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LEUCROTTA EXPLORATION INC. Q1 2017 Financial and Operating Results

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CALGARY, Alberta, May 30, 2017 (GLOBE NEWSWIRE) -- LEUCROTTA EXPLORATION INC. (TSXV:LXE) ("Leucrotta" or the "Company") is pleased to announce its financial and operating results for the three months ended March 31, 2017.   All dollar figures are Canadian dollars unless otherwise noted.

HIGHLIGHTS

  • Brought four previously drilled wells on-stream in Q1 2017.  Increased production 128% to 1,881 boe/d in Q1 2017 from 824 boe/d in Q4 2016. Exit production at March 31, 2017 was approximately 3,000 boe/d.
     
  • Subsequent to quarter-end:
     
    • Increased borrowing base on revolving credit facility to $20.0 million.
       
    • Closed acquisition of certain lands located within the Company's core Doe/Mica area for an aggregate cash purchase price of approximately $36.0 million.   
       
    • Closed offering of common shares and flow-through common shares by way of a short form prospectus for gross proceeds of $80.0 million (33,333,400 common shares at a price of $2.25 per common share and 1,852,000 common shares on a flow-through basis at a price of $2.70 per flow-through common share).
       
FINANCIAL RESULTS      
  Three Months Ended March 31
($000s, except per share amounts) 2017   2016   % Change
       
Oil and natural gas sales 4,883   2,301   112  
       
Funds from (used in) operations (1) 1,296   (283 ) 558  
Per share - basic and diluted 0.01   -   100  
       
Net loss (878 ) (2,773 ) (68 )
Per share - basic and diluted (0.01 ) (0.02 ) (50 )
       
Capital expenditures and acquisitions 18,518   4,398   321  
       
Working capital 8,889   40,952   (78 )
       
Common shares outstanding (000s)      
Weighted average - basic and diluted 165,239   165,227   -  
       
End of period - basic 165,261   165,227   -  
End of period - diluted 189,297   189,279   -  
       

(1) See "Non-GAAP Measures" section.

   
   
OPERATING RESULTS (1) Three Months Ended March 31
  2017   2016   % Change
       
Daily production      
Oil and NGLs (bbls/d) 514   412   25  
Natural gas (mcf/d) 8,197   5,031   63  
Oil equivalent (boe/d) 1,881   1,251   50  
       
Revenue      
Oil and NGLs ($/bbl) 57.92   37.21   56  
Natural gas ($/mcf) 2.98   1.98   51  
Oil equivalent ($/boe) 28.85   20.22   43  
       
Royalties      
Oil and NGLs ($/bbl) 3.46   3.06   13  
Natural gas ($/mcf) 0.15   -   100  
Oil equivalent ($/boe) 1.59   1.02   56  
       
Operating expenses      
Oil and NGLs ($/bbl) 11.86   13.98   (15 )
Natural gas ($/mcf) 1.21   1.09   11  
Oil equivalent ($/boe) 8.52   8.98   (5 )
       
Transportation expenses      
Oil and NGLs ($/bbl) 3.73   4.65   (20 )
Natural gas ($/mcf) 0.96   0.43   123  
Oil equivalent ($/boe) 5.21   3.26   60  
       
Operating netback (2)      
Oil and NGLs ($/bbl) 38.87   15.52   150  
Natural gas ($/mcf) 0.66   0.46   43  
Oil equivalent ($/boe) 13.53   6.96   94  
       
Depletion and depreciation ($/boe) (10.38 ) (11.89 ) (13 )
General and administrative expenses ($/boe) (6.40 ) (10.73 ) (40 )
Share based compensation ($/boe) (2.24 ) (9.68 ) (77 )
Finance expense ($/boe) (0.23 ) (0.35 ) (34 )
Finance income ($/boe) 0.53   1.34  
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