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Cequence Energy Announces First Quarter 2018 Financial and Operating Results

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Cequence Energy Announces First Quarter 2018 Financial and Operating Results

Canada NewsWire

CALGARY, May 15, 2018 /CNW/ - Cequence Energy Ltd. ("Cequence" or the "Company") (TSX:CQE) is pleased to announce its operating and financial results for the three month period ended March 31, 2018. The Company's Consolidated Financial Statements and Management's Discussion and Analysis are available at cequence-energy.com and on SEDAR at www.sedar.com.

Cequence Energy Ltd. (CNW Group/Cequence Energy Ltd.)

First quarter & subsequent Company highlights include:

  • Achieved average quarterly production of 6,970 boe/d (17% liquids), an increase of four percent from the fourth quarter 2017;
  • Funds flow from operations was $3.2 million or $0.01 per share;
  • Operating costs were $10.18/boe down from $12.91/boe in the fourth quarter of 2017 as the water transfer project nears completion;
  • Completed and tied in 3.0 gross (2.0 net) Dunvegan horizontal oil wells.  The wells have produced an average of 440 bbl oil per operating day per well since early April;
  • Entered into a transaction to dispose all of the Company's B.C. assets for nominal consideration.  The transaction closed on April 18th with an effective date of April 1, 2018; and
  • On May 1st, the Company sold approximately 145 boe/d (90% gas) in the Gordondale area of Alberta for $1.5 million

(000's except per share and per unit amounts)

Three months ended

March 31,


2018

2017

%  Change

FINANCIAL




Total revenue(1)(5)

14,443

19,354

(25)

Comprehensive income (loss)

(3,725)

5,251

(171)

Per share – basic and diluted

(0.02)

0.02

(200)

Funds flow from operations  (2)(5)

3,236

7,346

(56)

Per share, basic and diluted

0.01

0.03

(67)

Capital expenditures, before acquisitions (dispositions)

7,454

15,046

(50)

Capital expenditures, including acquisitions (dispositions)

7,458

15,046

(50)

Net debt (3)(5)

(74,477)

(71,943)

4

Weighted average shares outstanding – basic

245,528

245,528

-

Weighted average shares outstanding – diluted

245,528

248,889

(1)

OPERATING




Production volumes




Natural gas (Mcf/d)

34,828

45,214

(23)

Crude oil (bbls/d)

245

481

(49)

Natural gas liquids (bbls/d)

274

270

1

Condensate (bbls/d)

647

814

(21)

Total (boe/d)

6,970

9,101

(23)

Sales prices




Natural gas, including realized hedges ($/Mcf)

2.70

2.79

(3)

Crude oil and condensate, including realized hedges ($/bbl)

62.59

62.50

-

Natural gas liquids ($/bbl)

38.30

29.92

28

Total ($/boe)

23.02

23.63

(3)

Netback ($/boe)




Price, including realized hedges

23.02

23.63

(3)

Royalties

(1.18)

(1.65)

(28)

Transportation

(2.30)

(1.60)

44

Operating costs

(10.18)

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