As at and for the year ended
($000s, unless otherwise indicated)(1)
December 31, 2018
December 31, 2017
December 31, 2016
FINANCIAL
Oil and gas sales
107,385
125,018
118,642
Total Revenue
100,063
115,076
111,052
Cash flow from operating activities
8,616
25,009
22,489
Adjusted funds flow(2)
10,513
28,705
19,741
Per share - basic and diluted ($/share)
0.03
0.09
0.06
Earnings (loss)
(72,719)
(67,864)
(50,387)
Per share - basic and diluted ($/share)
(0.24)
(0.22)
(0.16)
Total assets
354,215
405,228
491,897
Total non-current financial liabilities
60,280
29,307
40,086
Total liabilities
293,241
276,135
296,139
Capital expenditures
10,665
13,477
9,159
Acquisitions, after adjustments
307
(62)
(807)
Capital dispositions, proceeds
(285)
(429)
(63,112)
Net debt(3)
56,819
53,638
64,224
OPERATIONS
Production
Natural gas (Mcf/d)
111,110
121,718
124,906
Crude oil (Bbls/d)
940
924
924
Natural gas liquids (Bbls/d)
226
198
753
Total (Boe/d)
19,684
21,408
22,495
Total (Mcfe/d)
118,104
128,448
134,970
Netback ($/Boe)
Operating netback(4)
2.68
4.88
4.08
Corporate netback (5)
1.47
3.68
2.39
Netback ($/Mcfe)
Operating netback(4)
0.45
0.81
0.68
Corporate netback (5)
0.25
0.61
0.40
(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.
(2) Adjusted funds flow is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in
non‐cash working capital, and decommissioning obligations settled.
(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related
party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.
(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the
Company for the period.
(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and
bank charges plus finance and dividend income, divided by the Boe production of the Company.
Quarterly Highlights
2018
($000s, unless otherwise indicated)
Q4
Q3
Q2
Q1
FINANCIAL
Oil and gas sales (before royalty expense)
30,110
25,625
21,939
29,711
Cash flow from operating activities
1,415
(309)
531
6,979
Adjusted funds flow (1)
4,433
1,920
(977)
5,137
Per share - Basic and Diluted ($/share) (1)
0.01
0.01
0.00
0.02
Earnings (loss)
(28,520)
(10,710)
(17,909)
(15,580)
Per share - Basic and Diluted ($/share)
(0.09)
(0.03)
(0.06)
(0.05)
Capital expenditures
4,302
1,910
1,276
3,177
Net Debt (2)
56,819
56,325
54,737
52,414
Weighted-average common shares outstanding (000s) - Basic and diluted
307,076
307,076
307,076
307,076
OPERATIONS
Production
Natural gas (Mcf/d)
110,295
111,067
110,242
112,871
Natural gas liquids (bbls/d)
957
861
967
977
Crude oil (Bbls/d)
236
231
216
219
Total (Boe/d)
19,576
19,603
19,557
20,008
Realized commodity sales prices
Natural gas ($/Mcf)
2.51
1.88
1.55
2.35
Natural gas liquids ($/Boe)
44.85
61.05
56.74
51.45
Crude oil ($/Bbl)
32.14
74.15
71.19
63.21
Combined ($/Boe)
16.72
14.21
12.33
16.50
Netback ($/Boe)
Oil and gas sales
16.72
14.21
12.33
16.50
Royalty expense
(0.95)
(0.82)
(0.85)
(1.47)
Operating expenses
(10.41)
(9.17)
(9.07)
(9.39)
Transportation expenses
(1.80)
(1.88)
(1.69)
(1.60)
Operating netback ($/Boe)(3)
3.56
2.34
0.72
4.04
General and administrative
(0.42)
(0.66)
(0.86)
(0.76)
Interest and bank charges, net of dividend income
(0.68)
(0.62)
(0.41)
(0.42)
Corporate netback ($/Boe) (4)
2.46
1.06
(0.55)
2.86
Operating netback ($ per Mcfe)(3)
0.59
0.39
0.12
0.67
Corporate netback ($ per Mcfe) (4)
0.41
0.18
(0.09)
0.48
(1) Adjusted funds flow is a non‐GAAP measure that represents the total of cash flows from operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.
(2) Net debt is a non‐GAAP measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash and prepaid expenses and deposits.
(3) Operating netback is a non‐GAAP measure calculated as the Company’s oil and gas sales, less royalty , operating and transportation expenses, divided by the Boe production of the Company for the period.
(4) Corporate netback is a non‐GAAP measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges, net of dividend income, divided by the Boe production of the Company.
2017
($000s, unless otherwise indicated)
Q4
Q3
Q2
Q1
FINANCIAL(1)
Oil and gas sales (before royalty expense)
27,377
25,646
35,561
35,148
Cash flow from operating activities
(4,350)
5,517
10,007
13,835
Funds flow from operations(2)
3,759
2,879
10,834
11,233
Per share - Basic and Diluted ($/share)(2)
0.01
0.01
0.04
0.04
Earnings (loss)
(32,996)
(30,214)
(2,118)
(2,536)
Per share - Basic and Diluted ($/share)
(0.11)
(0.10)
(0.01)
(0.01)
Capital expenditures
3,091
3,318
3,267
3,801
Net Debt(3)
53,638
53,377
52,562
58,930
Weighted-average common shares outstanding (000s) - Basic and diluted
307,076
307,076
307,076
307,076
OPERATIONS
Production
Natural gas (Mcf/d)
122,304
124,450
119,410
120,677
Natural gas liquids (bbls/d)
880
998
912
903
Crude oil (Bbls/d)
225
123
263
198
Total (Boe/d)
21,489
21,863
21,077
21,214
Realized commodity sales prices
Natural gas ($/Mcf)
1.98
1.86
2.82
2.83
Natural gas liquids ($/Boe)
47.73
41.98
43.44
42.40
Crude oil ($/Bbl)
62.41
47.72
55.04
55.85
Combined ($/Boe)
13.85
12.75
18.55
18.41
Netback ($/Boe)
Oil and gas sales
13.85
12.75
18.55
18.41
Realized hedging gain
0.65
-
-
-
Royalty expense
(1.06)
(0.89)
(1.46)
(1.82)
Transportation expenses
(1.34)
(1.02)
(0.99)
(1.11)
Operating expenses
(9.25)
(8.54)
(8.69)
(8.34)
Operating netback ($/Boe)(4)
2.85
2.30
7.41
7.14
General and administrative
(0.55)
(0.49)
(1.27)
(0.74)
Interest and bank charges, net of dividend income
(0.40)
(0.37)
(0.49)
(0.52)
Corporate netback ($/Boe) (5)
1.90
1.44
5.65
5.88
Operating netback ($ per Mcfe)(4)
0.48
0.38
1.24
1.19
Corporate netback ($ per Mcfe) (5)
0.32
0.24
0.94
0.98
(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.
(2) Funds flow from operations is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled. (3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits, investments, and commodity contracts. (4) Operating netback is a non‐IFRS measure calculated as the Company’s oil and gas sales and realized hedging gain, less royalty and operating expenses, divided by the Boe production of the Company for the period. (5)Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges, net of dividend income, divided by the Boe production of the Company.
2016
($000s, unless otherwise indicated)
Q4
Q3
Q2
Q1
FINANCIAL(1)
Oil and gas sales (before royalty expense)
38,316
32,401
20,695
27,230
Cash flow from (used in) operating activities
12,632
4,606
(4,371)
9,622
Funds flow from (used in) operations(2)
15,026
6,972
(3,655)
1,398
Per share - Basic and Diluted ($/share)
0.05
0.02
(0.01)
0.00
Earnings (loss)
3,210
(11,558)
(25,862)
(16,177)
Per share - Basic and Diluted ($/share)
0.01
(0.04)
(0.08)
(0.05)
Capital expenditures
3,356
1,437
749
3,617
Acquisitions, after adjustments
(1,029)
(603)
240
585
Proceeds on dispositions
(33,032)
(5,378)
(24,702)
-
Net Debt(3)
64,224
110,312
122,032
143,587
Weighted-average common shares outstanding (000s) - Basic
306,977
306,878
305,928
305,512
Weighted-average common shares outstanding (000s) - Diluted
307,095
306,878
305,928
305,512
OPERATIONS
Production
Natural gas (mcf/d)
120,540
125,082
124,966
129,085
Crude oil (bbls/d)
602
803
866
723
Natural gas liquids (bbls/d)
833
871
933
1,060
Total (boe/d)
21,525
22,521
22,647
23,297
Realized commodity sales prices
Natural gas ($/mcf)
2.95
2.33
1.32
1.94
Crude oil ($/bbl)
49.12
41.81
39.92
29.91
Natural gas liquids ($/boe)
37.08
31.67
28.94
25.72
Combined ($/boe)
19.35
15.64
10.04
12.84
Netback ($/boe)
Oil and gas sales
19.35
15.64
10.04
12.84
Royalty income
-
-
0.25
0.29
Royalty expense
(1.59)
(1.13)
(0.65)
(0.95)
Operating costs
(8.95)
(9.43)
(9.66)
(9.50)
Operating netback ($/boe)(4)
8.81
5.08
(0.02)
2.68
General and administrative
(0.47)
(0.74)
(0.87)
(1.27)
Interest and bank charges and dividend income
(0.75)
(0.98)
(0.87)
(0.75)
Corporate netback ($/boe)(5)
7.59
3.36
(1.76)
0.66
Operating netback ($ per Mcfe)
1.47
0.85
(0.00)
0.45
Corporate netback ($ per Mcfe)
1.27
0.56
(0.29)
0.11
(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.
(2) Funds flow from operations is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.
(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.
(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the Company for the period.
(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges plus finance and dividend income, divided by the Boe production of the Company.
2015
($000s, unless otherwise indicated)(1)
Q4
Q3
Q2
Q1
FINANCIAL
Average sales volumes (boe/d)
15,051
12,504
11,814
12,021
Operating netback ($/boe)(2)
6.16
7.92
7.08
7.33
Oil and gas sales
21,598
21,000
17,454
18,801
Oil and gas sales, net of royalties
20,166
19,425
16,692
17,487
Total revenue
20,258
19,517
16,784
17,608
Cash flow from operating activities
973
6,617
4,182
8,998
Funds flow from operations(3)
6,550
7,507
5,555
6,182
Per share - basic ($/share)
0.03
0.03
0.02
0.03
Per share - diluted ($/share)
0.03
0.03
0.02
0.03
Earnings (loss)
(3,300)
(10,697)
(4,757)
(5,503)
Per share - basic ($/share)
(0.01)
(0.05)
(0.02)
(0.02)
Per share - diluted ($/share)
(0.01)
(0.05)
(0.02)
(0.02)
OPERATIONS
Production
Natural gas (mcf/d)
85,233
70,843
67,502
68,208
Crude oil (bbls/d)
264
128
119
128
Natural gas liquids (bbls/d)
581
569
445
525
Total (boe/d)
15,051
12,504
11,814
12,021
Commodity sales prices
Natural gas ($/mcf)
2.47
2.95
2.62
2.76
Crude oil ($/bbl)
44.07
47.90
54.10
52.07
Natural gas liquids ($/bbl)
21.17
23.59
30.97
25.85
Combined ($/boe)
15.60
18.25
16.23
17.38
(1) Includes results from acquisitions from closing dates. (2) Operating netback is a non - IFRS measure calculated as the Company's oil and gas sales, less royalties and operating expenses, averaged over the Boe production of the Company. (3) Funds flows from operations is a non - IFRS measure that represents the total of funds provided by operating activities, before adjustinging for changes in non-cash working capital.
2014
($000s, unless otherwise indicated)
Q4(1)
Q3(2)
Q2
Q1
FINANCIAL
Average sales volumes (boe/d)
12,095
6,810
6,371
6,276
Operating netback ($/boe)(3)
11.74
15.08
17.45
19.82
Oil and gas sales
25,469
17,469
17,136
18,376
Oil and gas sales, net of royalties
22,819
15,700
15,339
16,447
Total revenue
23,003
15,907
15,540
16,634
Cash flow from operating activities
13,969
6,390
7,242
10,039
Funds flow from operations()
11,615
8,104
9,180
10,089
Per share - basic ($/share)
0.05
0.04
0.05
0.05
Per share - diluted ($/share)
0.05
0.04
0.04
0.05
Earnings (loss)
(8,929)
918
2,333
2,969
Per share - basic ($/share)
(0.04)
0.00
0.01
0.01
Per share - diluted ($/share)
(0.04)
0.00
0.01
0.01
OPERATIONS
Production
Natural gas (mcf/d)
68,460
38,383
36,877
36,116
Crude oil (bbls/d)
124
90
38
56
Natural gas liquids (bbls/d)
566
323
187
201
Total (boe/d)
12,095
6,810
6,371
6,276
Commodity sales prices
Natural gas ($/mcf)
3.63
4.29
4.56
5.17
Crude oil ($/bbl)
69.15
78.64
97.92
91.01
Natural gas liquids ($/bbl)
34.90
55.84
87.31
59.65
Combined ($/boe)
22.89
27.88
29.55
32.53
(1) The results from Q4-2014 include the results of the Shallow Gas Asset Acquisition for the period of October 1 to December 31, 2014. (2) The results for Q3-2014 include the results of the Carrot Creek/Edson Asset Acquisition for the period of August 7 to September 30, 2014. (3) Operating netback is a non-IFRS measure calculated as the Company's oil and gas sales, less royalties and operating expenses, averaged over the boe production of the Company. (4) Funds flow from operations is a non-IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non-cash working capital and changes in interest payable.
2013
($000s, unless otherwise indicated)
Q4
Q3(1)
Q2
Q1(2)
FINANCIAL
Average sales volumes (boe/d)
6,443
5,784
4,335
2,536
Operating netback ($/boe)(3)
10.91
7.32
10.75
10.26
Oil and gas sales
12,621
9,917
9,084
5,458
Oil and gas sales, net of royalties
11,634
8,595
8,546
4,584
Total revenue
11,839
8,783
8,727
5,346
Cash flow from operating activities
6,631
2,579
3,751
3,101
Funds flow from operations (4)
5,564
3,014
3,721
2,401
Per share - basic ($/share)
0.03
0.02
0.02
0.02
Per share - diluted ($/share)
0.02
0.02
0.02
0.02
Earnings (loss)
3,531
(709)
(183)
8,271
Per share - basic ($/share)
0.01
-
0.00
0.05
Per share - diluted ($/share)
0.01
-
0.00
0.05
OPERATIONS
Production
Natural gas (mcf/d)
36,613
33,157
24,352
13,726
Crude oil (bbls/d)
52
67
93
46
Natural gas liquids (bbls/d)
289
191
183
202
Total (boe/d)
6,443
5,784
4,335
2,536
Commodity sales prices
Natural gas ($/mcf)
3.30
2.45
3.37
3.23
Crude oil ($/bbl)
96.33
104.53
87.29
84.11
Natural gas liquids ($/bbl)
40.71
86.76
53.37
62.45
Combined ($/boe)
21.29
18.26
23.03
23.92
(1) The results for Q3-2013 include the results of the Monogram Asset Acquisition for the period of July 24 to September 30, 2013 and the Additional Interests Acquisition for the 31 day period of August 30 to September 30, 2013. (2) The results for Q1-2013 include the results of the Southern Assets Acquisition for the 40 day period of February 19 to March 31, 2013. (3) Operating netback is a non-IFRS measure calculated as the Company's oil and gas sales, less royalties and operating expenses, averaged over the boe productiion of the Company. (4) Funds flow from operations is a non-IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non-cash working capital and changes in interest payable.
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