Tesla Exploration Ltd., a geophysical services company, provides specialized seismic services in North America, Europe, Africa, and internationally. The company offers three-component (3C) technologies for full wave seismic recording services. Its 3C technology facilitates its clients to acquire shear wave seismic data in addition to the pressure wave data captured and processed for seismic imaging. The company also provides various geophysical services, including survey design and management; project management/permits; seismic data acquisition; seismic data processing and reprocessing; seismic data interpretation; in-seam seismic data acquisition, processing, and interpretation; coal bed m...
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Tesla Exploration Ltd. Completes Renewal of Credit Facility
Sep 9 15
Tesla Exploration Ltd. announced that it has completed the annual extension of its credit facility agreement with its lender (the New Facility) subject to final documentation of the agreement. The extension is effective until June 30, 2016, and provides the company with the financial flexibility required in its operations during the next ten months. In addition, the company has a UK operating facility in the amount of £4.0 million.
Tesla Exploration Ltd. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2015
Aug 11 15
Tesla Exploration Ltd. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue of $18,175,000 compared to $24,630,000 a year ago. Adjusted LBITDA was $1,374,000 or $0.06 per basic share against $2,039,000 or $0.09 per basic share a year ago. The improvement was due to a decrease in general and administrative costs excluding bad debt expense quarter-over-quarter. Net loss was $8,795,000 or $0.40 per basic share against $7,002,000 or $0.32 per basic share a year ago. Cash flow used in operations of $1,510,000 or $0.07 per basic share compared to $1,078,000 or $0.05 per basic share a year ago. Capital expenditures were $530,000 compared to $2,643,000 for the last year. The increase in consolidated net loss was due to the above noted decline in operating results.
For the six months, the company reported revenue of revenue of $44,364,000 compared to $86,123,000 a year ago. Adjusted LBITDA was $1,357,000 or $0.06 per basic share against adjusted EBITDA of $8,018,000 or $0.36 per basic share a year ago. Net loss was $23,506,000 or $1.07 per basic share against $3,873,000 or $0.17 per basic share a year ago. Cash used in operations of $1,702,000 or $0.08 per basic share compared to cash flow from operations of $6,264,000 or $0.28 per basic share a year ago. Capital expenditures were $1,003,000 compared to $18,853,000 for the last year.
Tesla Exploration Ltd. Provides Update to its Credit Facility Renewal
Jul 7 15
Tesla Exploration Ltd. announced that it is continuing to work with its current bank lender on the annual extension of its credit facility agreement, which is normally completed in May of each year. The company has requested amendments to certain terms, including a temporary waiver of its Funded Debt to EBITDA covenant and changes to the borrowing base formula which determines its loan limits. The amendments have been requested to avoid a breach of these covenants. Tesla has also received a preliminary proposal from another party for an additional loan, which it is pursuing while concurrently working with its bank lender on the terms of the credit facility. The company expects to provide a further update regarding the credit facility and the proposed new loan, when negotiated.