Orca Exploration announces Q1 2013 results

About this update from Orca Energy Group Inc. Class B

[{"type":"text","content":"\n\n\nTSX-V: ORC.A, ORC.B\n\n\nTORTOLA, British Virgin Islands, May 29, 2013 /CNW/ - Orca Exploration\n Group Inc. (\"Orca\" or \"the Company\") announces its results for the\n first quarter ended 31 March 2013.\n\n\nHighlights\n\n\nDuring the quarter there were no payments received from TANESCO. At 31\n March 2012, TANESCO owed the Company US$48.8 million (including arrears\n of US$44.0 million) compared to US$33.3 million (including arrears of\n US$28.4 million) as at 31 December 2012.\n\n\nSubsequent to the end of the quarter, the Company has received US$19.8\n million from TANESCO and current arrears total US$29.1 million.\n\n\nAdditional Gas sales continued at capacity during Q1 averaging 61.6\n MMcfd being an increase of 16% over the prior period (Q1 2012: 52.9\n MMcfd) and up 2% over Q4 2012 (60.2 MMcfd).\n\n\nIndustrial sales volume increased by 7% to 13.1 MMcfd from 12.2 MMcfd in\n Q4 2012. Power sector sales volumes essentially unchanged over Q4 2012\n at 48.5 MMcfd.\n\n\nAverage Industrial gas price for the quarter was US$7.78/mcf down 9%\n from Q4 2012 (US$8.56/mcf) a result of applying contract terms\n applicable for 2013 as agreed with the largest industrial off-taker of\n natural gas which took effect in January 2013, together with the sales\n mix.\n\n\nPower sector gas price for the quarter was US$3.55/mcf down 2% over Q4\n 2012 price of US$3.61/mcf, a result of slightly lower volumes to the\n power sector which combined for a lower price under the terms of the\n PGSA.\n\n\nCapital cost pools were depleted in Q4 2012, which resulted in a\n significant reduction in net revenues, earnings and funds from\n operations. Accordingly, revenue of US$13.2 million was down 36% over\n Q4 2012 (US$20.7 million).\n\n\nFunds from operations before working capital changes of US$8.7 million\n (US$0.25 per share diluted) were down 26% from Q4 2012 (US$11.7 million\n or US$0.33 per share diluted).\n\n\nQ1 earnings were US$2.95 million or US$0.08 per share diluted, down 47%\n from Q4 2012 (US$5.6 million or US$0.16 per share diluted).\n\n\nWorking capital increased by 16% to US$54.8 million at 31 March 2013\n (US$46.8 million as at 31 December 2012) as a consequence of negligible\n capital expenditures during the quarter.\n\n\nSubsequent to the end of the quarter, in April 2013, the Company tabled\n a proposed amendment to the Song...

More updates from Orca Energy Group Inc. Class B