Canacol Announces 378% Increase in Revenue and 323% Increase in Average Daily Production for Q3 2011 Compared to Q3 2010
17 Mai 2011 - 4:46AM
Marketwired Canada
Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (BVC:CNEC)
announces that it has filed its interim quarterly financial statements for the
three and nine months ended March 31, 2011 ("Financial Statements") and its
Management Discussion and Analysis ("MD&A"). Copies of the filed documents may
be obtained via SEDAR at www.sedar.com. All amounts are in thousands of United
States dollars unless otherwise indicated.
HIGHLIGHTS
Selected results outlined below should be read in conjunction with the
Corporation's Financial Statements and related MD&A.
For the quarter ended March 31, 2011, the Corporation achieved:
-- $18.0 million of cash flow from operating activities, before changes in
non-cash working capital, up from $1.8 million in the previous quarter.
-- $32.3 million in revenue for the quarter, up 378% from the same period
in 2010.
-- 10,187 barrels of oil per day average daily production, up from 3,423 in
the previous quarter and 2,407 in the same period in 2010.
-- Completed listing on the Toronto Stock Exchange on May 3, 2011. Canacol
shares continue to be listed under the symbol "CNE", and Canacol
debentures continue to be listed under the symbol "CNE.DB"
-- Received formal approval from Agencia Nacional de Hidrocaburos ("ANH")
on three new Exploration and Production ("E&P") contracts (Sangretoro,
COR 11 and COR 39).
-- Sangretoro was previously part of the Pacarana Technical Evaluation
Area ("TEA"), and the conversion of this prospective heavy oil area
of the TEA into the Sangretoro E&P contract allows the Corporation
to move ahead with plans for drilling on this block.
-- The COR 11 and COR 39 E&P contracts establish a new core area for
the Corporation in the Upper Magdalena Valley in close proximity to
the Guando and Abanico producing oil fields.
-- Announced that net working interest proved plus probable ("2P") oil
reserves increased by 69% for the Rancho Hermoso oil field as per its
December 2010 reserves report. Net 2P reserves increased to 2.219
million barrels of oil, with 2P reserves replacement at 276%. The before
tax NPV10 increased 182% to $144.2 million.
-- Closed a C$57.6 million (net proceeds of C$54.7 million) bought deal
common share financing through the issuance of 41,745,000 common shares
at a price of C$1.38.
-- Funded a 0.5% participation in the new pipeline construction project,
the Oleoducto Bicenteario de Colombia (the "OBC") at a cost of
approximately US$5 million.
-- Production guidance for calendar 2011 was revised upwards to a new
target of 10,500 to 11,500 bopd based primarily on the strong
performance of recently drilled wells in the Canacol operated Rancho
Hermoso Field in Colombia
For the For the
three months ended nine months ended
March 31, March 31,
----------------------------------------
FINANCIAL RESULTS 2011 2010 2011 2010
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(US$000s), except share data
Petroleum and natural gas sales, net
Colombia (2) 22,321 3,722 51,416 7,932
Brazil (1) 1,131 1,270 2,924 2,402
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23,452 4,992 54,340 10,334
Tariff revenue 8,677 1,607 11,468 4,452
Interest and other revenue 196 165 694 1,059
----------------------------------------
Total revenue 32,325 6,764 66,502 15,845
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Cash from operating activities (3) 18,024 (1,162) 27,204 (2,220)
Per share - basic and diluted 0.04 (0.00) 0.06 (0.01)
Net loss (3,343) (5,130) (19,780) (9,872)
Per share - basic and diluted (0.01) (0.02) (0.04) (0.04)
Capital expenditures
Colombia (2) 15,820 2,042 41,412 11,530
Brazil (1) 187 1,623 912 2,175
Guyana 4,517 488 8,793 1,961
Canada 141 - 192 76
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20,665 4,153 51,309 15,742
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Total assets 266,498 96,066 266,498 96,066
Total long-term liabilities 26,253 17,537 26,253 17,537
Weighted average shares outstanding
Basic (000s) 471,056 332,288 442,606 271,705
Basic and Diluted (000s) 471,056 332,288 442,606 271,705
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(1) Brazil results were estimated based on Agencia Nacional do Petroleo
"ANP" data.
(2) Under the terms of one of Canacol's crude oil marketing agreement ("the
Hocol agreement"), Canacol retains ownership of oil in transit until it
reaches the export pipeline which can take several days at which point
the ownership of the oil transfers from Canacol to Hocol. At March 31,
2011, there were approximately 42,000 bbls of oil in transit. These
barrels have been included in the Corporation's production volumes.
However, revenue of approximately $3,825 and expenses of $402 associated
with these barrels will be reported in April when title transfer occurs.
(3) Cash flow from operating activities before changes in non-cash items.
For the three months ended March 31
--------------------------------------------------
OPERATING RESULTS 2011 2010
----------------------------------------------------------------------------
Colombia Brazil(1) Colombia Brazil(1)
--------------------------------------------------
Non-Tariff Tariff
Sales Volume
Crude oil and NGL (bbl/d) 3,161 - 132 211 126
Natural gas (mcf/d) - - - - -
--------------------------------------------------
Total (boe per day) 3,161 - 132 211 126
Total tariff sales
(bbl/d) - 6,899 - 1,562 -
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Production
Crude oil and NGLs
(bbl/d) 3,032 - 132 732 126
Natural gas (mcf/d) - - - - -
--------------------------------------------------
Total (boe per day) 3,032 - 132 732 126
Total tariff production
(bbl/d) - 7,023 - 1,549 -
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Average sale prices
Crude oil ($/bbl) (5) 87.50 - 106.06 62.39 69.65
Oil equivalent ($/boe) - - - - -
----------------------------------------------------------------------------
Operating netback
(US$/boe)
Commodity sales
revenue(2) 87.50 - 106.06 62.39 69.65
Tariff revenue - 13.89 - 11.53 -
Tariff transportation
reimbursement - 0.08 - 4.95
Non-refundable sales
taxes - - (4.19) - (6.77)
Royalties (5) (7.00) - (6.89) (5.00) (5.74)
Transportation &
processing (3) (9.40) (0.18) (14.98) (4.02) (14.35)
Well workover & repair - - - (0.03) (2.93)
MEP work unit provision - - - - (3.72)
Operating expenses(4)(6) (13.45) (2.09) (32.81) (5.90) (27.94)
--------------------------------------------------
Netback (5) 57.65 11.70 47.19 47.44 8.20
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For the nine months ended March 31
--------------------------------------------------
OPERATING RESULTS 2011 2010
----------------------------------------------------------------------------
Colombia Brazil(1) Colombia Brazil
--------------------------------------------------
Non-Tariff Tariff
Sales Volume
Crude oil and NGL (bbl/d) 2,211 - 124 318 114
Natural gas (mcf/d) - - - - -
--------------------------------------------------
Total (boe per day) 2,211 124 318 114
Total tariff sales
(bbl/d) - 3,006 - 1,511
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Production
Crude oil and NGLs
(bbl/d) 2,297 - 124 456 114
Natural gas (mcf/d) - - - - -
--------------------------------------------------
Total (boe per day) 2,297 - 124 456 114
Total tariff production
(bbl/d) - 3,092 - 1,525 -
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Average sale prices
Crude oil ($/bbl) (5) 80.96 - 96.04 63.80 67.71
Oil equivalent ($/boe) - - - -
----------------------------------------------------------------------------
Operating netback
(US$/boe)
Commodity sales
revenue(2) 80.96 - 96.04 63.80 67.71
Tariff revenue - 13.66 - 13.36 -
Tariff transportation
reimbursement 0.27 1.06
Non-refundable sales
taxes - - (3.85) - (3.89)
Royalties (5) (6.48) - (6.11) (5.10) (5.83)
Transportation &
processing (3) (8.94) (0.47) (14.84) (3.16) (13.41)
Well workover & repair (0.18) (0.22) - (0.69) (2.39)
MEP work unit provision - - - - (3.02)
Operating expenses(4)(6) (19.69) (3.13) (33.69) (11.61) (27.05)
--------------------------------------------------
Netback (5) 45.67 10.11 37.55 43.24 12.12
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(1) Brazil results were estimated based on Agencia Nacional do Petroleo
"ANP" data.
(2) Colombian commodity sales revenue and tariff revenue include
transportation revenue.
(3) Colombian transportation and processing charges relate to both tariff
and non-tariff production.
(4) Colombian operating expenses relate to both tariff and non-tariff oil
production volumes.
(5) "Netback " per boe is calculated as revenues net of sales taxes and
royalties, less transportation & processing charges, well workover and
repair and operating expenses and then divided by bbls sold. Netbacks do
not have a standard meaning prescribed by GAAP and therefore may not be
comparable to similar measures used by other companies. Management feels
this is a useful metric as it is a common metric used by other companies
operating in the oil and gas industry in order to provide a comparison
of relative overall performance between companies. Management uses the
metric to assess the Corporation's overall performance relative to that
of its competitors and for internal planning purposes. In Colombia, the
total sales volumes for the three months ended March 31, 2011 were
284,460 bbls (non- tariff) and 620,869 bbls (tariff).
(6) $13.45 per bbl relates to the operating expenses per boe in Colombia of
oil produced in this quarter. It does not take into account
approximetely $1,600 relating to an opening inventory balance
adjustement.
Canacol is a Canadian based international oil and gas corporation with
operations in Colombia, Brazil and Guyana. Canacol is publicly traded on the
Toronto Stock Exchange (TSX:CNE) and the Bolsa de Valores Colombia (BVC:CNEC).
The Corporation's public filings may be found at www.sedar.com.
This press release may contain statements within the meaning of safe harbour
provisions as defined under Securities Laws and Regulations. The above
statements are based on the current expectations and beliefs of Canacol's
management and are subject to a number of risks and uncertainties that may cause
the actual results to differ materially from those described above.
This press release contains certain forward-looking statements within the
meaning of applicable securities law. 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 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. The Corporation cannot assure that actual
results will be consistent with these forward looking statements. They are made
as of the date hereof and are subject to change and the Corporation assumes no
obligation to revise or update them to reflect new circumstances, except as
required by law. Prospective investors should not place undue reliance on
forward looking statements. These factors include the inherent risks involved in
the exploration for and development of crude oil and natural gas properties, the
uncertainties involved in interpreting drilling results and other geological and
geophysical data, fluctuating energy prices, the possibility of cost overruns or
unanticipated costs or delays and other uncertainties associated with the oil
and gas industry. Other risk factors could include risks associated with
negotiating with foreign governments as well as country risk associated with
conducting international activities, and other factors, many of which are beyond
the control of the Corporation. A barrel of oil equivalent (boe) is derived by
converting gas to oil in the ratio of six thousand cubic feet of gas to oil and
may be misleading, particularly if used in isolation. A boe conversion is based
on an energy equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead, especially in
various international jurisdictions.
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