Coelacanth Announces Q2 2023 Financial and Operating Results

About this update from Coelacanth Energy, Inc.

[{"type":"text","content":"Coelacanth Announces Q2 2023 Financial and Operating ResultsCalgary, Alberta--(Newsfile Corp. - August 24, 2023) - COELACANTH ENERGY INC. (TSXV: CEI) (\"Coelacanth\" or the \"Company\") is pleased to announce its financial and operating results for the three and six months ended June 30, 2023. All dollar figures are Canadian dollars unless otherwise noted.HIGHLIGHTSReceived regulatory approval to drill and complete up to 14 wells on its 5-19 pad at Two Rivers East. Drilling of the first 5-well pad is expected to commence in Q3 2023.Drilled second Upper Montney well on its 10-08 pad at Two Rivers West. Wells expected to be completed in Q3 2023.Entered into an arrangement with NorthRiver Midstream Inc. (\"NRM\") to secure up to 60 mmcf/d of firm processing service at NRM's McMahon gas processing facility for a period of 10 years. The processing service will commence after the construction of the Two Rivers East facility. As part of the arrangement, NRM has agreed to finance certain related gathering infrastructure to interconnect the Two Rivers East facility to NRM's current gathering system.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 Six Months Ended   June 30 June 30 ($000s, except per share amounts)  2023   2022   % Change   2023   2022   % Change                Oil and natural gas sales              826           2,334              (65)           1,780           4,022              (56)               Cash flow from (used in) operating activities              765 &#x...

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