Valeura Energy Inc. Reports Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015
Aug 13 15
Valeura Energy Inc. reported earnings and operating results for the second quarter and six months ended June 30, 2015. The company reported petroleum and natural gas revenue of CAD 5,642,000, funds flow from operations of CAD 2,963,000, net loss of CAD 787,000 against petroleum and natural gas revenue of CAD 6,097,000, funds flow from operations of CAD 3,283,000, net income of CAD 288,000 a year ago. Capital expenditures was CAD 4,916,000 against CAD 1,568,000 a year ago.
For the six months, the company reported petroleum and natural gas revenue of CAD 12,809,000, funds flow from operations of CAD 6,636,000, net loss of CAD 680,000 against petroleum and natural gas revenue of CAD 12,747,000, funds flow from operations of CAD 6,921,000, net income of CAD 564,000 a year ago. Capital expenditures was CAD 6,351,000 against CAD 5,510,000 a year ago.
Net petroleum and natural gas sales in Turkey in second quarter 2015 averaged 1,045 barrels of oil equivalent per day, which were down 15% and 7% from first quarter 2015 and second quarter 2014, respectively. Sales in the second quarter 2015 included 6.2 million cubic feet per day of natural gas and 8 barrels of oil per day. Average Operating Netback was CAD 45.90/boe.
Net corporate petroleum and natural gas sales in the first six months of 2015 averaged 1,133 boe/d, which were down 9% from the same period in 2014. Average Operating Netback was CAD 47.87/boe.
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.