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22.11.2016 21:29
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Madalena Announces Q3 - 2016 Results
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PR Newswire
CALGARY, Nov. 22, 2016
(All dollar figures are expressed in United States dollars unless otherwise stated)
CALGARY, Nov. 22, 2016 /PRNewswire/ - Madalena Energy Inc. ("Madalena" or the "Company") (TSXV: MVN and OTCQX: MDLNF) announces its operating and financial results for the three and nine months ended September 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 nine months ended September 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 September 30 | Nine months ended September 30 | ||
| | 2016 | 2015 | 2016 | 2015 |
| | | | | |
| Financial – ($000s, except per share amounts) | | | | |
| Oil and gas revenue | 11,728 | 20,816 | 39,609 | 63,824 |
| Funds flow from continuing operations(1) | 840 | 15,959 | 5,821 | 25,369 |
| Per share - basic & diluted(1) | 0.00 | 0.03 | 0.01 | 0.05 |
| Net income (loss) from continuing operations | (12,715) | 7,939 | (22,697) | 6,345 |
| Per share - basic & diluted(1) | (0.02) | 0.01 | (0.04) | 0.01 |
| Capital expenditures | 622 | 14,453 | 6,008 | 28,257 |
| Working capital (deficiency) | (3,839) | 462 | (3,839) | 462 |
| Common shares outstanding - 000s | 543,780 | 541,000 | 543,780 | 541,000 |
| | | | | |
| Operating | | | | |
| Average Daily Sales | | | | |
| Crude oil and Ngls – Bbls/d | 1,853 | 2,705 | 2,114 | 2,817 |
| Natural gas – Mcf/d | 2,368 | 3,843 | 2,659 | 4,064 |
| Total - Boe /d | 2,247 | 3,346 | 2,557 | 3,494 |
| Average Sales Prices | | | | |
| Crude oil and Ngls - $/Bbl | 61.65 | 75.76 | 62.10 | 75.81 |
| Natural gas - $/Mcf | 5.60 | 5.54 | 4.99 | 4.98 |
| Total - $/Boe | 56.72 | 67.62 | 56.53 | 66.91 |
| | | | | |
| Operating Netbacks(2) - $/Boe | 17.23 | 29.59 | 23.04 | 30.00 |
| (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. |
Crude oil and NGL sales volumes for the three months ended September 30, 2016 ("the Quarter" or "Q3-2016") decreased to 1,853 boe/d from 2,705 boe/d for the three months ended September 30, 2015 ("Q3-2015"). The change compared to Q3-2015, can be attributed to production declines at both Surubi and Rinconada - Puesto Morales. Natural gas sales volumes for the Quarter of 2,368 mcf/d, decreased compared to 3,843 mcf/d for Q3-2015 due to lower production at Rinconada - Puesto Morales and CA-Norte.
While the decrease at Rinconada - Puesto Morales was from natural declines, the Surubi decline was a function of a delay in remedial work. Subsequent to September 30, 2016, the remedial work program at Surubi commenced and is currently ongoing. The Company believes that the remedial work program will allow incremental production to be brought back on line.
While the Argentine government has not announced adjustments to regulated Medanito oil pricing, the Company was advised by the refineries to which it delivers its oil production that the oil price it will receive for November and December 2016 oil production will be reduced by approximately 30%, bringing prices to be received in those months in line with international levels. The Company is undertaking a review of its operating assets in order to determine the extent of the financial impact caused by lower oil prices. While this analysis is not complete, it is clear that the reduction in oil prices communicated to the Company by the refiners will have a significant negative impact.
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