DEETHREE EXPLORATION LTD. ("DeeThree") ("Company") (TSX:DTX)
(OTCQX:DTHRF) is pleased to release its financial and operational
results for the year ended December 31, 2012. DeeThree has filed
its audited financial statements for the year ended December 31,
2012 and related Management Discussion and Analysis with Canadian
securities regulatory authorities. DeeThree's annual financial
materials may be viewed in their entirety on www.sedar.com and on
the Company's website at www.deethree.ca.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
Financial and operational highlights for the year ended December
31, 2012 with comparative data for 2011 are as follows.
Years Ended December 31, 2012 2011 Change
(000s, except per share amounts) ($) ($) (%)
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Financial
Oil and natural gas revenues 85,112 32,747 160
Funds from operations (1) 46,088 11,833 289
Per share - basic (1) 0.69 0.21 229
Per share - diluted (1) 0.68 0.21 224
Cash flow from operating activities 62,292 7,100 777
Net income ( loss) 7,181 (12,573) 157
Per share - basic 0.11 (0.22) 150
Per share - diluted 0.11 (0.22) 150
Capital expenditures (2) 144,753 187,557 (23)
Working capital deficit (3) 77,586 16,901 (359)
Shareholders' equity 212,090 167,568 27
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(000s) (#) (#) (%)
Share Data
At year-end 71,080 63,152 13
Weighted average - basic 66,902 56,407 19
Weighted average - diluted 68,130 56,407 21
Operating(4)
Production
Natural gas (mcf/d) 8,902 6,974 28
Crude oil (bbls/d) 2,472 561 341
NGLs (bbls/d) 267 137 95
Total (boe/d) 4,223 1,860 127
Average wellhead prices
Natural gas ($/mcf) 2.51 3.71 (32)
Crude oil and NGLs ($/bbl) 76.59 91.03 (16)
Total ($/boe) 55.07 48.23 14
Netbacks
Operating netback ($/boe) 32.66 23.41 40
Funds flow netback ($/boe)(1) 29.75 17.36 71
Reserves
Proved (mboe) 14,358 7,398 94
Proved plus probable (mboe) 20,188 9,9694 108
Total net present value - proved plus
probable 373,009 175,804 112
(10% discount, before tax) ($000s)
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Undeveloped land
Gross (acres) 300,405 284,780 5
Net (acres) 279,934 254,405 10
Gross (net) wells drilled
Gas (#) -- (--) 1 (1.0) --
Oil (#) 28 (26.8) 15 (13.0) 87 (106)
Standing (#) 2 (2.0) 1 (0.4) 100 (400)
Dry and abandoned (#) -- (--) 3 (3.0) --
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Total (#) 30 (28.8) 20 (17.4) 50 (66)
Average working interest (%) 96 87 10
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(1) Funds from operations, funds from operations per share and
funds flow netback are not recognized measures under Canadian
generally accepted accounting principles. Refer to the commentary
under "Reader Advisory - Non-GAAP Measures" for further
discussion.
(2) Total capital expenditures, including acquisitions.
(3) Current assets less current liabilities, excluding current
derivative financial instruments.
(4) For a description of the boe conversion ratio, refer to the
commentary under "Reader Advisory - BOE Presentation" for further
discussion.
Reader Advisory
Forward-Looking Statements. Certain statements contained in this
press release may constitute forward-looking statements. These
statements relate to future events or DeeThree's future
performance. All statements other than statements of historical
fact may be forward-looking statements. Forward-looking statements
are often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "estimate", "expect",
"may", "will", "project", "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe" and similar
expressions. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. DeeThree believes that the expectations
reflected in those forward-looking statements are reasonable, but
no assurance can be given that these expectations will prove to be
correct and such forward-looking statements included in this press
release should not be unduly relied upon by investors. These
statements speak only as of the date of this press release and are
expressly qualified, in their entirety, by this cautionary
statement.
In particular, this press release contains forward-looking
statements, pertaining to the following: projections of market
prices and costs, supply and demand for oil and natural gas, the
quantity of reserves, oil and natural gas production levels,
capital expenditure programs, treatment under governmental
regulatory and taxation regimes, expectations regarding DeeThree's
ability to raise capital and to continually add to reserves through
acquisitions and development, and projections of market prices and
costs.
With respect to forward-looking statements contained in this
press release, DeeThree has made assumptions regarding, among other
things: the legislative and regulatory environments of the
jurisdictions where DeeThree carries on business or has operations,
the impact of increasing competition, and DeeThree's ability to
obtain additional financing on satisfactory terms.
DeeThree's actual results could differ materially from those
anticipated in these forward-looking statements as a result of risk
factors that may include, but are not limited to: volatility in the
market prices for oil and natural gas; uncertainties associated
with estimating reserves; uncertainties associated with DeeThree's
ability to obtain additional financing on satisfactory terms;
geological, technical, drilling and processing problems;
liabilities and risks, including environmental liabilities and
risks, inherent in oil and natural gas operations; incorrect
assessments of the value of acquisitions; competition for, among
other things, capital, acquisitions of reserves, undeveloped lands
and skilled personnel.
This forward-looking information represents DeeThree's views as
of the date of this document and such information should not be
relied upon as representing its views as of any date subsequent to
the date of this document. DeeThree has attempted to identify
important factors that could cause actual results, performance or
achievements to vary from those current expectations or estimates
expressed or implied by the forward-looking information. However,
there may be other factors that cause results, performance or
achievements not to be as expected or estimated and that could
cause actual results, performance or achievements to differ
materially from current expectations. There can be no assurance
that forward-looking information will prove to be accurate, as
results and future events could differ materially from those
expected or estimated in such statements. Accordingly, readers
should not place undue reliance on forward-looking information. .
Except as required by law, the Company undertakes no obligation to
publicly update or revise any forward-looking statements.
BOE Presentation. References herein to "boe" mean barrels of oil
equivalent derived by converting gas to oil in the ratio of six
thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe
may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
Non-GAAP Measures. The term cash flow does not have any
standardized meaning as prescribed by GAAP and, therefore, is
considered non-GAAP measures. Cash flow is calculated based on cash
flow from continuing operating activities before changes in
non-cash working capital. Management believes that cash flow is a
supplemental measure and utilizes it as a key measure to assess the
ability of the Company to finance operating activities, capital
expenditures and debt repayments. Cash flow as presented is not
intended to represent cash flow from operating activities, net
earnings or other measures of financial performance calculated in
accordance with GAAP and should not be construed as an alternative
to cash flow from operations.
Contacts: DeeThree Exploration Ltd. Martin Cheyne President and
Chief Executive Officer (403) 263-9130
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