CALGARY – Point Loma Resources Ltd. (TSXV:PLX) (the “Corporation” or “Point Loma“) reports its financial and operating results for the three and nine months ended September 30, 2019. Highlights of the period and additional updates are summarized below:
Q3 – 2019 Financial and Operating Results
Three months ended |
Nine months ended |
||||||
2019 |
2018 |
2019 |
2018 |
||||
Financial ($ thousands, except share amounts) |
|||||||
Petroleum and natural gas revenue |
1,156 |
1,854 |
4,019 |
4,556 |
|||
Cash flow from (used in) operating activities |
(218) |
304 |
(311) |
(488) |
|||
Funds flow used in operations(1) |
(822) |
37 |
(2,131) |
(1,560) |
|||
Per share – basic(1) |
(0.01) |
(0.00) |
(0.03) |
(0.03) |
|||
Net income (loss) |
(1,558) |
(1,072) |
(6,728) |
(2,147) |
|||
Per share – basic(1) |
(0.02) |
0.02 |
(0.09) |
(0.04) |
|||
Capital expenditures |
(150) |
33 |
750 |
1,987 |
|||
Working capital deficiency |
5,440 |
2,819 |
5,440 |
2,819 |
|||
Share capital shares outstanding | |||||||
Outstanding shares |
89,036,400 |
61,199,396 |
89,036,400 |
61,199,396 |
|||
Operations | |||||||
Daily average production | |||||||
Crude oil and liquids (bbls/d) |
224 |
272 |
225 |
205 |
|||
Natural gas (mcf/d) |
2,166 |
4,235 |
2,679 |
3,481 |
|||
Total production (boe/d) |
585 |
977 |
671 |
785 |
|||
Average sales price | |||||||
Crude oil and liquids ($/bbl) |
46.77 |
57.21 |
47.15 |
58.63 |
|||
Natural gas ($/mcf) incl commodity gains and losses |
0.96 |
1.09 |
1.54 |
1.34 |
|||
Equivalent ($/boe) |
21.48 |
20.52 |
21.94 |
21.20 |
|||
Netback(2) ($/boe) | |||||||
Revenues |
21.48 |
20.52 |
21.94 |
21.20 |
|||
Royalties |
(2.79) |
(2.28) |
(3.10) |
(2.35) |
|||
Net operating expense (3) |
(18.92) |
(11.64) |
(18.86) |
(15.98) |
|||
Transportation expense |
(1.06) |
(0.60) |
(1.13) |
(0.66) |
|||
Operating netback (loss)(2) |
(1.28) |
6.00 |
(1.15) |
2.21 |
|||
Q3-2019 Activity Overview and Subsequent Activity
Positive developments at Wizard Lake have occurred since the end of June 2019 resulting in the expectation that Point Loma will become cash flow positive in the first quarter of 2020. Highlights were as follows:
Board of Directors Changes
Effective November 26, 2019 Mr. Doug Dafoe and Mr. Kevin Baker have resigned as directors of the Corporation. The board of directors and management of Point Loma thank Doug and Kevin for their many contributions to the Corporation and wish them well in future ventures.
Additional Information
Point Loma has filed its third quarter financial statements and Management’s Discussion and Analysis for the quarter ended September 30, 2019 with Canadian securities regulators. These filings and additional information can be found at Point Loma’s website at www.pointloma.ca or at Point Loma’s profile on the System for Electronic Document Analysis and Retrieval website at www.sedar.com.
About Point Loma
Point Loma is a public oil and gas exploration and development company focused on conventional and unconventional oil and gas reservoirs in west central Alberta. The Corporation controls over 140,000 net acres (220 net sections) and has a deep inventory of oil opportunities in the Mannville (Upper and Lower), Banff, Nordegg, and Duvernay Shale formations. Point Loma’s business plan is to utilize its experience to drill, develop and acquire accretive assets with potential to employ horizontal multi-stage frac technology and to exploit opportunities for secondary recovery. For more information, please visit Point Loma’s website at www.pointloma.ca or Point Loma’s profile on the System for Electronic Document Analysis and Retrieval website at www.sedar.com.