CALGARY, ALBERTA--(Marketwired - Aug 19, 2015) - Tuscany Energy Ltd. (TSX VENTURE:TUS) is pleased to report satisfactory financial and operating results for the six months ended June 30, 2015.
Highlights of Q2 2015:
- Production for the Quarter averaged 811 BOEd compared with 758 BOEd for Q2 2014.
- Revenues for the quarter totaled $3.4 million compared with $4.9 Million for Q2 2014.
- Cash flow for the quarter totaled $1.1 million compared with $2.5 million for Q2 2014.
- Quarter ended net debt totaled $6.5 million compared with $7.2 million at March 31, 2015.
During the quarter, the Company received the final approval from its commercial lender confirming its Line of Credit of $8.5 million; unchanged from the prior year. Importantly the Line of Credit does not require any term repayment.
In addition, as a result of a recent production purchase in Alberta, Tuscany Energy Ltd. has established a positive license liability rating in Alberta, and will therefore recover its $1.1 million security deposit from the Alberta Government.
Tuscany has filed its Interim Financial Statements and MD&A for the six months ended June 30, 2015 on SEDAR and its website.
Please refer to Tuscany's website at www.tuscanyenergy.com for more information on the Company's Evesham and Macklin fields and other prospects in Alberta and Saskatchewan.
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| Corporate Summary |
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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| ($ Thousands, unless otherwise indicated) |
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| Financial |
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Oil & gas revenue |
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3,395 |
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4,926 |
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6,026 |
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8,983 |
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Cash flow from operations (1) |
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1,102 |
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2,461 |
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1,611 |
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4,295 |
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$ per share, diluted (1) |
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0.02 |
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0.06 |
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0.03 |
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0.11 |
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Net earnings (loss) for the period |
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(260 |
) |
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392 |
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(1,791 |
) |
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220 |
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$ per share, diluted |
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-0.01 |
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0.01 |
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-0.04 |
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0.01 |
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Capital expenditures, net of dispositions |
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267 |
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1,618 |
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780 |
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3,394 |
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Net debt (1) |
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(6,452 |
) |
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(6,334 |
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(6,452 |
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(6,334 |
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Total assets |
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29,920 |
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35,584 |
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29,920 |
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35,584 |
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Total shares outstanding at period end |
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50,787 |
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38,653 |
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50,787 |
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38,653 |
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| Operations |
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Production |
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Oil and NGLs (Bopd) |
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693 |
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603 |
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720 |
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578 |
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Gas (Mcfd) |
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706 |
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931 |
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744 |
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831 |
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BOEd (6 Mcf = 1 Bbl) |
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811 |
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758 |
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844 |
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717 |
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Product Prices |
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Oil ($/Bbl) |
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51.23 |
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82.83 |
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43.56 |
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78.69 |
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Gas ($/Mcf) |
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2.52 |
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4.56 |
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2.58 |
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5.03 |
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(1) See non-GAAP and additional GAAP measures in MD&A.
ADVISORY:
BOE information
Where amounts are expressed on a barrel of oil equivalent (BOE) basis, natural gas volumes have been converted to barrels of oil on the basis of six thousand cubic feet (mcf) per barrel (bbl). BOE figures may be misleading, particularly if used in isolation. A BOE conversion of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 mcf: 1 bbl, using a conversion on a 6 mcf: 1 bbl basis may be misleading as an indication of value. References to oil in this discussion include crude oil and natural gas liquids (NGLs).
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.