CALGARY, Alberta, Aug. 29, 2017 (GLOBE NEWSWIRE) — Questfire Energy Corp. (the “Corporation” or “Questfire”) (TSX Venture:Q.A) is pleased to announce that it has filed on SEDAR its unaudited financial statements and related management’s discussion and analysis (“MD&A”) for the three and six months ended June 30, 2017.
Financial and Operating Highlights
Three months ended June 30, | Six months ended June 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Financial | |||||||||||||
Oil and natural gas sales | $ | 8,120,961 | $ | 6,287,350 | $ | 17,269,229 | $ | 13,572,239 | |||||
Funds flow from operations (1) | 1,020,086 | 360,700 | 2,685,732 | 383,712 | |||||||||
Per share, basic and diluted | 0.04 | 0.02 | 0.12 | 0.02 | |||||||||
Loss | (1,826,430 | ) | (5,226,363 | ) | (2,450,381 | ) | (8,644,811 | ) | |||||
Per share, basic and diluted | (0.08 | ) | (0.30 | ) | (0.11 | ) | (0.50 | ) | |||||
Capital expenditures | 75,202 | 177,535 | 164,417 | 316,396 | |||||||||
Proceeds from property dispositions | $ | – | $ | 1,950,000 | 289,173 | 1,950,000 | |||||||
Working capital deficit (end of period) (2) | 39,368,282 | 54,925,921 | |||||||||||
Long-term contract obligation (end of period) (3) | 13,541,641 | 13,964,898 | |||||||||||
Shareholders’ equity (end of period) | $ | 10,380,393 | $ | 5,928,460 | |||||||||
Shares outstanding (end of period) | |||||||||||||
Class A | 22,822,401 | 17,318,001 | |||||||||||
Class B | – | 550,440 | |||||||||||
Options outstanding (end of period) | 3,000,500 | 3,133,500 | |||||||||||
Weighted-average basic and diluted shares outstanding | 22,822,401 | 17,318,001 | 22,822,401 | 17,318,001 | |||||||||
Class A share trading price | |||||||||||||
High | $ | 0.37 | $ | 0.69 | $ | 0.55 | $ | 0.74 | |||||
Low | 0.10 | 0.33 | 0.10 | 0.33 | |||||||||
Close | $ | 0.12 | $ | 0.33 | $ | 0.12 | $ | 0.33 | |||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Operations (4) | |||||||||||||
Production | |||||||||||||
Natural gas (Mcf/d) | 17,764 | 19,872 | 18,808 | 21,329 | |||||||||
Natural gas liquids (NGL) (bbls/d) | 576 | 696 | 624 | 720 | |||||||||
Crude oil (bbls/d) | 304 | 413 | 316 | 457 | |||||||||
Total (boe/d) | 3,841 | 4,421 | 4,075 | 4,732 | |||||||||
Benchmark prices | |||||||||||||
Natural gas | |||||||||||||
AECO (Cdn$/GJ) | $ | 2.64 | $ | 1.33 | $ | 2.60 | $ | 1.53 | |||||
Crude oil | |||||||||||||
WTI (US$/bbl) | 48.27 | 45.59 | 50.09 | 39.52 | |||||||||
Canadian Light (Cdn$/bbl) | 59.72 | 55.01 | 62.27 | 48.11 | |||||||||
Average realized prices (5) | |||||||||||||
Natural gas (per Mcf) | 2.85 | 1.51 | 2.84 | 1.76 | |||||||||
NGL (per bbl) | 37.62 | 28.23 | 38.69 | 26.77 | |||||||||
Crude oil (per bbl) | 55.61 | 46.84 | 56.42 | 38.90 | |||||||||
Operating netback (per boe) (6) | 7.22 | 3.17 | 8.44 | 3.44 | |||||||||
Funds flow netback (per boe) (6) | $ | 2.92 | $ | 0.90 | $ | 3.64 | $ | 0.45 |