Third Quarter Highlights:
- Quarterly royalty revenue of $1,554,910, an increase of 34% compared to Q3 2021.
- Quarterly Adjusted EBITDA1 of $1,219,346 ($0.027 per share), an increase of 21% compared to Q3 2021.
- Quarterly funds from operations1 of $1,115,225 ($0.025 per share), an increase of 11% compared to Q3 2021.
- Quarterly royalty production averaged 160 boe/d (92% oil and NGLs), a decrease of 6% compared to Q3 2021.
- Paid a quarterly dividend of $0.015 per share, resulting in a payout ratio1 of 60%.
- Achieved an operating netback1 of $82.84 per boe and a corporate netback1 of $75.76 per boe.
- Ended Q3 2022 with a cash balance of $16,283,684 ($0.36 per share), an increase of 5% from June 30, 2022.
(1) |
This is a non-GAAP financial measure or non-GAAP ratio. Refer to the disclosure under the heading “Non-GAAP Financial Measures & Ratios” for more information on each non-GAAP financial measure or ratio. |
Financial and Operational Results
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||
FINANCIAL ($) |
2022 |
2021 |
Change |
2022 |
2021 |
Change |
Royalty revenue |
1,554,910 |
1,161,759 |
34 % |
4,986,098 |
3,014,804 |
65 % |
Adjusted EBITDA(1) |
1,219,346 |
1,007,864 |
21 % |
4,337,001 |
2,692,491 |
61 % |
Per share (basic) |
0.027 |
0.034 |
-21 % |
0.105 |
0.092 |
14 % |
Funds from operations(1) |
1,115,225 |
1,007,864 |
11 % |
3,717,266 |
2,683,538 |
39 % |
Per share (basic) |
0.025 |
0.034 |
-26 % |
0.090 |
0.091 |
-1 % |
Total comprehensive income (loss) |
446,890 |
83,480 |
435 % |
1,998,607 |
(394,573) |
– |
Per share (basic) |
0.010 |
0.003 |
233 % |
0.048 |
(0.013) |
– |
Per share (diluted) |
0.010 |
0.003 |
233 % |
0.047 |
(0.013) |
– |
Dividends Paid |
673,449 |
440,307 |
53 % |
1,790,336(2) |
1,025,576 |
75 % |
Per share |
0.015 |
0.015 |
– |
0.045 |
0.035 |
29 % |
Payout ratio |
60 % |
44 % |
36 % |
48 % |
38 % |
26 % |
Cash and cash equivalents |
16,283,684 |
961,218 |
1,594 % |
16,283,684 |
961,218 |
1,594 % |
Per share (basic) |
0.36 |
0.03 |
1,100 % |
0.36 |
0.03 |
1,100 % |
Average shares outstanding (basic) |
44,896,645 |
29,548,945 |
52 % |
41,484,986 |
29,374,638 |
41 % |
Shares outstanding (end of period) |
44,896,645 |
29,562,559 |
52 % |
44,896,645 |
29,562,559 |
52 % |
OPERATING |
||||||
Average daily production (boe/d) |
160 |
170 |
-6 % |
165 |
159 |
4 % |
Percentage oil & NGLs |
92 % |
94 % |
-2 % |
92 % |
95 % |
-3 % |
Average price realizations ($/boe) |
105.69 |
74.18 |
42 % |
111.00 |
69.36 |
60 % |
Operating Netback ($/boe)(1) |
82.84 |
64.44 |
29 % |
96.28 |
61.80 |
56 % |
Corporate Netback ($/boe)(1) |
75.76 |
64.44 |
18 % |
82.52 |
61.82 |
33 % |
(1) |
This is a non-GAAP financial measure or non-GAAP ratio. Refer to the disclosure under the heading “Non-GAAP Financial Measures & Ratios” for more information on each non-GAAP financial measure or ratio. |
(2) |
$443,438 of this amount was paid in the form of a “return of capital”. |