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23.08.2016 21:45
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Madalena Announces Q2 - 2016 Results and a Review of Strategic Alternatives
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PR Newswire
CALGARY, Alberta, Aug. 24, 2016
(All dollar figures are expressed in United States dollars unless otherwise stated)
CALGARY, Alberta, Aug. 24, 2016 /PRNewswire/ -- Madalena Energy Inc. ("Madalena" or the "Company") (TSXV: MVN and OTCQX: MDLNF) is pleased to provide its operating and financial results for the three and six months ended June 30, 2016. Selected information is outlined below and should be read in conjunction with Madalena's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2016 and the associated management's discussion and analysis ("MD&A"), which are available for review under the Company's profile at www.sedar.com and on the Company's website at www.madalenaenergy.com.
| SUMMARY FINANCIAL AND OPERATIONAL RESULTS | ||||
| | Three months ended June 30 | Six months ended June 30 | ||
| | 2016 | 2015 | 2016 | 2015 |
| | | | | |
| Financial – ($000s, except per share amounts) | | | | |
| Oil and gas revenue | 13,070 | 24,115 | 27,881 | 43,008 |
| Funds flow from continuing operations(1) | 1,821 | 4,278 | 4,980 | 9,412 |
| Per share - basic & diluted(1) | 0.00 | 0.01 | 0.01 | 0.02 |
| Net loss from continuing operations | (3,491) | (3,209) | (9,983) | (2,143) |
| Per share - basic & diluted(1) | (0.00) | (0.01) | (0.02) | (0.00) |
| Capital expenditures | 525 | 2,418 | 5,386 | 13,804 |
| Working capital | (5,332) | 462 | (5,332) | 462 |
| Common shares outstanding - 000s | 542,083 | 541,000 | 542,083 | 541,000 |
| | | | | |
| Operating | | | | |
| Average Daily Sales | | | | |
| Crude oil and Ngls – Bbls/d | 2,084 | 3,092 | 2,246 | 2,873 |
| Natural gas – Mcf/d | 2,636 | 4,455 | 2,806 | 4,176 |
| Total - Boe /d | 2,523 | 3,834 | 2,714 | 3,569 |
| | | | | |
| Average Sales Prices | | | | |
| Crude oil and Ngls - $/Bbl | 62.41 | 78.36 | 62.29 | 75.83 |
| Natural gas - $/Mcf | 5.15 | 5.11 | 4.73 | 4.72 |
| Total - $/Boe | 56.93 | 69.11 | 56.45 | 66.57 |
| | | | | |
| Operating Netbacks(2) - $/Boe | 26.23 | 30.40 | 25.48 | 30.20 |
| | | | | |
| (1) | This table contains the term "funds flow from continuing operations", which is a non-GAAP measure and should not be considered an alternative to, or more meaningful than "cash flows from operating activities " as determined in accordance with International Financial Reporting Standards ("IFRS") as an indicator of the Company's performance. Funds flow from operations and funds flow from operations per share (basic and diluted) do not have any standardized meanings prescribed by IFRS and may not be comparable with the calculation of similar measures for other entities. Management uses funds flow from continuing operations to analyze operating performance and considers funds flow from continuing operations to be a key measure as it demonstrates the Company's ability to generate the cash necessary to fund future capital investment. The reconciliation between funds flow from continuing operations and cash flows from operating activities can be found in the MD&A. Funds flow from continuing operations per share is calculated using the basic and diluted weighted average number of shares for the period, consistent with the calculations of earnings (loss) per share. |
| (2) | Operating netback is a non-GAAP measure calculated as the average per boe of the Company's oil and gas sales, less royalties and operating costs. |
Review of Strategic Alternatives
Madalena has initiated a review of strategic alternatives. Evercore Group LLC ("Evercore"), which had been retained to assist in securing a joint venture partner for the Curamhuele block in Argentina, has had its mandate broadened to encompass this review of strategic alternatives. In part, the review was prompted by a number of unsolicited expressions of interest received by the Company after the May 16, 2016 news release announcing the initial engagement of Evercore. These strategic alternatives may include, among other things, asset sales, a merger, sale or recapitalization transaction, joint ventures or other opportunities.
The Company does not intend to provide updates on this process until such time as the Board of Directors deem it appropriate. There can be no guarantee that this review will result in a transaction(s), or if a transaction(s) is undertaken, as to its terms or timing.
About Madalena Energy
Madalena is an independent, Canadian head-quartered Argentina focused upstream oil and gas company with operations in four provinces of Argentina where it is focused on the delineation of unconventional resources in the Vaca Muerta shale, Lower Agrio shale and Loma Montosa oil plays. The Company is implementing horizontal drilling and completions technology to develop both its conventional and resource plays.
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