Business
Kelt Reports Financial and Operating Results for the Quarter and Year Ended December 31, 2020
Calgary, Alberta--(Newsfile Corp. - March 11, 2021) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt"...
About this update from Kelt Exploration Ltd.
[{"type":"text","content":"Kelt Reports Financial and Operating Results for the Quarter and Year Ended December 31, 2020Calgary, Alberta--(Newsfile Corp. - March 11, 2021) - Kelt Exploration Ltd. (TSX: KEL) (\"Kelt\" or the \"Company\") has released its financial and operating results for the fourth quarter and year ended December 31, 2020. The Company's financial results are summarized as follows:FINANCIAL HIGHLIGHTS Three months ended December 31  Year ended December 31 (CA$ thousands, except as otherwise indicated) 2020  2019  %  2020  2019  %  Petroleum and natural gas sales41,96197,763-57207,156394,356-47 Cash provided by operating activities3,28835,396-9159,279162,488-64 Adjusted funds from operations (1)10,75846,655-7758,832182,521-68  Basic ($/ common share) (1)0.060.25-760.310.99-69  Diluted ($/ common share) (1)0.060.25-760.310.99-69 Profit (loss) and comprehensive income (loss)26,018(2,628)-1090(324,807)6,572-5042  Basic ($/ common share)0.14(0.01)-1500(1.73)0.04-4425  Diluted ($/ common share)0.14(0.01)-1500(1.73)0.04-4425 Total capital expenditures, net of dispositions24,47063,983-62(353,957)315,624-212 Total assets759,9871,605,465-53759,9871,605,465-53 Net bank debt (surplus (1)(26,261)328,080-108(26,261)328,080-108 Convertible debentures-82,789-100-82,789-100 Shareholders' equity603,684923,062-35603,684923,062-35 Weighted average shares outstanding (000s)        Basic188,551184,7632188,093184,3022  Diluted189,270185,1082188,093184,9462 (1) Refer to advisories regarding non-GAAP financial measures and other key performance indicators. Financial StatementsKelt's audited annual consolidated annual financial statements and related notes for the year ended December 31, 2020 will be available to the public on SEDAR at www.sedar.com and will also be posted on the Company's website at www.keltexploration.com on March 11, 2021.Kelt's operating results for the fourth quarter and year ended December 31, 2020 are summarized as follows:OPERATIONAL HIGHLIGHTS Three months ended December 31  Year ended December 31  (CA$ thousands, except as otherwise indicated) 2020  2019  %  2020  2019  %&...