Crew Energy Announces Alliance Pipeline Force Majeure Causes Temporary Suspension of Montney Production
Aug 7 15
Crew Energy Inc. has been informed by Alliance Pipeline that an operational event on its system has resulted in Alliance requiring natural gas suppliers to suspend pipeline injections. While Alliance has not provided guidance for resumption of service on the system, the current expectation is for service to be returned in three to four days. Alliance directed Crew to suspend injection into the Alliance Pipeline by 9:00 AM on August 7, 2015. This suspension will result in a deferral of essentially all of Crew's Montney production, approximately 60 mmcf per day of natural gas and associated liquids, until the situation is resolved. The temporary outage should not affect the continued commissioning of Crew's new West Septimus facility or the completion of the Lease Automatic Custody Transfer unit tie-in and will allow the company to conduct minor maintenance on the existing Septimus facility.
Crew Energy Inc. Reports Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Production and Financial Guidance for the Year 2015
Aug 6 15
Crew Energy Inc. reported earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported petroleum and natural gas sales of $44.678 million against $125.882 million a year ago. Funds from operations were $24.769 million against $47.724 million a year ago. Funds from operations per dilutes share was $0.18 against $0.38 a year ago. Net loss was $13.239 million or $0.09 per diluted share against net income of $3.792 million or $0.03 per diluted share a year ago. Funds from operations were less than the second quarter of 2014 and were impacted by the substantial commodity price decline experienced in the second half of 2014 and the sale of 30% of the company’s 2014 second quarter production through the Deep Basin and Princess dispositions. Capital spending during the quarter was focused at Septimus /West Septimus where the company continued to move towards the start- up of the new facility, build gathering lines and to drill and complete new wells in anticipation of the facility's third quarter commissioning. Capital spending for the quarter totaled $55.9 million including $29.5 million on drilling and completions and $22.5 million on facilities, equipment and pipelines. Debt levels remained stable, with quarter end net debt of $227 million
For the six months, the company reported petroleum and natural gas sales of $84.618 million against $256.250 million a year ago. Funds from operations were $45.489 million against $99.534 million a year ago. Funds from operations per dilutes share was $0.34 against $0.81 a year ago. Net loss was $29.009 million or $0.22 per diluted share against $125.901 million or $1.03 per diluted share a year ago. Net capital expenditures was $147.270 million against $6.340 million a year ago. Total Net Debt as at June 30, 2015 was $227.327 million against $253.736 million December 31, 2014.
For the quarter, the company reported production of light oil of 435 bbl/d against 117 bbl/d a year ago. Heavy oil was 4,035 bbl/d against 5,957 bbl/d a year ago. Natural gas liquids was 2,342 bbl/d against 1,566 bbl/d a year ago. Natural gas was 65,062 mcf/d against 67,202 mcf/d a year ago.
For the six months, the company reported production of light oil of 545 bbl/d against 99 bbl/d a year ago. Heavy oil was 4,383 bbl/d against 6,042 bbl/d a year ago. Natural gas liquids was 2,202 bbl/d against 1,610 bbl/d a year ago. Natural gas was 67,268 mcf/d against 60,496 mcf/d a year ago.
The company is maintaining 2015 annual production guidance of 20,000 to 22,000 boe per day, and year-end exit forecast of 24,000 to 25,000 boe per day. With the continued development of Montney growth plan in NE BC, the company anticipates the exit Montney production volumes in 2015 will almost double those realized at year end 2014. With the cost savings realized to date in 2015, the company’s forecast funds from operations using forward strip pricing combined with the company’s budgeted net capital program of $185 million is currently expected to result in a year end net debt level of approximately $250 million.
Crew Energy Inc. Announces Closing of Northeast BC Montney Petroleum and Natural Gas Rights Exchange with Province of British Columbia and Reports Positive Operational Results
Jul 22 15
Crew Energy Inc. announced the completion of a Northeast British Columbia Montney petroleum and natural gas rights exchange with the Province of British Columbia. Through this transaction, Crew has been granted petroleum and natural gas rights in 53 net sections of Montney land which is contiguous to the company's Groundbirch property, in exchange for the surrender of 66 net sections of the company's undeveloped land situated within the Peace Moberly Tract in NE BC. The new acreage is well positioned within an area that has generated positive results in both the Upper and Lower Montney and is contiguous to Crew's existing land holdings at Groundbirch. This extensive land base offers access to existing and future infrastructure including Crew's planned gas processing facility at Groundbirch, the TCPL Nova NW mainline at Saturn, BC as well as the proposed TCPL North Montney Pipeline project.