Business
Spyglass Resources Corp. Announces 2014 Third Quarter Results and Declares November Dividend
Spyglass Resources Corp. Announces 2014 Third Quarter Results and Declares November Dividend.
About this update from Spyglass Resources Corp
[{"type":"text","content":"\n \n \n Spyglass Resources Corp. Announces 2014 Third Quarter Results and Declares November Dividend\n \n \nSpyglass Resources Corp. Announces 2014 Third Quarter Results and Declares November Dividend\n \n CALGARY, ALBERTA--(Marketwired - Nov 13, 2014) - \n All values are in Canadian dollars unless otherwise indicated. Conversion of natural gas volumes to barrels of oil equivalent (boe) are at 6:1. \n Spyglass Resources Corp. (\"Spyglass\", or the \"Company\") (TSX:SGL)(OTCQX:SGLRF) provides its unaudited interim financial and operating results for the quarter ended September 30, 2014 and declares the November cash dividend payment of $0.015 per share ($0.18 per share annualized) payable December 15, 2014. \n Selected financial and operational information for the third quarter of 2014 is outlined below and should be read in conjunction with Spyglass' interim Consolidated Financial Statements and Management's Discussion and Analysis on www.sedar.com and also available at www.spyglassresources.com. \n Third Quarter Summary \n \n \n Closed $43 million of previously announced non-core assets dispositions.\n The Company's most active quarter with the drilling and completion of 10 wells including 8 (8.0 net) in the Viking oil program at Halkirk-Provost and 2 (2.0 net) Pekisko/Banff and Glauconite oil wells at Cessford.\n Successfully executed the capital program for the third quarter of 2014, spending $29 million (prior to acquisitions and dispositions), with $16 million directed towards drilling, completion and optimization activities and approximately $12 million spent on facilities, pipelines, equipping and tie-ins. \n Net debt at September 30, 2014 of $294 million is comprised of $267 million of long-term bank debt and a $27 million working capital deficit.\n Continued with pipeline remediation at Dixonville through the quarter and to date have restarted approximately 70 percent (2,100 boe/d) of production.\n Production for the quarter averaged 13,518 boe/d, incorporating approximately 1,900 boe/d of downtime at Dixonville. \n Funds flow from operations for the third quarter of 2014 of $12 million ($0.09 per share). \n \n \n Selected Financial and Operating Information \n \n \n \n Operating\n Q3 2014\n \n YTD 2014\n \n Q3 2013\n \n \n \n Average daily production\n \n \n \n \n \n \n \n \n \n Oil (bbls/d)\n 5,045\n \n 5,991\n \n 7,...