Business
Peyto Energy Trust announces third quarter 2005 results
Peyto Energy Trust announces third quarter 2005 results.
About this update from Peyto Exploration & Development Corp.
[{"type":"text","content":"\n\n\n\n\nSYMBOL: PEY.UN - TSX\n\nCALGARY, Nov. 9 /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 third 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\n 17.2 years at the beginning of 2005\n- Low operating costs - $1.41/boe, nine months ending September 30,\n 2005\n- Low base general and administrative costs - $0.10/boe, nine months\n ending September 30, 2005\n- High netback - $34.69/boe, nine months ending September 30, 2005\n- High operatorship - 97% of production\n- Low cash distribution payout ratio - 47% of funds from operations for\n the nine months ended September 30, 2005.\n- Low debt to funds from operations ratio - 0.67 (net debt, before\n provision for future compensation, divided by annualized third\n quarter 2005 funds from operations)\n- Since inception, Peyto has raised a total of $322.1 million issuing\n units from treasury, accumulated earnings of $275.2 million, and\n distributed $234.4 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 for the third quarter of\n2005.\n\n- Production growth - production increased 18% from 19,264 boe/d in the\n third quarter of 2004 to 22,646 boe/d in the third quarter of 2005\n- Per unit production growth - increased 17% per trust unit after\n adjusting for debt and bonuses\n- Per unit funds from operations growth - was a record $0.78/unit which\n was 30% higher than third quarter of 2004\n- Capital expenditures - $93 million was spent to find and develop new\n natural gas reserves\n- Cash distributions per unit increased by 36% from the third quarter\n of 2004 while the payout ratio remained low at 46%. A total of\n $35.5 million or $0.36 per unit was distributed to unitholders in the\n third quarter of 2005.\n\nNatural gas volumes recorded in thousand cubic feet...