Coelacanth Announces Q1 2023 Financial and Operating Results

About this update from Coelacanth Energy, Inc.

[{"type":"text","content":"Coelacanth Announces Q1 2023 Financial and Operating ResultsCalgary, Alberta--(Newsfile Corp. - May 25, 2023) - COELACANTH ENERGY INC. (TSXV: CEI) (\"Coelacanth\" or the \"Company\") is pleased to announce its financial and operating results for the three months ended March 31, 2023. All dollar figures are Canadian dollars unless otherwise noted.Financial and operational results below present the carved-out historic financial position, results of operations and cash flows of Leucrotta's Two Rivers Assets for all prior periods up to and including May 31, 2022 and the results of operations from May 31, 2022 forward include the results of Coelacanth after assuming the Two Rivers Assets upon close of the Arrangement. FINANCIAL RESULTS Three Months Ended   March 31 ($000s, except per share amounts)  2023   2022   % Change          Oil and natural gas sales 954 1,688 (43)         Cash flow used in operating activities (2,042) (660) 209      Per share - basic and diluted (1) (-) (-) -         Adjusted funds used (1) (554) (473) 17      Per share - basic and diluted (-) (-) -         Net loss (1,789) (1,546) 16      Per share - basic and diluted (-) (0.01) (100)         Capital expenditures (1) 5,139 297 1,630         Adjusted working capital (1) 61,215 285 21,379         Common shares outstanding (000s)            Weighted average - basic and diluted 425,116 289,792 47              End of period - basic 425,384 - na      End of period - fully diluted 469,358 - na  (1) See \"Non-GAAP and Other Financial Measures\" section.    Three Months Ended OPERATING RESULTS (1) March 31    2023   2022   % Change          Daily production (2)            Oil and condensate (bbls/d) 46 70 (34)      Other NGLs (bbls/d) 14 21 (33)      Oil and NGLs (bbls/d) 60 91 (34)      Natural gas (mcf/d) 1,380 1,750 (21)      Oil equivalent (boe/d) 290 383 (24...

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