Wrangler West Reports 2013 Nine Months Operating and Financial Results

Wrangler West Reports 2013 Nine Months Operating and Financial Results 
CALGARY, Nov. 19, 2013 /CNW/ - Wrangler West Energy Corp. ("Wrangler West" or 
the "Company") (TSX-V "WX") announces filing on SEDAR of the Company's 
unaudited Financial Statements and related Management's Discussion and 
Analysis ("MD&A") and the 2013 Third Interim Report to Shareholders for the 
three and nine months ended September 30, 2013 with comparative data for the 
three and nine months ended September 30, 2012. All documents may be viewed at 
www.sedar.com. 
2013 Nine Months Review 
During the first nine months of 2013, Wrangler West produced 607 barrels of 
oil equivalent ("boe") per day, a 14 percent decrease compared to the same 
period one year ago. The lower production volumes are consistent with our 
corporate declines as reflected within the corporate reserves report effective 
December 31, 2012. Currently, the Company is 80 percent weighted toward 
natural gas. 
Natural gas price remained weak and somewhat rangebound as supply continued to 
outpace demand. Natural gas storage is essentially full and the Canadian dry 
natural gas business is being crushed by the aggressive pursuit of 
liquids-rich resource plays throughout North America. Small conventional 
public junior companies are hard-pressed to compete for the capital required 
to explore and capture the opportunity associated with large resource plays. 
Once again, cold weather in the northeastern United States will primarily 
determine the near-term outlook for North American natural gas prices. 
Canadian natural gas volumes continue to subside as increased volumes of US 
production are delivered to market. 
Crude oil price has been strong for most of this year. However, recently oil 
price differentials have returned to the $40.00 level causing a drop in 
netbacks and cash flow. Until new shipping alternatives improve world market 
access, North American producers can likely expect continuing volatility in 
differentials. 
Corporate Update 
On September 3, 2013, the Company announced an amendment to the Company's 
revolving operating demand loan agreement ("Credit Facility") with Canadian 
Western Bank (the "lender") in the amount of $4.9 million with a monthly 
reduction of $100,000 beginning September 26, 2013 and a maturity date of 
December 31, 2013. The amended Credit Facility bears annual interest 
calculated at prime plus 2.5 percent. The Board of Directors ("Board") 
approved the amendment to the Credit Facility and the Company expects to use 
the Credit Facility to fund its ongoing operations and working capital 
deficiency. The lender cancelled the non-revolving acquisition/development 
demand loan portion of the previous Credit Facility agreement. 
Also on September 3, 2013, Wrangler West announced the initiation of a 
strategic alternatives process to identify, examine and consider a range of 
strategic alternatives with a view to enhancing shareholder value (the 
"process"). Strategic alternatives are not limited to, but may include, a 
potential sale of all, or a material portion of, the Company's assets either 
in one transaction or in a series of transactions; the outright sale of the 
Company; a joint venture or a merger; or any other strategic transaction 
involving Wrangler West and a third party. 
The Board established a Special Committee comprised of independent directors 
to oversee the process and retained Sayer Energy Advisors to assist the 
Special Committee and the Board. As outlined in the announcement, there is no 
definitive schedule and this process is continuing. 
WRANGLER WEST ENERGY CORP.                                              
STATEMENTS OF FINANCIAL POSITION                                        
(Stated in thousands of dollars)                                        
(Unaudited)                                                             


                                                                       
                                                       
                                 September 30, 2013   December 31, 2012

Assets                                                                 

Current assets                                                         

  Accounts receivable          $                371 $             1,079

  Prepaid expenses                              214                 132
                                                585               1,211
                                                                       

Property, plant and equipment                21,883              24,132
(note 4)
                               $             22,468 $            25,343
                                                                       

Liabilities and shareholders'                                          
equity

Current liabilities                                                    

  Bank indebtedness (note 6)   $              4,692 $             4,734

  Accounts payable and accrued                1,122               2,073
  liabilities
                                              5,814               6,807
                                                                       

Decommissioning obligations                   2,939               3,068
(note 7)
                                                                       

Deferred income tax                           1,062               1,509
                                              9,815              11,384
                                                                       

Shareholders' equity                                                   

  Common shares (note 8)                     12,402              12,402

  Contributed surplus                         4,969               4,909

  Retained deficit                          (4,718)             (3,352)
                                             12,653              13,959

Going concern (note 2 and 6)                                           
                               $             22,468 $          $ 25,343
                                                                       



WRANGLER WEST ENERGY CORP.                                             

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS                        

(Stated in thousands of dollars, except per share amounts)             

(Unaudited)                                                            
                                                             
                                                                      
                             Three months ended     Nine months ended 
                                  September 30          September 30
                                 2013       2012       2013       2012

Revenue                                                               

  Petroleum and natural    $    1,481  $   1,349  $   5,350  $   4,831
  gas sales

  Royalties                     (242)      (193)      (853)      (498)
                                1,239      1,156      4,497      4,333
                                                                      

Expenses                                                              

  Operating                       741        684      2,805      2,536

  General and                     276        232        912        744
  administrative

  Share-based payments             29         22         53         73

  Depletion and                   690        850      2,469      3,146
  depreciation

  Gain on sale of assets          (9)          -       (33)          -

Results from operating          (488)      (632)    (1,709)    (2,166)
activities
                                                                      

Finance expenses (note 10)         75         54        206        151
                                                                      

Other income                     (47)          -      (101)      (118)
                                                                      

Loss before income tax          (516)      (686)    (1,814)    (2,199)
                                                                      

Deferred income tax             (122)      (161)      (448)      (523)
benefit
                                                                      

Net loss and comprehensive $    (394)  $   (525)  $ (1,366)  $ (1,676)
loss
                                                                      

Net loss per share (note                                              
9)

  Basic and diluted        $   (0.06)  $  (0.08)  $  (0.21)  $  (0.26)

WRANGLER WEST ENERGY CORP.                                              

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY                            

(Stated in thousands of dollars                                         
and shares)

(Unaudited)                                                             
                                                                        
                                                            
              Number                            Retained           Total
                  of
              common    Common   Contributed    earnings   shareholders'
              shares    shares       surplus   (deficit)          equity

Balance at
January 1,     6,466 $  12,402 $       4,909 $   (3,352) $        13,959
2013

  Share-based      -         -            60           -              60
  payments

  Net loss         -         -             -     (1,366)         (1,366)

Balance at
September 30,  6,466 $  12,402 $       4,969 $   (4,718) $        12,653
2013
                                                                        
                                                                        

Balance at
January 1,     6,466 $  12,402 $       4,740 $     $ 493 $        17,635
2012

  Share-based      -         -           137           -             137
  payments

  Net loss         -         -             -     (1,676)         (1,676)

Balance at                                            $
September 30,  6,466 $  12,402 $       4,877 $   (1,183) $        16,096
2012



WRANGLER WEST ENERGY CORP.                                             

STATEMENTS OF CASH FLOWS                                               

(Stated in thousands of dollars)                                       

(Unaudited)                                                            
                                                                       
                                          
                              Three months ended    Nine months ended 
                                   September 30         September 30
                                 2013        2012       2013       2012

Cash provided by (used in):                                            
                                                                       

Operating                                                              

  Net loss                    $ (394)  $    (525)  $ (1,366)  $ (1,676)

  Items not involving cash:                                            
    Depletion and                 690         850      2,469      3,146
    depreciation
    Accretion                      24          13         63         39
    Share-based payments           29          22         53         73
    Gain on sale of assets        (9)           -       (33)          -
    Deferred income tax         (122)       (161)      (448)      (523)
    benefit
                                  218         199        738      1,059

Change in non-cash operating                                           

  working capital (note 11)     (145)         121        571      (197)
                                   73         320      1,309        862
                                                                       

Financing                                                              

  Increase (decrease) in         (75)         300       (42)      1,322
  bank indebtedness
                                                                       

Investing                                                              

  Property, plant and            (38)       (862)      (481)    (1,858)
  equipment expenditures

  Proceeds on sale of assets        9           -        110          -

  Change in non-cash                                                   
  investing
    working capital (note          31         242      (896)      (326)
    11)
                                    2       (620)    (1,267)    (2,184)
                                                                       

Cash and cash equivalents,                                             

  beginning and end of        $     -  $        -  $       -  $       -
  period
                                                                       

Supplementary cash flow                                                
information

  Interest paid                  (46)        (40)      (139)      (108)





Additional Information
Wrangler West files additional shareholder and public information on SEDAR 
accessible at www.sedar.com. This includes the Statement of Reserves Data and 
Other Oil and Gas Information Form NI 51-101 F1, F2 and F3 effective December 
31, 2012. Alternatively, to obtain copies of published corporate 
information, contact Crista L. Ferguson, Chief Financial Officer, Wrangler 
West Energy Corp., 2300, 444 Fifth Avenue SW, Calgary, Alberta, Canada T2P 
2T8 (telephone +1 403 290 6800 or e-mail info@wranglerwest.ca).

Reader Advisory
The third interim report unaudited condensed interim financial statements have 
been prepared by, and are the responsibility of, Wrangler West's management. 
The Company's independent auditor has not performed a review of these 
financial statements in accordance with standards established by the Canadian 
Institute of Chartered Accountants for a review of interim financial 
statements.

This news release may contain forward-looking statements ("FLS") related to 
potential crude oil and natural gas drilling, tie-ins, production operations, 
sources and use of capital, asset purchases or dispositions, the potential 
outcome of a strategic alternatives process and expected future operations. 
Although Wrangler West believes the expectations reflected in FLS are 
reasonable, undue reliance should not be placed on FLS because the Company can 
give no assurance they will prove correct. FLS address future events and 
conditions and, by their very nature, involve inherent risks and 
uncertainties. A more detailed discussion of FLS is provided in Wrangler 
West's Management's Discussion and Analysis for the period ended September 30, 
2013 and the year ended December 31, 2012 which is filed on SEDAR 
(www.sedar.com). The FLS contained in this news release are made as of the 
date hereof. Unless so required by applicable securities laws, Wrangler West 
undertakes no obligation to update publicly or revise any FLS or information, 
whether as a result of new information, future events or otherwise.

Corporate Profile
Wrangler West is a Canadian junior crude oil and natural gas producer which 
explores for and develops natural gas and crude oil production assets in the 
Province of Alberta. Since inception, the Company's mandate has been to use 
the drill bit to add shareholder value. Disciplined management of operations 
and the production portfolio creates funds flow for ongoing operations. 
Wrangler West common shares trade on the TSX Venture Exchange under the symbol 
"WX".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as 
defined in the policies of the TSX Venture Exchange) accepts responsibility 
for the adequacy or accuracy of this news release.



SOURCE  Wrangler West Energy Corp. 
Wrangler West Energy Corp. Steven F. Johnson President and Chief Executive 
Officer info@wranglerwest.ca 
telephone: (403) 290-6800 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/November2013/19/c8907.html 
CO: Wrangler West Energy Corp.
ST: Alberta
NI: OIL ERN LOAN MNA MNA  
-0- Nov/19/2013 23:49 GMT
 
 
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