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Bonavista Energy Corporation Announces 2017 First Quarter Results

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Bonavista Energy Corporation Announces 2017 First Quarter Results

Bonavista Energy Corporation Announces 2017 First Quarter Results

CALGARY, ALBERTA--(Marketwired - May 4, 2017) - Bonavista Energy Corporation ("Bonavista") (TSX:BNP) is pleased to report to shareholders its financial and operating results for the three months ended March 31, 2017. Results for the first quarter of 2017 are highlighted by a 19% increase in funds from operations and a 5% decrease in cash costs when compared to the first quarter of 2016. Cash costs of $8.98 per boe are the lowest achieved in the past decade showcasing our continued emphasis on cost reductions and efficiency improvements. The unaudited financial statements and notes, as well as management's discussion and analysis, are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on Bonavista's website at www.bonavistaenergy.com.

Highlights
Three months ended March 31,
2017 2016 % Change
Financial
($ thousands, except per share)
Production revenues 143,182 104,478 37 %
Funds from operations(1) 70,851 59,330 19 %
Per share(1) (2) 0.28 0.27 4 %
Dividends declared 2,503 6,421 (61 )%
Per share 0.01 0.03 (67 )%
Net income 88,428 46,421 90 %
Per share(3) 0.35 0.21 67 %
Adjusted net income(4) 11,431 23,429 (51 )%
Per share(3) 0.04 0.11 (64 )%
Total assets 3,242,319 3,513,479 (8 )%
Long-term debt, net of working capital 906,746 1,173,430 (23 )%
Long-term debt, net of adjusted working capital(5) 891,737 1,248,800 (29 )%
Shareholders' equity 1,652,722 1,591,043 4 %
Capital expenditures:
Exploration and development 92,274 40,622 127 %
Dispositions, net of acquisitions (7,540 ) 5,038 250 %
Weighted average outstanding equivalent shares: (thousands)(3)
Basic 254,586 218,660 16 %
Diluted 262,519 223,723 17 %
Operating
(boe conversion - 6:1 basis)
Production:
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