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April 26, 2015 5:19 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Laricina Energy Ltd.

Company Overview

Laricina Energy Ltd., an energy company, explores and supplies crude oil through in situ (underground) oil sands development. It develops, explores, and manages in situ bitumen deposits in sand and carbonate formations, as well as a portfolio of oil sands assets in Western Canada. The company was founded in 2005 and is based in Calgary, Canada.

425 – 1st Street SW

5th Avenue Place

East Tower

Suite 800

Calgary, AB T2P 3L8

Canada

Founded in 2005

Phone:

403-750-0810

Fax:

403-263-0767

Key Executives for Laricina Energy Ltd.

Chief Executive Officer, President and Director
Age: 56
Vice President of Finance and Controller
Chief Operating Officer and Senior Vice President
Vice President of Corporate Development
Vce President of Production
Compensation as of Fiscal Year 2014.

Laricina Energy Ltd. Key Developments

Laricina Energy Abandons IPO Plans

Laricina Energy Ltd has given up for now on plans for an initial public offering to fund the $520-million Saleski project and has hired bank advisers to find private equity investors or a buyer to supply at least $350 million by early 2015. President and chief executive Glen Schmidt said the company has been looking at going public and selling stock to raise money for its projects since 2010, but the conditions haven’t been right for reasons including the federal government’s tightening of investment limits by foreign national oil companies. “We’ve been trying to get ready for public markets. In 2010, we thought it would be 2011; in 2011, 2012 since the MEG and Athabasca IPOs in 2010, the environment just has not been supportive for oilsands IPOs.”

Laricina Energy Ltd. Reports Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2014

Laricina Energy Ltd. reported earnings and production results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported loss of $25.24 million or $0.36 per share compared to $10.24 million or $0.15 per share a year ago. Cash flow was negative $16.58 million or $0.24 per share compared to $8.91 million or $0.13 per share a year ago. Revenue was $7.71 million compared to $3.37 million a year ago. Capital expenditures were $9.14 million compared to $29.75 million a year ago. For the nine months, the company reported loss of $75.51 million or $1.10 per share compared to $30.34 million or $0.45 per share a year ago. Cash flow was negative $57.02 million or $0.83 per share compared to $27.53 million or $0.41 per share a year ago. Revenue was $18.37 million compared to $5.63 million a year ago. Capital expenditures were $37.97 million compared to $145.67 million a year ago. For the quarter, the company reported average production of 907 bbls a day in the third quarter, up from 402 bbls a day in the corresponding 2013 period. For the nine months, the company reported average production of 720 bbls a day, up from 251 bbls a day in the corresponding 2013 period.

Laricina To Explore Alternatives

Laricina Energy Ltd. is exploring alternatives. Laricina Energy said, "Our future projects will be delayed unless we are able to raise additional funds. Accordingly, we have engaged financial advisors to assist us in examining and pursuing the full range of alternatives." Laricina Energy has hired Morgan Stanley (NYSE:MS), Peters & Co., Limited and BMO Capital Markets Corp. as financial advisors to assist in a process that could include selling control of the company.

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