Business
Kelt Reports Financial and Operating Results for the Three and Nine Months Ended September 30, 2020
Calgary, Alberta--(Newsfile Corp. - November 10, 2020) - Kelt Exploration Ltd. (TSX: KEL) ("Ke...
About this update from Kelt Exploration Ltd.
[{"type":"text","content":"Kelt Reports Financial and Operating Results for the Three and Nine Months Ended September 30, 2020Calgary, Alberta--(Newsfile Corp. - November 10, 2020) - Kelt Exploration Ltd. (TSX: KEL) (\"Kelt\" or the \"Company\") reports its financial and operating results to shareholders for the three and nine months ended September 30, 2020. The Company's financial results are summarized as follows:FINANCIAL HIGHLIGHTSThree months ended September 30Nine months ended September 30(CA$ thousands, except as otherwise indicated)20202019%20202019%Petroleum and natural gas sales48,82393,274-48165,195296,593-44Cash provided by (used in) operating activities(8,610)14,640-15955,991127,092-56Adjusted funds from operations (1)9,00239,173-7748,074135,866-65 Basic ($/ common share) (1)0.050.21-760.260.74-65 Diluted ($/ common share) (1)0.050.21-760.250.74-66Profit (loss) and comprehensive income (loss)(24,080)(2,909)728(350,826)9,200-3913 Basic ($/ common share)(0.13)(0.02)550(1.87)0.05-3840 Diluted ($/ common share)(0.13)(0.02)550(1.87)0.05-3840Total capital expenditures, net of dispositions(497,321)52,657-1044(378,427)251,641-250Total assets824,7511,602,566-49824,7511,602,566-49Net bank debt (surplus) (1)(127,584)320,507-140(127,584)320,507-140Convertible debentures89,91081,6301089,91081,63010Shareholders' equity576,862908,190-36576,862908,190-36Weighted average shares outstanding (000s) Basic188,126184,2662187,939184,1462 Diluted188,740184,4202188,677184,7172 (1) Refer to advisories regarding non-GAAP financial measures and other key performance indicators. Financial StatementsKelt's unaudited consolidated interim financial statements and related notes for the quarter ended September 30, 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 November 10, 2020.Kelt's operating results for the third quarter ended September 30, 2020 are summarized as follows:OPERATIONAL HIGHLIGHTSThree months ended September 30Nine months ended September 30(CA$ thousands, except as otherwise indicated)20202019%20202019%Average daily production Oil (bbls/d)5,7129,981-438,0649,179-12 NGLs (bbls/d)4,2864,480-44,6444,3567 Gas (mcf/d)74,672100,136-2590,86195,921-5 Combined (BOE/d)22,44331,150-2827,85229,522-6Production per million common shares (BOE/d) (1)119169-30148160-8Avera...