Business
Peyto Energy Trust announces first quarter 2006 results
Peyto Energy Trust announces first quarter 2006 results.
About this update from Peyto Exploration & Development Corp.
[{"type":"text","content":"\n\n\n\n\nSYMBOL: PEY.UN - TSX\n\nCALGARY, May 10 /CNW/ - Peyto Energy Trust (\"Peyto\") is pleased to\npresent the operating and financial results for the first quarter of the 2006\nfiscal year. Peyto has a solid foundation made up of high quality long life\nnatural gas assets and an eight year track record of successfully achieving\npremium returns on the capital we invest. We continue to design, drill and\nbuild our own assets in Alberta's premier gas exploration area, the Deep\nBasin.\n\nThe following summarizes the Trust's foundation.\n\n- Long reserve life - Proved 13.6 years, Proved Plus Probable \n 18.9 years at the end of 2005\n- Low operating costs - $1.81/boe, three months ending March 31, 2006\n- Low base general and administrative costs - $0.06/boe, three months\n ending March 31, 2006\n- High revenue per boe - $53.57/boe, before hedging, three months\n ending March 31, 2006\n- High field netback - $40.02/boe, three months ending March 31, 2006\n- High operatorship - we operate over 95% of our production\n- Low cash distribution payout ratio - cash distributions were 44% of\n funds from operations for the three months ended March 31, 2006\n- Low debt to funds from operations ratio - 1.18 (net debt, before\n provision for future compensation, divided by annualized first\n quarter 2006 funds from operations)\n- Distribution growth - distributions have been increased 5 times and\n are now 87% higher than when the trust was formed in July 2003.\n- Since inception, Peyto has raised a total of $381 million issuing\n units from treasury, accumulated earnings of $381 million, and\n distributed $313 million to unitholders\n- Transparent capital structure - no convertible debentures, no\n exchangeable shares, no stock options, no warrants\n\nThe following summarizes performance highlights of the business for the\nfirst quarter of 2006.\n\n- Production growth - production increased 5% from 21,511 boe/d in the\n first quarter of 2005 to 22,622 boe/d in the first quarter of 2006\n- Production per unit - decreased 3% per trust unit from the first\n quarter of 2005, after adjusting for debt and future unrealized\n performance based compensation\n- Per unit funds from operations growth - grew 10% from the previous\n year to $0.76/unit\n- Hedging - we had a $4.6 million hedging gain for the quarter versus a\n hedging loss of $22.4 m...