Business
Kelt Reports Financial and Operating Results for the Three Months Ended March 31, 2020
Calgary, Alberta--(Newsfile Corp. - May 7, 2020) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or...
About this update from Kelt Exploration Ltd.
[{"type":"text","content":"Kelt Reports Financial and Operating Results for the Three Months Ended March 31, 2020Calgary, Alberta--(Newsfile Corp. - May 7, 2020) - Kelt Exploration Ltd. (TSX: KEL) (\"Kelt\" or the \"Company\") reports its financial and operating results to shareholders for the first quarter ended March 31, 2020. In addition, Kelt is providing a corporate update in response to the current market conditions resulting from the COVID-19 pandemic. The Company's financial results are summarized as follows: FINANCIAL HIGHLIGHTS Three months ended March 31 (CA$ thousands, except as otherwise indicated) 2020 2019 %      Petroleum and natural gas sales 70,918 102,585 -31 Cash provided by operating activities 50,172 53,813 -7 Adjusted funds from operations (1) 27,360 51,459 -47    Basic ($/ common share) (1) 0.15 0.28 -46     Diluted ($/ common share) (1) 0.15 0.28 -46      Profit (loss) and comprehensive income (loss) (74,085) 9,369 -891    Basic ($/ common share) (0.39) 0.05 -880    Diluted ($/ common share) (0.39) 0.05 -880      Total capital expenditures, net of dispositions 91,126 107,962 -16 Total assets 1,608,870 1,515,227 6 Net bank debt (1) 344,664 258,351 33 Convertible debentures 83,957 79,426 6 Shareholders' equity 850,486 904,835 -6      Weighted average shares outstanding (000s)          Basic 187,794 184,017 2    Diluted 187,940 184,617 2   (1) Refer to advisories regarding non-GAAP financial measures and other key performance indicators. Financial Statements Kelt's unaudited consolidated interim financial statements and related notes for the quarter ended March 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 May 7, 2020. Kelt's operating results for the first quarter ended March 31, 2020 are summarized as follows: OPERATIONAL HIGHLIGHTS Three months ended March 31 (CA$ thousands, except as otherwise indicated) 2020 2019 %      Average daily production          Oil (bbls/d) 9,684 7,806 24    NGLs (bbls/d) 4,583 3,903 17    Gas (mcf/d) 99,236 92,089 8    Combined (BOE/d) 30,806 27,057 14 Production per m...