Spartan Energy Corp. Announces Year-End 2013 Financial Results and Reserves
2014年3月20日 - 8:30PM
Marketwired
Spartan Energy Corp. Announces Year-End 2013 Financial Results and
Reserves
CALGARY, ALBERTA--(Marketwired - Mar 20, 2014) - Spartan Energy
Corp. ("Spartan" or the "Company") (TSX-VENTURE:SPE) announces
financial results for the year ended December 31, 2013 and 2013
year-end reserves. The information summarized below represents the
results and reserves of Alexander Energy Ltd. (renamed Spartan
Energy Corp. on February 28, 2014) and does not include results of
Renegade Petroleum Ltd. ("Renegade"). Spartan anticipates that
financial and reserves information in respect of Renegade will be
released concurrent with or following the completion of the
acquisition of Renegade by Spartan, currently scheduled for March
31, 2014.
FINANCIAL AND OPERATIONAL RESULTS
The following summarizes information contained in and should be
read in conjunction with Spartan's 2014 audited annual financial
statements and the related management's discussion and analysis,
which are available for review at www.sedar.com or on the Company's
website at www.alexanderenergy.ca.
|
Three Months Ended |
Year Ended |
|
December 31, 2013 |
December 31, 2013 |
|
|
|
Average daily production (boe/d) |
664 |
800 |
|
|
|
Petroleum and natural gas revenue, net of
royalties |
$2,672,000 |
$13,102,000 |
|
|
|
Production costs |
$654,000 |
3,807,000 |
|
|
|
Operating netback ($/boe) (1) |
$33.03 |
$31.85 |
|
|
|
Cash flow from operations (1) |
$884,000 |
$6,925,000 |
|
per share - basic and diluted |
$.03 |
$0.38 |
|
|
|
Net income |
($1,718,000) |
($1,767,000) |
|
per share - basic and diluted |
($0.07) |
($0.10) |
|
|
|
Capital expenditures |
$418,000 |
$3,516,000 |
|
|
|
Net working capital surplus |
$18,900,000 |
$18,900,000 |
|
|
|
(1) Cash flow from operations, net working capital
surplus and operating netback are non-IFRS measures. See "Non-IFRS
Measures". |
2013 YEAR-END RESERVES SUMMARY
The reserves data set forth below is based upon an independent
reserve assessment and evaluation prepared by Sproule Associates
Limited ("Sproule") dated February 6, 2014 with an effective date
of December 31, 2013 (the "Sproule Report"). The Sproule Report has
been prepared in accordance with the standards contained in the
Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") and
the reserve definitions contained in NI 51-101.
Summary of Oil and Gas Reserves (1), (2), (3),
(4)
|
Oil |
Natural Gas (associated & non- associated) |
Natural Gas Liquids |
Barrels of Oil Equivalent |
|
Gross |
Gross |
Gross |
Gross |
|
(Mbbl) |
(MMcf) |
(Mbbl) |
(Mboe) |
Proved |
|
|
|
|
|
Developed Producing |
446.0 |
1,362 |
6.8 |
679.8 |
|
Developed Non-Producing |
87.8 |
330 |
1.7 |
144.4 |
|
Undeveloped |
214.2 |
341 |
1.7 |
272.7 |
Total Proved |
747.9 |
2,032.8 |
10.2 |
1,096.9 |
Probable |
308.2 |
856.8 |
4.3 |
455.3 |
Total Proved plus Probable |
1,056.1 |
2889.6 |
14.5 |
1,552.2 |
Summary of Before Tax Net Present Value of Future Net
Revenue ($000s) (1), (2), (3), (4)
|
Undiscounted |
5% |
10% |
15% |
20% |
Proved |
|
|
|
|
|
|
Developed Producing |
20,660 |
18,196 |
16,294 |
14,791 |
13,578 |
|
Developed Non-Producing |
5,470 |
3,445 |
2,252 |
1,521 |
1,058 |
|
Undeveloped |
7,955 |
6,905 |
6,055 |
5,357 |
4,775 |
Total Proved |
34,085 |
28,546 |
24,601 |
21,668 |
19,411 |
Probable |
16,058 |
11,625 |
8,799 |
6,905 |
5,579 |
Total Proved plus Probable |
50,143 |
40,171 |
33,400 |
28,573 |
24,990 |
|
(1) |
The tables above are a summary of the oil, NGL and
natural gas reserves of the Company and the net present value of
future net revenue attributable to such reserves as evaluated in
the Sproule Report based on forecast price and cost assumptions.
The tables summarize the data contained in the Sproule Report and
as a result may contain slightly different numbers than such report
due to rounding. Also due to rounding, certain columns may not add
exactly. |
|
(2) |
Gross reserves means the total working interest
(operating or non-operating) share of remaining recoverable
reserves owned by Spartan before deductions of royalties payable to
others and without including any royalty interests owned by
Spartan. |
|
(3) |
Based on Sproule's December 31, 2013 escalated price
forecast. |
|
(4) |
The net present value of future net revenue
attributable to the Company's reserves is stated without provision
for interest costs and general and administrative costs, but after
providing for estimated royalties, production costs, development
costs, other income, future capital expenditures, and well
abandonment costs for only those wells assigned reserves by
Sproule. It should not be assumed that the undiscounted or
discounted net present value of future net revenue attributable to
the Company's reserves estimated by Sproule represent the fair
market value of those reserves. Other assumptions and
qualifications relating to costs, prices for future production and
other matters are summarized herein. The recovery and reserve
estimates of the Company's oil, NGL and natural gas reserves
provided herein are estimates only and there is no guarantee that
the estimated reserves will be recovered. Actual reserves may be
greater than or less than the estimates provided herein. |
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 news release.
READER ADVISORY
BOE Disclosure. The term barrels of oil equivalent
("BOE") may be misleading, particularly if used in isolation. A BOE
conversion ratio of six thousand cubic feet per barrel (6mcf/bbl)
of natural gas to barrels of oil equivalence is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead. All
BOE conversions in the report are derived from converting gas to
oil in the ratio mix of six thousand cubic feet of gas to one
barrel of oil.
Forward-Looking Statements. Certain information
included in this press release constitutes forward-looking
information under applicable securities legislation.
Forward-looking information typically contains statements with
words such as "anticipate", "believe", "expect", "plan", "intend",
"estimate", "propose", "project" or similar words suggesting future
outcomes or statements regarding an outlook. Forward-looking
information in this press release may include, but is not limited
to, timing for completion of the acquisition of Renegade.
Forward-looking information is based on a number of factors and
assumptions which have been used to develop such information but
which may prove to be incorrect. Although Spartan believes that the
expectations reflected in its forward-looking information are
reasonable, undue reliance should not be placed on forward-looking
information because Alexander and Renegade 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 press
release, assumptions have been made regarding and are implicit in,
among other things, the timely receipt of any required regulatory
approvals (including Court and shareholder approvals) and the
satisfaction of all conditions to the completion of the
transaction. Readers are cautioned that the foregoing list is not
exhaustive of all factors and assumptions which have been
used.
Forward-looking information is based on current
expectations, estimates and projections that involve a number of
risks and uncertainties which could cause actual results to differ
materially from those anticipated by Alexander and Renegade and
described in the forward-looking information. The forward-looking
information contained in this press release is made as of the date
hereof and Spartan undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, unless required by
applicable securities laws. The forward looking information
contained in this press release is expressly qualified by this
cautionary statement.
Non-IFRS Measures. This press release provides
certain financial measures that do not have a standardized meaning
prescribed by IFRS. These non-IFRS financial measures may not be
comparable to similar measures presented by other issuers. Cash
flow from operations, operating netback and net surplus (debt) are
not recognized measures under IFRS. Management believes that in
addition to net income (loss), cash flow from operations, operating
netback and net surplus (debt)are useful supplemental measures that
demonstrate the Company's ability to generate the cash necessary to
repay debt or fund future capital investment. Investors are
cautioned, however, that these measures should not be construed as
an alternative to net income (loss) determined in accordance with
IFRS as an indication of Spartan's performance. Spartan's method of
calculating these measures may differ from other companies and
accordingly, they may not be comparable to measures used by other
companies. Cash flow from operations is calculated by adjusting net
income (loss) for other income, unrealized gains or losses on
financial derivative instruments, accretion, share based
compensation, impairment and depletion and depreciation. Operating
netback is calculated based on oil and gas revenue less royalties
and operating expenses. Net surplus (debt) is the total of cash
plus accounts receivable, prepaids and deposits, less accounts
payable plus bank debt.
Spartan Energy Corp.Richard (Rick) McHardyPresident and Chief
Executive
Officer403-265-6444403-264-1348info@spartanenergy.caSpartan Energy
Corp.Michelle WigginsVice President, Finance and Chief Financial
Officer403-265-6444403-264-1348info@spartanenergy.ca
Spartan Energy Corp (TSXV:SPE)
過去 株価チャート
から 5 2024 まで 6 2024
Spartan Energy Corp (TSXV:SPE)
過去 株価チャート
から 6 2023 まで 6 2024