Business
Kelt Reports Financial and Operating Results for the Three and Six Months Ended June 30, 2023
Calgary, Alberta--(Newsfile Corp. - August 3, 2023) - Kelt Exploration Ltd .(TSX : KEL) ("Kelt" ...
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, 2023Calgary, Alberta--(Newsfile Corp. - August 3, 2023) - Kelt Exploration Ltd .(TSX: KEL) (\"Kelt\" or the \"Company\") reports its financial and operating results to shareholders for the three and six months ended June 30, 2023. 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)20232022%20232022%                    Petroleum and natural gas sales110,061178,938-38249,632317,384-21Cash provided by operating activities68,16391,623-26168,323157,1767Adjusted funds from operations (1)58,81094,783-38150,810168,952-11 Basic ($/ common share) (1)0.310.50-380.780.89-12 Diluted ($/ common share) (1)0.300.48-380.770.87-11                   Net income and comprehensive income 25,79970,711-6442,13581,431-48 Basic ($/ common share)0.130.37-650.220.43-49 Diluted ($/ common share)0.130.36-640.220.42-48                   Capital expenditures, net of A&D (1)45,03589,072-49121,664172,765-30Total assets1,174,6091,035,372131,174,6091,035,37213Net debt (surplus) (1)(18,580)23,117180(18,580)23,117180Shareholders' equity948,215818,73416948,215818,73416                   Weighted average shares outstanding (000s)       Basic192,538191,1741192,300190,2841 Diluted196,366195,848-195,842194,5761   (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, 2023 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 3, 2023.Kelt's operating results for the second quarter ended June 30, 2023 are summarized as follows:OPERATIONAL HIGHLIGHTSThree months ended June 30Six mon...