Business
Peyto Energy Trust announces first quarter 2007 results
Peyto Energy Trust announces first quarter 2007 results.
About this update from Peyto Exploration & Development Corp.
[{"type":"text","content":"\n\n\n\nSYMBOL: PEY.UN - TSX\n\n\nCALGARY, May 9 /CNW/ - Peyto Energy Trust ("Peyto") operates a\nconventional oil and gas business that develops unconventional assets and\ndelivers superior results. Peyto designs, drills and builds high quality, long\nlife natural gas assets located in Alberta's premier gas exploration area, the\nDeep Basin. Peyto is pleased to present the operating and financial results\nfor the first quarter of the 2007 fiscal year.\n\n\nThe following summarizes the Trust's foundation.\n\n- Long reserve life - Proved 14 years, Proved plus Probable 20 years\n from the end of 2006\n- Low operating costs - $2.84/boe (three months ending March 31, 2007)\n- Low base general and administrative costs - $0.98/boe (three months\n ending March 31, 2007)\n- High revenue per boe - $50.32/boe before hedging, $58.84/boe after\n hedging (three months ending March 31, 2007)\n- High field netback - $44.82/boe (three months ending March 31, 2007)\n- High operatorship - Peyto operates over 95% of its production\n- Low cash distribution payout ratio - total distributions were 57% of\n funds from operations for the three months ended March 31, 2007\n- Low debt to funds from operations ratio - 1.4 (net debt, before\n provision for future compensation, divided by annualized first\n quarter 2007 funds from operations)\n- Distribution growth - distributions have been increased 5 times,\n never decreased, and are now 87% higher than when the trust was\n formed in July 2003.\n- Since inception, Peyto has raised a total of $406 million issuing\n units from treasury, accumulated earnings of $588 million, and\n distributed $489 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 2007.\n\n- Capital expenditures - $30 million was invested into finding and\n developing new natural gas reserves in the quarter, a 79% reduction\n from Q1 2006\n- Production - decreased 6% from 22,622 boe/d in the first quarter of\n 2006 to 21,305 boe/d in the first quarter of 2007\n- Production per unit - decreased 14% from the first quarter of 2006,\n after adjusting for debt and future unrealized performance based\n compensation\n- Per unit funds from operations - decreas...