Suroco Energy Inc. Announces Filing of Second Quarter Financial Statements and MD&A
23 Août 2013 - 1:05AM
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 Second Quarter Financial Statements and the related
Management's Discussion and Analysis ("MD&A") for the period ended June 30, 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, "We continued to
grow our daily production through the second quarter with an average of 1,670
barrels per day net to the Corporation after royalty as four Cohembi wells were
brought on production. The last well in this current program is the Cohembi-15
well, which commenced production in early July. Subsequent to the quarter end
the drilling rig was moved to the Pinuna-7 location to drill an outpost well and
drilling operations are expected to be completed there at the end of August. Due
to pipeline maintenance in the Middle Magdalena valley during the second quarter
we have used a temporary alternative sales point which, due to the nature of the
sales contract, has had the effect of reducing our average sales prices whilst
also lowering our average operating cost on a per barrel basis."
Financial & Operating Highlights
(All references to $ are United States dollars unless otherwise noted)
3 months ended June 30 6 months ended June 30
2013 2012 2013 2012
(Restated)(3) (Restated)(3)
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Financial
Oil and gas revenue ($) 12,958,241 7,353,842 22,944,527 15,754,119
Funds flow from operations
(1) ($) 3,948,957 2,487,052 8,039,505 5,593,817
Per share - basic and
diluted ($) 0.03 0.02 0.06 0.04
Net income ($) 1,506,763 1,546,301 996,596 2,259,063
Per share - basic and
diluted ($) 0.01 0.01 0.01 0.02
Adjusted net income (1) ($) 274,089 1,546,301 1,557,939 2,259,063
Per share - basic and
diluted($) - 0.01 0.01 0.02
Total assets ($) 77,631,019 51,788,184 77,631,019 51,788,184
Working capital surplus (1)
($) 16,824,940 7,564,404 16,824,940 7,564,404
Common shares outstanding,
end of period
Basic 134,329,734 130,109,734 134,329,734 130,109,734
Fully Diluted 152,656,190 162,276,805 152,656,190 162,276,805
Weighted average common
shares outstanding
Basic 134,329,734 127,963,290 134,329,734 126,044,203
Diluted (2) 139,845,879 136,113,390 139,740,644 132,830,319
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Operational
Average daily net after
royalty production (bopd) 1,670 873 1,439 875
Average reference price -
WTI ($ per barrel) 94.10 93.43 94.22 98.16
Operating Netback ($ per
barrel)
Average realized price
(4) 85.20 103.62 89.96 104.45
Royalties 6.96 8.29 7.28 8.36
Production and
transportation expenses
(4) 26.60 32.69 27.19 33.43
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Operating Netback 51.64 62.64 55.49 62.66
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Notes:
(1) Non-GAAP financial measure; see discussion in Reconciliation of Non-
GAAP Items section Q2 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) Refer to Note 2 in the June 30, 2013 Interim Consolidated Condensed
Financial Statements and to "Accounting Policies and Estimates" in the
MD&A for an explanation of the restatement.
(4) Refer to explanation under "Selling Prices in the Financial Review
portion of the MD&A for an explanation of average realized selling
prices and production and transportation expense.
Highlights for the period
-- Achieved record quarterly production of 1,670 barrels of oil per day
net to the Corporation after royalties compared to 873 barrels of oil
per day for the same quarter of 2012 and 1,207 barrels of oil per day
for the first quarter of 2013.
-- Achieved realized selling prices for the quarter of $85.20 which was
lower than in previous quarters since a significant portion of the
sales for the quarter were at prices which were net of trucking,
pipeline and handling costs.
-- Achieved field operating netbacks of $51.64 per barrel for the quarter.
-- Placed Cohembi-6 and Cohembi-9 on production on April 23, 2013, both of
which were drilled in the first quarter of 2013 and averaged 1,373
barrels of oil per day (200 barrels of oil per day net to the
Corporation after royalties) and 1,116 barrels of oil per day (163
barrels of oil per day net to the Corporation after royalties),
respectively for the remainder of the quarter.
-- Drilled the Cohembi-10 and Cohembi-14 wells during the quarter and
placed both production on May 16, 2013 and June 6, 2013, respectively,
after which they had average production of 717 barrels of oil per day
(104 barrels of oil per day net to the Corporation after royalties) and
1,142 barrels of oil per day (166 barrels of oil per day net to the
Corporation after royalties), respectively for the remainder of the
quarter.
-- Cash flow from operations of $3.9 million ($0.03 per share on a basic
and fully diluted basis).
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.
Neither 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 release.
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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