CALGARY, ALBERTA–(Marketwired – Feb. 24, 2015) – Border Petroleum Limited (“Border” or the “Corporation“) (TSX VENTURE:BOR) announces financial results for its third quarter ended December 31, 2014. The unaudited condensed consolidated interim financial statements and management’s discussion & analysis (“MD&A”) have been filed on SEDAR and can be viewed at www.sedar.com.
Certain selected financial and operational information for the quarter ended December 31, 2014 is set out below and should be read in conjunction with the Corporation’s unaudited consolidated financial statements and related MD&A. The following table provides a summary of key financial results for the three months ended December 31, 2014 and 2013:
|Three Months Ended|
|Petroleum and natural gas revenues||$||511,371||$||195,613|
|Funds flow from operations||$||(142,154||)||$||(205,568||)|
|per share – basic and diluted||$||(0.00||)||$||(0.01||)|
|per share – basic and diluted||$||(0.01||)||$||(0.00||)|
|Capital expenditures, including decommissioning liabilities||$||4,644,213||$||1,150,220|
|Weighted average shares outstanding|
|basic and diluted restated for 10:1 share||63,691,664||33,297,895|
|Oil and liquids (bbls/d)||71||22|
|Natural gas (mcf/d)||384||264|
|Oil equiavlent (boe/d)||135||66|
|Sales price per unit|
|Oil and liquids ($/bbl)||57.15||69.13|
|Natural gas ($/mcf)||3.79||3.68|
|Oil equiavlent ($/boe)||40.78||32.36|
|Reserves (Proved plus probable)|
|Oil and liquids (bbls)||369,554||1,266,288|
|Natural gas (mcf)||2,729,438||1,780,144|
|Oil equivalent (mboe)||824,960||1,562,845|
The Corporation continues to focus on production optimization and cost cutting. Effective January 1, 2015, office rent costs and certain staffing costs have been reduced by 40%. Additional general and administrative cost reductions are on-going. Operating costs for properties that are not operated by Border are under constant review to maximize field cash flows. As a result of the current low commodity prices, management is pursuing every opportunity to increase the Corporation’s control of facility infrastructure or well ownership through potential acquisitions or joint ventures.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Border. Although Border believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Border can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Border’s disclosure documents on the SEDAR website at www.sedar.com.
The forward-looking statements contained in this document are made as of the date hereof and Border undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Border Petroleum Corp.
Interim President & CEO
Border Petroleum Corp.
Chief Financial Officer