production for
the first quarter of 2012 averaged 3,847 boed, up 6% from the
fourth quarter of 2011 and up 68% from the first quarter a year
ago. The discoveries at Cernicalo and Azor added approximately 330
boed to the Company's gross share of production in the first
quarter of 2012. An 11-day illegal protest in the province of
Casanare in March 2012 temporarily disrupted trucking operations in
the area and adversely impacted the Company's gross share of
production for the first quarter of 2012 by approximately 171 boed.
Revenues: Stronger oil prices and increased production levels grew
revenues in the first quarter of 2012 to $31.0 million, up 12% from
the fourth quarter of 2011 and up 49% from the first quarter a year
ago. An approximately 24,000 bbls increase in net oil inventories
from Arrendajo and Cubiro in the first quarter of 2012 to
approximately 54,000 bbls will reverse as sales are completed in
the second quarter of 2012. Operating netback: The Company's
operating netback increased to $74.66 per boe in the first quarter
of 2012, an approximate $13 per boe improvement compared with the
fourth quarter of 2011 and $22 per boe higher than the first
quarter of 2011. An approximate $3 per boe increase in revenues to
$110 per boe, coupled with reductions in production and
transportation costs contributed to the Company's fifth consecutive
quarter of operating netback improvement. G&A expenses: G&A
of $3.4 million, or approximately $11 per boe sold, in the first
quarter of 2012 was in line with G&A in the fourth quarter of
2011 and well below the $4.7 million incurred in the first quarter
a year ago. Continued production growth in 2012 is expected to
maintain G&A at approximately $10 to $11 per boe sold.
Exploration: Successful discoveries in the first quarter of 2012 at
Cernicalo in the Cubiro Block and Azor in the Arrendajo Block are
expected to add to the Company's 13.3 MMbbls of 2P oil reserves
reported as of December 31, 2011. Liquidity: The Company received
$11.3 million of proceeds in March 2012 from a new three-year term
loan with a local Colombian bank to help fund an expansion in the
2012 work program as a result of the new discoveries. Net Loss: The
net loss for the first quarter of 2012 amounted to $10.2 million or
$0.07 per share compared with a net loss of $10.3 million or $0.08
per share in the first quarter last year. The 2012 first quarter
net loss includes $17.5 million of costs for exploratory wells at
Santa Cruz, Arrendajo and Cubiro that did not discover proved
reserves. 2012 Outlook On May 23, 2012, the Company announced the
resolution of a blockade affecting the Cubiro Block involving an
illegal protest where public roads in the province of Casanare were
being blocked, leading to a lack of public order in the area. Rig
operations were interrupted and trucking operations were halted,
which impacted production schedules. This was the third blockade in
recent months, impacting a total of 44 production days and
adversely impacting the Company's gross share of production by
approximately 90,000 bbls, or 250 boed on an annualized basis. The
Company's gross share of daily production has averaged
approximately 4,000 boed since operations resumed. The Company
believes that the steps taken during the recent blockade to
increase its connection to the local community will reduce the
likelihood of further such occurrences. Despite these disruptions,
the Company continues to expect that its daily average production
in 2012 will average between 4,300 to 4,700 boed for the full year.
This estimate is conservatively based solely on planned development
wells at Cubiro and Arrendajo and does not include any production
from exploration wells planned to be drilled during the balance of
2012. For 2012, the Company will continue with a capital and
exploration program focused on its core oil assets and leveraging
its successes in the 2011 drilling campaign. A revised budget in
the range of $75 to $80 million has been approved for the 2012 work
program. The 2012 work program includes funding to drill the three
exploration wells started in the fourth quarter of 2011 and will
continue the emphasis on Cubiro and Arrendajo with up to eleven
development wells and three more exploration wells (Petirrojo-1X,
Azor Sur-1X and Copa A Norte-1X). In the second half of 2012, the
Company will be working to commence its exploration program at
Mecaya in the Putumayo Basin, starting with the acquisition of
seismic data, leading to a workover well and development well in
2013. At Carbonera, drilling commenced in mid-March of 2012 of the
Cantoclara-1X exploration well (formerly called San Roque-1). The
Company funded the Cantoclaro-1X well, due to the YPF farm-out not
yet finalized. Seismic acquisition is also being planned in 2012
for Topoyaco. At Cubiro, the Company will invest approximately $4
million to replace rental oil facilities to reduce production
costs. The Company also expects to commence the exploration
program in the second half of 2012 on the LLA-47 block in the
Llanos Basin with a 3D seismic survey. The revised budget for the
Company's capital and exploration program for 2012 is fully funded
by cash balances, cash from operations, the $10 million local bank
facility entered into in March 2012, proceeds from non-core assets
dispositions and farm-in arrangements. Webcast Management will hold
a webcast on Thursday, May 31, 2012 at 9:00 a.m. (Eastern Time) to
discuss the 2012 first quarter results. Analysts and interested
investors are invited to participate as follows: Audience Toll
Free: 1 (888) 895-5271 Audience Toll:1 (847) 619-6547 Confirmation
#: 32515414 A playback of this conference call will be available
online at www.petromagdalena.com 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 |
|_________________________________|___________________________________|
|BBLS: Barrels of Oil |NPV: Net Present Value |
|_________________________________|___________________________________|
|BOE: Barrels of Oil Equivalent |PSI: Pounds per Square Inch. The |
| |unit of pressure. |
|_________________________________|___________________________________|
|BOFD: Barrels of Fluid Per Day |TD: Total Depth of the well |
|_________________________________|___________________________________|
|BOPD: Barrels of Oil Per Day |TVD: True Vertical Depth of the | |
|well |
|_________________________________|___________________________________|
|BOEPD: Barrels of Oil Equivalent |TVDSS: True Vertical Depth Sub
Sea | |Per Day | |
|_________________________________|___________________________________|
|BS&W: Basic Sediments and Water |WI: Working Interest |
|_________________________________|___________________________________|
|E&PC: Exploration & Production |WTI: West Texas
Intermediate Oil | |Contract |Price Index |
|_________________________________|___________________________________|
|ESP: Electric Submersible Pump | |
|_________________________________|___________________________________|
|FOB: Freight on Board | |
|_________________________________|___________________________________|
PetroMagdalena Energy Corp. CONTACT: Michael
DaviesChief Financial Officer(416) 360-7915Belinda LabatteInvestor
Relations Representative(647) 436-2152
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