Suroco Energy Inc. Announces Filing of First Quarter Financial Statements and MD&A
27 Mai 2013 - 12:00PM
Marketwired Canada
(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)
Suroco Energy Inc. (TSX VENTURE:SRN) (the "Corporation") is pleased to announce
that it has filed its First Quarter Financial Statements and the related
Management's Discussion and Analysis ("MD&A") for the period ended March 31,
2013 on the System for Electronic Document Analysis and Retrieval ("SEDAR").
Copies of these documents can be found on the SEDAR website at www.sedar.com.
Alastair Hill, the Corporation's President and CEO commented, "Suroco has
started the year in excellent fashion by reporting record results for the first
quarter, with increased oil production, record funds flow and high quality
netback metrics above $60 per barrel. This is also the first quarter in which we
are reporting our results based upon net working interest ownership. During the
quarter we drilled two successful Cohembi wells, one of which encountered the
thickest oil pay interval found to date in the entire field, with both these
wells being placed on production in late April. Aside from these high quality
operating results, we also closed a $21 million credit facility, which will
allow us to pursue targeted new business opportunities in our focus area in the
Putumayo Basin.
Since the end of the quarter, production has continued to grow progressively, to
an average of 1,637 barrels of oil per day net to the Corporation after royalty
for the month of April and the first 22 days of May, supporting our expectations
for continuing high quality results in the second quarter."
Financial & Operating Highlights
(All references to $are United States dollars unless otherwise noted)
3 months ended March 31
2013 2012
(Restated) (3)
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Financial
Oil and gas revenue ($) 9,986,286 8,400,277
Funds flow from operations (1) ($) 4,090,548 3,106,765
Per share - Basic ($) 0.03 0.03
Per share - Diluted ($) 0.03 0.02
Net (loss) income ($) (510,167) 712,762
Per share - basic and diluted ($) (0.00) 0.01
Adjusted net income ($) (1) 1,283,850 712,762
Per share - basic ($) 0.01 0.01
Total assets ($) 76,083,855 52,068,901
Working capital surplus (1) ($) 16,536,983 6,898,624
Common shares outstanding, end of period
Basic 134,329,734 124,469,734
Fully Diluted 152,976,190 162,397,469
Weighted average common shares outstanding
Basic 134,329,734 124,120,618
Diluted (2) 134,329,734 129,853,800
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Operational
Average daily net after royalty production
(bopd) 1,207 876
Average reference price - WTI ($ per barrel) 94.33 102.88
Operating Netback ($ per barrel)
Average realized price 97.00 105.18
Royalties 7.76 8.41
Production and transportation expenses 28.07 34.08
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Operating Netback 61.17 62.68
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Notes:
1. Non-GAAP financial measure; see discussion in Reconciliation of Non-GAAP
Items section of the Q1 2013 MD&A.
2. In periods where there were losses attributable to shareholders, all
potentially dilutive securities were considered anti- dilutive and were
therefore excluded from the fully diluted number of weighted average
common shares outstanding calculation. All potentially dilutive
securities were considered for the calculation of diluted number of
shares outstanding at the end of period.
3. Prior amounts have been restated due to the adoption of IFRS 10 and IFRS
11. See Note 2 of the Corporation's First Quarter Financial Statements
for details.
Highlights for the period
-- Financial results are, for the first time, reported on a net working
interest basis.
-- Achieved record quarterly production of 1,207 barrels of oil per day net
to the Corporation after royalties compared to 876 barrels of oil per
day for the same quarter of 2012 and 1,101 barrels of oil per day for
the fourth quarter of 2012.
-- Achieved field operating netbacks of $61.17 per barrel for the quarter.
-- Closed a three year, $21 million senior secured credit facility with
Macquarie Bank Limited.
-- Drilled the Cohembi-6 and Cohembi-9 wells during the quarter and placed
both wells on production subsequent to the quarter end.
-- Adjusted net income of $1,283,850 for the quarter, compared to $712,762
in the first quarter of 2012.
-- Announced increased reserves in all categories for the year ended
December 31, 2012.
Forward-Looking Statements
This press release contains forward-looking statements relating to the
operational and exploration activities for the Corporation, evaluation of
certain prospects in which the Corporation holds an interest and other
statements that are not historical facts. Readers are cautioned not to place
undue reliance on forward-looking statements, as there can be no assurance that
the plans, intentions or expectations upon which they are based will occur. By
their nature, forward-looking statements involve numerous assumptions, known and
unknown risks and uncertainties, both general and specific, that contribute to
the possibility that the predictions, estimates, forecasts, projections and
other forward-looking statements will not occur, which may cause actual
performance and results in future periods to differ materially from any
estimates or projections of future performance or results expressed or implied
by such forward-looking statements. These assumptions, risks and uncertainties
include, among other things, the state of the economy in general and capital
markets in particular; fluctuations in oil prices; the results of exploration
and development drilling, recompletions and related activities; changes in
environmental and other regulations; risks associated with oil and gas
operations and future exploration activities; the need to obtain required
approvals from regulatory authorities; product supply and demand; market
competition; political and economic conditions in the country in which the
Corporation operates; and other factors, many of which are beyond the control of
the Corporation. You can find an additional discussion of those assumptions,
risks and uncertainties in the Corporation's Canadian securities filings.
The forward-looking statements contained in this press release are made as of
the date of this press release. Except as required by law, the Corporation
disclaims any intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. Additionally, the Corporation undertakes no obligation to
comment on the expectations of, or statements made by, third parties in respect
of the matters discussed above.
The Corporation is a Calgary-based junior oil and gas company, which explores
for, develops, produces and sells crude oil, natural gas liquids and natural gas
in Colombia. The Corporation's common shares trade on the TSX Venture Exchange
under the symbol SRN.
FOR FURTHER INFORMATION PLEASE CONTACT:
Suroco Energy Inc.
Alastair Hill
President and Chief Executive Officer
(403) 232-6784
(403) 232-6747 (FAX)
Suroco Energy Inc.
Travis Doupe
VP Finance and Chief Financial Officer
(403) 232-6784
(403) 232-6747 (FAX)
www.suroco.com
(TSXV:SRN)
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