OKOTOKS, ALBERTA–(Marketwired – Dec. 2, 2013) – RedWater Energy Corp. (“RedWater”) (TSX VENTURE:RED) is pleased to report record financial and operating results for the three and nine month periods ended September 30, 2013. RedWater’s interim condensed financial statements and related management’s discussion and analysis for the three and nine months ended September 30, 2013 have been filed and are available on the SEDAR website at www.sedar.com and may also be obtained on RedWater’s website at www.redwaterenergy.com.
Q3 2013 Highlights
- Increased average production to 263 boepd, an increase of 104% over the third quarter of 2012
- Improved average oil production to 137 bbls/d, an increase 28% over the third quarter of 2012
- Funds flow from operations increased to $99,530 from $9,839 in the third quarter of 2012
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2013 | 2012 | 2013 | 2012 | ||||||
| Operations | |||||||||
| Production | |||||||||
| Oil (bbls/d) | 137 | 107 | 120 | 82 | |||||
| Natural Gas (Mcf/d) | 757 | 168 | 613 | 163 | |||||
| BOEPD | 263 | 135 | 222 | 109 | |||||
| Average Selling Price | |||||||||
| Oil ($/bbls) | $92.70 | $71.44 | $82.58 | $71.42 | |||||
| Natural Gas ($/Mcf) | 2.81 | 2.26 | 3.06 | 2.14 | |||||
| BOE ($/BOE) | $56.48 | $59.42 | $53.13 | $56.89 | |||||
| Operating Netback ($/BOE) | $20.80 | $23.37 | $20.28 | $16.50 | |||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2013 | 2012 | 2013 | 2012 | ||||||
| Financial | |||||||||
| Petroleum and Natural Gas Revenues, net of royalties | 1,103,756 | 637,470 | 2,809,456 | 1,509,880 | |||||
| Fund Flow from Operations | 99,530 | 9,839 | 121,876 | (245,221 | ) | ||||
| Per Share, Basic & Diluted | 0.00 | 0.00 | 0.00 | (0.01 | ) | ||||
| Income (loss) | (163,411 | ) | (164,163 | ) | (742,930 | ) | (629,234 | ) | |
| Per Share, Basic & Diluted | (0.00 | ) | (0.00 | ) | (0.02 | ) | (0.02 | ) | |
| Capital Expenditures | 628,288 | 641,705 | 3,637,076 | 1,804,060 | |||||
| Total Assets | 18,228,614 | 12,881,241 | 18,228,614 | 12,881,241 | |||||
| Shareholders’ Equity | 7,491,239 | 7,859,102 | 7,491,239 | 7,859,102 | |||||
| Common Shares Outstanding | |||||||||
| Basic | 40,233,250 | 34,840,152 | 40,233,250 | 34,840,152 | |||||
| Diluted | 40,233,250 | 34,840,152 | 40,233,250 | 34,840,152 | |||||