CALGARY, Alberta, April 25, 2018 (GLOBE NEWSWIRE) — LEUCROTTA EXPLORATION INC. (TSXV:LXE) (“Leucrotta” or the “Company”) is pleased to announce its financial and operating results for the three months and year ended December 31, 2017. All dollar figures are Canadian dollars unless otherwise noted.
Q4/17 HIGHLIGHTS
- Increased production 361% to 3,802 boe/d in Q4 2017 from 824 boe/d in Q4 2016 (increased 22% from 3,123 boe/d in Q3 2017).
- Increased adjusted funds flow 4,653% to $4.5 million in Q4 2017 from adjusted funds flow of negative $0.1 million in Q4 2016.
- Tied-in Mica 9-33 and Doe 4-12 Lower Montney Turbidite wells.
FINANCIAL RESULTS | ||||||||||||
Three Months Ended December 31 | Year Ended December 31 | |||||||||||
($000s, except per share amounts) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||
Oil and natural gas sales | 9,586 | 2,281 | 320 | 26,844 | 8,844 | 204 | ||||||
Adjusted funds flow (1) | 4,462 | (98 | ) | (4,653 | ) | 9,602 | (996 | ) | (1,064 | ) | ||
Per share – basic and diluted | 0.02 | – | 100 | 0.05 | (0.01 | ) | (600 | ) | ||||
Net loss | (5,072 | ) | (1,657 | ) | 206 | (8,222 | ) | (12,182 | ) | (33 | ) | |
Per share – basic and diluted | (0.03 | ) | (0.01 | ) | 200 | (0.04 | ) | (0.07 | ) | (43 | ) | |
Capital expenditures and acquisitions | 15,870 | 11,718 | 35 | 93,514 | 22,574 | 314 | ||||||
Working capital | 18,660 | 26,063 | (28 | ) | ||||||||
Common shares outstanding (000s) | ||||||||||||
Weighted average – basic and diluted | 200,486 | 165,227 | 21 | 189,377 | 165,227 | 15 | ||||||
End of period – basic | 200,497 | 165,227 | 21 | |||||||||
End of period – fully diluted | 227,108 | 189,297 | 20 | |||||||||
(1) See “Non-GAAP Measures” section.
OPERATING RESULTS (1) | Three Months Ended December 31 | Year Ended December 31 | ||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||
Daily production | ||||||||||||
Oil and NGLs (bbls/d) | 1,290 | 234 | 451 | 820 | 317 | 159 | ||||||
Natural gas (mcf/d) | 15,071 | 3,543 | 325 | 12,268 | 4,325 | 184 | ||||||
Oil equivalent (boe/d) | 3,802 | 824 | 361 | 2,865 | 1,038 | 176 | ||||||
Revenue | ||||||||||||
Oil and NGLs ($/bbl) | 61.61 | 53.60 | 15 | 56.84 | 45.04 | 26 | ||||||
Natural gas ($/mcf) | 1.64 | 3.46 | (53 | ) | 2.20 | 2.30 | (4 | ) | ||||
Oil equivalent ($/boe) | 27.41 | 30.08 | (9 | ) | 25.67 | 23.35 | 10 | |||||
Royalties | ||||||||||||
Oil and NGLs ($/bbl) | 7.64 | 6.99 | 9 | 6.63 | 4.69 | 41 | ||||||
Natural gas ($/mcf) | 0.04 | 0.16 | (75 | ) | 0.06 | 0.06 | – | |||||
Oil equivalent ($/boe) | 2.75 | 2.68 | 3 | 2.17 | 1.67 | 30 | ||||||
Production expenses | ||||||||||||
Oil and NGLs ($/bbl) | 6.53 | 26.24 | (75 | ) | 7.66 | 18.52 | (59 | ) | ||||
Natural gas ($/mcf) | 0.94 | 1.76 | (47 | ) | 1.08 | 1.27 | (15 | ) | ||||
Oil equivalent ($/boe) | 5.95 | 15.02 | (60 | ) | 6.81 | 10.96 | (38 | ) | ||||
Transportation expenses | ||||||||||||
Oil and NGLs ($/bbl) | 2.11 | 6.04 | (65 | ) | 2.69 | 5.24 | (49 | ) | ||||
Natural gas ($/mcf) | 0.51 | 0.47 | 9 | 0.65 | 0.44 | 48 | ||||||
Oil equivalent ($/boe) | 2.75 | 3.71 | (26 | ) | 3.55 | 3.43 | 3 | |||||
Operating netback (2) | ||||||||||||
Oil and NGLs ($/bbl) | 45.33 | 14.33 | 216 | 39.86 | 16.59 | 140 | ||||||
Natural gas ($/mcf) | 0.15 | 1.07 | (86 | ) | 0.41 | 0.53 | (23 | ) | ||||
Oil equivalent ($/boe) | 15.96 | 8.67 | 84 | 13.14 | 7.29 | 80 | ||||||
Depletion and depreciation ($/boe) | (9.21 | ) | (13.07 | ) | (30 | ) | (9.77 | ) | (13.07 | ) | (25 | ) |
Exploration and evaluation ($/boe) | (17.84 | ) | – | 100 | (5.97 | ) | – | 100 | ||||
General and administrative expenses ($/boe) | (3.45 | ) | (11.08 | ) | (69 | ) | (4.32 | ) | (11.11 | ) | (61 | ) |
Share based compensation ($/boe) | (1.05 | ) | (7.11 | ) | (85 | ) | (1.49 | ) | (9.36 | ) | (84 | ) |
Finance expenses ($/boe) | (0.32 | ) | (0.81 | ) | (60 | ) | (0.27 | ) | (0.49 | ) | (45 | ) |
Finance income ($/boe) | 0.42 | 1.54 | (73 | ) | 0.48 | 1.35 | (64 | ) | ||||
Loss on sale of assets ($/boe) | (1.40 | ) | – | 100 | (0.47 | ) | (6.77 | ) | (93 | ) | ||
Deferred income tax recovery ($/boe) | 2.38 | – | 100 | 0.80 | – | 100 | ||||||
Net loss ($/boe) | (14.51 | ) | (21.86 | ) | (34 | ) | (7.87 | ) | (32.16 | ) | (76 | ) |