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Advantage Announces Third Quarter 2009 Results, Continued Success at Glacier and A 44% Reduction in Debt Obligations
Advantage Announces Third Quarter 2009 Results, Continued Success at Glacier and A 44% Reduction ...
About this update from Advantage Energy Ltd
[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 12 /CNW/ -- Advantage Oil & Gas Ltd. (\"Advantage\" or the \"Corporation\") is pleased to announce its unaudited operating and financial results for the third quarter ended September 30, 2009.Financial and Operating HighlightsThree months ended Nine months endedSeptember 30 September 302009 2008 2009 2008-------------------------------------------------------------------------Financial ($000, except asotherwise indicated)Revenue beforeroyalties(1) $ 93,101 $ 195,384 $ 330,710 $ 592,757per share(2) $ 0.58 $ 1.39 $ 2.21 $ 4.27per boe $ 42.82 $ 65.51 $ 42.66 $ 66.52Funds from operations $ 42,104 $ 93,345 $ 149,285 $ 291,717per share(2) $ 0.26 $ 0.67 $ 1.00 $ 2.10per boe $ 19.38 $ 31.31 $ 19.27 $ 32.73Expenditures on propertyand equipment $ 42,658 $ 67,744 $ 111,020 $ 156,279Working capitaldeficit(3) $ 109,581 $ 72,928 $ 109,581 $ 72,928Bank indebtedness $ 330,800 $ 540,078 $ 330,800 $ 540,078Convertible debentures(face value) $ 132,221 $ 219,195 $ 132,221 $ 219,195Shares outstanding atend of period (000) 162,476 141,333 162,476 141,333Basic weighted averageshares (000) 161,182 140,192 149,916 138,806OperatingDaily ProductionNatural gas (mcf/d) 91,200 122,627 111,288 123,611Crude oil and NGLs(bbls/d) 8,431 11,980 9,853 11,920Total boe/d @ 6:1 23,631 32,418 28,401 32,522Average prices (includinghedging)Natural gas ($/mcf) $ 6.10 $ 7.55 $ 6.07 $ 8.32Crude oil and NGLs($/bbl) $ 54.02 $ 100.02 $ 54.38 $ 95.24(1) includes realized derivative gains and losses(2) based on basic weighted average shares outstanding(3) working capital deficit includes accounts receivable, prepaidexpenses and deposits, accounts payable and accrued liabilities,distributions payable, and the current portion of capital leaseobligations and convertible debentures MESSAGE TO SHAREHOLDERSAdvantage reduced its debt obligations by 44% and strengthened its balance sheet through the completion of an equity financing and the closing of two asset dispositions. Success continued at our Montney natural gas resource play at Glacier, Alberta with strong well results, capital cost reductions and approval of a new 50 mmcf/d gas plant that is now under construction.FinancialFunds from Operations Strengthened through Hedging Gains, Lower RoyaltyRates and Continued Reductions in Operating Costs- Funds from operations o...