Business
Advantage Announces Second Quarter 2014 Financial and Operating Results
Record Production at Glacier & Low Costs Drive 81% Increase in Funds from Operations ...
About this update from Advantage Energy Ltd
[{"type":"text","content":"\n\nRecord Production at Glacier & Low CostsDrive 81% Increase in Funds from Operations\n\n(TSX: AAV, NYSE: AAV)\n\n\n\nCALGARY, Aug. 14, 2014 /CNW/ - Advantage Oil & Gas Ltd. (\"Advantage\" or the \"Corporation\") is pleased to report its unaudited financial and operating results for the three and six months ended June 30, 2014.\n\nAdvantage's strong second quarter 2014 results demonstrate the high quality of our Glacier Montney asset and support the Corporation's three year development plan.  During the second quarter, we continued to advance development at Glacier towards our 2017 production target of 245 mmcfe/d (40,830 boe/d) and recorded the following key achievements:\n\n\n26% Glacier production growth to a record 136.1 mmcfe/d (22,685 boe/d) \n81% increase in funds from operations \n88% operating netback as a % of sales \n31% decrease in operating costs to $0.31/mcfe ($1.88/boe) \n60% decrease in cash G&A costs to $0.19/mcfe ($1.14/boe) \n$329 million available on our $400 million credit facility \n1.0x Total debt to annualized second quarter cash flow \nAdvantage's world class Glacier Montney asset, industry leading cost structure, strong balance sheet and focused business plan are all key factors in the execution of our three year development program designed to deliver 100% production per share growth and 190% cash flow per share growth. \n\n\n\n\n\nThree months ended\n\n\n\nSix months ended\n\n\n\nFinancial Highlights (1)\n\n\nJune 30\n\n\n\nJune 30\n\n\n\n\n\n\n2014\n\n\n\n2013\n\n\n\n2014\n\n\n\n2013\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial ($000, except as otherwise indicated)\n\n\n\n\n\n\n\n\n\n\nSales including realized hedging\n\n\n$\n\n\n54,265\n\n\n\n$\n\n\n39,184\n\n\n\n$\n\n\n109,504\n\n\n\n$\n\n\n80,782\n\n\n\nFunds from operations\n\n\n$\n\n\n42,561\n\n\n\n$\n\n\n23,488\n\n\n\n$\n\n\n88,010\n\n\n\n$\n\n\n44,972\n\n\n\n\nper share (2)\n\n\n$\n\n\n0.25\n\n\n\n$\n\n\n0.14\n\n\n\n$\n\n\n0.52\n\n\n\n$\n\n\n0.27\n\n\n\nTotal capital expenditures\n\n\n$\n\n\n21,013\n\n\n\n$\n\n\n3,750\n\n\n\n$\n\n\n70,300\n\n\n\n$\n\n\n57,857\n\n\n\nWorking capital deficit (3)\n\n\n$\n\n\n6,165\n\n\n\n$\n\n\n5,954\n\n\n\n$\n\n\n6,165\n\n\n\n$\n\n\n5,954\n\n\n\nBank indebtedness\n\n\n$\n\n\n71,120\n\n\n\n$\n\n\n144,779\n\n\n\n$\n\n\n71,120\n\n\n\n$\n\n\n144,779\n\n\n\nConvertible debentures (face value)\n\n\n$\n\n...