Business
Peyto Energy Trust announces second quarter 2005 results
Peyto Energy Trust announces second quarter 2005 results.
About this update from Peyto Exploration & Development Corp.
[{"type":"text","content":"\n\n\n\n\nSYMBOL: PEY.UN - TSX\n\nCALGARY, Aug. 10 /CNW/ - Peyto Energy Trust (\"Peyto\") is a leader in the\nexploration and development of natural gas in western Canada. Our core areas\nare located in Alberta's premier gas exploration area, the Deep Basin. The\ncombination of our solid foundation and our ability to profitably find and\ndevelop oil and natural gas reserves makes Peyto a unique energy trust. We are\nproud to present our operating and financial results for the second quarter of\nthe 2005 fiscal year.\nThe following summarizes the Trust's foundation.\n\n- Long reserve life Proved 12.2 years, Proved Plus Probable 17.2 years\n at the beginning of 2005\n- Low operating costs $1.30/boe, second quarter 2005\n- Low base general and administrative costs $0.10/boe, second quarter\n 2005\n- High netback - $32.56/boe, second quarter 2005\n- High operatorship - 97% of production\n- Low cash distribution payout ratio 51% of second quarter 2005 funds\n from operations\n- Low debt to funds from operations ratio - 1.14 (net debt, before\n provision for future compensation, divided by annualized second\n quarter 2005 funds from operations)\n- Since inception, Peyto has raised a total of $173.8 million issuing\n units from treasury, accumulated earnings of $237.5 million, and\n distributed $198.9 million to unitholders\n- Transparent capital structure - no convertible debentures, no\n exchangeable shares, no stock options, no warrants\n\nIn spite of an unusually wet spring in our area of operations, production\ngrew 4% from the first quarter of the year. This represents our 22nd\nconsecutive period of quarterly production growth from 110 boe/d in the fourth\nquarter of 1999 to 22,464 boe/d in this quarter. What makes this achievement\nunique is how profitably we have been able to find and develop such high\nquality reserves relying solely on the expertise of our technical team. The\nfollowing summarizes performance highlights for the second quarter of 2005.\n\n- Production growth - production increased 21% from 18,544 boe/d in 2004\n to 22,464 boe/d in the second quarter of 2005\n- Per unit production growth - increased 19% per trust unit after\n adjusting for debt and bonuses\n- Per unit funds from operations growth - increased 30% in the second\n quarter of 2005 compared to the second quarter of 2004\n- Capital expenditures - $5...