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Storm Resources Ltd. (“Storm” or the “Company”) is Pleased to Announce Its Financial and Operating Results for the Three and Nine Months Ended September 30, 2018

Nachrichtenquelle: Marketwired
14.11.2018, 01:25  |  594   |   |   

CALGARY, Alberta, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Storm has also filed its unaudited condensed interim consolidated financial statements as at September 30, 2018 and for the three and nine months then ended along with Management’s Discussion and Analysis (“MD&A”) for the same period. This information appears on SEDAR (www.sedar.com) and on Storm’s website (www.stormresourcesltd.com.)  Selected financial and operating information for the three and nine months ended September 30, 2018 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
Sept. 30, 2018
Three Months to
Sept. 30, 2017
Nine Months to
Sept. 30, 2018
Nine Months to
Sept. 30, 2017
         
 FINANCIAL
       
         
Revenue from product sales(1) 51,253   31,719   151,459   109,373  
Funds flow 22,227   13,170   69,151   42,757  
Per share – basic and diluted ($) 0.18   0.11   0.57   0.35  
Net income 7,174   682   13,253   31,065  
Per share – basic and diluted ($) 0.06   0.01   0.11   0.26  
Capital expenditures(2) 21,845   23,895   47,663   55,559  
Debt including working capital deficiency(2)(3) 84,648   101,297   84,648   101,297  
Common shares (000s)        
Weighted average - basic 121,557   121,557   121,557   121,522  
Weighted average - diluted 121,557   121,613   121,557   121,679  
Outstanding end of period - basic 121,557   121,557   121,557   121,557  
         
 OPERATIONS        
         
(Cdn$ per Boe)        
Revenue from product sales(1) 27.24   22.68   27.88   26.07  
Transportation costs (5.98 ) (6.09 ) (5.94 ) (5.78 )
Revenue net of transportation 21.26   16.59   21.94   20.29  
Royalties (1.03 ) (0.85 ) (1.28 ) (1.41 )
Production costs (5.54 ) (6.03 ) (5.52 ) (6.17 )
Field operating netback(2) 14.69   9.71   15.14   12.71  
Realized (loss) gain on hedging (1.73 ) 1.34   (0.89 ) (0.72 )
General and administrative (0.66 ) (1.03 ) (0.92 ) (1.10 )
Interest and finance costs (0.49 ) (0.61 ) (0.61 ) (0.69 )
Funds flow per Boe 11.81   9.41   12.72   10.20  
                 
Barrels of oil equivalent per day (6:1) 20,455   15,193   19,900   15,371  
Natural gas production        
Thousand cubic feet per day 101,905   74,318   98,154   75,537  
Price (Cdn$ per Mcf)(1) 3.21   3.13   3.39   3.72  
Condensate production        
Barrels per day 2,059   1,600   2,035   1,608  
Price (Cdn$ per barrel)(1) 84.97   53.52   82.46   58.70  
NGL production        
Barrels per day 1,412   1,206   1,506   1,173  
Price (Cdn$ per barrel)(1) 38.64   21.66   35.92   21.74  
Wells drilled (100% working interest) -   3.0   -   9.0  
Wells completed (100% working interest) 5.0   5.0   8.0   9.0  
  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 24 of the MD&A.
  3. Excludes the fair value of commodity price contracts.
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