Business
Kelt Reports Financial and Operating Results for the Quarter and Year Ended December 31, 2021
Calgary, Alberta--(Newsfile Corp. - March 10, 2022) - 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, 2021Calgary, Alberta--(Newsfile Corp. - March 10, 2022) - 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, 2021. The Company's financial results are summarized as follows:FINANCIAL HIGHLIGHTSThree months ended December 31Year ended December 31 (CA$ thousands, except as otherwise indicated)20212020%20212020%Petroleum and natural gas sales120,52341,961187316,763207,15653Cash provided by operating activities52,0563,2881483159,71459,279169Adjusted funds from operations (1)68,15510,758534161,39458,832174 Basic ($/ common share) (1)0.360.065000.850.31174 Diluted ($/ common share) (1)0.350.064830.850.31174Net income (loss) and comprehensive income (loss)52,99626,018104114,256(324,807)135 Basic ($/ common share)0.280.141000.61(1.73)135 Diluted ($/ common share)0.280.141000.60(1.73)135Capital expenditures, net of A&D (1)67,11824,470174213,511(353,957)160Total assets913,497759,98720913,497759,98720Bank debt1,150--1,150--Net debt (surplus) (1)28,220(27,655)20228,220(27,655)202Shareholders' equity722,724603,68420722,724603,68420Weighted average shares outstanding (000s)       Basic189,134188,551-188,800188,093- Diluted192,676189,2702190,807188,0931  (1) Refer to advisories regarding non-GAAP and other financial measures.Financial StatementsKelt's audited annual consolidated annual financial statements and related notes for the year ended December 31, 2021 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 10, 2022.Kelt's operating results for the fourth quarter and year ended December 31, 2021 are summarized as follows:OPERATIONAL HIGHLIGHTSThree months ended December 31Year ended December 31 (CA$ thousands, except as otherwise indicated)20212020%20212020%Average daily production Oil (bbls/d) (2)6,6244,057634,6927,057-34 NGLs (bbls/d)3,2552,722203,1544,161-24 Gas (mcf/d)95,61658,1796478,84682,646-5  Combined (BOE/d)25,81516,4765720,98724,992-16 Production per million common shares (BOE/d) (1)1368756111133-17 Net realized prices, before financial instruments(1)    ...