Equus Announces First Quarter Net Asset Value
May 12 2022 - 4:56PM
Equus Total Return, Inc. (NYSE: EQS) (“Equus” or
the “Company”) reports net assets as of March 31, 2022, of $37.4
million, an increase of approximately $1.0 million since December
31, 2021. Net asset value per share increased to $2.77 as of March
31, 2022 from $2.69 as of December 31, 2021. Comparative data is
summarized below (in thousands, except per share amounts):
As of the Quarter Ended |
3/31/2022 |
12/31/2021 |
9/30/2021 |
6/30/2021 |
3/31/2021 |
Net assets |
$37,435 |
$36,365 |
$36,243 |
$34,724 |
$34,075 |
Shares outstanding |
13,518 |
13,518 |
13,518 |
13,518 |
13,518 |
Net assets per share |
$2.77 |
$2.69 |
$2.68 |
$2.57 |
$2.52 |
The following was the principal contributor to
the growth in net asset value during the first quarter of 2022:
- Increase in the Value of
Equus Energy. During the first quarter of 2022, the fair
value of Equus Energy, LLC, increased from $13.0 million to $15.0
million. Among the various leasehold rights held by Equus Energy is
a 50% working interest in 2,400 acres in the Permian Basin known as
the Conger Field. A number of transactions that completed in 2021
and the first quarter of 2022 were concentrated in the Permian
Basin, at imputed acreage values considerably in excess of values
ascribed to such acreage in the past several years. In addition,
West Texas Intermediate crude prices increased from $75.33 per
barrel at December 31, 2021 to $100.28 per barrel at March 31,
2022, an increase of approximately 33.1%, while natural gas prices
increased from $3.82 per MMBTU at the end of 2021 to $5.46 per
MMBTU at the end of the first quarter of 2022, which was an
increase of approximately 42.9%.Equus also holds working interests
of 7.5% and 2.5% in the Burnell and North Pettus Units,
respectively, which collectively comprise approximately 13,000
acres located in the area known as the ‘Eagle Ford Shale’ play. The
Company received advice and assistance from a third-party valuation
firm to support its determination of the fair value of this
investment.
About EquusThe Company is a
business development company that trades as a closed-end fund on
the New York Stock Exchange under the symbol "EQS". Additional
information on the Company may be obtained from the Company’s
website at www.equuscap.com.
This press release may contain certain
forward-looking statements regarding future circumstances. These
forward-looking statements are based upon the Company’s current
expectations and assumptions and are subject to various risks and
uncertainties that could cause actual results to differ materially
from those contemplated in such forward-looking statements
including, in particular, the performance of the Company, including
our ability to achieve our expected financial and business
objectives, and the other risks and uncertainties described in the
Company’s filings with the SEC. Actual results, events, and
performance may differ. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
to the date hereof. Except as required by law, the Company
undertakes no obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this
release does not constitute an admission by the Company or any
other person that the events or circumstances described in such
statements are material.
Contact:
Patricia Baronowski Pristine Advisers, LLC(631) 756-2486
Equus Total Return (NYSE:EQS)
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