Quattro releases 1st Quarter Financials Exiting at Over 1,500 BOEPD and Net Earnings of $0.09 per Share
27 Mai 2014 - 12:00PM
Marketwired
Quattro releases 1st Quarter Financials Exiting at Over 1,500 BOEPD
and Net Earnings of $0.09 per Share
CALGARY, ALBERTA--(Marketwired - May 27, 2014) - Quattro
Exploration and Production Ltd. (TSX-VENTURE:QXP) ("Quattro" or the
"Company") is pleased to announce the filing of its first quarter
2014 financial statements, reporting CDN $0.09 per share
earnings.
The Company has reported the following results for the 3 months
ending March 31st, 2014:
• |
Revenues |
$ |
4,166,100 |
|
|
|
|
• |
Net income from operations, $18.75 per boe "Net Back" |
$ |
2,111,200 |
|
|
|
|
• |
Net earnings from operations, $0.03 per share |
$ |
1,046,800 |
|
|
|
|
• |
Income tax recovery, $0.06 per share |
$ |
2,122,700 |
|
|
|
|
• |
Net and comprehensive income, $0.09 per share |
$ |
3,169,500 |
|
|
|
|
• |
Cash and equivalents |
$ |
5,726,600 |
|
|
|
|
• |
Working capital |
$ |
3,183,900 |
|
|
|
|
• |
Net debt (excluding decommissioning liabilities & deferred
taxes) |
$ |
4,105,600 |
At March 31st the
Company's exit production was 1,513 boe/d not including a further
100 boe/d with an effective date of February 1st, 2014 as a result
of the addition of the Donalda Acquisition announced May 14th
closing on May 30th. In addition, on-going engineering,
remediation, work overs and consolidation activities are
anticipated to add a further 500 boe/d in the coming months,
providing the Company the path to exceed its near term goal of
2,000 boe/d in July.
During the first 3
months of 2014, Quattro's cash-flow from operations was $688,118
and the Company's EBITDA (earnings before interest, taxes,
depreciation and amortization) was $1,965,260. Although a non IFRS
accounting term, the Company believes EBITDA provides further
guidance of funds flowing from operations for Quattro and provides
investors an opportunity to understand the Company's capacity to
fund its operations, while continuing to grow production.
"The Board of
Directors are very pleased with our team's continued focus on near
term remediation, work overs and operational efficiencies while
being driven by our organic business plan for material growth
through a combination of accretive acquisitions and solid financial
principles." said Leonard Van Betuw, President and CEO. "In support
of their efforts, the Management and Directors see it as their duty
to also continue to pursue the proper utilization of our
strengthening balance sheet. We see it as our responsibility as
management to add additional flexibility to further accelerate our
business plan and the rate of growth that Quattro and its team are
capable of attaining, while remaining measured and focused on the
continued improvement of the value of the shareholders' investment
in Quattro."
The Company, in
addition to its ongoing activities, anticipates the announcement in
the coming weeks of an approved initial drilling budget of up to 10
development wells 8 (net) focused on oil as well as 2 exploratory
wells 1.2 (net), 0.5 (net) oil and 0.7 (net) gas wells commencing
in the second half of 2014 and continuing into the 1st quarter of
2015, having an estimated budget of $8,000,000 (net).
About Quattro
Exploration and Production Ltd.
Quattro Exploration
and Production Ltd. ("QXP") continues to focus on the conventional
exploration and development of oil and natural gas reserves in
Western Canada, with an expanding presence in Alberta and British
Columbia. Its core low risk production base will provide the
Company the capacity to aggressively pursue a series of high impact
exploration and development efforts in Central and South America.
Quattro intends to balance this portfolio of activities to assure
its shareholders that it achieves material growth in both reserves
and production.
This release
includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements
of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and events
or developments that the Company expects are forward-looking
statements. Although the Company believes the expectations
expressed in such forward looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward- looking statements. Factors
that could cause actual results to differ materially from those in
forward looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and those actual results or developments may
differ materially from those projected in the forward-looking
statements. For more information on the Company, Investors should
review the Company's registered filings which are available at
www.sedar.com.
This news
release shall not constitute an offer to sell or the solicitation
of any offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. The securities offered have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or applicable exemption from the registration
requirements of the U.S. Securities Act and applicable state
securities laws.
BOE
presentation:
Barrel ("bbl")
of oil equivalent ("boe") amounts may be misleading particularly if
used in isolation. All boe conversions in this report are
calculated using a conversion of six thousand cubic feet of natural
gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on
an energy conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the well
head.
Trading in the
securities of Quattro Exploration and Production Ltd. should be
considered highly speculative. Neither the 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.
Quattro Exploration and Production Ltd.Leonard Van
BetuwPresident and Chief Executive OfficerOffice (403) 984-3917 /
Direct Line (587)
228-7070leonard@qxp-petro.comwww.qxp-petro.com
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