Business
Kelt Reports Financial and Operating Results for the Three and Six Months Ended June 30, 2020
Calgary, Alberta--(Newsfile Corp. - August 6, 2020) - Kelt Exploration Ltd. ("Kelt" or the "Co...
About this update from Kelt Exploration Ltd.
[{"type":"text","content":"Kelt Reports Financial and Operating Results for the Three and Six Months Ended June 30, 2020Calgary, Alberta--(Newsfile Corp. - August 6, 2020) - Kelt Exploration Ltd. (\"Kelt\" or the \"Company\") reports its financial and operating results to shareholders for the three and six months ended June 30, 2020. The Company's financial results are summarized as follows:FINANCIAL HIGHLIGHTSThree months ended June 30Six months ended June 30(CA$ thousands, except as otherwise indicated)20202019%20202019%Petroleum and natural gas sales45,454100,734-55116,373203,319-43Cash provided by operating activities14,42958,639-7564,601112,452-43Adjusted funds from operations (1)11,71245,234-7439,07296,693-60 Basic ($/ common share) (1)0.060.25-760.210.53-60 Diluted ($/ common share) (1)0.060.25-760.210.52-60Profit (loss) and comprehensive income (loss)(252,661)2,740-9321(326,746)12,109-2798 Basic ($/ common share)(1.35)0.01-13600(1.74)0.07-2586 Diluted ($/ common share)(1.35)0.01-13600(1.74)0.07-2586Total capital expenditures, net of dispositions27,76891,022-69118,894198,984-40Total assets1,295,9651,577,824-181,295,9651,577,824-18Bank debt320,300250,99328320,300250,99328Convertible debentures85,18180,512685,19180,5126Shareholders' equity599,399909,373-34599,399909,373-34Weighted average shares outstanding (000s)       Basic187,794184,1512187,845184,0852 Diluted187,848184,5322188,630184,5132        (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 June 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 August 6, 2020.Kelt's operating results for the second quarter ended June 30, 2020 are summarized as follows:OPERATIONAL HIGHLIGHTSThree months ended June 30Six months ended June 30(CA$ thousands, except as otherwise indicated)20202019%20202019%Average daily production Oil (bbls/d)8,8249,727-99,2548,7725 NGLs (bbls/d)5,0664,67984,8254,29312 Gas (mcf/d)98,85395,450499,04593,7796 Combined (BOE/d)30,36630,314-30,58728,6957Production per million common shares (BOE/d) (1)162165-21631564Average realized prices, before financial instrum...