Petro-Reef Resources Ltd. (TSX VENTURE:PER)
Petro-Reef Resources Ltd. has released its first quarter 2011 results. Full
financial details are contained in the financial statements and management's
discussion and analysis filed on SEDAR.
For the three months ended March 31, 2011, the company produced an average of
807 barrels of oil equivalent per day (boe/d) comprising 296 bbl/d of oil and
natural gas liquids and 3,064 mcf/d per day of natural gas. The company received
an average of $75.14 per barrel for oil and $4.06 per thousand cubic feet for
natural gas. Field netbacks averaged $26.69/boe and corporate netbacks averaged
$22.50/boe.
Total revenue decreased 0.6% to $3,122,279 for the three month period ended
March 31, 2011 compared to $3,142,052 for the same period ended March 31, 2010.
Petro-Reef realized a combined price per boe for the three month period ended
March 31, 2011 of $42.99 representing a 21.3% increase compared to the realized
price per unit of production of $35.44 for the same period ended March 31, 2010.
For the three month period ended March 31, 2011, Petro-Reef generated cash flows
from operations of $1,634,148 an increase of 9.3% compared to $1,495,231 for the
three month period ended March 31, 2010 due to a higher crude weighting that
provided higher netbacks than natural gas.
Three Months ended March 31 2011 2010
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Net Income (Loss) For The Period $ (1,053,595) $ 439,893
Deferred income tax expense (recovery) 239,892 (608,993)
Other income (250,919) (173,663)
Unrealized loss (gain) on risk management
contracts 903,673 (1,296,583)
Accretion Expense 16,943 15,935
Stock-Based Compensation 140,536 65,026
Depletion And Amortization 1,637,618 1,836,630
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Cash Flow From Operations $ 1,634,148 $ 1,495,231
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Petro-Reef's bank debt and working capital deficit at March 31, 2011 was
$12,458,134 compared to $10,560,062 at December 31, 2010. Included in the
working capital deficit was $10,099,856 in outstanding bank lines of credit
which is included in current liabilities. As at March 31, 2011, Petro-Reef's
bank credit facility was structured as a $15,000,000 revolving operating demand
loan and a $1,000,000 non-revolving acquisition / development demand loan.
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March 31, December 31,
2011 2010
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Bank debt $ 10,099,856 $ 9,627,691
Bank debt and Working capital deficit (1) $ 12,458,134 $ 10,560,062
Oil and Gas properties $ 33,943,968 $ 31,947,074
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1. Excluding risk management contract liabilities and flow through share
premium liability
In June, 2011 the Company renewed its credit facilities as follows:
Facility A - revolving operating demand loan with a maximum limit of $11,000,000.
Facility B - non-revolving acquisition/development demand loan that provides an
additional $6,000,000 of financing.
Interest is at prime plus 1.0% per annum for Facility A and prime plus 1.5% per
annum for Facility B.
Capitalized resource properties as at March 31, 2011 were $33,943,968 net of
accumulated depletion, compared to $31,947,074 as at December 31, 2010. For the
three month period ended March 31, 2011 Petro-Reef incurred $3,616,000 in net
capital expenditures.
Capital expenditure summary:
Area Description Expenditures
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Alexander, Alberta Drill and complete $ 1,866,415
Alexander, Alberta Land 85,506
Alexander, Alberta Facilities 84,939
Goose River, Alberta Drill and complete 1,547,045
Goose River, Alberta Land 22,001
Miscellaneous Other 10,094
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Total $ 3,616,000
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Financial and Operational summary
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Three Months Ended March 31
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2011 2010 % Change
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FINANCIAL
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Oil and gas revenue 3,122,279 3,142,052 (0.6)
Cash flow from operations (1) 1,634,148 1,495,231 9.3
Per share - basic 0.03 0.04 (25.0)
-diluted 0.03 0.04 (25.0)
Net income (loss) (1,053,595) 439,893 (340.1)
Per share - basic (0.02) 0.01 -
-diluted (0.02) 0.01 -
Total bank debt 10,099,856 13,430,388 (24.8)
Capital expenditures 3,616,000 1,780,000 108.1
Shares outstanding - end of period 56,261,477 39,156,241 43.7
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OPERATIONAL
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Wells drilled (net)
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Oil 2.6 0.0 -
Gas 0.0 0.0 -
Dry 0.8 0.0 -
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Total net wells drilled 3.4 0.0 -
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Daily production (2)
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Oil and NGLs (bbl/d) 296 137 116.1
Natural gas (mcf/d) 3,064 5,091 (39.8)
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Oil equivalent (boe/d @ 6:1) 807 985 (18.1)
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Realized commodity prices ($CDN)
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Oil and NGLs (bbl) 75.14 75.44 (0.4)
Natural gas (mcf) 4.06 4.72 (14.1)
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Oil equivalent (boe @ 6:1) 42.99 35.44 21.3
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Operating netback ($/boe) (1) (2)
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Revenue 42.99 35.44 21.3
Realized gain (loss) on risk
management contracts 2.41 (0.93) (359.1)
Royalty (7.06) (4.04) 74.8
Operating cost (11.65) (7.88) 47.8
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Operating netback per boe 26.69 22.59 18.1
General and administrative (2.82) (3.99) (29.3)
Finance expenses (1.37) (1.74) (21.3)
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Cash flow from operations per boe 22.50 16.87 33.4
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(1) Funds from operations, funds from operations per share, operating netbacks
and cash flow per barrel of oil equivalent are not defined by generally accepted
accounting principles in Canada and are regarded as non-GAAP measures. Funds
from operations and funds from operations per share are calculated as cash
provided by operating activities before changes in non-cash working capital, and
decommissioning obligations settled. Funds from operations are used to analyze
the company's operating performance and the ability of the business to generate
the cash flow necessary to finance future growth through capital investment and
to repay debt. Funds from operations do not have a standardized measure
prescribed by GAAP and therefore may not be comparable with the calculations of
similar measures for other companies. The company also presents funds from
operation per share whereby per share amounts are calculated using the weighted
average number of common shares outstanding consistent with the calculation of
net income or loss per share.
(2) The term barrel of oil equivalent may be misleading, particularly if used in
isolation. A boe conversion ratio of 6,000 cubic feet per barrel 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 6,000 cubic feet of gas to one barrel
of oil.
Forward-Looking Statements: All statements, other than statements of historical
fact, set forth in this news release, including without Limitation, assumptions
and statements regarding reservoirs, resources and reserves, future production
rates, exploration and development results, financial results, and future plans,
operations and objectives of the Corporation are forward-looking statements that
involve substantial known and unknown risks and uncertainties. Some of these
risks and uncertainties are beyond management's control, including but not
limited to, the impact of general economic conditions, industry conditions,
fluctuation of commodity prices, fluctuation of foreign exchange rates,
environmental risks, industry competition, availability of qualified personnel
and management, availability of materials, equipment and third party services,
stock market volatility, timely and cost effective access to sufficient capital
from internal and external sources. The reader is cautioned that assumptions
used in the preparation of such information, although considered reasonable by
the Corporation at the time of preparation, may prove to be incorrect. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such
statements.
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