Valeura Energy Inc. Announces Unaudited Earnings and Operating Results for the First Quarter Ended March 31, 2015; Reports Sales Results for the Months and Four Months Ended April 2015; Provides Capital Expenditure Guidance for the Year 2015
May 14 15
Valeura Energy Inc. announced unaudited earnings and operating results for the first quarter ended March 31, 2015. The company reported funds flow from operations of $3.7 million in first quarter of 2015 compared to $3.7 million, reflecting higher sales volumes, higher natural gas price realizations and lower operating costs, offset by realized foreign exchange losses and payment of discretionary employee bonuses in March. Net capital expenditures was $1.4 million in first quarter of 2015 were down 49% from $2.8 million in fourth quarter of 2014 and down 64% from $3.9 million in the first quarter 2014 due to lower drilling and completion expenditures. The company reported petroleum and natural gas revenues of $7.2 million compared to $6.7 million, net income from continuing operations of $0.1 million compared to $0.3 million for the last year.
The company announced production of crude oil of 10 (bbl/d) compared to 7 (bbl/d), natural gas of 7,273 (Mcf/d) compared to 7,605 (Mcf/d) for the last year.
Net corporate petroleum and natural gas sales in April 2015 averaged approximately 1,145 boe/d, reflecting the impact of natural production declines and a temporary gap in drilling.
The three Gurgen wells are currently delivering in aggregate approximately 4.8 MMcf/d (gross) in sales volumes and by the end of April 2015 had achieved cumulative sales of approximately 0.8 Bcf (gross).
The company expected to execute a capital expenditure program in the range of $18 to 20 million (net) in Turkey in 2015, focused on natural gas development in the Thrace Basin, contingent on the level of operating cash flow from the TBNG-PTI JV lands.
Valeura Energy Inc. Appoints Tim Marchant to Board of Directors
Apr 16 15
Valeura Energy Inc. announced the appointment of Dr. Tim Marchant to its Board of Directors. Dr. Marchant is currently Adjunct Professor of Strategy and Energy Geopolitics at the Haskayne School of Business, University of Calgary.
Valeura Energy Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Audited Earnings Results for the Year Ended December 31, 2014; Provides Capital Expenditure Guidance for the Year of 2015
Mar 10 15
Valeura Energy Inc. reported unaudited earnings results for the fourth quarter and audited earnings results for the year ended December 31, 2014. For the quarter, petroleum and natural gas revenues were CAD 6,921,000 against CAD 6,347,000 last year. Funds flow from operations was CAD 3,654,000 against CAD 3,672,000 last year. Net income from continuing operations was CAD 697,000 against net loss from continuing operations of CAD 6,854,000 last year. Capital expenditures were CAD 2,822,000 against CAD 5,809,000 last year. Funds flow from operations was up 21% from third quarter of 2014 due primarily to higher sales volumes and higher natural gas price realizations.
For the year, petroleum and natural gas revenues were CAD 24,998,000 against CAD 21,084,000 last year. Funds flow from operations was CAD 13,586,000 against CAD 9,864,000 last year. Net income from continuing operations was CAD 1,090,000 against net loss from continuing operations of CAD 14,571,000 million last year. Capital expenditures were CAD 10,846,000 against CAD 26,952,000 last year. Funds flow from operations was 38% higher than 2013 due primarily to higher volumes, lower general and administrative expenses and lower operating costs, partially offset by lower natural gas price realizations.
The company reported production results for the fourth quarter and year ended December 31, 2014. For the quarter, crude oil was 10 bbl/d against 14 bbl/d last yaer. Natural gas sales were 7,022 Mcf/d against 6,812 Mcf/d last year. Net petroleum and natural gas sales in Turkey in fourth quarter 2014 averaged 1,180 barrels of oil equivalent per day (‘boe/d’), which was 18% higher than sales in third quarter of 2014, including 7.0 million cubic feet per day (‘MMcf/d’) of natural gas and 10 barrels of oil per day (‘bbl/d’).
For the year, crude oil sales were 8 bbl/d against 16 bbl/d last yaer. Natural gas sales were 6,812 Mcf/d against 5,494 Mcf/d last year.
The company expects to execute a capital expenditure budget of up to CAD 18 million to CAD 20 million (net) in Turkey in 2015, focused on natural gas development in the Thrace Basin, contingent on the level of operating cash flow from the TBNG-PTI JV lands. The work program and budget aims to achieve the following key objectives in 2015: Offset natural declines and achieve 5% to 10% production growth in 2015 on the TBNG-PTI JV lands from a program funded by available cash and operating cash flow; Pursue the shallow conventional gas play on Valeura's 100% Banarli licence with new 3D seismic and drill a licence retention well and up to two additional wells, contingent on the seismic results and the corporation's cash position; and Seek a farm-in partner(s) to pursue the deep basin-centered gas play on the TBNG-PTI JV lands and Banarli.