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Last C$0.05 CAD
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SGL On Other Exchanges
As of 3:59 PM 11/25/15 All times are local (Market data is delayed by at least 15 minutes).

spyglass resources corp (SGL) Snapshot

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12/1/14 - C$0.71
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spyglass resources corp (SGL) Details

Spyglass Resources Corp., an intermediate oil and gas company, operates oil and natural gas properties in the Western Canadian Sedimentary Basin. The company’s principal properties are located in Dixonville, Enchant, Retlaw, Matziwin, and Halkirk-Provost in Alberta; and Noel, British Columbia. As of December 31, 2014, it had proved plus probable reserves of 54,129 Mboe. The company was formerly known as Pace Oil & Gas Ltd. and changed its name to Spyglass Resources Corp. in March 2013, as result of its amalgamation with Charger Energy Corp. and AvenEx Energy Corp. Spyglass Resources Corp. is headquartered in Calgary, Canada.

195 Employees
Last Reported Date: 03/11/15

spyglass resources corp (SGL) Top Compensated Officers

Chief Executive Officer, President, Non-Indep...
Total Annual Compensation: C$317.5K
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: C$275.0K
Executive Vice President of Corporate Develop...
Total Annual Compensation: C$260.0K
Vice President of Engineering
Total Annual Compensation: C$225.0K
Vice President of Production and Operations
Total Annual Compensation: C$211.5K
Compensation as of Fiscal Year 2014.

spyglass resources corp (SGL) Key Developments

TSX Reviews Common Shares Of Spyglass Resources With Respect To Meeting The Requirements For Continued Listing Pursuant To Expedited Review Process

TSX is reviewing the common shares of the Spyglass Resources Corp. with respect to meeting the requirements for continued listing pursuant to the Expedited Review Process. The common shares are suspended from trading immediately.

Spyglass Resources Corp. Reports Unaudited Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings and Production Guidance for the Year 2015; Reports Impairment Charges for the Third Quarter Ended September 30, 2015

Spyglass Resources Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, funds flow from operations was CAD 4,922,000 or CAD 0.04 per share against CAD 11,902,000 or CAD 0.09 per share a year ago. Net loss was CAD 38,846,000 or CAD 0.03 per share against CAD 4,188,000 or CAD 0.03 per share a year ago. Capital expenditures were CAD 1,304,000, primarily related to maintenance capital and capitalized general and administrative costs against CAD 29,078,000 a year ago. Net debt as on September 30, 2015 was CAD 174,860,000 against as on September 30, 2014 of CAD 293,762,000. For the nine months, the company reported funds flow from operations of CAD 21,183,000 or CAD 0.16 per share. Net loss was CAD 217,562,000 or CAD 1.70 per share. Capital expenditures were CAD 9,223,000. For the quarter, the company reported average oil production of 3,431 bbls/d against 5,045 bbls/d a year ago. NGLs was 284 bbls/d against 410 bbls/d a year ago. Natural gas production was 33,468 Mcf/d against 48,379 Mcf/d a year ago. Total production was 9,293 boe/d against 13,518 boe/d a year ago. For the six months, the company reported oil production of 3,781 bbls/d. NGLs was 284 bbls/d. Natural gas production was 35,970 Mcf/d. Total production was 10,060 boe/d. Management anticipates that the 2015 capital program will be CAD 11 million primarily focused on maintenance capital expenditures. The capital program coupled with the company's relatively low 21% decline rate is expected to result in average production of approximately 9,000 boe/d for the year. Spyglass is developing its 2016 capital program in the context of continued weakness in forward commodity prices, the Company's ongoing asset disposition program and need to reduce leverage. The increase in net loss is primarily due to impairments of CAD 35 million recognized in the third quarter of 2015 in the South Oil and Dixonville areas triggered by continued declines in forecasted crude oil and natural gas commodity prices.

Spyglass Resources Corp. Provides Credit Facility Update

Spyglass Resources Corp. announced that effective October 30, 2015, the company's credit facility has been amended to replace the existing $100 million borrowing base loan with a $100 million revolving credit facility. The revolving credit facility includes a production and an operating facility that both contain limitations on availability. Amounts to be drawn under the production facility are not to exceed $72.9 million and the principal amount allowed under the operating facility is to not to exceed approximately $7.5 million. As at October 30, 2015, the company had $72.9 million drawn on the production facility and approximately $5.2 million drawn on the operating facility. There have been no changes to the company's reducing term facility that stipulates that a $35 million reduction be completed on or prior to November 30, 2015 and further reduced to $25 million by January 31, 2016. At October 30, 2015, reflecting a reduction to this facility of $5.4 million, the amount outstanding was $91.7 million. Both the revolving credit facility and the reducing term facility have a May 29, 2016 maturity date.


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