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Kelt Reports Financial and Operating Results for the Three Months Ended March 31, 2023
Calgary, Alberta--(Newsfile Corp. - May 4, 2023) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or th...
About this update from Kelt Exploration Ltd.
[{"type":"text","content":"Kelt Reports Financial and Operating Results for the Three Months Ended March 31, 2023Calgary, Alberta--(Newsfile Corp. - May 4, 2023) - Kelt Exploration Ltd. (TSX: KEL) (\"Kelt\" or the \"Company\") reports its financial and operating results to shareholders for the first quarter ended March 31, 2023. The Company's financial results are summarized as follows:FINANCIAL HIGHLIGHTSThree months ended March 31 (CA$ thousands, except as otherwise indicated)20232022%           Petroleum and natural gas sales139,571138,4461Cash provided by operating activities100,16065,55353Adjusted funds from operations (1)92,00074,16924 Basic ($/ common share) (1)0.480.3923 Diluted ($/ common share) (1)0.470.3824           Net income and comprehensive income16,33610,72052 Basic ($/ common share)0.090.0650 Diluted ($/ common share)0.080.0633           Capital expenditures, net of A&D (1)76,62983,693-8Total assets1,174,489967,11921Net debt (surplus) (1)(4,899)34,685114Shareholders' equity919,809739,67324           Weighted average shares outstanding (000s)    Basic192,060189,3831 Diluted195,370193,6911  (1) Refer to advisories regarding Non-GAAP and Other Financial Measures.Financial StatementsKelt's unaudited consolidated interim financial statements and related notes for the quarter ended March 31, 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 May 4, 2023.In addition, Kelt's updated 2022 Sustainability Report will be available on the Company's website on May 4, 2023.Kelt's operating results for the first quarter ended March 31, 2023 are summarized as follows:OPERATIONAL HIGHLIGHTSThree months ended March 31 (CA$ thousands, except as otherwise indicated)20232022%            Average daily production Oil (bbls/d) (2)7,7526,08127 NGLs (bbls/d)4,6274,01215 Gas (mcf/d)116,725103,91912 Combined (BOE/d)31,83327,41316Production per million common shares (BOE/d) (1)16614514           Net realized prices, before financial instrum...