CALGARY, ALBERTA–(Marketwired – May 10, 2016) – GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO)(OTCQX:GXOCF) is pleased to release its financial and operational results for the three months ended March 31, 2016.
FINANCIAL AND OPERATING HIGHLIGHTS
Financial and operational highlights for the three month interim period ended March 31, 2016 are set out below and should be read in conjunction with the financial statements and related management’s discussion and analysis available for review at www.graniteoil.ca and www.sedar.com. Prior period information for the three months ended March 31, 2015 is not presented in the following table due to its limited comparability resulting from the disposition by Granite of certain oil and gas properties pursuant to its May 2015 corporate reorganization.
Three Months Ended March 31, | 2016 (5) | ||
(000s, except per share amounts) | ($) | ||
FINANCIAL | |||
Oil and natural gas revenues | 8,017 | ||
Funds from operations (1) | 5,958 | ||
Per share – basic | 0.20 | ||
Per share – diluted (6) | 0.19 | ||
Cash flow from operating activities | 6,114 | ||
Net income (loss) | (2,258 | ) | |
Per share – basic | (0.07 | ) | |
Per share – diluted (6) | (0.07 | ) | |
Capital expenditures (2) | 4,322 | ||
Net debt (3) | 41,126 | ||
Shareholders’ equity | 207,607 | ||
(000s) | (#) | ||
SHARE DATA | |||
At period-end | 30,375 | ||
Weighted average – basic | 30,358 | ||
Weighted average – diluted | 30,962 | ||
OPERATING (4) | |||
Production | |||
Natural gas (mcf/d) | 290 | ||
Crude oil (bbls/d) | 2,828 | ||
NGLs (bbls/d) | – | ||
Total (boe/d) | 2,876 | ||
Average wellhead prices | |||
Natural gas ($/mcf) | 1.01 | ||
Crude oil and NGLs ($/bbl) | 30.62 | ||
Combined average ($/boe) | 30.63 | ||
Netbacks | |||
Operating netback ($/boe) | 15.62 | ||
Funds flow netback ($/boe) | 22.77 | ||
Gross (net) wells drilled | |||
Oil (#) | 1 (1.00 | ) | |
Total (#) | 1 (1.00 | ) | |
Average working interest (%) | 100 |
(1) | Funds from operations and funds from operations per share are not recognized measures under International Financial Reporting Standards (IFRS). Refer to the commentary below under “Reader Advisory – Non-GAAP Measurements” for further discussion. |
(2) | Total capital expenditures, including acquisitions and excluding non-cash transactions. Refer to commentary in the Management’s Discussion and Analysis under “Capital Expenditures and Acquisitions” for further information. |
(3) | Net debt, which is calculated as current liabilities (excluding derivative financial instruments) and bank debt less current assets (excluding derivative financial instruments), is not a recognized measure under IFRS. Please refer to the commentary below under “Reader Advisory – Non-GAAP Measurements” for further discussion. |
(4) | For a description of the boe conversion ratio, refer to the commentary below under “Reader Advisory -Other Measurements” for further discussion. |
(5) | Refer to the description of the disposition by Granite of certain oil and gas properties pursuant to its May 2015 corporate reorganization and the comparability of prior period information in the Management’s Discussion and Analysis under “About Granite Oil Corp.” |
(6) | The Company uses the weighted average common shares (basic) when there is a net loss for the period to calculate net income (loss) per share diluted. The Company uses the weighted average common shares (diluted) to calculate the funds from operations diluted. |