Primera Energy Resources Ltd. (TSX-V:PTT) Releases Q3 Financial Results- Record Third Quarter
2011年11月29日 - 11:52PM
Marketwired
Primera Energy Resources Ltd. (TSX VENTURE:PTT) ("Primera" or
the "Company") is pleased to announce a 34% increase in oil
production to 410 barrels of oil per day in the third quarter of
2011 compared to Q3 last year. Also revenue was 67% higher in the
third quarter this year increasing to $3,348,920 compared to
$2,004,770 in the third quarter last year Oil prices were also up
25% compared to Q3 last year increasing to $88.70 per barrel
compared to $70.98 in q3 last year.
Operating costs per barrel decreased to $6.11 per barrel for the
quarter compared to $6.41 per barrel in the comparable period last
year. The overall operating costs increased slightly by $49,710 to
$230,642 from $180,933 reflecting increased field efficiencies in
spite of higher volumes being produced.
The provision for Depletion, depreciation and amortization
(DD&A) increased slightly on a per barrel basis to $$7.07 from
$6.86 in Q3 last year.
The Company in Q3 had earnings before income taxes for the
quarter of $1,490,623 versus earnings before income taxes in the
third quarter last year of $318,885 reflecting the higher revenues
and lower royalties after giving effect to the receipt of drilling
credits which reduced the Supplementary Petroleum Tax in the
quarter as well as reduced operating costs and depletion charges in
Q3 this year compared to last year.
The Company had EBITDA (Earnings before interest, taxes and
depreciation and amortization) of $1,757,425 ($.031 per share)
compared to $513,625 in the third quarter last year. Fro the year
to date the Company had $3,369,776 in EBITDA or $.06 per share
compared to $1,207,079 ($.02 per share) last year.
The Company had a working capital surplus at the end of the
third quarter of $1,856,342 which included cash of $3,915,575
compared to working capital and cash of $2,999.876 and $4,355,577
respectively as at December 31, 2010.
The Company spent $606,330 on capital during the three month
period ended September 30, 2011. Costs for Cory Moruga drilling and
completions were $212,408 and drilling and completion costs for the
WD4 development was $393,922 for the two well drilling program.
Year to date the Company has spent $2,447,974 on capital
expenditures.
WD4 2011 drilling program
The 2011 drilling program which commenced late in Q1 has shown
very encouraging results. The first of these was put on pump in
late May 2011 at 84 barrels of oil per day and at present is still
producing 79 barrels of oil per day. The second well in the 2011
program came on stream in early June 2011 and tested over 200
barrels of oil per day and was put on pump in late July 2011 at 75
barrels of oil per day with virtually no water associated with this
production. The third well in this year's program was spudded in
September drilled completed and put on-stream in November at 75
bopd. The fourth well in the program was drilled to a depth of
6,900 feet and is currently being completed and is expected to be
on-stream in December 2011.
Oil production volumes for the month of September exceeded of
400 barrels of oil per day which were in large part responsible for
the excellent quarter ended September 30, 2011.
Cory Moruga
The exploration program in Cory Moruga which commenced in early
2010 with the drilling and completions of the Firecrown 1 and
Snowcap 1 wells is expected to continue in late 2011 or early 2102
with the planned drilling of the Green Hermit exploration test,
Snowcap appraisal well and side tracking of Firecrown 1. These
wells will further define the Cory Moruga potential and a
development and appraisal well program will follow looking toward
commercializing these three early stage projects.
Primera's Q3-2011 financial statements and the management
discussion and analysis (md&a) have been filed on SEDAR, Which
is accessed electronically from www.sedar.com.
Statements in this press release may contain forward
looking-information including expectations of future operations and
plans. The reader is cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events
or circumstances may cause actual results to differ materially from
those predicted, a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the issuer. These risks include, but are not limited to,
the risks associated with the oil and gas industry, commodity
prices and exchange rates changes. Industry related risks could
include, but are not limited to, operational risks in the
development and production, delays or changes in plans, risks
associated to the uncertainty of reserve estimates or reservoir
performance, health and safety risks and the uncertainty of undue
reliance on the forward-looking information.
Neither the TSX or the TSX-Venture Exchange or its Regulation
Services Provider (as that term is defined in the Policies of the
TSX and TSX Venture Exchange) accepts responsibility for the
adequacy or the accuracy of this release.
Contacts: Primera Energy Resources Ltd. Geoffrey Leid Chief
Executive Officer (868) 378-5343 Primera Energy Resources Ltd.
Stephen Austin Chief Financial Officer (403) 532-5900
Primera Energy Resources Ltd. (TSXV:PTT)
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