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Cequence Energy Announces Second Quarter 2018 Financial Results

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Cequence Energy Announces Second Quarter 2018 Financial Results

Canada NewsWire

CALGARY, Aug. 10, 2018 /CNW/ - Cequence Energy Ltd. ("Cequence" or the "Company") (TSX:CQE) is pleased to announce its operating and financial results for the three and six-month periods ended June 30, 2018. The Company's Condensed 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.)

Second quarter and subsequent Company highlights include:

  • Brought on stream 3 gross (2 net) Dunvegan oil wells, all exhibiting strong results;
  • Achieved average quarterly production of 6,334 boe/d (25% liquids) with liquid volumes increasing by 34% over the first quarter of 2018;
  • Funds flow from operations was $2.2 million or $0.01 per share;
  • On May 1st, the Company sold approximately 145 boe/d (90% gas) in the Gordondale area of Alberta for approximately $1.5 million;
  • On April 1, 2018, the Company began selling approximately 1/3 of its gas at the Dawn, Ontario market where prices have averaged approximately $3.49/mcf compared to AECO pricing of approximately $1.16/mcf ; and
  • As previously announced on July 27th, 2018, the Company entered into a series of transactions that will refinance the Company's balance sheet.

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

Three months ended

June 30,

 

Six months ended

June 30,

 





2018

2017

% Change

2018

2017

% Change

FINANCIAL







Total revenue(1), (5)

14,613

17,810

(18)

29,057

37,164

(22)

Comprehensive income loss

(2,745)

(94,899)

(97)

(6,470)

(89,648)

(93)


Per share – basic and diluted

(0.01)

(0.39)

(97)

(0.03)

(0.37)

(92)

Funds flow from operations (2), (5)

2,191

6,781

(68)

5,427

14,127

(62)


Per share, basic and diluted

0.01

0.03

(67)

0.02

0.06

(67)

Capital expenditures, before acquisitions (dispositions)

1,830

2,536

(28)

9,284

17,582

(47)

Capital expenditures, including acquisitions (dispositions)

397

2,536

(84)

7,855

17,582

(55)

Net debt (3), (5)

(73,486)

(67,862)

8

(73,486)

(67,862)

8

Weighted average shares outstanding – basic

245,528

245,528

-

245,528

245,528

-

Weighted average shares outstanding – diluted

245,528

245,528

-

245,528

245,528

-

OPERATING







Production volumes







Natural gas (Mcf/d)

28,628

42,719

(33)

31,711

43,959

(28)

Crude oil (bbls/d)

864

224

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