Business
PrairieSky Royalty Announces First Interim Period Results and Declares July Dividend
(All figures are in Canadian dollars) CALGARY , July 21, 2014 /CNW/ - PrairieSky ...
About this update from Prairiesky Royalty Ltd
[{"type":"text","content":"\n\n\n\n\n\n(All figures are in Canadian dollars)\n\n\nCALGARY, July 21, 2014 /CNW/ - PrairieSky Royalty Ltd. (\"PrairieSky\") (TSX:PSK) is pleased to announce its interim period results for the\n 35 day period ended June 30, 2014. PrairieSky commenced active\n operations on May 27, 2014 following the acquisition of its royalty\n business from Encana Corporation (\"Encana\"), and completed its initial public offering on May 29, 2014.\n\n\n\n\nHighlights\n\n\nFunds from operations was $31.0 million, or $0.24 adjusted per share\n (basic)\n\n\n\nProduction averaged 15,664 boe/d (44% crude oil, 10% NGLs and 46%\n natural gas)\n\n\n\nAs at June 30, 2014 working capital was $57.4 million, including $27.7\n million of cash and cash equivalents and nil bank debt\n\n\n\"The first several weeks of active operations have been very busy and\n productive and I would like to thank all of our employees and Directors\n for their contributions and hard work in ensuring a successful start\n for PrairieSky\" said Andrew Phillips, President & Chief Executive\n Officer. \"Going in to the third quarter of 2014, PrairieSky is well\n positioned to carry out its business plan to organically grow royalty\n revenue, actively manage our royalty assets to ensure compliance with\n lease terms and contractual provisions, and pursue strategic\n opportunities that are low risk to PrairieSky and accretive to\n shareholders\" added Mr. Phillips.\n\n\n\n\n\n\n\nJULY 2014 DIVIDEND\n\n\nIn addition, PrairieSky is pleased to announce that its Board of\n Directors has declared a dividend of CDN $0.1058 per common share to be\n paid on August 15, 2014 to shareholders of record on July 31, 2014.\n\n\nThis dividend is designated as an \"eligible dividend\" for Canadian\n income tax purposes.\n\n\nMANAGEMENT'S DISCUSSION AND ANALYSIS AND FINANCIAL STATEMENTS\n\n\nPrairieSky has filed its Management's Discussion and Analysis and\n Unaudited Interim Condensed Financial Statements and Notes thereto as\n at and for the 35-day period ended June 30, 2014 concurrently with this\n press release.  Additional information about PrairieSky, including\n PrairieSky's Management's Discussion and Analysis and Unaudited Interim\n Condensed Financial Statements and Notes thereto, is available on SEDAR\n at www.sedar.com and PrairieSky's website at www.prairiesky.com.\n\n\nCON...