Canetic Resources Trust announces monthly distribution
2007年1月16日 - 11:56AM
PRニュース・ワイアー (英語)
CALGARY, Jan. 15 /PRNewswire-FirstCall/ -- (CNE.UN - TSX; CNE -
NYSE) - Canetic Resources Trust ("Canetic" or "We" or the "Trust")
announces that a cash distribution of C$0.19 per trust unit will be
paid on February 15, 2007 to unitholders of record on January 31,
2007. The trust units of Canetic will commence trading on an
ex-distribution basis on January 29, 2007. Using a Canadian to U.S.
dollar exchange rate of $0.85, the distribution amount is
approximately US$0.16 per trust unit. The actual U.S. dollar
equivalent distribution for unitholders who hold units through a
brokerage firm will be based upon the Canadian to U.S. dollar
exchange rate in effect on the payment date, net of applicable
Canadian withholding taxes. Registered unitholders are paid
directly by Canetic's transfer agent, Computershare, and the
distribution will be based on the Canadian to U.S. dollar exchange
rate as of the date of record, net of applicable Canadian
withholding taxes. Given the extent and quality of Canetic's
development opportunities and in light of the weaker short term
outlook for commodity prices, the Board of Directors of Canetic
Resources Inc. has decided to lower the monthly distribution in
order to increase the level of cash flow available to fund drilling
and development opportunities, bring Canetic's payout ratio in line
with the Trust's long term target of 60 to 70 percent of funds flow
from operations and prudently manage the level of Canetic's long
term debt. Today's distribution decrease represents an approximate
17 percent reduction from the previous distribution level of $0.23
per trust unit and is expected to result in a payout ratio of
approximately 70 percent assuming average commodity prices for 2007
of US$60.00 for West Texas Intermediate crude and $6.50 per gj at
AECO for natural gas, daily production levels at the midpoint of
the Trust's current guidance of 75,500 to 80,000 BOE per day and a
Canadian dollar to U.S. dollar exchange rate of approximately
$0.85. "Given the recent weakness in commodity prices we believe
that it is prudent to lower the level of the distribution and
remain focused on the continued development of the large asset
portfolio we have assembled. Our established target payout ratio is
intended to allow for sufficient reinvestment of capital to support
the long term sustainability of the Trust while also providing
unitholders with a predictable and dependable income stream over
the long term" stated Mr. J. Paul Charron, President and Chief
Executive Officer of Canetic, "I am encouraged by the Trust's
recent operational results. We exited 2006 with daily production in
excess of 82,000 BOE per day and current production volumes,
drilling and development activity are on target or ahead of plan."
The regular monthly distribution will be fixed at C$0.19 per trust
unit until further notice and represents an approximate 14.6
percent annualized pre-tax cash-on-cash yield based on the January
15, 2007 closing price of the trust units on the Toronto Stock
Exchange of C$15.58. Canetic reviews its distribution policy on an
ongoing basis based on Canetic's view of future operations,
business development opportunities and internal cash flow
projections which incorporate Canetic's production forecasts,
commodity prices, interest rate and foreign exchange expectations,
hedging activities and spending requirements. Future distributions
remain subject to change as dictated by changes in those variables.
Canetic is one of Canada's largest oil and gas royalty trusts.
Canetic trust units and debentures are listed on the Toronto Stock
Exchange under the symbols CNE.UN, CNE.DB.A, CNE.DB.B, CNE.DB.C,
CNE.DB.D, and CNE.DB.E and the trust units are listed on the New
York Stock Exchange under the symbol CNE. ADVISORY: Any statements
that are contained in this news release that are not statements of
historical fact may be deemed to be forward-looking statements.
Forward-looking statements are often identified by terms such as
"may", "should", "anticipate", "expects" and similar expressions.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to production, cash flows,
payout ratios, distributions, commodity prices, exchange rates and
operational activities. Forward-looking statements necessarily
involve known and unknown risks, including, without limitation,
risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation; loss of
markets; volatility of commodity prices; currency fluctuations;
variations in interest rates; geopolitical instability; variability
in consumer demand for oil, natural gas and natural gas liquids;
variability in heavy oil differentials; variations in royalty
rates; imprecision of reserve estimates; environmental risks;
competition; incorrect assessment of the value of acquisitions;
failure to realize the anticipated benefits of acquisitions;
failure to complete drilling, maintenance and optimization programs
due to bad weather, shortages of labour or equipment or other
factors beyond the control of the Trust; inability to access
sufficient capital from internal and external sources; changes in
legislation, including but not limited to income tax and
environmental laws and regulatory matters. Consequently, actual
results may differ materially from those anticipated in the
forward-looking statements. Readers are cautioned that the
foregoing list of factors is not exhaustive. Certain information
regarding Canetic Resources Trust including management's assessment
of exchange rates, Canadian withholding taxes and Canetic's
distribution policy may constitute forward-looking statements under
applicable securities law and necessarily involve risks, including,
without limitation, risks associated with 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, incorrect assessment of the value
of acquisitions, failure to realize the anticipated benefits of
acquisitions, ability to access sufficient capital from internal
and external sources; failure to obtain required regulatory
approvals, changes in legislation, including but not limited to tax
laws and environmental regulations. As a consequence, actual
results may differ materially from those anticipated in the
forward-looking statements. Readers are cautioned that the
foregoing list of factors is not exhaustive. Additional information
on these and other factors that could affect Canetic's operations
or financial results are included in reports on file with
applicable securities regulatory authorities and may be accessed
through the SEDAR website (http://www.sedar.com/), the SEC's
website (http://www.sec.gov/) or at Canetic's website
(http://www.canetictrust.com/). Non-GAAP Measures Management uses
the term funds flow from operations, which we define as cash flow
from operating activities before deducting non-cash working capital
and asset retirement costs incurred to analyze operating
performance and leverage. We use the term payout ratio, which we
define as cash distributions to unitholders divided by funds flow
from operations, to analyze financial and operating performance.
BOEs Where reserves or production are stated on a barrel of oil
equivalent (boe) basis, natural gas volumes have been converted to
a barrel of oil equivalent (boe) at a ratio of 6 thousand cubic
feet (mcf) of natural gas to one barrel of oil. This conversion
ratio is based upon an energy equivalent conversion method
primarily applicable at the burner tip and does not represent value
equivalence at the wellhead. Boe may be misleading, particularly if
used in isolation. DATASOURCE: Canetic Resources Trust CONTACT:
please see the website at http://www.canetictrust.com/ or contact
Canetic investor relations by email at: or toll free telephone at
1-877-539-6300
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