Investor Relations

President's Message to Shareholders

The hot weather this summer has helped slow North American natural gas storage injections and provided some much-needed incremental support for summer AECO gas prices. We continue to prudently manage our operations and balance sheet with the view of what we expect will be a positive inflection point for natural gas fundamentals starting this winter.

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Q2 2024 Highlights

From a financial standpoint, our second quarter was straight forward, and highlights included:

Second Quarter 2024 Summary1

 

·        production averaged 23,688 Boe/d2 and 23,776 Boe/d3 for the three and six months ended June 30, 2024, 17%and 19% higher than the comparable periods in 2024;

·        generated $10.8 million ($0.03 per basic and fully diluted share) and $21.3 million ($0.06 per basic and fully diluted share) of adjusted funds flow for the three and six months ended June 30, 2024, compared to $12.0 million ($0.03 per basic and fully diluted share) and $31.9 million ($0.09 per basic and fully diluted share) for the comparable periods in 2023; and

·        paid dividends of $5.4 million ($0.02 per basic and fully diluted share) and $14.9 million ($0.04 per basic and fully diluted share) during the three and six months ended June 30, 2024, compared to $11.5 million ($0.03 per basic and fully diluted share) and $22.9 million ($0.06 per basic and fully diluted share) during the comparable periods in 2023.

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Corporate Presentation

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Dividends Details

2024
January

Declaration Date: January 2, 2024

Record Date: January 15, 2024

Payment Date: January 31, 2024

Amount (C$ per common share): $0.01083

Designated: Eligible1

February

Declaration Date: February 1, 2024

Record Date: February 15, 2024

Payment Date: February 29, 2024

Amount (C$ per common share): $0.01083

Designated: Eligible1

March

Declaration Date: March 4, 2024

Record Date: March 15, 2024

Payment Date: March 28, 2024

Amount (C$ per common share): $0.005

Designated: Eligible1

April

Declaration Date: April 1, 2024

Record Date: April 15, 2024

Payment Date: April 30, 2024

Amount (C$ per common share): $0.005

Designated: Eligible1

May

Declaration Date: May 1, 2024

Record Date: May 15, 2024

Payment Date: May 31, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

June

Declaration Date: June 3, 2024

Record Date: June 14, 2024

Payment Date: June 28, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

July

Declaration Date: July 3, 2024

Record Date: July 15, 2024

Payment Date: July 31, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

August

Declaration Date: August 2, 2024

Record Date: August 15, 2024

Payment Date: August 30, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

September

Declaration Date: September 4, 2024

Record Date: September 16, 2024

Payment Date: September 27, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

October

Declaration Date: October 2, 2024

Record Date: October 15, 2024

Payment Date: October 31, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

Footnotes

1 Please consult a tax advisor with any questions regarding the dividend designation between eligible and non-eligible dividends.

2023
January

Declaration Date: January 5, 2023

Record Date: January 16, 2023

Payment Date: January 31, 2023

Amount (C$ per common share): $0.01083

February

Declaration Date: February 1, 2023

Record Date: February 15, 2023

Payment Date: February 28, 2023

Amount (C$ per common share): $0.01083

March

Declaration Date: March 2, 2023

Record Date: March 15, 2023

Payment Date: March 31, 2023

Amount (C$ per common share): $0.01083

April

Declaration Date: April 3, 2023

Record Date: April 14, 2023

Payment Date: April 28, 2023

Amount (C$ per common share): $0.01083

May

Declaration Date: May 2, 2023

Record Date: May 15, 2023

Payment Date: May 31, 2023

Amount (C$ per common share): $0.01083

June

Declaration Date: June 1, 2023

Record Date: June 15, 2023

Payment Date: June 30, 2023

Amount (C$ per common share): $0.01083

July

Declaration Date: July 5, 2023

Record Date: July 14, 2023

Payment Date: July 31, 2023

Amount (C$ per common share): $0.01083

August

Declaration Date: August 1, 2023

Record Date: August 15, 2023

Payment Date: August 31, 2023

Amount (C$ per common share): $0.01083

September

Declaration Date: September 5, 2023

Record Date: September 15, 2023

Payment Date: September 29, 2023

Amount (C$ per common share): $0.01083

October

Declaration Date: October 2, 2023

Record Date: October 16, 2023

Payment Date: October 31, 2023

Amount (C$ per common share): $0.01083

November

Declaration Date: October 31, 2023

Record Date: November 15, 2023

Payment Date: November 30, 2023

Amount (C$ per common share): $0.01083

December

Declaration Date: December 1, 2023

Record Date: December 15, 2023

Payment Date: December 29, 2023

Amount (C$ per common share): $0.01083

2022
June

Declaration Date: May 4, 2022

Record Date: June 15, 2022

Payment Date: June 30, 2022

Amount (C$ per common share): $0.0083

July

Declaration Date: July 4, 2022

Record Date: July 15, 2022

Payment Date: July 29, 2022

Amount (C$ per common share): $0.0083

August

Declaration Date: August 3, 2022

Record Date: August 15, 2022

Payment Date: August 31, 2022

Amount (C$ per common share): $0.01

September

Declaration Date: September 6, 2022

Record Date: September 15, 2022

Payment Date: September 30, 2022

Amount (C$ per common share): $0.01

October

Declaration Date: October 4, 2022

Record Date: October 14, 2022

Payment Date: October 31, 2022

Amount (C$ per common share): $0.01

November

Declaration Date: November 2, 2022

Record Date: November 15, 2022

Payment Date: November 30, 2022

Amount (C$ per common share): $0.01

December

Declaration Date: December 1, 2022

Record Date: December 15, 2022

Payment Date: December 30, 2022

Amount (C$ per common share): $0.01083

Calendar

November 13, 2024: Q3/24 Earnings (After Market)

November 14, 2024: Q3 Results Webcast (9:00am MT / 11:00am ET)

Hedging Summary

Gas Contracts

Contractual Term
Delivery Point
Volume (GJ/d)
(C$/GJ)
(C$/mcf)

Nov 1, 2022 - Dec 31, 2022

AECO
5,000
$6.22
$6.56

Nov 1, 2022 - Mar 31, 2023

Suffield
5,000
AECO 5a + $0.98/GJ
AECO 5a + $1.03/mcf

Nov 1, 2022 - Oct 31, 2023

TransGas
9,500
AECO 5a + $0.56/GJ
AECO 5a + $0.59/mcf

Apr 1, 2023 - Oct 31, 2023

AECO
2,500
$4.07
$4.27
Contractual Term
Delivery Point
Volume (GJ/d)
Costless Physical Collar (C$/GJ)
Costless Physical Collar (C$/mcf)

Nov 1, 2022 - Mar 31, 2023

AECO
5,000
$4.75 - $6.00
$4.99 - $6.30

Nov 1, 2022 - Mar 31, 2023

AECO
5,000
$6.00 - $11.60
$6.30 - $12.18

Apr 1, 2023 - Oct 31, 2023

AECO
5,000
$3.98 - $5.42
$4.20 - $5.72

Crude Oil Contracts

Contractual Term
Delivery Point
Volume (bbl/d)
Price (C$/bbl)

Nov 1, 2022 - Dec 31, 2022

WTI Fixed Price
250
$113.10

Jan 1, 2023 - Mar 31, 2023

WTI Fixed Price
250
$117.50

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Analyst

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Josef Schachter

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