SkyWest Announces First Quarter 2011 Results
2011年6月27日 - 9:00PM
Marketwired Canada
SkyWest Energy Corp ("SkyWest", "we", "us", "our" or the "Company") (TSX
VENTURE:SKW) is pleased to announce its financial and operating results for the
first quarter ending March 31, 2011.
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For the three For the three
month period ended month period ended
($ CDN unless otherwise noted) March 31, 2011 March 31, 2010
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FINANCIAL
Revenues 6,982,936 9,274
Funds from (used in) operations(1) 3,225,442 (71,522)
Per share (basic) 0.02 (0.00)
Per share (diluted) 0.02 (0.00)
Net income (loss) (139,462) (75,634)
Per share (basic) (0.00) (0.01)
Per share (diluted) (0.00) (0.01)
Capital expenditures, net 17,604,191 641,458
Total assets 115,444,480 2,368,460
Shareholders' equity 75,165,004 1,299,883
Working capital (deficiency) (15,541,227) 162,298
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OPERATIONS
Production sales
Oil (bbls/d) 550 -
Natural gas (mcf/d) 5,849 44
NGL (bbls/d) 112 -
Total (boe/d @ 6 mcf: 1 bbl) 1,636 8
Average pricing
Natural gas ($/mcf) 4.29 2.34
Oil ($/bbl) 82.90 -
NGL ($/bbl) 61.49 -
Combined ($/boe) 47.43 12.88
Expenses
Operating expenses ($/boe) 12.10 15.66
Transportation expenses ($/boe) 2.01 -
Royalty expense ($/boe) 4.88 2.79
Netback Combined ($/boe) 28.44 (5.57)
Net Cardium sections 35 1
Common Shares Outstanding 202,423,548 9,462,819
Total shares, warrants and options
issued 229,453,224 13,233,647
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(1) Funds from operations are calculated as cash flow from operating
activities before the change in non-cash working capital and are a non-IFRS
measurement (see "Non-IFRS measures").
Message to Shareholders
SkyWest is pleased to provide you with our first quarter 2011 operational and
financial results. SkyWest continues to focus on the Cardium resource play and
are continually expanding and exploiting our existing Cardium acreage position.
We also continue to focus on capital efficiency, lowering operating costs and
increasing our oil production. SkyWest continued to develop the Cardium resource
play in the first quarter by drilling and completing 3 (2.2 net) horizontal
multi-stage fractured light oil wells. The Carrot Creek 9-14 is on production
and continues to produce over 175 bbl/day of oil after being on production for
over 60 days. The 5-24 South Pembina well continues to produce over 250 boepd
after being on production 30 days and the 1-02 Willesden Green well tested at
over 600 boepd and is awaiting tie-in.
We have 3 core areas: Willesden Green, Pembina and Carrot Creek, which are
located in west central Alberta. Management is very pleased and encouraged by
the results of our first round of Cardium wells drilled and our goal is to
continue this success into 2011. We are also pursuing other key strategic oil
assets and have recently acquired 8.5 sections on an emerging oil resource play
for minimal cost at approximately $40/acre.
Looking Back
-- Our 9 operated Cardium horizontal wells averaged 190 boepd over the
initial 150 days of production.
-- Significantly increased production and cash flow from Q4 2010. Q1 2011
production volumes averaged 1636 boepd (approximately 40% oil and NGLs
resulting in 68% of the Company's revenues) versus 679 boepd in Q4 2010.
Generated funds flow from operations of $3,225,442 in Q1 2011 versus
$178,461 in Q4 2010.
-- Increased Corporate netbacks to $28.44/boe from $20.64/boe in Q4 2010
(an increase of 37.80%). Cardium netbacks are forecasted to be
approximately $35.00/boe for the remainder of 2011.
-- Finding, development and acquisition costs for 2010 on a proved plus
probable basis were $16.61/boe.
-- Credit facility increased from $22.5 million to $30 million. Effective
June 14th, the Company increased its $16.5 million revolving operating
demand loan to $21 million and further increased its non-revolving
acquisition development line from $6 million to $9 million for a total
credit facility of $30 million.
Looking Ahead
The industry, and more specifically SkyWest, is experiencing a net decline in
production in the second quarter of 2011 due to an extended break-up. For
SkyWest we experienced a turnaround at the AltaGas gas plant at South Pembina
and our gas production being shut in at Ricinus due to temporary processing
capacity restrictions at the Shell Caroline facility. We expect the impact on
our Q2 2011 cash flow to be minimal as the majority of our lost production is
from our gas production at Ricinus.
SkyWest has 2 drilling rigs contracted to continue our 2011 drilling program,
whereby we plan to drill 8 to 9 gross (5 to 6 net) additional Cardium horizontal
wells this year. Our goal is to exit 2011 with 2200 to 2400 boepd and continuing
this trend into 2012. We expect to add significant reserves, cash flow and
growth on a per share basis.
I would like to thank all our shareholders for their continued support. It is
much appreciated and we look forward to kicking off the balance of our 2011
drilling program.
On behalf of the Board of Directors
Mr. Lawrence Urichuk, President and Chief Executive Officer
Information Regarding SkyWest
SkyWest Energy Corp. is a Cardium focused, public oil and gas exploration and
development company, located in Calgary, Alberta with operations in Alberta.
SkyWest currently trades on the TSX Venture Exchange (TSXV) under the Symbol
"SKW".
SkyWest Energy Corp.
Statements herein that are not historical facts may be considered forward
looking statements including management's assessment of future plans and
operations, growth expectations within the Corporation, expected initial
production rates from certain new wells, timing of completion of wells and of
production additions, expected size of various plays, construction or expansion
of facilities and the timing thereof and expected costs and the effects thereof,
drilling plans and the effects thereof. These forward-looking statements
sometimes include words to the effect that management believes or expects a
stated condition or result. All estimates and statements that describe the
Corporation's objectives, goals or future plans are forward-looking statements.
Since forward-looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties including, without
limitation, risks associated with the Acquisition, oil and gas exploration,
development, exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition from other producers,
inability to retain drilling rigs and other services, failure to realize the
anticipated benefits of acquisitions, delays resulting from or inability to
obtain required regulatory approvals and ability to access sufficient capital
from internal and external sources. As a consequence, SkyWest's actual results
may differ materially from those expressed in, or implied by, the
forward-looking statements.
Forward-looking statements or information are based on a number of factors and
assumptions which have been used to develop such statements and information but
which may prove to be incorrect. Although SkyWest 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
SkyWest can give no assurance that such expectations will prove to be correct.
In addition to other factors and assumptions which may be identified in this
document, assumptions have been made regarding, among other things: the impact
of increasing competition; the ability of SkyWest to obtain equipment and
services in a timely and cost efficient manner; drilling results; the ability of
the operator of the projects which SkyWest has an interest in to operate the
field in a safe, efficient and effective manner; field production rates and
decline rates; the ability to replace and expand oil and natural gas reserves
through acquisition, development or exploration; the timing and costs of
pipeline, storage and facility construction and expansion; future oil and
natural gas prices; currency, exchange and interest rates; the regulatory
framework regarding royalties, taxes and environmental matters in the
jurisdictions in which SkyWest operates; and the ability of SkyWest to
successfully market its oil and natural gas products.
Readers are cautioned that the foregoing list of factors and assumptions is not
exhaustive. Additional information on these and other factors that could effect
SkyWest's operations and financial results are included in reports on file with
Canadian securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com). Furthermore, the forward-looking statements contained
in this news release are made as at the date of this news release and SkyWest
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.
BOEs
Disclosure provided herein in respect of barrels of oil equivalent (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.
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