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Spyglass Resources Corp. Announces 2013 Reserves, 2013 Full Year and Fourth Quarter Results, 2014 Guidance and March Monthly Dividend
Spyglass Resources Corp. Announces 2013 Reserves, 2013 Full Year and Fourth Quarter Results, 2014 Guidance and March Monthly Dividend.
About this update from Spyglass Resources Corp
[{"type":"text","content":"\n \n \n Spyglass Resources Corp. Announces 2013 Reserves, 2013 Full Year and Fourth Quarter Results, 2014 Guidance and March Monthly Dividend\n \n \nSpyglass Resources Corp. Announces 2013 Reserves, 2013 Full Year and Fourth Quarter Results, 2014 Guidance and March Monthly Dividend\n\nAll values are in Canadian dollars unless otherwise indicated. Conversion of natural gas volumes to barrels of oil equivalent (boe) are at 6:1.\n\n \n CALGARY, ALBERTA--(Marketwired - Mar 11, 2014) - Spyglass Resources Corp. (TSX:SGL)(OTCQX:SGLRF) (\"Spyglass\", or the \"Company\") is pleased to announce annual financial and operating results for the year ended December 31, 2013. Selected financial and operational information for the full year and fourth quarter of 2013 is outlined below along with 2013 reserves evaluated in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (\"NI 51-101\") and should be read in conjunction with Spyglass' Audited Consolidated Financial Statements and Management's Discussion and Analysis for the years ended December 31, 2013 and 2012 on www.sedar.com and also available at www.spyglassresources.com.\n The first quarter of 2013 was highlighted by the completion of a Plan of Arrangement (the \"Arrangement\") combining Pace Oil and Gas Ltd. (\"Pace\"), AvenEx Energy Corp. (\"AvenEx\") and Charger Energy Corp. (\"Charger\"). For the following three quarters of the year, Spyglass made substantial progress towards its objectives with the successful execution of its low risk, high netback light oil drilling and optimization program, completing key non-core dispositions and ongoing initiatives to reduce operating and administrative costs.\n Fourth Quarter and 2013 Summary\n \n \n 2013 funds flow from operations was $60.6 million ($0.54 per share).\n Funds flow from operations for the fourth quarter of 2013 was $11.4 million ($0.09 per share), primarily reflecting wider Canadian crude oil price differentials during the quarter.\n Capital expenditures (prior to dispositions) for 2013 were $59.7 million which included successfully drilling 14 (10.9 net) horizontal and 2 (2.0 net) vertical light oil wells in Southern and Central Alberta.\n During the fourth quarter of 2013, capital expenditures (prior to dispositions) were $15.0 million. In addition to other capital activity, Spyglas...