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
Calgary, AB T2P 3L8
Founded in 2005
Laricina Energy Ltd. Announces Unaudited Consolidated Earnings Results for the Year Ended March 31, 2015
Jun 8 15
Laricina Energy Ltd. Announced unaudited consolidated earnings results for the year ended March 31, 2015. For the year, net operating revenue was CAD 1,782,000 compared to CAD 3,639,000 a year ago. Loss from operating activities was CAD 32,604,000 compared to CAD 29,352,000 a year ago. Loss before income tax was CAD 37,692,000 compared to CAD 29,913,000 a year ago. Total loss and comprehensive loss was CAD 37,692,000 or CAD 0.54 basic and diluted per share compared to CAD 22,938,000 or CAD 0.34 basic and diluted per share a year ago. Net cash used in operating activities was CAD 28,326,000 compared to CAD 29,323,000 a year ago. Property, plant and equipment and exploration and evaluation expenditures was CAD 2,880,000 compared to CAD 17,534,000 a year ago.
Laricina Energy Abandons IPO Plans
Nov 20 14
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
Nov 12 14
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.