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