Business
Peyto Energy Trust announces third quarter 2007 results
SYMBOL: PEY.UN - TSX CALGARY, Nov. 7 /CNW/ - Peyto Energy Trust ("Peyto") is pleased to present t...
About this update from Peyto Exploration & Development Corp.
[{"type":"text","content":"\n\n\n\nSYMBOL: PEY.UN - TSX\n\n\nCALGARY, Nov. 7 /CNW/ - Peyto Energy Trust ("Peyto") is pleased to\npresent the operating and financial results for the third quarter of the 2007\nfiscal year. Peyto is a conventional oil and gas business that builds tight\nnatural gas assets in Alberta's Deep Basin and produces one of the cleanest\nburning fossil fuels available.\n\n\nPeyto is well known for owning high quality, sweet gas assets that\nexhibit long reserve life, low operating costs and high revenue per boe. The\nfollowing summarizes the Trust's foundation:\n\n\n- Long reserve life - Proved 14 years, Proved plus Probable 20 years,\n at the end of 2006\n- Low operating costs - $2.48/boe, three months ending September 30,\n 2007\n- High revenue natural gas - $42.39/boe before hedging, $50.15/boe\n after hedging, three months ending September 30, 2007\n- Low base general and administrative costs - $0.82/boe, three months\n ending September 30, 2007\n- High field netback - $38.57/boe, three months ending September 30,\n 2007\n- High operatorship - operates over 95% of its production\n- Cash distributions - cash distributions of $44.4 million were 71% of\n funds from operations for the three months ended September 30, 2007\n- Low debt to funds from operations ratio - 1.7:1 (net debt, before\n provision for future compensation, divided by annualized third\n quarter 2007 funds from operations)\n- Distribution growth - distributions have been increased 5 times; they\n have 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 $667 million, and\n distributed $578 million to unitholders\n- Transparent capital structure - no convertible debentures, no\n exchangeable shares, no stock options, no warrants\n\nThe third quarter was highlighted by sustained distributions, an\naccelerated pace of capital investment and improved capital efficiency that\nmaintained Peyto's financial flexibility. The following summarizes performance\nhighlights of the business for the third quarter of 2007:\n\n- Capital expenditures - $42.6 million was invested into finding and\n developing new natural gas reserves, up from $12.9 million in the\n previous quarter, but down from $71.2 million in Q3 2006. Capita...