Bowood Energy Inc. Reports 2012 First Quarter Results
May 30 2012 - 4:35PM
Marketwired Canada
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
Bowood Energy Inc. (TSX VENTURE:BWD) ("Bowood" or the "Company") announces its
financial and operational results for the three months ended March 31, 2012.
The Company will file its unaudited Financial Statements and related Management
Discussion and Analysis ("MD & A") for the three months ended March 31, 2012
with the Canadian securities regulatory authorities on SEDAR. An electronic copy
of these materials will be available under Bowood's issuer profile on SEDAR at
www.sedar.com and on the Company's website at www.bowoodenergy.ca.
Financial and Operating Highlights
Certain selected financial and operational information for the three months
ended March 31, 2012 is set out below and should be read in conjunction with
Bowood's Financial Statements and MD & A.
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Financial Highlights Three Months Ended March 31
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(all amounts in Cdn $ except common share
data) 2012 2011
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Petroleum and natural gas revenue 1,551,799 1,586,564
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Per share - basic 0.006 0.006
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- diluted 0.005 0.005
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Funds flow from operations 141,236 314,314
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Per share - basic 0.001 0.001
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- diluted 0.001 0.001
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Net loss 822,455 560,303
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Per share - basic 0.003 0.002
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- diluted 0.003 0.002
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Capital expenditures 356,458 1,564,134
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Net (cash) debt 4,500,560 (4,428,561)
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Shareholders' equity 36,056,776 49,776,591
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Total assets 44,950,952 57,307,136
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Common Shares Basic 274,933,373 274,933,373
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Common Shares Diluted 290,053,373 290,253,373
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Operating Highlights Three Months Ended March 31
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(6:1 boe conversion) 2012 2011
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Average daily production
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Natural gas (mcf/d) 2,600 2,290
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Liquids (Oil & NGLs) (bbls/d) 131 109
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Oil equivalent (boe/d) 564 490
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Average sales price (including fixed
commodity contracts):
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Natural gas ($/mcf) 2.22 3.96
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Liquids (Oil & NGLs) ($/bbl) 86.02 78.92
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Oil equivalent ($/boe) 30.21 35.97
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Operating cost ($/boe) 11.09 12.32
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Operating netback ($/boe) (including fixed
commodity contracts) 13.25 19.29
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Wells drilled - gross (net):
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Gas 0 (0.00) 0 (0.00)
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Oil 0 (0.00) 0 (0.00)
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Suspended -- --
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D & A -- --
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Total 0 (0.00) 0 (0.00)
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Events after the Reporting Period
Bowood announced on May 14, 2012, that the Company entered into an agreement to
acquire certain undeveloped lands and minor production in southern Alberta from
Legacy Oil + Gas Inc. ("Legacy") in exchange for 200,000,000 common shares of
Bowood. The agreement stipulates, among other things, that Bowood's management
team would be replaced by Trent Yanko as President + CEO and Matt Janisch as
Vice President, Finance + CFO and that Bowood would be managed by Legacy under a
services agreement.
About Bowood Energy Inc.
With operations based in Calgary, Alberta, Bowood Energy Inc. is a TSX-V Tier 2
corporation. Through its wholly owned subsidiary, Bowood Energy Ltd., the
Company is engaged in the acquisition, exploration, development, and production
of oil and gas resources. Current projects are in the Province of Alberta.
Reader Advisories
Forward-Looking Statements: Certain information in this press release is
forward-looking within the meaning of Canadian securities laws as it relates to
anticipated financial performance, events or strategies. All statements other
than statements of historical fact contained in this news release are
forward-looking statements. Readers can identify many of these statements by
looking for words such as will, anticipate, believe, plan, intend, target, and
expect or similar words that suggest future outcomes. Although management
believes that the expectations represented in such forward-looking statements
are reasonable, there can be no assurance that such expectations will prove to
be correct.
The forward-looking statements included in this press release involve
substantial known and unknown risks, uncertainties and assumptions, certain of
which are beyond the Company's control. Such risks, uncertainties and
assumptions include, without limitation, specific risks associated with the
completion of the proposed transaction with Legacy and general risks associated
with oil and gas exploration, development, exploitation, production, marketing,
processing and transportation, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers, inability to retain drilling rigs and other
services, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada, the United States
and overseas, industry conditions, changes in laws and regulations (including
the adoption of new environmental laws and regulations) and changes in how they
are interpreted and enforced, increased competition, the lack of availability of
qualified personnel or management, fluctuations in foreign exchange or interest
rates, stock market volatility and market valuations of companies with respect
to announced transactions and the final valuations thereof, and obtaining
required approvals of regulatory authorities. The Company's actual results,
performance or achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no assurances can
be given that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits that the Company
will derive there from. Readers are cautioned that the foregoing list of factors
is not exhaustive. Additional information on these and other factors that could
affect the Company's operations and financial results are included in reports,
including the Company's annual information form for the financial year ended
December 31, 2011, on file with Canadian securities regulatory authorities and
may be accessed through the SEDAR website (www.sedar.com). All subsequent
forward-looking statements, whether written or oral, attributable to the Company
or persons acting on its behalf are expressly qualified in their entirety by
these cautionary statements. Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news release and
the Company does not undertake any obligation to update publicly or to revise
any of the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by applicable
securities laws.
BOE may be misleading, particularly if used in isolation. A BOE conversion of 6
Mcf: 1 bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead.
For more information on Bowood Energy Inc. (TSX VENTURE:BWD) and to see the
updated corporate presentation please visit our website at:
http://www.bowoodenergy.ca.
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