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Bonavista Energy Corporation Announces 2018 First Quarter Results

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Bonavista Energy Corporation Announces 2018 First Quarter Results

Canada NewsWire

(TSX:BNP)

CALGARY, May 3, 2018 /CNW/ - Bonavista Energy Corporation ("Bonavista") is pleased to report to shareholders its financial and operating results for the three months ended March 31, 2018. Results for the first quarter of 2018 are highlighted by a 3% increase in production to 72,417 boe per day and a 6% reduction in total net debt when compared to the first quarter of 2017. 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 http://www.sedar.com and on Bonavista's website at www.bonavistaenergy.com.

Bonavista Energy Corporation Announces 2018 First Quarter Results (CNW Group/Bonavista Energy Corporation)





Highlights






Three months ended March 31,



2018


2017


% Change

Financial




($ thousands, except per share)




Production revenues


138,388


143,182


(3)%

Adjusted funds flow(1)


69,128


70,851


(2)%


Per share(1) (2)


0.27


0.28


(4)%

Dividends declared


2,523


2,503


1 %


Per share


0.01


0.01


— %

Net income (loss)


(2,037)


88,428


(102)%


Per share(3)


(0.01)


0.35


(103)%

Adjusted net income(4)


1,156


9,934


(88)%


Per share(3)



0.04


(100)%

Total assets


2,933,854


3,242,319


(10)%

Long-term debt, net of working capital


822,046


906,746


(9)%

Long-term debt, net of adjusted working capital(5)


839,619


891,737


(6)%

Shareholders' equity


1,539,073


1,652,722


(7)%

Capital expenditures:





Exploration and development


43,855


92,274


(52)%


Acquisitions, net of dispositions


97


(7,540)


101 %

Weighted average outstanding equivalent shares: (thousands)(3)





Basic


257,030


254,586


1 %


Diluted


267,120


262,519


2 %

Operating




(boe conversion – 6:1 basis)




Production:





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