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Storm Resources Ltd. (“Storm” or the “Company”) is Pleased to Announce Its Financial and Operating Results for the Three Months and Year Ended December 31, 2017

Nachrichtenquelle: Marketwired
01.03.2018, 23:55  |  543   |   |   

CALGARY, Alberta, March 01, 2018 (GLOBE NEWSWIRE) -- Storm Resources Ltd. (TSX:SRX)

Storm has also filed its audited consolidated financial statements as at December 31, 2017 and for the three months and year then ended along with Management’s Discussion and Analysis (“MD&A”) for the same periods.  This information appears on SEDAR at www.sedar.com and on Storm’s website at www.stormresourcesltd.com.

Selected financial and operating information for the three months and year ended December 31, 2017, as well as reserves information at December 31, 2017, appears below and should be read in conjunction with the related financial statements and MD&A.

Highlights

Thousands of Cdn$, except volumetric and
 per-share amounts
Three Months to
 Dec. 31, 2017
  Three Months to
Dec.31, 2016
  Year Ended
Dec. 31, 2017
  Year Ended
Dec. 31, 2016
 

FINANCIAL

               
Revenue from product sales(1) 34,844   26,244   123,306   77,283  
Funds flow 21,323   11,985   64,080   34,380  
  Per share – basic and diluted ($) 0.18   0.10   0.53   0.29  
Net income (loss) 8,624   (12,898 ) 39,689   (38,460 )
  Per share – basic and diluted ($) 0.07   (0.11 ) 0.33   (0.32 )
Operations capital expenditures(2) 26,126   33,399   81,685   65,538  
Land and property acquisitions/(dispositions) -   -   -   (600 )
Debt including working capital deficiency(2)(3) 106,124   89,841   106,124   89,841  
Common shares (000s)        
  Weighted average - basic 121,557   120,488   121,531   120,053  
  Weighted average - diluted 121,557   120,488   121,616   120,053  
  Outstanding end of period – basic 121,557   120,764   121,557   120,764  
         
OPERATIONS        
(Cdn$ per Boe)        
Revenue from product sales(1) 21.12   21.42   21.09   15.97  
Royalties (0.63 ) (0.99 ) (1.19 ) (0.79 )
Production (5.68 ) (6.95 ) (6.04 ) (6.78 )
Transportation (0.69 ) (0.55 ) (0.76 ) (0.45 )
Field operating netback(2) 14.12   12.93   13.10   7.95  
Realized (loss) gain on hedging 0.41   (1.45 ) (0.40 ) 0.93  
General and administrative (0.94 ) (0.95 ) (1.05 ) (1.10 )
Interest and finance costs (0.67 ) (0.74 ) (0.69 ) (0.68 )
Funds flow per Boe 12.92   9.79   10.96   7.10  
Barrels of oil equivalent per day (6:1) 17,936    

13,320
  16,017    

13,219
 
Natural gas production        
  Thousand cubic feet per day 87,375   66,173   78,521   65,478  
  Price (Cdn$ per Mcf)(1) 2.26   2.86   2.58   2.05  
Condensate production        
  Barrels per day 1,914   1,381   1,685   1,303  
  Price (Cdn$ per barrel)(1) 69.53   57.17   61.80   49.34  
NGL production        
  Barrels per day 1,460   910   1,245   1,003  
  Price (Cdn$ per barrel)(1) 33.29   18.64   25.15   12.51  
Wells drilled (100% working interest) 7.0   5.0   16.0   12.0  
Wells completed (100% working interest) 3.0   5.0   12.0   10.0  
  1. Excludes gains and losses on commodity price contracts.
  2. Certain financial amounts shown above are non-GAAP measurements including field operating netback, operations capital expenditures, debt including working capital deficiency and all measurements per Boe.  See discussion of Non-GAAP Measurements on page 39 of the MD&A.
  3. Excludes the fair value of commodity price contracts.

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