Palliser Oil & Gas Corporation Announces Executive Changes
Nov 14 13
Palliser Oil & Gas Corporation announced the departure of Mr. Brett Frostad, Vice President Exploration. Mr. Frostad is leaving Palliser to pursue other opportunities. The company also announced the appointment of Mr. Lamont Brooks as Exploration Manager. Mr. Brooks has been a long standing employee with the company, most recently as Senior Explorationist.
Palliser Oil & Gas Corporation Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Announces Production Results for the Third Quarter and Nine Months Ended September 30, 2013 and for the Month of October 2013; Provides Production Guidance for the Fourth Quarter 2013; Revises Production Guidance for 2013
Nov 14 13
Palliser Oil & Gas Corporation announced unaudited earnings and production results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported oil and natural gas sales of $18,473,000 compared to $12,417,000 a year ago. Net loss and comprehensive loss was $1,443,000 or $0.02 per basic and diluted share compared to $3,087,000 or $0.06 per basic and diluted share a year ago. Funds flow from operating activities was $4,090,000 or $0.06 per basic and diluted share compared to $5,101,000 or $0.09 per basic and diluted share a year ago. Capital expenditures were $6,132,000 compared to $12,873,000 a year ago. The company's net debt at the end of the third quarter was $42 million, relative to a current total credit facility of $52 million.
For the nine months, the company reported oil and natural gas sales of $45,942,000 compared to $34,174,000 a year ago. Funds flow from operating activities was $11,876,000 or $0.19 per basic and diluted share compared to $11,468,000 or $0.21 per basic and diluted share a year ago. Net loss and comprehensive loss was $6,541,000 or $0.10 per basic and diluted share compared to net income and comprehensive income of $2,052,000 or $0.04 per basic and diluted share a year ago. Capital expenditures were $18,842,000 compared to $28,470,000 a year ago.
For the quarter, the company reported crude oil production of 2,302 bbl per day against 2,185 bbl per day a year ago. Natural gas production was 219 Mcf per day against 344 Mcf per day a year ago. Barrels of oil equivalent production were 2,339 boe per day against 2,242 boe per day a year ago.
For the nine months, the company reported crude oil production of 2,400 bbl per day against 1,936 bbl per day a year ago. Natural gas production was 257 Mcf per day against 370 Mcf per day a year ago. Barrels of oil equivalent production were 2,443 boe per day against 1,998 boe per day a year ago.
For October, production averaged approximately 2,200 boe per day.
The company is forecasting fourth quarter production to average between 2,400 boe per day to 2,450 boe per day.
For 2013, annual production is now forecast to average between 2,400 boe per day to 2,450 boe per day, approximately 100 boe per day lower than previously forecast.
Palliser Oil & Gas Corporation Announces Operating Results for the Third Quarter 2013; Provides Production Guidance for the Fiscal Year 2013
Oct 7 13
Palliser Oil & Gas Corporation provided an operations update. The company continues to focus its abilities on expanding production shipped by rail. The company completed the construction of a clean oil treating facility in the third quarter which is estimated to increase the company's capacity to ship approximately 75% of corporate production by rail, up from its previous capacity of approximately 50%. Commissioning of the cleaning facility required a build in production inventory during the third quarter, which negatively affected third quarter 2013 sales volumes, but the company commenced shipping clean oil at the start of the fourth quarter. This facility will have a positive impact on fourth quarter and future realized heavy oil pricing. The third quarter of 2013 saw lower average production compared to the record production achieved in the second quarter of 2013. A prolonged spring breakup that extended well into the third quarter contributed to significant downtime on several wells, and delayed the majority of budgeted third quarter capital projects until late in the quarter, which allowed production declines to outpace additions. As a result of these factors, third quarter 2013 production is estimated to average 2,350 boe/d, down from 2,773 boe/d in the second quarter.
The company is currently forecasting 2013 average production of 2,500 - 2,550 boe/d, down from the original guidance of 2,700 - 2,800 boe/d. The company estimates current production, based on field data, is approximately 2,500 boe/d and is forecasting exit production to be 2,800 - 2,900 boe/d. Capital expenditures for the third quarter are estimated to be $6 million with approximately $6 million remaining in the 2013 capital budget to be spent in the fourth quarter.