Twin Butte Energy Confirms April Dividend, Payable on May 15, 2015
Apr 15 15
Twin Butte Energy Ltd. confirmed that its cash dividend in respect of April 2015 production will be $0.01 per share. The eligible dividend will be paid on May 15, 2015 to shareholders of record on April 30, 2015. The ex-dividend date is April 28, 2015.
Twin Butte Energy Ltd. Presents at 2015 CAPP Scotiabank Investment Symposium, Apr-09-2015 10:30 AM
Mar 24 15
Twin Butte Energy Ltd. Presents at 2015 CAPP Scotiabank Investment Symposium, Apr-09-2015 10:30 AM. Venue: Sheraton Centre Hotel, 123 Queen Street West, Toronto, Ontario, Canada. Speakers: Robert Ernest Law Wollmann, Chief Executive Officer and President.
Twin Butte Energy Ltd. Announces Management Changes; Announces Financial and Operational Results for the Fourth Quarter and Twelve Months Ended December 31, 2014; Provides Production and Fund Flows Guidance for the First Quarter of 2015 and Net Debt, Nav and Capex Guidance for the Year 2015
Mar 24 15
Twin Butte Energy Ltd. announced that Rob Wollmann has been promoted to the position of President and Chief Executive Officer and concurrently Jim Saunders will move to executive chairman of the board of directors of the corporation. Saunders will continue to be a committed significant shareholder of the company and an active member of the executive team, providing guidance and support to the executive team's execution of its business plan.
The company announced audited financial and operational results for the fourth quarter and twelve months ended December 31, 2014. For the quarter, the company reported funds flow of CAD 54,324,000 or CAD 0.16 per basic and diluted share against CAD 36,978,000 or CAD 0.12 per basic and diluted share a year ago. Petroleum and natural gas sales were CAD 110,219,000 against CAD 104,578,000 a year ago. Net loss was CAD 84,086,000 or CAD 0.24 per basic and diluted share against CAD 88,028,000 or CAD 0.28 per basic and diluted share a year ago. Capital expenditures were CAD 34,128,000 against CAD 33,632,000 a year ago. Net debt as on December 31, 2014 was CAD 353,299,000.
For the year, the company reported funds flow of CAD 207,927,000 or CAD 0.60 per basic and diluted share against CAD 137,358,000 or CAD 0.52 per basic and diluted share a year ago. It was as a result of a full year of the higher netback production from the Provost area, strong drilling results and strong average commodity prices. Petroleum and natural gas sales were CAD 555,073,000 against CAD 386,537,000 a year ago. Net loss was CAD 57,340,000 or CAD 0.17 per basic and diluted share against CAD 115,633,000 or CAD 0.44 per basic and diluted share a year ago. Capital expenditures were CAD 137,627,000 against CAD 77,175,000 a year ago.
For the quarter, the company had production of heavy crude oil of 9,776 bbl per day against 13,123 bbl per day a year ago. Light & Medium crude oil was 8,553 bbl per day against 4,710 bbl per day a year ago. Natural gas production was 13,849 Mcf per day against 11,634 Mcf per day a year ago. Natural gas liquids production was negative 207 bbl per day against 188 bbl per day a year ago. Fourth quarter of 2014 production averaged 20,430 boe/d, reaching to 90% from 88%. The fourth quarter production was negatively impacted (500 boe/d), due to the resolution of an allocation issue at Pincher Creek and the initial impacts of the shut-in of uneconomic heavy production in December.
For the year, the company had production of heavy crude oil of 11,185 bbl per day against 13,630 bbl per day a year ago. Light & Medium crude oil production was 7,870 bbl per day against 1,659 bbl per day a year ago. Natural gas production was 12,616 Mcf per day against 12,572 Mcf per day a year ago. Natural gas liquids production was 98 bbl per day against 201 bbl per day a year ago. Production averaged 21,256 boe/d in 2014 which was up 21% from the 2013 average of 17,585 boe/d.
Production for the first quarter of 2015 is anticipated to be approximately 19,200 boe/d. Due to current low commodity prices, the company continues to have approximately 1000 boe/d shut in.
Funds flows for the first quarter of 2015 are estimated to be CAD 45 million strongly supported by the hedge book.
The company's net debt will continue to decrease in 2015. Due to the late 2014 drop in oil prices, on December 18, 2014, the company's board of directors approved a reduced capital budget of CAD 120 million for 2015. First half of 2015 capital spending will be less than CAD 45 million. The second half capital spending plan, currently budgeted at CAD 75 million, will further decrease unless commodity prices begin to rebound.