Business
Lotus Creek Exploration Inc. Announces Second Quarter 2025 Operating Results and Appointment of Chief Financial Officer
Calgary, Alberta--(Newsfile Corp. - August 6, 2025) - Lotus Creek Exploration Inc. (TSXV: LTC)&#x...
About this update from Lotus Creek Exploration, Inc.
[{"type":"text","content":"Lotus Creek Exploration Inc. Announces Second Quarter 2025 Operating Results and Appointment of Chief Financial OfficerCalgary, Alberta--(Newsfile Corp. - August 6, 2025) - Lotus Creek Exploration Inc. (TSXV: LTC) (\"Lotus Creek\" or the \"Company\") is pleased to provide the following second quarter operating results to shareholders. Lotus Creek's Interim Consolidated Financial Statements and related Management's Discussion and Analysis (\"MD&A\") for the period ended June 30, 2025 are available for review on Lotus Creek's website at www.lotuscreek.ca and on Lotus Creek's SEDAR+ profile at www.sedarplus.ca. QUARTERLY HIGHLIGHTSProduction for the second quarter of 2025 was 1,627 boe per day comprised of 970 bbl per day of light oil, 243 bbl per day of NGLs and 2,481 mcf per day of natural gas. Production remained flat from the first quarter of 2025. The Company continues to await approval from the Alberta Energy Regulator for the Tucker Lake facility license and anticipates approval and on-stream production during the third quarter of 2025. Lotus Creek invested a total of $3.4 million of capital during the second quarter, which includes initial costs for a new oil battery in Wilson Creek with capacity of 5,000 boe per day.The Company maintains a strong balance sheet with a working capital surplus of $10.5 million at the end of the second quarter and access to ample liquidity through its $35.0 million credit facility. Lotus Creek initiated its risk management program. The Company plans to manage the risks of changes in commodity prices and foreign currency exchange by entering into a variety of short-term risk management contracts. Adjusted funds from operations (\"Adjusted FFO\") for the second quarter of 2025 were $2.0 million as compared to $1.6 million for the first quarter of 2025. Commodity prices decreased in the second quarter driven by a lower WTI benchmark oil price. See \"Non-GAAP and Other Financial Measures\" in this press release.OPERATIONS UPDATEIn July, Lotus Creek commenced its Belly River drilling program in Central Alberta. The Company will drill and complete 2 gross (2.0 net) light oil Belly River wells that are expected to be onstream late in the third quarter of 2025. Lotus Creek plans to drill and bring onstream an additional 2 gross (2.0 net) light oil Belly River wells later in the year. 2025 GUI...