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New Stratus Energy Announces Results for the Three Months Ended March 31, 2024 and Select Financial Information & Operations Update from Goldpillar
Calgary, Alberta--(Newsfile Corp. - May 30, 2024) - New Stratus Energy Inc. (TSXV: NSE) ("New Str...
About this update from New Stratus Energy Inc
[{"type":"text","content":"New Stratus Energy Announces Results for the Three Months Ended March 31, 2024 and Select Financial Information & Operations Update from GoldpillarCalgary, Alberta--(Newsfile Corp. - May 30, 2024) - New Stratus Energy Inc. (TSXV: NSE) (\"New Stratus\", \"NSE\" or the \"Corporation\") is pleased to announce the consolidated financial and operating results for the three months ended March 31, 2024 that have been filed on SEDAR+ (www.sedarplus.ca).Three months ended March 31, 2024 highlights:Working Capital (Basic): $26,573,118 ($0.21 per basic common share)Adjusted Working Capital(1) (Diluted) $35,097,456 ($0.28 per fully diluted common share) Net Income (Loss) (Basic & Fully Diluted): $(4,558,793) (($0.04) per basic & fully diluted common share)(2)Goldpillar Revenue(3) (Net to NSE): $1,407,459Goldpillar Adjusted EBITDA(3) (Net to NSE): $1,327,337Goldpillar Net Income(3) (Net to NSE): $1,300,231  Notes:(1) Assumes the exercise of 12,297,100 warrants and 8,085,000 options.(2) In accordance with Canadian GAAP, Net Income (loss) per basic & fully diluted share are the same in a loss position.(3) As per certain contractual provisions, Goldpillar is entitled to revenues from procurement, trading, financing as well as operations. See Section 5 \"Quarterly Review\" of the MD&A. GoldPillar Update.\"We are pleased to report our first quarter of operations from Goldpillar. While we expected to spend the majority of the first quarter planning and evaluating the fields and infrastructure, we were also able to begin our workover and infrastructure improvement programs resulting in significant revenue and EBITDA. This activity and resulting revenues validates our stated business plan at Goldpillar and will continue to increase quarter by quarter. Finally we would like to thank our partners at Goldpillar for their support on the strong start to our project,\" stated Wade Felesky, President & Director of NSE.During the first quarter, the following wells were intervened, in the Limon Field : LZ-621, NG-522, OS-91 and OG-27. In the Oficina field, OS-91 and OS-27 became operational at the end of March. Well OS-91 is operating on natural flow and the other three wells are on mechanical pump. LZ-621 remains under repair due to broken tubing and will be back on pump shortly.Additionally,The definitive electrical connecting faci...