As at and for the year ended
($000s, unless otherwise indicated)(1) |
December 31, 2016 |
December 31, 2015
|
December 31, 2014 |
|
FINANCIAL |
|
Oil and gas sales |
118,642 |
78,853 |
78,450 |
|
Cash flow from operating activities |
22,489 |
20,768 |
37,641 |
|
Funds flow from operations(2) |
19,741 |
25,818 |
38,988 |
|
Per share - basic and diluted ($/share) |
0.06 |
0.11 |
0.18 |
|
Earnings (loss) |
(50,387) |
(24,257) |
(1,942) |
|
Per share - basic and diluted ($/share) |
(0.16) |
(0.10) |
(0.01) |
|
Total assets |
491,897 |
640,775 |
410,697 |
|
Total non-current financial liabilities |
40,086 |
155,938 |
- |
|
Total liabilities |
296,139 |
406,368 |
233,548 |
|
Capital expenditures |
9,159 |
7,259 |
11,087 |
|
Acquisitions, after adjustments |
(807) |
193,065 |
135,213 |
|
Capital dispositions, proceeds |
(63,112) |
- |
- |
|
Net debt(3) |
64,224 |
141,770 |
33,512 |
|
OPERATIONS |
|
|
|
|
Production |
|
|
|
|
Natural gas (Mcf/d) |
124,906 |
72,984 |
45,022 |
|
Crude oil (Bbls/d) |
753 |
160 |
75 |
|
Natural gas liquids (Bbls/d) |
924 |
530 |
320 |
|
Total (Boe/d) |
22,495 |
12,854 |
7,899 |
|
Total (Mcfe/d) |
134,968 |
77,124 |
47,394 |
|
Netback ($/Boe) |
|
|
|
|
Operating netback(4) |
4.08 |
7.08 |
15.20 |
|
Corporate netback (5) |
2.39 |
5.51 |
13.53 |
|
Netback ($/Mcfe) |
|
|
|
|
Operating netback(4) |
0.68 |
1.18 |
2.53 |
|
Corporate netback (5) |
0.40 |
0.92 |
2.26 |
(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.
2017
|
($000s, unless otherwise indicated) |
|
|
|
Q1 |
|
FINANCIAL(1) |
|
|
|
|
|
Oil and gas sales (before royalty expense) |
|
|
|
35,148 |
|
Cash flow from operating activities |
|
|
|
13,835 |
|
Funds flow from operations(2) |
|
|
|
11,233 |
|
Per share - Basic and Diluted ($/share)(2) |
|
|
|
0.04 |
|
Earnings (loss) |
|
|
|
(2,536) |
|
Per share - Basic and Diluted ($/share) |
|
|
|
(0.01) |
|
Capital expenditures |
|
|
|
3,801 |
|
Net Debt(3) |
|
|
|
58,930 |
|
Weighted-average common shares outstanding (000s) - Basic and diluted |
|
|
|
307,076 |
|
OPERATIONS |
|
|
|
|
|
Production |
|
|
|
|
|
Natural gas (Mcf/d) |
|
|
|
120,677 |
|
Natural gas liquids (bbls/d) |
|
|
|
903 |
|
Crude oil (Bbls/d) |
|
|
|
198 |
|
Total (Boe/d) |
|
|
|
21,214 |
|
Realized commodity sales prices |
|
|
|
|
|
Natural gas ($/Mcf) |
|
|
|
2.83 |
|
Natural gas liquids ($/Boe) |
|
|
|
42.40 |
|
Crude oil ($/Bbl) |
|
|
|
55.85 |
|
Combined ($/Boe) |
|
|
|
18.41 |
|
Netback ($/Boe) |
|
|
|
|
|
Oil and gas sales |
|
|
|
18.41 |
|
Royalty expense |
|
|
|
(1.82) |
|
Operating expenses |
|
|
|
(9.45) |
|
Operating netback ($/Boe)(4) |
|
|
|
7.14 |
|
General and administrative |
|
|
|
(0.74) |
|
Interest and bank charges, net of dividend income |
|
|
|
(0.52) |
|
Corporate netback ($/Boe) (5) |
|
|
|
5.88 |
|
Operating netback ($ per Mcfe)(4) |
|
|
|
1.19 |
|
Corporate netback ($ per Mcfe) (5) |
|
|
|
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 and investments.
(4) Operating netback is a non‐IFRS measure calculated as the Company’s oil and gas sales, 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.
2012
|
($000s unless otherwise indicated) |
Q4 |
Q3 |
Q2 |
Q1(1) |
|
|
|
|
|
|
|
Average sales volumes (boe/d)(2) |
832 |
895 |
972 |
401 |
|
Operating netback ($/boe)(3) |
11.94 |
13.36 |
11.78 |
13.11 |
|
Oil and gas sales |
2,319 |
2,197 |
2,130 |
901 |
|
Oil and gas sales, net of royalties |
1,894 |
1,824 |
1,735 |
750 |
|
Total revenue |
2,752 |
1,824 |
1,735 |
750 |
|
Cash flow (deficiency) from operating activities |
660 |
246 |
1,198 |
(331) |
|
Funds flow (deficiency) from operations(4) |
775 |
442 |
520 |
(35) |
|
Basic per share ($/share) |
0.01 |
0.01 |
0.01 |
(0.00) |
|
Diluted per share ($/share) |
0.01 |
0.01 |
0.01 |
(0.00) |
|
Earnings (loss) |
(862) |
(472) |
(450) |
713 |
|
Basic per share ($/share) |
(0.01) |
(0.01) |
(0.01) |
0.01 |
|
Diluted per share ($/share) |
(0.01) |
(0.01) |
(0.01) |
0.01 |
|
OPERATIONS |
|
|
|
|
|
Production |
|
|
|
|
|
Natural gas (mcf/d) |
3,880 |
4,217 |
4,517 |
1,927 |
|
Crude oil (bbls/d) |
38 |
29 |
30 |
10 |
|
Natural gas liquids (bbls/d) |
147 |
163 |
189 |
70 |
|
Total (boe/d) |
832 |
895 |
972 |
401 |
|
Commodity sales prices |
|
|
|
|
|
Natural gas ($/mcf) |
3.64 |
2.76 |
2.01 |
2.05 |
|
Crude oil ($/bbl) |
77.36 |
80.57 |
79.26 |
75.08 |
|
Natural gas liquids ($/bbl) |
53.37 |
60.84 |
62.98 |
74.93 |
|
Combined ($/boe) |
30.30 |
26.69 |
24.07 |
24.71 |
(1) The results for Q1-2012 include the results of the Carrot Creek Assets for the period of March 1 to March 31, 2012. Pine Cliff’s sales for the month of March 2012 were approximately 1,015 boe/d, inclusive of 930 boe/d from the Carrot Creek Assets.
(2) The sales volumes for Q4-2012 includes the results of the Geomark Oil and Gas Assets for the period of October 19 to December 31, 2012, averaged over 92 days. Pine Cliff’s sales for the fourth quarter were approximately 853 boe/d, inclusive of 105 boe/d from the Geomark Oil and Gas Assets.
(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.
2011
|
|
Q4 |
Q3 |
Q2 |
Q1 |
|
TOTAL OPERATIONS ($) |
|
Revenue oil and gas |
163,979 |
220,398 |
236,229 |
245,518 |
|
Cash flow (deficiency) from operations |
(4,070) |
120,109 |
68,707 |
148,120 |
|
Per share basic and diluted |
(0.00) |
0.00 |
0.00 |
0.00 |
|
Net loss |
(45,745) |
(74,182) |
(53,732) |
(32,444) |
|
Per share basic and diluted |
(0.00) |
(0.00) |
(0.00) |
(0.00) |
|
Capital expenditures |
1,816 |
13,223 |
2,942 |
6,155 |
|
Total assets |
2,387,839 |
2,503,803 |
2,622,350 |
2,896,325 |
|
Working capital |
482,322 |
487,693 |
510,444 |
482,299 |
|
Shareholders’ equity |
2,207,134 |
2,304,841 |
2,549,057 |
2,574,353 |
|
CONTINUING OPERATIONS ($)(1) |
[pclose] => 0.75
[price_change] => 0.03
[per_change] => 4.000%
[volume] => 181,808
[yearlow] => N/A
[yearhigh] => N/A
[bidprice] => 0.75
[askprice] => 0.78
[bidsize] => 5000
[asksize] => 43500
)
