Calgary, Alberta – Briko Energy Corp. (“Briko” or the “Corporation”) is pleased to report its financial and operating results for the three months and year ended December 31, 2020. Financial and operational information is set out below and should be read in conjunction with Briko’s December 31, 2020 audited annual financial statements and the related management’s discussion and analysis (“MD&A”). In addition, the Corporation announces the filing of its Annual Information Form (“AIF”) for the year ended December 31, 2020. The AIF contains the Corporation’s reserves and other oil and natural gas information, as required under National Instrument 51-101 Standards of Disclosure of Oil and Gas Activities. The AIF, financial statements and MD&A are available for review at www.sedar.com and on the Corporation’s website at www.brikoenergy.com.
FINANCIAL AND OPERATING RESULTS
- Average daily production of 566 boe per day for the year ended December 31, 2020 compared to 663 boe per day for the year ended December 31, 2019.
- Decreased net operating expenses per boe by 3% to $11.69/boe for the year ended December 31, 2020 as compared to $11.99/boe for the year ended December 31, 2019.
- Decreased G&A expenses per boe by 23% to $3.01/boe for the year ended December 31, 2020 as compared to $3.92/boe for the year ended December 31, 2019.
- Adjusted funds flow for the year ended December 31, 2020 of $767,000 ($0.07/share) compared to $1.1 million (0.10/share) for the year ended December 31, 2019.
- Net working capital at December 31, 2020 of $768,000 compared to $46,000 at December 31, 2019.
- Maintained a strong Liability Management Rating (“LMR”) of 6.46 at April 3, 2021.
(Expressed in thousands of Canadian dollars except per boe and share amounts) | Three Months ended December 31, |
Year Ended December 31, |
||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
OPERATIONS | ||||||||||||
Average daily production | ||||||||||||
Light oil (bbls/d) | 145 | 155 | 122 | 166 | ||||||||
Natural gas (mcf/d) | 2,154 | 2,381 | 2,369 | 2,601 | ||||||||
NGL’s (bbl/d) | 31 | 66 | 49 | 63 | ||||||||
Total equivalent (boe/d) | 535 | 617 | 566 | 663 | ||||||||
Average prices | ||||||||||||
Light oil ($/bbl) | $ | 57.72 | $ | 70.25 | $ | 56.82 | $ | 67.80 | ||||
Natural gas ($/mcf) | 2.53 | 1.96 | 1.90 | 1.61 | ||||||||
NGL ($/bbl) | 44.55 | 54.11 | 36.22 | 48.93 | ||||||||
Operating netback | ||||||||||||
Revenue ($/boe) | $ | 28.43 | $ | 30.91 | $ | 23.34 | $ | 28.01 | ||||
Realized gain (loss) on risk management contracts ($/boe) | (0.13 | ) | (0.69 | ) | 0.76 | (0.28 | ) | |||||
Royalties ($/boe) | (3.62 | ) | (5.05 | ) | (3.58 | ) | (4.71 | ) | ||||
Net operating expenses ($/boe) (1) | (13.70 | ) | (13.61 | ) | (11.69 | ) | (11.99 | ) | ||||
Transportation expenses ($/boe) | (2.17 | ) | (2.59 | ) | (2.11 | ) | (2.39 | ) | ||||
Operating netback (1) ($/boe) | $ | 8.81 | $ | 8.97 | $ | 6.72 | $ | 8.64 | ||||
FINANCIAL | ||||||||||||
Oil and natural gas revenues (2) | $ | 1,400 | $ | 1,755 | $ | 4,836 | $ | 6,777 | ||||
Operating income(1) | 435 | 509 | 1,391 | 2,090 | ||||||||
Cash provided by (used in) operating activities | $ | (395 | ) | $ | (17 | ) | $ | 874 | $ | 929 | ||
Per share – basic and diluted | $ | (0.04 | ) | $ | (0.00 | ) | $ | 0.08 | $ | 0.08 | ||
Adjusted funds flow (1) | $ | 235 | $ | 256 | $ | 767 | $ | 1,141 | ||||
Per share – basic and diluted | $ | 0.02 | $ | 0.02 | $ | 0.07 | $ | 0.10 | ||||
Net income (loss) and comprehensive income (loss) | $ | 3,024 | $ | (2,458 | ) | $ | (232 | ) | $ | (2,829 | ) | |
Per share – basic and diluted | $ | 0.27 | $ | (0.22 | ) | $ | (0.02 | ) | $ | (0.25 | ) | |
Capital expenditures | $ | (22 | ) | $ | 140 | $ | 47 | $ | 699 | |||
Net working capital(1) | $ | 768 | $ | 46 | $ | 768 | $ | 46 | ||||
Shares outstanding (‘000s) | 11,211 | 11,207 | 11,211 | 11,206 | ||||||||
Weighted average shares outstanding | ||||||||||||
basic and diluted (‘000s) | 11,211 | 11,207 | 11,209 | 11,206 |
(1)Operating netback, operating income, net operating expenses, adjusted funds flow and net working capital are non-IFRS measures. See “Non- IFRS Measures”.
(2) Before royalties.
About Briko Energy Corp.
Briko Energy Corp. is an Alberta Foothills Cardium focused company with undeveloped land, crude oil and natural gas reserves and a production base with associated infrastructure. Corporate information can be found at: www.brikoenergy.com.