Anterra Energy Announces First Quarter 2014 Financial and Operating Results
May 28 2014 - 6:05PM
Marketwired
Anterra Energy Announces First Quarter 2014 Financial and Operating
Results
Management to Present at the LD MICRO Invitational 2014 on June
4, 2014
CALGARY, ALBERTA--(Marketwired - May 28, 2014) - Anterra Energy
Inc. ("Anterra" or the "Company") (TSX-VENTURE:AE.A)(OTCQX:ATERF)
announced its financial and operating results for the three months
ended March 31, 2014. Selected information as outlined below and
should be read in conjunction with the Company's unaudited
financial statements and related management discussion and analysis
available on the Company's website at www.anterraenergy.com or on
SEDAR at www.sedar.com.
"Our results for the first quarter of 2014 reflect the full
impact of two strategic transactions conducted in 2013: the
corporate acquisition of Terrex Energy Inc. in March and the Nipisi
property acquisition in December," stated Dr. Gang Fang, President
and CEO. "Average production for the first quarter of 2014 was more
than double that of the first quarter of 2013 and increased 73%
from the fourth quarter of 2013. Our goal for 2014 is to again
double our production from current levels. Overall, we believe
Anterra Energy is well positioned to realize on our existing
inventory of development properties and pursue additional
opportunities as they arise."
First Quarter 2014 Operating Highlights
- Revenue totaled $6.6 million, an increase of 161% over revenue
of $2.5 million reported for the first quarter of 2013.
- Production averaged 715 boe per day, an increase of 128% over
average production of 314 boe per day in the first quarter of 2013;
and a 73% increase over average production of 405 boe per day
during the fourth quarter of 2013.
- Average crude oil production averaged 634 bbls per day an
increase of 186% to from 222 bbls per day reported for the first
quarter of 2013.
- Oil and gas revenue increased to $5.7 million from $1.8 million
for the first quarter of 2013. Midstream processing revenue totaled
$0.9 million, a 12% increase from a year ago.
- First quarter funds flow from operations totaled $1.4 million,
an increase of $0.9 million, or 168%, compared to $0.5 million in
the first quarter of 2013.
Summary of Financial and Operating Results
Three months ended March 31: |
2014 |
2013 |
Financial |
|
|
Oil and gas sales |
$5,715,660 |
$1,796,950 |
Midstream revenue |
892,909 |
764,336 |
Funds flow from operations(1) |
1,392,563 |
518,888 |
Net capital expenditures |
745,541 |
63,376 |
Net income |
$167,659 |
$927,989 |
Average daily production |
|
|
Crude oil and liquids (bbls/d) |
634 |
222 |
Natural gas (mcf/d) |
486 |
574 |
Total production (boe/d) |
715 |
314 |
Average realized prices |
|
|
Crude oil ($/bbl) |
$96.28 |
$84.31 |
Natural gas ($/mcf) |
$6.28 |
$3.45 |
Operating netback ($/boe)(1) |
|
|
Oil & gas sales |
$88.78 |
$62.79 |
Royalties |
19.71 |
8.50 |
Operating costs |
36.85 |
25.64 |
Transportation |
3.93 |
4.73 |
Operating netback (1) |
$28.29 |
$23.92 |
As at: |
March 31, 2014 |
December 31, 2013 |
Balance Sheet |
|
|
Property and equipment |
$71,836,739 |
$72,625,940 |
Exploration and evaluation assets |
386,667 |
386,667 |
Bank debt |
12,608,497 |
14,014,704 |
Shareholders' equity |
$33,854,306 |
$33,684,625 |
(1) Funds flow from operations and operating netback
are Non-IFRS measures, see Reader Advisories. |
Corporate Presentation
Anterra's management will present at the LD Micro Invitational
2014 on Wednesday, June 4 in Los Angeles. The presentation is
scheduled to begin at 4:00 PT and will be available via a live
audio webcast. To access the webcast and presentation, please go
the Company's website at www.anteraenergy.com.
About Anterra Energy Inc.
Anterra is an independent oil focused junior exploration and
production company with an expanding presence in the Western
Canadian Sedimentary Basin. The Company is actively engaged in the
acquisition, development and production of oil and natural gas
complemented by the operation of fee-based midstream facilities.
Anterra is headquartered in Calgary, Alberta, is listed and trades
on the TSX-V under the symbol "AE.A" and trades on OTCQX
International under the symbol "ATERF". Additional information is
available on the Company's website at www.anterraenergy.com.
Reader Advisories
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 News Release.
Forward-Looking Information
Certain information in this News Release constitutes
forward-looking statements or information (collectively referred to
herein as "forward-looking statements") within the meaning of
applicable securities legislation. Forward-looking statements are
usually identified by the words "believe", "anticipate", "expect",
"plan", "estimate", "target", "continue", "could", "intend", "may",
"potential", "predict", "should", "will", "objective", "project",
"forecast", "goal", "guidance", "outlook", "effort", "seeks",
"schedule" or expressions of a similar nature suggesting future
outcome or statements regarding an outlook. In particular,
forward-looking statements include:
Statements relating to Anterra's ability to grow production
from current levels realize on existing development properties and
pursue additional opportunities.
Forward-looking statements are not guarantees of future
performance and the reader should not place undue reliance on these
forward-looking statements as there can be no assurances that the
assumptions, plans, initiatives or expectations upon which they are
based will occur. In addition, forward-looking statements are
subject to known and unknown risks, uncertainties and other factors
that could cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by forward-looking
statements. Such factors include, among others: general economic
and business conditions; the price of and demand for oil and
natural gas and their effect on the economics of oil and gas
exploration; fluctuations in currency and interest rates and their
effect on projected profitability of the Company's operations; the
ability of the Company to implement its business strategy,
including exploration and development plans; the impact of
competition and in particular the ability of the Company to
maintain its land position in a competitive leasing environment;
the availability and cost of seismic, drilling, completions and
other equipment; the Company's ability to secure adequate
transportation and markets for any oil or gas discovered; drilling
and operating hazards and other difficulties inherent in the
exploration for and production and sale of oil and natural gas; the
availability and cost of financing; the success of any exploration
and development undertaken; actions by governmental authorities;
and, changes in government regulations and the expenditures
required to comply with them (including, but not limited to, the
changes in taxes or the royalty or other share of production taken
by governmental authorities). Should one or more of these risks or
uncertainties materialize, or should any of the Company's
assumptions prove incorrect, actual results may vary in material
respects from those projected in the forward-looking statements.
Readers are cautioned that the foregoing list of risks,
uncertainties and other factors is not exhaustive. Unpredictable or
unknown factors not discussed could also have material adverse
effects on forward-looking statements. The impact of any one factor
on a particular forward-looking statement is not determinable with
certainty as such factors are dependent on other factors, and the
Company's course of action would depend on its assessment of the
future considering all information then available. All
forward-looking statements in this MD&A are expressly qualified
in their entirety by these cautionary statements. Except as
required by law, the Company assumes no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change.
Non-IFRS Measures
This news release makes reference to terms commonly used in
the petroleum and natural gas industry including funds from
operations, funds from operations per share and netback. Such terms
do not have a standard meaning as prescribed by International
Financial Reporting Standards ("IFRS") and therefore may not be
comparable with the determination of similar measures for other
entities. These measures are identified as non-GAAP measures and
are used by management to analyze operating performance and
leverage. These measures should not be considered an alternative
to, or more meaningful, than cash flow from/used in operating
activities or net income (loss) as determined in accordance with
IFRS.
BOE Presentation
Production volumes and reserves are commonly expressed on a
barrel of oil equivalent ("boe") basis whereby natural gas volumes
are converted at the ratio of six thousand cubic feet of gas equal
to one barrel of oil, based on an energy equivalency at the burner
tip and does not represent a value equivalency at the wellhead.
Used in isolation, barrels of oil equivalent may be
misleading.
Anterra Energy Inc.Gang FangChief Executive Officer(403)
215-2383(403) 261-6601fangg@anterraenergy.comAnterra Energy
Inc.Owen C. PinnellChairman(403) 215-2427(403)
261-6601pinnello@anterraenergy.comwww.anterraenergy.com